Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean,
reliable energy solutions, today reported its financial results for
the second quarter 2013.
In the quarter, Plug Power experienced a renewed customer
interest in its business due, in part, to the May 8 announcement of
a $6.5 million investment by Air Liquide. Of the $7.5 million in
new orders received during the second quarter of 2013, $6.1 million
occurred between the date the investment was announced, and the end
of the second quarter.
An example of this is Mercedes-Benz's announcement that it would
add 123 GenDrive fuel cell units to its fleet in Huntsville, AL, to
support a new Mercedes logistics center located adjacent to its
manufacturing facilities. This order rate puts the Company on the
pace it needs to meet its stated goal of being profitable on an
earnings before interest, taxes, depreciation, amortization and
stock-based compensation (EBITDAS) basis by mid-year 2014.
Plug Power business highlights in the second quarter of 2013
include customer shipments to Carters, Sysco Riverside, BMW, and
P&G. These sales include significant expansions to existing
sites by BMW, and the conversion of forklift trucks at P&G's
Mehoopany, PA, site from lead-acid battery to GenDrive fuel
cells.
The Sysco Riverside, CA, facility is one of the first Plug Power
customers to use an onsite reformer to convert natural gas to
hydrogen. The use of onsite reformers opens up a new market segment
of smaller distribution facilities where fuel cells can now be used
cost effectively. The Company estimates that the use of this
technology expands its addressable market in the U.S. by $1 billion
USD.
Plug Power is also on-target for the quarter for the material
cost for new product shipments, and the Company is projecting that
service costs will be significantly reduced by year-end 2013.
Continuous improvement in operating costs is another benchmark for
achieving breakeven EBITDAS in 2014.
"What is most encouraging about this quarter's sales is
realizing the business coming from long-time customers who are both
growing their fleets in existing installations and expanding to new
facilities. This, plus our recent investment from Air Liquide, are
proof points to prospects that GenDrive fuel cells are a superior
alternative to lead-acid batteries," said Andy Marsh, CEO of Plug
Power. "From an execution perspective, I'm pleased with the
progress we're making toward meeting the targets we've set for
revenue and for managing our operational costs."
Financial Results
The financial information below consists of preliminary
estimates prepared by Plug Power's management and as such may be
subject to final adjustment. Therefore, actual results may differ
from these estimates. The final financial information will be
included in our filing of the Form 10-Q on or before August 14,
2013.
Net loss for the second quarter of 2013 was $9.3 million, or
$0.14 per share on a basic and diluted basis. This compares with a
net loss of $6.5 million, or $0.17 per share, for the second
quarter of 2012.
Total revenue for the second quarter of 2013 was $7.5 million,
comprised of $7.1 million for product and service revenue and $0.4
million for research and development (R&D) contract revenue.
This compares to total revenue of $7.7 million in the second
quarter of 2012, which was comprised of $7.2 million for product
and service revenue and $0.5 million for R&D contract
revenue.
The Company shipped 246 units during the second quarter of 2013
compared to 388 units in the second quarter of 2012.
Total cost of revenue for the second quarter of 2013 was $9.5
million, comprised of $9.0 million for cost of product and service
revenue and $0.5 million for cost of R&D contract revenue. This
compares to total cost of revenue of $9.5 million in the second
quarter of 2012, which was comprised of $8.7 million for cost of
product and service revenue and $0.8 million for cost of R&D
contract revenue.
R&D expenses for the second quarter of 2013 were $0.8
million compared with $1.6 million for the second quarter of 2012.
Selling, general and administrative (SG&A) expenses were $3.2
million for the second quarter of 2013 compared with $3.6 million
for the second quarter of 2012. Additionally, $0.6 million was
expensed for amortization of intangible assets during the second
quarter of 2013 and 2012.
Cash and Liquidity
Net cash used in operating activities for the second quarter of
2013 was $5.0 million. Plug Power had cash and cash equivalents of
$7.4 million and net working capital of $11.1 million at June 30,
2013. This compares to $9.4 million and $6.9 million, respectively,
at December 31, 2012.
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 today at 10:00 am ET
to review the Company's results for the second quarter 2013
results. Interested parties are invited to listen to the conference
call by calling 877.407.8291.
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 is
revolutionizing 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 4,000 GenDrive units
deployed to material handling customers, accumulating over 12
million hours of runtime, Plug Power manufactures tomorrow's
incumbent power solutions today. Additional information about Plug
Power is available at www.plugpower.com.
