Plug Power Inc. (NASDAQ:PLUG), a leader in providing energy
solutions that change the way the world moves, today announced its
financial results for the first quarter of 2016. Plug Power
continues to show growth and improvements in all areas of the
business during the first quarter, including:
- Revenues of $15.3 million; adjusted revenues of $30.1
million;
- Gross margin of 1.1 percent; adjusted gross margin of 12.5
percent;
- GenDrive gross margin of 36 percent;
- Bookings of $72 million, compared to $46 million in the first
quarter of 2015;
- Earnings per share (EPS) loss of $0.07 per share; adjusted EPS
loss of $0.05 per share.
Revenue, gross margin and reconciliation of GAAP
to adjusted numbers are all described below.
Plug Power maintained steady sales traction in
the first quarter of 2016, attracting new customers and
strengthening relationships with existing customers.
Shipments in the first quarter continued to Walmart, Lowes, BMW and
Kroger. GenKey site implementations also progressed with several
customers, including Plug Power’s newest site with Home Depot in
Savannah, GA. “Continued expansion with these anchor customers is
critical to Plug Power’s long-term business growth,” said Andy
Marsh, CEO at Plug Power.
Marsh continued, “Plug Power will leverage
recent progress to strengthen its foundation for 50 percent annual
growth in 2016. We feel comfortable with our sales strategy, and
understand that continued financial strength will enable the path
to breakeven.”
Financial Results
Revenue for the first quarter of 2016 was $15.3
million, as compared to $9.4 million of revenue in the first
quarter of 2015, an increase of 62.8 percent on a
quarter-over-quarter basis, driven primarily by more customer sites
in the first quarter of 2016 compared to the first quarter of 2015,
resulting in increased GenCare service, GenFund Power Purchase
Agreements (PPA) and fuel revenues.
The Company completed three new GenKey customer
sites during the first quarter of 2016 under its GenFund PPA
program. The Company is transitioning to alternative GenFund
PPA financings rather than entering into sale-leaseback
transactions with third party financial institutions and
restricting cash related to these sites as it has previously done.
Instead, the Company is holding the assets for investment and will
finance them with improved project finance solutions. For
consistency of reporting, the Company has presented adjusted
financial measures assuming sites had been financed similarly as in
prior periods. Had the Company completed traditional
sale-leaseback financing for these sites, total revenue for the
first quarter of 2016 (including total revenue that would have been
realized associated with these sites) would have been $30.1
million. Total adjusted revenue reflects a 220.2 percent
growth over prior year.
Other key metrics reflecting our continued
growth are:
- Deployed 834 GenDrive units in the first quarter of 2016
compared to 265 in first quarter of 2015;
- Deployed hydrogen infrastructure at three customer sites during
the first quarter of 2016, versus one in the first quarter of
2015;
- Had approximately 9,400 GenDrive units under service contracts
and/or PPA as of March 31, 2016, as compared to approximately 5,400
GenDrive units under service contracts and/or PPA as of March 31,
2015;
- Have deployed 28 hydrogen infrastructure sites in our history,
including those under service contracts and/or PPA through March
31, 2016, as compared to ten through March 31, 2015.
Gross margin in the first quarter of 2016 was $170 thousand
positive, or 1.1 percent of revenue, compared to a gross loss of
$2.1 million, or 22.5 percent of revenue for the same period of
2015. Gross margin has improved due to continued product cost
down efforts, increased leverage of the fixed cost base and
production efficiencies. Had the Company completed
traditional financing for the GenFund PPA sites deployed in the
first quarter of 2016 as mentioned above, total gross margin
(including total gross margin that would have been realized
associated with these sites) in the first quarter of 2016 would
have been $3.8 million, or 12.5 percent of adjusted total
revenue.
Net loss attributable to common shareholders for
the first quarter of 2016 was $11.8 million, or $0.07 per share on
a diluted basis. This compares to a net loss attributable to common
shareholders in the first quarter of 2015 of $11.1 million, or
$0.06 per share on a diluted basis. Adjusted net loss for the
first quarter of 2016, which is net loss attributable to common
shareholders adjusted for the change in fair value of the common
stock warrant liability and the total gross margin that would have
been realized associated with the three GenKey sites deployed in
the quarter, as mentioned above, was $9.4 million, or $0.05 per
share on a diluted basis.
Please see the tables at the end of this press
release for a reconciliation of GAAP to Non-GAAP amounts.
Cash and LiquidityNet cash used
in operating activities for the first quarter of 2016 and 2015 was
$6.9 million and $13.6 million, respectively. As of March 31,
2016, Plug Power had total cash of $114.7 million, including cash
and cash equivalents of $66.9 million and restricted cash of $47.9
million. The Company’s net working capital was $86.7 million
at March 31, 2016 (excludes borrowings against the loan
facility).
