Plug Power: Q1 Results
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LATHAM, New York - Plug Power Inc. (PLUG), a leader in providing energy solutions that change the way the world moves, 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.”
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 Liquidity
Net 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.
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