Plug Power Inc. Safe Harbor Statement
This communication contains statements that are not historical
facts and are considered forward-looking within the meaning of
Section 27A of the Securities Act and Section 21E of the Exchange
Act. These forward-looking statements contain projections of our
future results of operations or of our financial position or state
other forward-looking information. We believe that it is important
to communicate our future expectations to our investors. However,
there may be events in the future that we are not able to
accurately predict or control and that may cause our actual results
to differ materially from the expectations we describe in our
forward-looking statements. Investors are cautioned not to unduly
rely on forward-looking statements because they involve risks and
uncertainties, and actual results may differ materially from those
discussed as a result of various factors, including, but not
limited to: 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 we do not
have enough cash to fund our operations to profitability and if we
are unable to secure additional capital, we may need to reduce
and/or cease our operations; the risk that a "going concern"
opinion from our auditors, KPMG LLP, could impair our ability to
finance its operations through the sale of equity, incurring debt,
or other financing alternatives; the recent restructuring plan we
adopted may adversely impact management's ability to meet financial
reporting requirements; 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 converted to revenue; the risk that pending orders
may not convert to purchase orders; the risk that our continued
failure to comply with NASDAQ's listing standards may result in our
common stock being delisted from the NASDAQ stock market, which may
severely limit our ability to raise additional capital; the cost
and timing of developing, marketing and selling our products and
our ability to raise the necessary capital to fund such costs; the
ability to achieve the forecasted gross margin on the sale of our
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 our products;
market acceptance of our GenDrive systems; our 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 our products; our ability to develop
commercially viable products; our ability to reduce product and
manufacturing costs; our ability to successfully expand our product
lines; our ability to improve system reliability for our GenDrive
systems; competitive factors, such as price competition and
competition from other traditional and alternative energy
companies; our ability to protect our intellectual property; the
cost of complying with current and future federal, state and
international governmental regulations; and other risks and
uncertainties discussed under "Item IA—Risk Factors" in Plug
Power's annual report on Form 10-K for the fiscal year ended
December 31, 2012, filed with the Securities and Exchange
Commission ("SEC") on April 1, 2013 and as amended on April 30,
2013 and the reports Plug Power filed from time to time with the
SEC. These forward-looking statements speak only as of the date on
which the statements were made and are not guarantees of future
performance. Except as may be required by applicable law, we do not
undertake or intend to update any forward-looking statements after
the date of this communication.
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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, 2013 |
December 31, 2012 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
$ 7,411 |
$ 9,380 |
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Accounts receivable |
4,349 |
4,022 |
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Inventory |
8,595 |
8,550 |
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Prepaid expenses and other current
assets |
1,952 |
1,988 |
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Total current assets |
22,307 |
23,940 |
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Restricted cash |
750 |
-- |
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Property, plant and equipment, net |
6,092 |
6,708 |
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Leased property under capital lease,
net |
2,712 |
2,970 |
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Note receivable |
541 |
571 |
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Intangible assets, net |
3,983 |
5,271 |
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Total assets |
$ 36,385 |
$ 39,460 |
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Liabilities, Redeemable Preferred Stock, and
Stockholders' Equity |
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Current liabilities: |
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Borrowings under line of
credit |
$ -- |
$ 3,381 |
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Accounts payable |
3,312 |
3,558 |
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Accrued expenses |
1,449 |
3,828 |
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Product warranty reserve |
1,566 |
2,672 |
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Deferred revenue |
2,786 |
2,950 |
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Obligations under capital
lease |
683 |
650 |
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Other current liabilities |
1,382 |
-- |
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Total current liabilities |
11,178 |
17,039 |
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Obligations under capital
leases |
955 |
1,305 |
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Deferred revenue |
6,441 |
4,362 |
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Common stock warrant liability |
4,689 |
476 |
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Finance obligation |
2,523 |
-- |
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Other liabilities |
1,183 |
1,248 |
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Total liabilities |
26,969 |
24,430 |
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Redeemable preferred stock |
2,451 |
-- |
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Stockholders' equity |
6,965 |
15,030 |
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Total liabilities, redeemable preferred
stock, and stockholders' equity |
$ 36,385 |
$ 39,460 |
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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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2013 |
2012 |
2013 |
2012 |
Revenue |
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Product and service revenue |
$ 7,130 |
$ 7,201 |
$ 13,174 |
$ 14,438 |
Research and development contract
revenue |
367 |
458 |
768 |
973 |
Total revenue |
7,497 |
7,659 |
13,942 |
15,411 |
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Cost of revenue and expenses |
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Cost of product and service revenue |
8,973 |
8,643 |
16,971 |
17,703 |
Cost of research and development contract
revenue |
533 |
832 |
1,153 |
1,599 |
Research and development
expense |
824 |
1,577 |
1,574 |
2,804 |
Selling, general and administrative
expense |
3,215 |
3,567 |
6,097 |
7,503 |
Amortization of intangible
assets |
568 |
573 |
1,142 |
1,149 |
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Operating loss |
(6,616) |
