Plug Power Reports Second-Quarter 2002 ResultsJuly 31, 2002 by Jeff Shepard
Plug Power Inc. (Latham, NY) reported financial results and accomplishments for the second quarter ended June 30, 2002. Overall, both financial and operational accomplishments were in line with company expectations and Plug Power remains on track to achieve its full-year milestones. Net cash spending for the second quarter ended June 30, 2002, decreased to $8.9 million from $14.8 million during the second quarter of 2001. Year-to-date, the net cash spending was $16.9 million compared to $31.6 million during the same period of 2001.
Total revenue for the quarter was $2.5 million compared to $1.3 million for the second quarter of 2001. Product and service revenue for the quarter was $2.2 million and year-to-date product and service revenue was $4.8 million. The company did not have product and service revenue in the first or second quarters of 2001. Plug Power's net loss for the second quarter ended June 30, 2002, was $12.2 million, or $0.24 per share, compared to $18.3 million, or $0.41 per share, for the same period last year. Year-to-date, the net loss was $23.8 million, or $0.47 per share, compared to a loss of $37.3 million, or $0.85 per share, in 2001.