Plug Power Inc. reported operational accomplishments and financial results for the quarter ended September 30, 2006. Total revenue for the third quarter ended September 30, 2006, was $1.8 million, compared to $3.9 million for the third quarter in 2005. Year-to-date total revenue was $6.8 million, compared to $10.8 million in the prior year period. The company continues to defer product and service revenue, a component of total revenue, at the time of sale and amortize that revenue over the period of the underlying service and other contractual obligations. Deferred revenue was $3.2 million at September 30, 2006, compared to $3.1 million at December 31, 2005.
Research and development expenses were $11.6 million for the third quarter of 2006 compared to $9.5 million during the same quarter in 2005. Year-to-date R&D expenses were $30.6 million for the nine months ended September 30, 2006, compared to $27.1 million for the nine months ended September 30, 2005.
Net loss for the quarter ended September 30, 2006, was $11.9 million, or $0.14 per share, compared to $11.9 million, or $0.15 per share, for the same period in 2005. Year-to-date net loss was $37.0 million, or $0.43 per share, compared to $35.3 million or $0.47 per share for the same period last year.
Net cash used in operating activities for the third quarter ended September 30, 2006, was $11.2 million, compared to $10.7 million in 2005. Year-to-date net cash used in operating activities was $32.8 million compared to $30.1 million in the prior year. As of September 30, 2006, the company had $278.5 million in unrestricted cash and marketable securities and $278.6 million in working capital.