Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean,
reliable energy solutions, today reported its financial results for
the second quarter of 2011. The Company has developed a
commercially viable business, as indicated by unit orders, shipment
backlog, targeted gross margin improvements and significant revenue
stream. For those reasons, Plug Power believes that it will be well
positioned to achieve profitability by the close of 2012.
Plug Power received 431 orders for its GenDrive® fuel cell units
during the second quarter of 2011 and closed an additional 208 unit
orders in July. Year to date, Plug Power has orders for 1,194
GenDrive units and has confirmed its expectation to meet its target
of 2,500 fuel cell unit orders during 2011.
Plug Power ended the quarter with its largest backlog in the
Company's history, totaling $24M USD. In line with shipment
targets, Plug Power expects to ship over 1,600 units this year. Key
customers who have placed orders in 2011 and are scheduled to
receive GenDrive units before the close of the year include Sysco,
Kroger and Coca Cola.
Plug Power is also on target to achieve positive gross margins
by December 2011 after implementing major changes to the Company's
GenDrive product suite which will result in reduced material costs,
reduced labor hours per unit and reduced fixed cost per unit. By
significantly simplifying the GenDrive system architecture, Plug
Power is allowing for reductions in component count for its new
high-power and low-power platforms. These changes are expected to
dramatically lower its cost of material by over 30 percent.
"The increased sales and gross margin improvements will position
the Company for profitability in 2012," said Andy Marsh, CEO at
Plug Power.
Financial Results
Net loss for the second quarter of 2011 was $6.8 million, or
$0.41 per share on a basic and diluted basis. This compares with a
net loss of $18.5 million, or $1.41 per share, for the second
quarter of 2010.
Total revenue for the second quarter of 2011 was $4.3 million,
comprised of $2.6 million for product and service revenue, $1.5
million for research and development (R&D) contract revenue,
and $0.2 million for licensed technology revenue. This compares to
total revenue of $3.1 million in the second quarter of 2010, which
was comprised of $2.3 million of product and service revenue and
$0.8 million of R&D contract revenue.
The Company shipped 73 units during the second quarter of 2011
compared to 97 units in the second quarter of 2010.
Total cost of revenue for the second quarter of 2011 was $7.4
million, comprised of $4.9 million for product and service cost of
revenue and $2.5 million for R&D contract cost of revenue. This
compares to total cost of revenue of $6.2 million in the second
quarter of 2010, which was comprised of $4.5 million of product and
service cost of revenue and $1.7 million for R&D contract cost
of revenue.
R&D expenses for the second quarter of 2011 were $1.1
million compared with $4.4 million for the second quarter of 2010.
The overall decline in R&D expenses is related to our corporate
restructuring plan, and our transition from a development stage
enterprise focused on research and development to a company focused
on the commercial production of our products.
Selling, general and administrative (SG&A) expenses were
$3.9 million for the second quarter of 2011 compared with $10.5
million for the second quarter of 2010. The decline in SG&A
expenses relates to restructuring charges of $6.4 million recorded
in the second quarter of 2010. Additionally, $0.6 million was
expensed for amortization of intangible assets during the second
quarter of 2011 compared to $0.6 million for the second quarter of
2010.
Cash and Liquidity
Net cash used in operating activities for the second quarter of
2011 was $6.0 million. Including the receipt of $20.2 million in
net proceeds from the capital raise, Plug Power had cash, cash
equivalents and available-for-sale securities of $27.2 million and
net working capital of $30.6 million at June 30, 2011. This
compares to $21.4 million and $23.7 million, respectively, at
December 31, 2010.
The accompanying financial statements and reconciliation tables
provide additional information on the Company's year-to-date
performance as it relates to milestones previously announced.
Conference Call
Plug Power has scheduled a conference call today at 10:00 am ET
to review the Company's results for the second quarter of 2011.
Interested parties are invited to listen to the conference call by
calling 877.407.8291 or 201.689.8345 for international
participants.
The webcast can be accessed by going directly to the Plug Power
Web site (www.plugpower.com) and selecting the conference call link
on the home page. A playback of the call will be available
online for a period following the call.
About Plug Power Inc.