(7,533) |
(12,995) |
(15,347) |
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Interest and other income |
41 |
44 |
57 |
91 |
Change in fair value of warrant
liability |
(5,833) |
1,053 |
(7,965) |
2,292 |
Interest and other expense |
(147) |
(43) |
(229) |
(99) |
Gain on sale of equity interest in joint
venture |
3,235 |
-- |
3,235 |
-- |
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Net loss attributable to the
Company |
$ (9,320) |
$ (6,479) |
$ (17,897) |
$ (13,063) |
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Preferred stock dividends declared |
(17) |
-- |
(17) |
-- |
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Net loss attributable to common
shareholders |
$ (9,337) |
$ (6,479) |
$ (17,914) |
$ (13,063) |
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Loss per share: Basic and diluted |
$ (0.14) |
$ (0.17) |
$ (0.31) |
$ (0.43) |
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Weighted average number of common shares
outstanding |
68,662,067 |
37,853,358 |
58,669,943 |
30,645,479 |
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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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2013 |
2012 |
2013 |
2012 |
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Operating loss, as reported |
$ (6,616) |
$ (7,533) |
$ (12,995) |
$ (15,347) |
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Stock based compensation |
514 |
499 |
1,020 |
1,023 |
Depreciation and amortization |
968 |
1,062 |
2,087 |
2,124 |
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EBITDAS |
$ (5,134) |
$ (5,972) |
$ (9,888) |
$ (12,200) |
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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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2013 |
2012 |
2013 |
2012 |
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Product and service revenues, as
reported |
$ 7,130 |
$ 7,201 |
$ 13,174 |
$ 14,438 |
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Deferred revenue recognized in the reporting
period |
(75) |
(648) |
(545) |
(1,578) |
Current invoiceable value of shipments,
recorded to deferred revenue |
49 |
669 |
85 |
2,655 |
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Product and service revenues, as
adjusted |
$ 7,104 |
$ 7,222 |
$ 12,714 |
$ 15,515 |
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Cost of product and service
revenue |
$ 8,973 |
$ 8,643 |
$ 16,971 |
$ 17,703 |
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Gross margin percentage |
(25.8%) |
(20.0%) |
(28.8%) |
(22.6%) |
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Adjusted gross margin percentage |
(26.3%) |
(19.7%) |
(33.5%) |
(14.1%) |
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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 |
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Condensed Consolidated
Statements of Cash Flows |
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(Unaudited) |
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Six months ended
June 30, |
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2013 |
2012 |
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Cash Flows From Operating
Activities: |
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Net loss |
$ (17,897) |
$ (13,063) |
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Adjustments to reconcile net loss to net cash
used in operating activities: |
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Depreciation |
945 |
975 |
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Amortization of intangible
asset |
1,142 |
1,149 |
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(Gain) loss on disposal of property,
plant and equipment |
(56) |
58 |
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Stock-based compensation |
1,020 |
1,023 |
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Gain on sale of equity interest in joint
venture |
(3,235) |
-- |
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Change in fair value of warrant
liability |
7,965 |
(2,292) |
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Changes in assets and liabilities that
provide (use) cash: |
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Accounts receivable |
(327) |
2,263 |
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Inventory |
(45) |
843 |
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Prepaid expenses and other current
assets |
36 |
712 |
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Note receivable |
30 |
(600) |
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Accounts payable, accrued expenses,
product warranty reserve and other liabilities |
(2,425) |
(1,033) |
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Deferred revenue |
1,914 |
1,558 |
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Net cash used in operating
activities |
(10,933) |
(8,407) |
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Cash Flows From Investing
Activities: |
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Proceeds from sale of equity interest in
joint venture |
3,235 |
-- |
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Purchase of property, plant and
equipment |
(71) |
(41) |
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Proceeds from disposal of property, plant
and equipment |
57 |
58 |
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Net cash provided by investing
activities |
3,221 |
17 |
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Cash Flows From Financing
Activities: |
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Restricted cash |
(750) |
-- |
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Proceeds from exercise of
warrants |
2,849 |
-- |
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Proceeds from issuance of preferred
stock |
2,595 |
-- |
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Preferred stock issuance costs |
(144) |
-- |
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Proceeds from issuance of common stock
and warrants |
3,257 |
17,192 |
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Stock issuance costs |
(943) |
(1,402) |
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Repayment from borrowings under line of
credit |
(3,381) |
(5,405) |
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Proceeds from finance
obligation |
2,600 |
-- |
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Principal payments on obligations under
capital lease and finance obligation |
(338) |
-- |
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Net cash provided by financing
activities |
5,745 |
10,385 |
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Effect of exchange rate changes on
cash |
(2) |
(1) |
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(Decrease) increase in cash and cash
equivalents |
(1,969) |
1,994 |
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Cash and cash equivalents, beginning of
period |
9,380 |
13,857 |
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Cash and cash equivalents, end of
period |
$ 7,411 |
$ 15,851 |
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CONTACT: Media & Investor Relations Contact:
Gerard L. Conway, Jr.
Plug Power Inc.
Phone: (518) 782-7700
investors@plugpower.com
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