Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean,
reliable energy solutions, today reported its financial results for
the second quarter of 2012.
In the second quarter of 2012, Plug Power continued to expand
upon its customer base in North America. The quarter's GenDrive®
orders included units for Lowe's, Sysco, Walmart and Mercedes Benz,
representing approximately $6.5 million in orders.
The order for Mercedes was received in early April 2012, and all
72 of the GenDrive units were installed and operational by early
July. This is the quickest cycle time to date between receiving an
order and deployment at a site requiring a new hydrogen fueling
station.
Sysco's Long Island (N.Y.) and Boston locations recently were
commissioned to use GenDrive fuel cells, bringing the number of
fuel cells used at six of the foodservice distributor's locations
to more than 600. Kroger, Compton, CA, and P&G, Greensboro, NC,
round out the commissioned GenDrive sites during the second quarter
of 2012. In total, 388 units were shipped during the second
quarter.
Additionally, Plug Power is in the process of shipping and
installing 254 units for the Walmart facility in Washington Court
House, Ohio. This deployment signifies the third Walmart facility
using GenDrive, with over 500 units now in the Walmart fleet.
Although deployments continued to grow in the second quarter,
factors including a slower than expected order flow and some
customer deployments delayed until 2013 have negatively impacted
the Company's projections for 2012. Given these factors, Plug Power
is adjusting its guidance for 2012 to the following:
- From $40M in product and service revenue to $30M-$35M
range
- From $12M-$13M EBITDAS loss range to $17M-$19M loss range
- From 10% Gross Margin to minus 5% to minus 10% range for
2012
It is important to note that the above revised product and
service revenue range would still represent an almost 50% increase
in year over year growth.
"Plug Power GenDrive fuel cells have displaced over 5,000
lead-acid batteries in North American material handling
operations," said Andy Marsh, CEO at Plug Power. "An indicator of
our position in the industry is that in the United States 19 out of
every 20 hydrogen re-fueling fills a Plug Power fuel cell. We
continue to be the leader in deploying PEM fuel cells under 25kW,
with over 2,800 GenDrive units in the field, having accumulated
over 8 million hours of operation."
Financial Results
Net loss for the second quarter of 2012 was $6.5 million, or
$0.17 per share on a basic and diluted basis. This compares with a
net loss of $6.8 million, or $0.41 per share, for the second
quarter of 2011.
Total revenue for the second quarter of 2012 was $7.7 million,
comprised of $7.2 million for product and service revenue and $0.5
million for research and development (R&D) contract revenue.
This compares to total revenue of $4.3 million in the second
quarter of 2011, which was comprised of $2.6 million for product
and service revenue, $1.5 million for R&D contract revenue, and
$0.2 million for licensed technology revenue.
The Company shipped 388 units during the second quarter of 2012
compared to 73 units in the second quarter of 2011.
Total cost of revenue for the second quarter of 2012 was $9.5
million, comprised of $8.7 million for cost of product and service
revenue and $0.8 million for cost of R&D contract revenue. This
compares to total cost of revenue of $7.4 million in the second
quarter of 2011, which was comprised of $4.9 million for cost of
product and service revenue and $2.5 million for cost of R&D
contract revenue.
R&D expenses for the second quarter of 2012 were $1.6
million compared with $1.1 million for the second quarter of 2011.
Selling, general and administrative (SG&A) expenses were $3.6
million for the second quarter of 2012 compared with $3.9 million
for the second quarter of 2011. Additionally, $0.6 million was
expensed for amortization of intangible assets during the second
quarter of 2012 and 2011.
Cash and Liquidity
Net cash used in operating activities for the second quarter of
2012 was $4.9 million. Plug Power had cash and cash equivalents of
$15.9 million and net working capital of $25.5 million at June 30,
2012. This compares to $13.9 million and $22.5 million,
respectively, at December 31, 2011.