As previously disclosed, the Company closed a
$30.0 million loan facility on March 2, 2016. The gross
proceeds drawn from the facility were $25.0 million during the
quarter and will be used to support lease transactions for certain
customers. This financing and the related strategic
partnership is the first step towards developing a more robust
GenFund project financing platform for Plug Power and its
customers.
Conference CallPlug Power has
scheduled a conference call and webcast today at 10:00 am ET to
review the Company's results for the first quarter of 2016.
Interested parties are invited to listen to the conference call
by calling 877-465-1289. Online, the webcast can be accessed at
www.plugpower.com, by selecting the conference call link on the
home page, or directly
https://event.webcasts.com/starthere.jsp?ei=1102410. A playback of
the call will be available online for a period following the
event.
About Plug Power Inc.The
architects of modern hydrogen and fuel cell technology, Plug Power
has revolutionized the industry with its simple GenKey solution,
elements of which are designed to increase productivity, lower
operating costs and reduce carbon footprints in a reliable,
cost-effective way. Plug Power’s GenKey solution couples together
all the necessary elements to power, fuel and service a customer.
Plug Power is the partner that customers trust to take their
businesses into the future. For more information about Plug Power,
visit www.plugpower.com.
Safe Harbor
StatementThis communication contains
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 that involve significant
risks and uncertainties about Plug Power Inc. ("PLUG"), including
goals relating to revenue, sales, booking, gross margin, GenKey and
GenFuel installations, and the GenFund Power-Purchase Agreement
program. You are cautioned that such statements should not be
read as a guarantee of future performance or results, and will not
necessarily be accurate indications of the times at, or by which,
such performance or results will have been achieved. Such
statements are subject to risks and uncertainties that could cause
actual performance or results to differ materially from those
expressed in these statements. In particular, the risks and
uncertainties include, among other things, the risk that we
continue to incur losses and might never achieve or maintain
profitability; the risk that we will need to raise additional
capital to fund our operations and such capital may not be
available to us; the risk that 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, in whole or in part; the
risk that pending orders may not convert to purchase orders, in
whole or in part; the risk that a loss of one or more of our major
customers could result in a material adverse effect on our
financial condition; the risk that a sale of a significant number
of shares of stock could depress the market price of our common
stock; the risk that negative publicity related to our business or
stock could result in a negative impact on our stock value and
profitability; the risk of potential losses related to any product
liability claims or contract disputes; the risk of loss related to
an inability to maintain an effective system of internal controls
or key personnel; the risks related to use of flammable fuels in
our products; 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 risk that our 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
products, including GenDrive, GenSure and GenKey systems; the
volatility of our stock price; 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 successfully expand internationally; our
ability to improve system reliability for our GenDrive, GenSure and
GenKey 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; risks associated with
potential future acquisitions; and other risks and uncertainties
referenced in our public filings with the Securities and Exchange
Commission. For additional disclosure regarding these and other
risks faced by PLUG, see disclosures contained in PLUG's public
filings with the Securities and Exchange Commission (the "SEC")
including, the "Risk Factors" section of PLUG's Annual Report on
Form 10-K for the year ended December 31, 2015. You should consider
these factors in evaluating the forward-looking statements included
in this presentation and not place undue reliance on such
statements. The forward-looking statements are made as of the date
hereof, and PLUG undertakes no obligation to update such statements
as a result of new information.
