Plug Power Announces 2009 Fourth Quarter and Year-End Financial Results
Plug Power Inc. reported its financial results for the fourth quarter and full-year 2009. Net loss for the fourth quarter of 2009 and year ended December 31, 2009 was $12.1 million and $40.7 million respectively. On a per share basis the loss for the quarter and the year was $0.09 and $0.32 respectively on a basic and diluted basis. This compares with a net loss of $64.3 million, or $0.69 per share, for the fourth quarter of 2008 and $121.7 million, or $1.36 per share for full year 2008. The net loss for the fourth quarter of 2008 is inclusive of a $45.8 million goodwill impairment charge.
Total revenue for the fourth quarter of 2009 and year ended December 31, 2009, was $3.9 million and $12.3 million respectively. This compares with revenue in the same periods of 2008 of $5.3 million and $17.9 million, representing a year over year decline of $5.6 million or 31% attributed to anticipated reductions in research and development contract revenue. Product and service revenue for the quarter and the year respectively was $1.2 million and $4.8 million compared to $1.4 million and $4.7 million for the same periods in 2008. Research and development contract revenue for the quarter and year respectively was $2.7 million and $7.5 million. This compares to $3.9 million and $13.2 million for the same periods of 2008.
Deferred product and service revenue at December 31, 2009 was $4.6 million. This compares to $5.4 million at December 31, 2008. Plug Power defers recognition of product and service revenue and recognizes revenue on a straight-line basis over the service period of each sold system. Accordingly, Plug Power expects to recognize the deferred product and service revenue over future periods as service commitments are fulfilled.
Total cost of revenue for the fourth quarter of 2009 was $8.4 million, comprised of $3.7 million for product and service cost of revenue and $4.7 million for R&D contract cost of revenue. For the full year, cost of revenue was $19.7 million comprised of $7.3 million for product and service revenue and $12.4 million for R&D contract cost of revenue. Prior year comparable numbers for the quarter were $5.1 million for product and service cost of revenue and $7.0 million for R&D contract cost of revenue. 2008 full year comparable numbers were $11.4 million for product and service cost of revenue and $21.5 million of R&D contract cost of revenue.
R&D expenses for the fourth quarter of 2009 were $3.5 million compared with $8.4 million for the comparable quarter of 2008. For full year 2009, R&D expenses were $16.3 million compared to $35.0 million for 2008.
Selling, general and administrative (SG&A) expenses were $3.8 million for the quarter compared with $8.7 million for the comparable quarter of 2008. Full year 2009 SG&A expenses were $15.4 million compared to $28.3 million for 2008. Additionally, $0.6 million was expensed for amortization of intangible assets during the quarter compared to $0.5 million for the comparable quarter of 2008. For the full year, $2.1 million was expensed for amortization of intangible assets compared to $2.2 million in 2008.
Net cash used in operating activities for the fourth quarter and year ended December 31, 2009 was $8.4 million and $38.2 million, respectively. This compares to $13.9 million and $56.6 million for the prior year comparable periods. On December 31, 2009, Plug Power had cash, cash equivalents and available-for-sale securities of $62.5 million and net working capital of $60.0 million. This compares to $104.7 million and $86.2 million, respectively, at December 31, 2008.
