Plug Power Reports Third-Quarter ResultsNovember 04, 2001 by Jeff Shepard
Plug Power Inc. (Latham, NY) reported product development accomplishments and financial results for the third quarter ended September 30, 2001. Revenue for the third quarter ended September 30, 2001, was $920,000 as compared to $1.5 million for the third quarter of 2000. Year-to-date revenue was $3.2 million as compared to $6.9 million in 2000.
Net loss for the quarter was $18.7 million, or $0.38 per share, compared to $28.7 million, or $0.66 per share, for the same period last year. Year-to-date, the net loss was $56.0 million, or $1.23 per share, compared to $63.9 million, or $1.48 per share, during the same period last year.
"Plug Power is making steady progress in our commercialization efforts, and I am very pleased with our accomplishments over the past several months," said Roger Saillant, Plug Power president and CEO. “We remain on track to meet our established 2001 milestones, including the delivery of 125 to 150 units this year."