The accompanying consolidated financial information 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 on August 14, 2012 at
10:00 am ET to review the Company's results for the second quarter
of 2012. 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 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 Walmart,
Sysco, P&G and Mercedes. With more than 2,800 GenDrive units
deployed to material handling customers, accumulating over 8
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.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 the risk that we continue to incur losses and might never
achieve or maintain profitability, the risk that we expect we will
need to raise additional capital to fund our operations and such
capital may not be available to us; the risk that the previously
disclosed expected uses of the Company's recently raised capital
may change; our lack of extensive experience in manufacturing and
marketing products may impact our ability to manufacture and market
products on a profitable and large-scale commercial basis; 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 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, 2011, filed with the Securities and
Exchange Commission ("SEC") on March 30, 2012 and (ii) in Plug
Power's quarterly report on Form 10-Q for the quarter ended March
31, 2012 filed with the SEC on May 15, 2012, 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. |
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Financial Highlights |
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Balance Sheets (Dollars in
thousands): |
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(unaudited) |
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June 30, 2012 |
December 31, 2011 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
$ 15,851 |
$ 13,857 |
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Accounts receivable |
11,126 |
13,389 |
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Inventory |
9,511 |
10,355 |
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Prepaid expenses and other current
assets |
1,182 |
1,894 |
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Total current assets |
37,670 |
39,495 |
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Property, plant and equipment, net |
7,637 |
8,687 |
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Note receivable |
601 |
-- |
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Intangible assets, net |
6,316 |
7,474 |
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Total assets |
$ 52,224 |
$ 55,656 |
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Liabilities and Stockholders'
Equity |
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Current liabilities: |
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Accounts payable |
$ 4,144 |
$ 4,669 |
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Accrued expenses |
2,404 |
3,173 |
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Product warranty reserve |
1,020 |
1,211 |
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Borrowings under line of
credit |
-- |
5,405 |
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Deferred revenue |
4,038 |
2,505 |
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Other current liabilities |
545 |
80 |
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Total current liabilities |
12,151 |
17,043 |
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Common stock warrant liability |
3,029 |
5,321 |
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Deferred revenue |
3,061 |
3,037 |
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Other liabilities |
1,214 |
1,219 |
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Total liabilities |
19,455 |
26,620 |
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Stockholders' equity |
32,769 |
29,036 |
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Total liabilities and stockholders'
equity |
$ 52,224 |
$ 55,656 |
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Statements of Operations (Dollars in
thousands): |
Three months ended
June 30, |
Six months ended
June 30, |
(unaudited) |
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2012 |
2011 |
2012 |
2011 |
Revenue |
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Product and service revenue |
$ 7,201 |
$ 2,621 |
$ 14,438 |
$ 7,614 |
Research and development contract
revenue |
458 |
1,563 |
973 |
2,348 |
Licensed technology revenue |
-- |
163 |
-- |
326 |
Total revenue |
7,659 |
4,347 |
15,411 |
10,288 |
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Cost of revenue and expenses |
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Cost of product and service revenue |
8,643 |
4,931 |
17,703 |
11,622 |
Cost of research and development contract
revenue |
833 |
2,474 |
1,598 |
3,811 |
Research and development
expense |
1,577 |
1,106 |
2,805 |
2,169 |
Selling, general and administrative
expense |
3,567 |
3,883 |
7,503 |
7,444 |
Amortization of intangible
assets |
573 |
589 |
1,149 |
1,170 |
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Operating loss |
(7,534) |
(8,636) |
(15,347) |
(15,928) |
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Interest and other income and net
realized losses from available-for-sale securities |
44 |
87 |
91 |
121 |
Change in fair value of warrant
liability |
1,053 |
1,791 |
2,292 |
1,791 |
Interest and other expense and foreign
currency gain (loss) |
(43) |
5 |
(99) |
20 |
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Net loss |
$ (6,480) |
$ (6,753) |
$ (13,063) |
$ (13,996) |
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Loss per share: Basic and diluted |
$ (0.17) |
$ (0.41) |
$ (0.43) |
$ (0.95) |
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Weighted average number of common shares