The architects of modern fuel cell technology, Plug Power
revolutionized the industry with cost-effective power solutions
that increase productivity, lower operating costs and reduce carbon
footprints. Long-standing relationships with industry leaders
forged the path for Plug Power's key accounts, including Wegmans,
Whole Foods, and FedEx Freight. With more than 1,200 GenDrive
units shipped to material handling customers, accumulating over 4.5
million hours of runtime, Plug Power manufactures tomorrow's
incumbent power solutions today. Additional information about Plug
Power is available at www.plugpower.com.
The Plug Power Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=4446
Plug Power Inc. Safe Harbor Statement
This communication contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including but not limited to Plug Power's expectations
regarding expected shipments of GenDrive units for 2011 and 2012,
reductions in system cost, expanding the set of addressable
applications and increasing geographic reach. These statements are
based on current expectations that are subject to certain
assumptions, risks and uncertainties, any of which are difficult to
predict, are beyond Plug Power's control and that may cause Plug
Power's actual results to differ materially from the expectations
in Plug Power's forward-looking statements including statements
regarding the risk that unit orders will not ship, be installed
and/or convert to revenue, in whole or in part; the cost and timing
of developing Plug Power's products and its ability to raise the
necessary capital to fund such development costs; the risk that the
previously disclosed expected uses of the Company's recently raised
capital may change; the ability to achieve the forecasted gross
margin on the sale of Plug Power's products; the actual net cash
used for operating expenses may exceed the projected net cash for
operating expenses; the cost and availability of fuel and fueling
infrastructures for Plug Power's products; market acceptance of
Plug Power's GenDrive system; Plug Power's ability to establish and
maintain relationships with third parties with respect to product
development, manufacturing, distribution and servicing and the
supply of key product components; the cost and availability of
components and parts for Plug Power's products; Plug Power's
ability to develop commercially viable products; Plug Power's
ability to reduce product and manufacturing costs; Plug Power's
ability to successfully expand its product lines; Plug Power's
ability to improve system reliability for GenDrive; competitive
factors, such as price competition and competition from other
traditional and alternative energy companies; Plug Power's ability
to manufacture products on a large-scale commercial basis; Plug
Power's ability to protect its intellectual property; the cost of
complying with current and future governmental regulations; and
other risks and uncertainties discussed under "Item IA-Risk
Factors" in (i) Plug Power's annual report on Form 10-K for the
fiscal year ended December 31, 2010, filed with the Securities and
Exchange Commission ("SEC") on March 31, 2011 and (ii) in Plug
Power's quarterly report on Form 10-Q for the quarter ended March
31, 2011 filed with the SEC on May 13, 2011, as well as in the
other reports Plug Power files from time to time with the
SEC. Plug Power does not intend to, and undertakes no duty to
update any forward-looking statements as a result of new
information or future events.
Plug Power Inc. |
Financial Highlights |
|
Balance Sheets (Dollars in
thousands): |
(unaudited) |
|
June 30, 2011 |
December 31, 2010 |
Assets |
|
|
Current assets: |
|
|
Cash and cash equivalents |
$ 27,151 |
$ 10,955 |
Available-for-sale securities |
-- |
10,403 |
Accounts receivable |
4,131 |
4,196 |
Inventory |
7,628 |
10,539 |
Assets held for sale |
-- |
1,000 |
Prepaid expenses and other current
assets |
1,357 |
1,585 |
|
|
|
Total current assets |
40,267 |
38,678 |
|
|
|
Restricted cash |
525 |
525 |
Property, plant and equipment, net |
9,506 |
9,839 |
