Plug Power Inc. (Latham, NY) reported financial results and accomplishments for the first quarter ended March 31, 2002. Net cash spending for the first quarter ended March 31, 2002, decreased to $8.0 million from $16.9 million during the first quarter of 2001, and from $11.7 million during the fourth quarter of last year. Plug Power continues to expect net cash spending for the year to be less than $45.0 million compared to $55.5 million in 2001.
Product and service revenue for the first quarter ended March 31, 2002, was $2.6 million. Research and development contract revenue was $0.3 million during the first quarter of 2002, compared to $1.0 million in the first quarter of 2001. Plug Power's net loss for the first quarter ended March 31, 2002, was $11.6 million, or $0.23 per share, compared to $19.0 million, or $0.43 per share, for the same period last year.
