Plug Power Announces Fourth Quarter and Year End 2010 Financial Results
Plug Power Inc. reported its financial results for the fourth quarter and year end 2010. Plug Power states that it realized significant accomplishments during 2010, specifically increasing traction and momentum for its GenDrive® product family in the material handling market. During the year ending December 31, 2010, Plug Power received new orders for 543 of its GenDrive fuel cell units and manufactured and shipped 650 units. During the fourth quarter, 419 of those GenDrive orders were received and 289 units were shipped to customers across North America.
Aggressive, cross-functional, activity from Plug Power’s sales, manufacturing, service, and finance groups resulted in a successful year close, meeting its important updated milestone of shipping at least 650 units. Plug Power added first time customers like CVS, Coca-Cola, BMW, UNFI and Wegmans to its long list of GenDrive users.
"Plug Power had a quarter, and year, unlike any other," said Andy Marsh, CEO of Plug Power. "The market for fuel cell power solutions in material handling is opening up; we are witnessing a paradigm shift in how business is done in large distribution and manufacturing operations. Plug Power is honored to be leading the way into this revolutionary time for this industry. In 2011, we’ll work aggressively to close more deals, ship more units and continue to commercialize hydrogen fuel cell solutions in order to grow this industry for our shareholders and employees."
Net loss for the fourth quarter of 2010 and year ended December 31, 2010 was $8.6 million and $47.0 million, respectively. On a per share basis the loss for the quarter and the year was $0.07 and $0.36 respectively on a basic and diluted basis. This compares with a net loss of $12.1 million, or $0.09 per share, for the fourth quarter of 2009 and net loss of $40.7 million, or $0.32 per share for the full year 2009.
Total revenue for the fourth quarter and year ended December 31, 2010 was $6.2 million and $19.5 million, respectively. This compares to total revenue of $3.9 million and $12.3 million for the same periods of 2009. Product and service revenue for the fourth quarter and year ended December 31, 2010 was $5.5 million and $15.7 million, respectively. This compares to $1.2 million and $4.8 million for the same periods of 2009. Research and development contract revenue for the quarter and year ended December 31, 2010 was $0.7 million and $3.6 million, respectively. This compares to $2.7 million and $7.5 million for the same periods of 2009.
Effective April 1, 2010, the company adopted ASU No. 2009-13 on Topic 605, Revenue Recognition– Multiple Deliverable Revenue Arrangements retroactive to January 1, 2010. As a result of implementing ASU No. 2009-13, the company recognized approximately $4.2 million and $10.5 million of revenue in the fourth quarter and year ended December 31, 2010, respectively, that would have been recorded as deferred revenue under the previous guidance for multiple-element revenue arrangements.
Total cost of revenue for the fourth quarter of 2010 was $9.0 million, comprised of $7.9 million for product and service cost of revenue and $1.1 million for R&D contract cost of revenue. For the full year 2010, total cost of revenue was $29.5 million, comprised of $23.1 million for product and service cost of revenue and $6.4 million for R&D contract cost of revenue. Prior year comparable numbers for the fourth quarter were $8.4 million for total cost of revenue, comprised of $3.7 million for product and service cost of revenue and $4.7 for R&D contract cost of revenue. Prior full year comparable numbers were $19.7 million for total cost of revenue, comprised of $7.3 million for product and service cost of revenue and $12.4 for R&D contract cost of revenue.