Plug Power Inc. |
Selected Financial Data |
(Dollars in 000's except per share amounts) |
|
|
|
|
|
|
|
For the three months ended March 31, |
|
|
|
2016 |
|
|
|
2015 |
|
Revenue: |
|
|
|
|
Sales of fuel cell systems and
related infrastructure |
|
$ |
5,218 |
|
|
$ |
5,090 |
|
Services performed on fuel cell
systems and related infrastructure |
|
|
5,273 |
|
|
|
2,645 |
|
Power Purchase Agreements |
|
|
2,706 |
|
|
|
977 |
|
Fuel delivered to customers |
|
|
2,010 |
|
|
|
659 |
|
Other |
|
|
125 |
|
|
|
45 |
|
Total revenue |
|
$ |
15,332 |
|
|
$ |
9,416 |
|
Gross profit
(loss): |
|
|
|
|
Sales of fuel cell systems and
related infrastructure |
|
$ |
1,320 |
|
|
$ |
11 |
|
Services performed on fuel cell
systems and related infrastructure |
|
|
(510 |
) |
|
|
(2,125 |
) |
Power Purchase Agreements |
|
|
(175 |
) |
|
|
226 |
|
Fuel delivered to customers |
|
|
(401 |
) |
|
|
(217 |
) |
Other |
|
|
(64 |
) |
|
|
(6 |
) |
Total gross profit
(loss) |
|
$ |
170 |
|
|
$ |
(2,111 |
) |
|
|
|
|
|
Total administration
costs (1) |
|
$ |
13,120 |
|
|
$ |
10,650 |
|
|
|
|
|
|
Adjusted EBITDAS |
|
$ |
(6,406 |
) |
|
$ |
(9,981 |
) |
Adjusted net loss |
|
$ |
(9,447 |
) |
|
$ |
(12,846 |
) |
Adjusted diluted net
loss per share |
|
$ |
(0.05 |
) |
|
$ |
(0.07 |
) |
|
|
|
|
|
Cash used in operating
activities |
|
$ |
(6,916 |
) |
|
$ |
(13,645 |
) |
|
|
|
|
|
|
|
At March 31, 2016 |
|
At December 31, 2015 |
|
|
|
|
|
Cash, cash equivalents
and restricted cash |
|
$ |
114,748 |
|
|
$ |
111,796 |
|
Working capital |
|
$ |
62,755 |
|
|
$ |
88,524 |
|
|
|
|
|
|
(1)
Administration costs represent total research and development, and
selling, general and administrative costs, including |
amortization of
intangible assets. |
|
|
|
|
Plug Power Inc. |
|
Reconciliation of Non-GAAP Financial
Measures |
|
(Dollars in 000's except per share amounts) |
|
|
|
|
|
|
|
Reconciliation of
Reported Total Revenue to Adjusted Total Revenue |
|
For the three months ended March 31, |
|
|
|
|
2016 |
|
|
|
2015 |
|
|
Total revenue, as
reported |
|
$ |
15,332 |
|
|
$ |
9,416 |
|
|
Revenue that would have been
realized under traditional financing |
|
|
14,817 |
|
|
|
- |
|
|
Adjusted total
revenue |
|
$ |
30,149 |
|
|
$ |
9,416 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Reported Gross Loss to Adjusted Gross Profit (Loss) |
|
For the three months ended March 31, |
|
|
|
|
2016 |
|
|
|
2015 |
|
|
Gross profit (loss), as
reported |
|
$ |
170 |
|
|
$ |
(2,111 |
) |
|
Gross profit that would have been
realized under traditional financing |
|
|
3,611 |
|
|
|
- |
|
|
Adjusted gross profit
(loss) |
|
$ |
3,781 |
|
|
$ |
(2,111 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Reported Operating Loss to Adjusted EBITDAS |
|
For the three months ended March 31, |
|
|
|
|
2016 |
|
|
|
2015 |
|
|
Operating loss, as
reported |
|
$ |
(12,950 |
) |
|
$ |
(12,761 |
) |
|
Stock-based compensation |
|
|
2,217 |
|
|
|
1,697 |
|
|
Depreciation and amortization |
|
|
716 |
|
|
|
1,083 |
|
|
EBITDAS |
|
$ |
(10,017 |
) |
|
$ |
(9,981 |
) |
|
Gross profit that would have been
realized under traditional financing |
|
|
3,611 |
|
|
|
- |
|
|
Adjusted EBITDAS |
|
$ |
(6,406 |
) |
|
$ |
(9,981 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Reported Net Loss to Adjusted Net Loss |
|
For the three months ended March 31, |
|
|
|
|
2016 |
|
|
|
2015 |
|
|
Net loss attributable
to common shareholders, as reported |
|
$ |
(11,780 |
) |
|
$ |
(11,077 |
) |
|
Gross profit that would have been
realized under traditional financing |
|
|
3,611 |
|
|
|
- |
|
|
Change in fair value of common
stock warrant liability |
|
|
(1,278 |
) |
|
|
(1,769 |
) |
|
Adjusted net loss |
|
$ |
(9,447 |
) |
|
$ |
(12,846 |
) |
|
|
|
|
|
|
|
Adjusted diluted net
loss per share |
|
$ |
(0.05 |
) |
|
$ |
(0.07 |
) |
|
|
|
|
|
|
|
Diluted weighted
average number of common shares outstanding |
|
|
180,125,763 |
|
|
|
173,365,830 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted total revenue, adjusted gross profit, adjusted EBITDAS and
adjusted net loss are non-GAAP measures of our financialperformance
and should not be considered as an alternative to net income/(loss)
or any other performance measure derived inaccordance with GAAP, or
as an alternative to cash flows from operating activities as a
measure of our liquidity. |
|
|
|
Media and Investor Relations Contact:
Teal Vivacqua
Plug Power Inc.
Phone: 518.738.0269
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