Investment in leased property |
-- |
263 |
Intangible assets, net |
8,849 |
9,872 |
|
|
|
Total assets |
$ 59,147 |
$ 59,177 |
|
|
|
Liabilities and Stockholders'
Equity |
|
|
Current liabilities: |
|
|
Accounts payable |
$ 1,208 |
$ 3,560 |
Accrued expenses |
3,644 |
4,336 |
Product warranty reserve |
971 |
863 |
Current portion long term debt |
-- |
10 |
Deferred revenue |
3,748 |
4,350 |
Other current liabilities |
71 |
1,901 |
|
|
|
Total current liabilities |
9,642 |
15,020 |
|
|
|
Warrant liability |
6,978 |
-- |
Other liabilities |
1,274 |
1,244 |
|
|
|
Total liabilities |
17,894 |
16,264 |
|
|
|
Stockholders' equity |
41,253 |
42,913 |
|
|
|
Total liabilities and stockholders'
equity |
$ 59,147 |
$ 59,177 |
|
|
|
|
|
|
Statements of Operations (Dollars in
thousands): |
Three months ended
June 30, |
Six months ended
June 30, |
(unaudited) |
|
|
|
|
|
2011 |
2010 |
2011 |
2010 |
Revenue |
|
|
|
|
Product and service revenue |
$ 2,621 |
$ 2,326 |
$ 7,614 |
$ 5,489 |
Research and development contract
revenue |
1,563 |
778 |
2,348 |
1,986 |
Licensed technology revenue |
163 |
-- |
326 |
-- |
Total revenue |
4,347 |
3,104 |
10,288 |
7,475 |
|
|
|
|
|
Cost of revenue and expenses |
|
|
|
|
Cost of product and service revenue |
4,931 |
4,543 |
11,622 |
7,830 |
Cost of research and development contract
revenue |
2,474 |
1,679 |
3,811 |
3,561 |
Research and development
expense |
1,106 |
4,382 |
2,169 |
9,869 |
Selling, general and administrative
expense |
3,883 |
10,541 |
7,444 |
14,399 |
Amortization of intangible
assets |
589 |
567 |
1,170 |
1,129 |
|
|
|
|
|
Operating loss |
(8,636) |
(18,608) |
(15,928) |
(29,313) |
|
|
|
|
|
Interest and other income and net realized
losses from available-for-sale securities |
87 |
269 |
121 |
611 |
Change in fair value of warrant
liability |
1,791 |
-- |
1,791 |
-- |
Change in fair value of auction rate
securities repurchase agreement |
-- |
(2,469) |
(5,978) |
(3,135) |
Net trading gain |
-- |
2,469 |
5,978 |
3,135 |
Interest and other expense and foreign
currency gain (loss) |
5 |
(177) |
20 |
(373) |
|
|
|
|
|
Net loss |
$ (6,753) |
$ (18,516) |
$ (13,996) |
$ (29,075) |
|
|
|
|
|
Loss per share: Basic and diluted |
$ (0.41) |
$ (1.41) |
$ (0.95) |
$ (2.22) |
|
|
|
|
|
Weighted average number of common shares
outstanding * |
16,320,235 |
13,116,175 |
14,781,215 |
13,080,315 |
|
* - Share information for the
prior periods has been retroactively adjusted to reflect the May
19, 2011 one-for-ten reverse stock split of the Company's common
stock. |
|
|
|
|
|
|
|
|
|
|
Plug Power Inc. |
|
|
|
|
Reconciliation of Non-GAAP financial
measures |
|
|
|
|
|
|
|
|
|
Reconciliation of Reported Net loss to
EBITDAS |
|
|
|
|
|
|
|
|
|
|
Three months ended
June 30, |
Six months ended
June 30, |
|
2011 |
2010 |
2011 |
2010 |
|
|
|
|
|
Operating loss, as reported |
$ (8,636) |
$ (18,608) |
$ (15,928) |
$ (29,313) |
|
|
|
|
|
Stock based compensation |
611 |
386 |
1,003 |
892 |
Depreciation and amortization |
1,136 |
1,358 |
2,223 |
2,742 |
EBITDAS |
$ (6,889) |
$ (16,864) |
$ (12,702) |
$ (25,679) |
|
EBITDAS is defined as net income
before interest expense, provision for income taxes, depreciation
and amortization expense and charges for equity
compensation. EBITDAS is a non-GAAP measure of our financial
performance and should not be considered as alternatives to net
income or any other performance measure derived in accordance with
GAAP, or as an alternative to cash flows from operating activities
as a measure of our liquidity. |
|
|
|
|
|
|
|
|
Reconciliation of Gross
margin percentage to Adjusted gross margin percentage |
|
|
|
|
|
|
|
|
Three months ended
June 30, |
Six months ended
June 30, |
|
2011 |
2010 |
2011 |
2010 |
|
|
|
|
|
Total revenues, as reported |
$ 4,347 |
$ 3,104 |
$ 10,288 |
$ 7,475 |
|
|
|
|
|
Licensed technology revenue |
(163) |
-- |
(326) |
-- |
Deferred revenue recognized from previous
reporting periods |
(291) |
(731) |
(765) |
(1,566) |
Current invoiceable value of shipments,
recorded to deferred revenue |
236 |
1,404 |
489 |
1,404 |
|
|
|
|
|
Total revenues, as adjusted |
$ 4,129 |
