Plug Power Announces Fourth Quarter and Year-End 2011 Financial Results
Plug Power Inc. reported its financial results for the fourth quarter and year-end 2011. For the full year, Plug Power received orders for $46.1 million from material handling customers; $18.1 million worth of those orders were received during the fourth quarter. The 2,503 GenDrive unit order total in 2011 represents almost a five fold increase over the 543 GenDrive unit orders in 2010. Plug Power enters 2012 with a backlog of more than 1,900 GenDrive units representing approximately $36.0 million in revenue.
The Company now has more than 2,000 GenDrive fuel cell units deployed at live customer sites. Units shipped during the fourth quarter include its next-generation GenDrive architecture products. The new offering is designed to increase reliability and improve lift and towing capacity. The simplified GenDrive features 30 percent fewer components; GenDrive product options now provide customers with a flexible, more cost-effective solution to meet fleet requirements.
In 2011 Plug Power announced the formation of a joint venture with Axane, an Air Liquide subsidiary to develop the European market for fuel cell powered forklift trucks. The JV formation was finalized in February 2012 and is formally known as HyPulsion. Plug Power projects that the market opportunity in Europe is larger than North America.
"The sales momentum that the Company experienced in 2011 is continuing in 2012," said Andy Marsh, CEO at Plug Power. "The fuel cell industry is going through a full-fledged renaissance, as applications from lift trucks to automobiles to on-site power generation become more broadly deployed. Our technology provides sustainability and measurable operational benefits to our distribution and manufacturing customers, driving GenDrive unit adoption and contributing to the overall success of the fuel cell market."
Net loss for the fourth quarter of 2011 and year ended December 31, 2011 was $7.2 million and $27.5 million, respectively. On a per share basis the loss for the quarter and the year was $0.32 and $1.46, respectively, on a basic and diluted basis. This compares with a net loss of $8.6 million, or $0.65 per share, for the fourth quarter of 2010 and net loss of $47.0 million, or $3.58 per share for the full year 2010.
Total revenue for the fourth quarter and year ended December 31, 2011 was $11.9 million and $27.6 million, respectively. This compares to total revenue of $6.2 million and $19.5 million for the same periods of 2010. Product and service revenue for the fourth quarter and year ended December 31, 2011 was $11.3 million and $23.2 million, respectively. This compares to $5.5 million and $15.7 million for the same periods of 2010. Research and development contract revenue for the quarter and year ended December 31, 2011 was $0.5 million and $3.9 million, respectively. This compares to $0.7 million and $3.6 million for the same periods of 2010.
Total cost of revenue for the fourth quarter of 2011 was $12.2 million, comprised of $11.5 million for product and service cost of revenue and $0.7 million for R&D contract cost of revenue. For the full year 2011, total cost of revenue was $36.9 million, comprised of $30.7 million for product and service cost of revenue and $6.2 million for R&D contract cost of revenue. Prior year comparable numbers for the fourth quarter were $9.0 million for total cost of revenue, comprised of $7.9 million for product and service cost of revenue and $1.1 million for R&D contract cost of revenue. Prior full year comparable numbers were $29.5 million for total cost of revenue, comprised of $23.1 million for product and service cost of revenue and $6.4 million for R&D contract cost of revenue.
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