outstanding |
37,853,358 |
16,320,235 |
30,645,479 |
14,781,215 |
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Plug Power Inc. |
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Reconciliation of Non-GAAP financial
measures |
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Reconciliation of Reported Net loss to
EBITDAS |
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Three months
ended June 30, |
Six months
ended June 30, |
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2012 |
2011 |
2012 |
2011 |
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Operating loss, as reported |
$ (7,534) |
$ (8,636) |
$ (15,347) |
$ (15,928) |
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Stock based compensation |
499 |
611 |
1,023 |
1,003 |
Depreciation and amortization |
1,062 |
1,137 |
2,124 |
2,223 |
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EBITDAS |
$ (5,973) |
$ (6,888) |
$ (12,200) |
$ (12,702) |
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EBITDAS is defined as operating
income (loss), as adjusted for 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. |
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Reconciliation
of Gross margin percentage to Adjusted gross margin percentage |
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Three months ended
June 30, |
Six months ended
June 30, |
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2012 |
2011 |
2012 |
2011 |
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Product and service revenues, as
reported |
$ 7,201 |
$ 2,621 |
$ 14,438 |
$ 7,614 |
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Deferred revenue recognized in the reporting
period |
(648) |
(327) |
(1,578) |
(802) |
Current invoiceable value of shipments,
recorded to deferred revenue |
669 |
273 |
2,655 |
526 |
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Product and service revenues, as
adjusted |
$ 7,222 |
$ 2,567 |
$ 15,515 |
$ 7,338 |
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Cost of product and service
revenue |
$ 8,643 |
$ 4,931 |
$ 17,703 |
$ 11,622 |
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Gross margin percentage |
(20.0%) |
(88.1%) |
(22.6%) |
(52.6%) |
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Adjusted gross margin percentage |
(19.7%) |
(92.1%) |
(14.1%) |
(58.4%) |
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Gross margin percentage is a
financial ratio used to indicate the relationship between cost of
product and service revenue and product and service
revenue. We use the term adjusted gross margin percentage to
refer to product and service revenue, as adjusted, less total cost
of product and service revenue as a percentage of product and
service revenue, 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. |
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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.
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Plug Power Inc. and
Subsidiaries |
Condensed Consolidated
Statements of Cash Flows |
(Unaudited) |
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Six months ended |
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June 30, |
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2012 |
2011 |
Cash Flows From Operating
Activities: |
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Net loss |
$ (13,063) |
$ (13,996) |
Adjustments to reconcile net loss to net cash
used in operating activities: |
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Depreciation |
975 |
1,053 |
Amortization of intangible
asset |
1,149 |
1,170 |
Loss on disposal of property, plant and
equipment |
58 |
309 |
Stock-based compensation |
1,023 |
1,003 |
Realized loss on available-for-sale
securities |
-- |
22 |
Change in fair value of warrant
liability |
(2,292) |
(1,791) |
Changes in assets and
liabilities: |
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Accounts receivable |
2,263 |
66 |
Inventory |
843 |
4,165 |
Prepaid expenses and other current
assets |
713 |
227 |
Issuance of note receivable |
(601) |
-- |
Accounts payable, accrued expenses,
product warranty reserve and other liabilities |
(1,033) |
(4,799) |
Deferred revenue |
1,558 |
(601) |
Net cash used in operating
activities |
(8,407) |
(13,172) |
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Cash Flows From Investing
Activities: |
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Purchase of property, plant and
equipment |
(41) |
(1,065) |
Proceeds from disposal of
property, plant and equipment |
58 |
45 |
Proceeds from maturities and
sales of available-for-sale securities |
-- |
10,399 |
Net cash provided by investing
activities |
17 |
9,379 |
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Cash Flows From Financing
Activities: |
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Purchase of treasury
stock |
-- |
(158) |
Proceeds from issuance of
common stock |
17,192 |
22,027 |
Stock issuance costs |
(1,402) |
(1,862) |
Proceeds (repayment) from
borrowings under line of credit |
(5,405) |
-- |
Principal payments on long-term
debt |
-- |
(10) |
Net cash provided by financing
activities |
10,385 |
19,997 |
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Effect of exchange rate changes
on cash |
(1) |
(8) |
Increase in cash and cash
equivalents |
1,994 |
16,196 |
Cash and cash equivalents,
beginning of period |
13,857 |
10,955 |
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Cash and cash equivalents, end
of period |
$ 15,851 |
$ 27,151 |
CONTACT: Media Contact:
Reid Hislop
Plug Power Inc.
Phone: (518) 782-7700 ext. 1360
media@plugpower.com
Investor Relations Contact:
Cathy Yudzevich
Plug Power Inc.
Phone: (518) 782-7700 ext. 1448
investors@plugpower.com
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