Plug Power Inc. (Latham, NY), a developer of fuel cell systems for use telecommunications and uninterruptible power supply applications, reported financial results for the quarter ended June 30, 2005. Total revenue for the second quarter ended June 30, 2005, was $3.7 million, consistent with the $3.7 million for the second quarter in 2004. Year-to-date total revenue was $6.9 million, compared to $7.0 million in the prior year. 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 $4.7 million at June 30, 2005, compared to $5.7 million at June 30, 2004.
Net loss for the quarter ended June 30, 2005, was $10.9 million, or $0.15 per share, compared to $11.3 million, or $0.15 per share, for the same period in 2004. Year-to-date net loss was $23.4 million, or $0.32 per share, compared to $23.3 million, or $0.32 per share, for the same period last year.
Net cash used in operating activities for the second quarter ended June 30, 2005, was $9.2 million, compared to $9.9 million in 2004. Year-to-date cash used in operating activities was $19.4 million compared to $18.5 million in the prior year. The company continues to expect net cash used in operating activities will be less than $40.0 million in 2005.
