Plug Power Reports Third-Quarter 2002 ResultsOctober 29, 2002 by Jeff Shepard
Plug Power Inc. (Latham, NY) reported financial results and accomplishments for the third quarter ended September 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 third quarter ended September 30, 2002, decreased to $9.8 million from $12.2 million during the third quarter of 2001. Year-to-date, the net cash spending was $26.7 million compared to $43.8 million during the same period of 2001.
Total revenue was $3.0 million for the quarter and $8.4 million year-to-date, compared to $0.9 million for the third quarter of 2001 and $3.2 million year-to-date. Product and service revenue for the quarter was $2.6 million and year-to-date product and service revenue was $7.4 million. Product and service revenue was $0.5 million for both the third quarter and year-to-date 2001.
Plug Power's net loss for the third quarter ended September 30, 2002, was $10.7 million, or $0.21 per share, compared to $18.7 million, or $0.38 per share, for the same period last year. Year-to-date, the net loss was $34.5 million, or $0.68 per share, compared to a loss of $56.0 million, or $1.23 per share, in 2001.