$ 3,777 |
$ 9,686 |
$ 7,313 |
|
|
|
|
|
Total cost of product and service revenue and
cost of research and development revenue |
$ 7,405 |
$ 6,222 |
$ 15,433 |
$ 11,391 |
|
|
|
|
|
Gross margin percentage |
(70.3%) |
(100.5%) |
(50.0%) |
(52.4%) |
|
|
|
|
|
Adjusted gross margin percentage |
(79.3%) |
(64.7%) |
(59.3%) |
(55.8%) |
|
Gross margin percentage is a
financial ratio used to indicate the relationship between cost of
sales and total revenue. We use the term adjusted gross margin
percentage to refer to total revenue, as adjusted, less total cost
of product and service revenue and total cost of research and
development contract revenue as a percentage of total revenues, as
adjusted. This non-GAAP financial measure allows management to
view gross margin percentage as if revenue had been fully
recognized upon invoicing. We believe that these non-GAAP
measures, when taken together with our GAAP financial measures,
allow us and our investors to better evaluate short-term and
long-term profitability trends. |
|
While management believes that
these non-GAAP financial measures provide useful supplemental
information to investors, there are limitations associated with the
use of these non-GAAP financial measures. These measures are
not prepared in accordance with GAAP and may not be directly
comparable to similarly titled measures of other companies due to
potential differences in the exact method of
calculation. |
|
|
|
|
|
Plug Power Inc. and
Subsidiaries |
Condensed Consolidated
Statements of Cash Flows |
(Unaudited) |
|
|
Six months ended |
|
June 30, |
|
2011 |
2010 |
Cash Flows From Operating
Activities: |
|
|
Net loss |
$ (13,996) |
$ (29,075) |
Adjustments to reconcile net loss to net cash
used in operating activities: |
|
|
Depreciation and amortization |
1,053 |
1,613 |
Amortization of intangible
asset |
1,170 |
1,129 |
Loss on disposal of property, plant and
equipment |
309 |
42 |
Stock-based compensation |
1,003 |
892 |
Provision for bad debts |
-- |
10 |
Realized loss on available for sale
securities |
22 |
-- |
Net unrealized gains on trading
securities |
-- |
(3,135) |
Change in fair value of auction rate debt
securities repurchase agreement |
-- |
3,135 |
Change in fair value of warrant
liability |
(1,791) |
|
Changes in assets and liabilities, net of
effects of acquisitions: |
|
|
Accounts receivable |
66 |
(1,075) |
Inventory |
4,165 |
(3,751) |
Prepaid expenses and other current
assets |
227 |
1,822 |
Accounts payable and accrued
expenses |
(4,799) |
4,051 |
Deferred revenue |
(601) |
(162) |
Net cash used in operating
activities |
(13,172) |
(24,504) |
|
|
|
Cash Flows From Investing
Activities: |
|
|
Purchase of property, plant and
equipment |
(1,065) |
(1,215) |
Investment in leased property |
-- |
(284) |
Proceeds from the sale of leased
assets |
-- |
-- |
Restricted cash |
-- |
-- |
Proceeds from disposal of property, plant
and equipment |
45 |
35 |
Proceeds from trading
securities |
-- |
33,925 |
Proceeds from maturities and sales of
available-for-sale securities |
10,399 |
45,905 |
Purchases of available-for-sale
securities |
-- |
(30,012) |
Net cash provided by investing
activities |
9,379 |
48,354 |
|
|
|
Cash Flows From Financing
Activities: |
|
|
Purchase of treasury stock |
(158) |
(441) |
Proceeds from issuance of common stock
and warrants |
22,027 |
|
Stock issuance costs |
(1,862) |
|
Repayment from borrowings under line of
credit |
-- |
(33,925) |
Principal payments on long-term debt and
borrowings under line of credit |
(10) |
(208) |
Net cash provided by (used in) financing
activities |
19,997 |
(34,574) |
|
|
|
Effect of exchange rate changes on
cash |
(8) |
(68) |
Decrease in cash and cash
equivalents |
16,196 |
(10,792) |
Cash and cash equivalents, beginning of
period |
10,955 |
14,581 |
|
|
|
Cash and cash equivalents, end of
period |
$ 27,151 |
$ 3,789 |
CONTACT: Media Contact:
Reid Hislop
Plug Power Inc.
Phone: (518) 782-7700 ext. 1360
Investor Relations Contact:
Cathy Yudzevich
Plug Power Inc.
Phone: (518) 782-7700 ext. 1448
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