News

Plug Power Announces 2008 Fourth Quarter & Year End Results

March 17, 2009 by Jeff Shepard

Plug Power Inc. provided a progress update and reported its financial results for the fourth quarter and full-year 2008.

Plug Power received orders for 358 GenDrive systems in 2008. The company also received a total of 109 orders for GenCore systems in 2008; 52 orders were placed between July 1, 2008 and December 31, 2008. Net cash used for operating expenses was $56.6 million during the year.

Revenue for the fourth quarter of 2008 and year ended December 31, 2008, was $5.3 million and $17.9 million, respectively. This compares with revenue in the same periods in 2007 of $5.1 million and $16.3 million, representing a 10% increase year over year.

Net loss for the fourth quarter of 2008 was $64.3 million, or $0.69 per share on a basic and diluted basis. This is compared with $17.5 million, or $0.20 per share, for the fourth quarter of 2007. The net loss on a basic and diluted basis for the fourth quarter of 2008 is inclusive of a $45.8 million goodwill impairment charge, $1.9 million in accelerated stock compensation and $6.3 million in restructuring charges. For the full year, net loss was $121.7 million, or $1.36 per share, compared with $60.6 million, or $0.69 per share, in 2007.