Plug Power Inc. (Latham, NY) reported financial results for the fourth quarter and year ended December 31, 2002. Net cash spending for the fourth quarter of 2002 decreased to $10.5 million from $11.7 million during the fourth quarter of 2001, including $815,000 spent in the fourth quarter of 2002 related to Plug Power's definitive merger agreement with H Power Corp. (Belleville, NJ). Year-to-date net cash spending was $37.1 million in 2002, including $815,000 related to the acquisition of H Power, compared to $55.5 million in 2001.
Revenue for the fourth quarter ended December 31, 2002, was $3.4 million compared to $2.5 million for the fourth quarter of 2001. Year-to-date revenue was $11.8 million compared to $5.7 million in 2001. Deferred revenue was $6.1 million at December 31, 2002, and $6.1 million at December 31, 2001. Net loss for the quarter was $12.7 million, or $0.25 per share, compared to $17.1 million, or $0.34 per share, for the same period in 2001. Year-to-date, the net loss was $47.2 million, or $0.93 per share, compared to $73.1 million, or $1.56 per share.