13.05.15

Plug Power: Q1 results

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LATHAM, New York - Plug Power Inc. (PLUG), a leader in providing clean, reliable energy solutions, reports its 2015 first quarter financial results.

The Company announced bookings of over $46 million in the first quarter. This was driven by continual success with retailers and manufacturers. The results are in line with projections of more than $200 million in bookings for the full-year 2015.

During the first quarter, the Company recognized $9.4 million in revenue, a 69% increase from the first quarter of 2014. This includes 265 GenDrive units and one hydrogen fueling station. In addition, the Company shipped 419 GenDrive units and made construction progress on seven hydrogen fueling stations. These shipments will be recognized in revenue during the second quarter of 2015.

Plug Power shipped 175 of those 419 GenDrive units to a new GenKey customer—a big box retailer that is implementing a hydrogen fuel cell forklift truck fleet in a newly constructed regional distribution center in Ohio. Additionally, Plug Power has completed a GenFuel infrastructure for this customer that has recently become fully operational.

The Company maintains its 2015 forecast of total sales in excess of $100 million, comprised of sales of more than 3,300 GenDrive units and construction of more than 15 GenFuel hydrogen infrastructures. These sales will ramp up through the year with 35% to 40% of the annual revenue expected in the first half of 2015.

"The backlog for our products and services continued to grow in the first quarter," said Andy Marsh, CEO of Plug Power. "This has provided us with a high level of confidence in meeting this year's financial projections."

2015 First Quarter Financial Results

Total revenue for the first quarter of 2015 was $9.4 million, comprised of $4.1 million in product revenue and $5.3 million in service revenue. This compares to total revenue of $5.6 million in the first quarter of 2014, which was comprised of $3.2 million in product revenue, $2.1 million in service revenue, and $0.3 million in research and development revenue. This represents a year-over-year increase of 69%, driven by more GenDrive units sold, a hydrogen infrastructure installation sale in 2015 (with no comparable sales in 2014), and increased GenCare service revenues.

The Company recognized revenue in the first quarter of 2015 associated with the sales of 265 GenDrive units and one hydrogen infrastructure installation, as compared to 165 GenDrive units included in revenue and no comparable hydrogen infrastructure installations for the first quarter of 2014. The first quarter 2015 GenKey project was commissioned prior to December 31, 2014, but the financing was completed during the first quarter 2015.

In regards to GenCare services, the Company had approximately 5,500 GenDrive units and eight hydrogen infrastructure sites under service contracts as of March 31, 2015, as compared to approximately 3,000 GenDrive units and no hydrogen infrastructure sites under service contracts as of March 31, 2014.

In regards to GenFuel contracts where the Company provides hydrogen fuel to customers as part of their GenKey offering, the Company had 10 customers under contract contributing revenue in the first quarter of 2015, as compared to no comparable contracts in the first quarter of 2014.

Total cost of revenue for the Company in the first quarter of 2015 was $11.5 million, comprised primarily of $3.8 million for cost of product revenue and $7.6 million for cost of service revenue. This compares to total cost of revenue for first quarter of 2014 of $7.9 million, comprised of $3.5 million for cost of product revenue, $4.0 million for cost of service revenue, and $0.4 million for cost of research and development revenue. Year-over-year, this reflects continued substantial margin improvement in all business lines, with a total negative gross margin of (22%) for first quarter of 2015 versus a total negative gross margin of (41%) for the comparable period in 2014. The improvement stems from leverage of higher volume, continued cost downs, and favorable absorption given the build for the second quarter programs.

Total administrative costs (including research and development and selling and general administrative) for the first quarter of 2015 were $10.7 million, as compared to total administrative costs of $5.1 million for the first quarter of 2014. The growth stems in part from incremental investments to support continued growth, product design and performance enhancement programs, and the incremental costs from the ReliOn acquisition, completed in the second quarter of 2014.

Net loss attributable to common shareholders for the first quarter of 2015 was $11.1 million, or $0.06 per share on a basic and diluted basis. Included in the net loss for the first quarter of 2015 was a gain of $1.7 million related to the change in fair value of common stock warrant liability. Excluding this gain, adjusted net loss for the first quarter 2015 was $12.8 million or $0.07 per share on a basic and diluted basis.

 Cash and Liquidity

Net cash used in operating activities for the first quarter 2015 was $13.6 million, which stems from the ongoing investment in our increased commercial activity, as well as incremental investment in working capital given the inventory build activity for second quarter programs. Plug Power had cash and cash equivalents of $131.5 million and net working capital of $155.7 million at March 31, 2015.

 About Plug Power Inc.

The powerhouse in hydrogen fuel cell technology, Plug Power is revolutionizing the industry with cost-effective solutions that increase productivity, lower operating costs and reduce carbon footprint. Its signature solution, GenKey, provides an all-inclusive package for customers, incorporating GenFuel hydrogen and fueling infrastructure, GenCare aftermarket service and either GenDrive or ReliOn fuel cell systems. GenDrive, a lead-acid battery replacement, is used in electric lift trucks in high-throughput material handling applications. With more than 6,500 GenDrive units deployed with material handling customers, GenDrive has been proven reliable with over 100 million hours of runtime. Plug Power manufactures tomorrow's incumbent power solutions today, so customers can POWERAhead. Additional information about the Plug Power brands is available at www.plugpower.com.
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