Plug Power: Q2 Results
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LATHAM, New York - Plug Power Inc. (PLUG), a leader in providing clean, reliable energy solutions, reports its 2015 second quarter results. The quarterly results are the Company's best in its 19-year history, and include:
Record revenues of $24M
Bookings in excess of $59M
Positive gross margin at 7 percent
Most notably, Plug Power realized 26 percent gross margins from its longest-running product line, GenDrive, up from 17 percent in the same quarter of 2014. Plug Power has been selling GenDrive to material handling customers commercially since 2010. Today, more than 8,500 units have been deployed in North America, and have accumulated more than 107 million operating hours.
Plug Power continues to see ongoing success and multiple deployments with repeat customers such as Walmart and Kroger, where distribution center conversion rates average one to three facilities per quarter. The GenKey value proposition has been validated by large customers like these and many others, but GenKey is increasingly attractive to mid-size customers such as Dietz and Watson, FreezPak Logistics and Newark Farmers Market because Plug Power provides cost-effective access to hydrogen through GenFuel.
Plug Power is poised for expansion within Europe, as it now owns 100 percent of its HyPulsion joint venture having acquired 80 percent from partner Air Liquide. HyPulsion already has an existing suite of CE-certified products and OEM relationships across the continent. Plug Power is actively engaged with customers in Europe, and is currently placing strong sales emphasis on high labor cost countries.
The Company maintains its 2015 forecast of total sales in excess of $100 million, including sales of more than 3,300 GenDrive units and construction of more than 15 GenFuel hydrogen infrastructures. The company projects bookings of more than $200 million in 2015.
"Plug Power is experiencing continual revenue and gross margin expansion," says Plug Power CEO Andy Marsh. "We expect the third quarter to be even better than Q2 2015, with revenues of over $30 million."
Total revenue for the second quarter of 2015 was $24.0 million, comprised of $15.3 million of product revenue, $8.4 million of service revenue and $0.3 million of research and development (R&D) contract revenue. This compares to total revenue of $17.3 million in the second quarter of 2014, which was comprised of $12.6 million of product revenue, $4.4 million of service revenue and $0.3 million of R&D contract revenue. Total revenue represents a year-over-year increase of 39 percent, driven by more GenDrive units sold, three hydrogen infrastructure installation sales in service revenues in 2015 (only one comparable sale in second quarter of 2014), and increased GenCare service revenues.
The Company shipped 888 units during the second quarter of 2015 compared to 446 shipped in the first quarter of 2015 and 687 units in the second quarter of 2014. Shipments in second quarter of 2015 included 396 units for projects that closed for financing in July 2015, and related revenue will be recognized in the third quarter of 2015. The Company recognized revenue for 892 units in the second quarter of 2015 compared to units recognized in revenue of 265 units in the first quarter of 2015 and 687 units in the second quarter of 2014.
In regards to GenCare services, the Company had approximately 6,894 GenDrive units and 15 hydrogen infrastructure sites under service contracts as of June 30, 2015, as compared to approximately 2,944 GenDrive units and only one hydrogen infrastructure sites under service contracts as of June 30, 2014.
In regards to GenFuel contracts where the Company provides hydrogen fuel to customers as part of their GenKey offering, the Company had 15 customers under contract contributing revenue in the second quarter of 2015, as compared to only one customer under contract in the second quarter of 2014.
Total cost of revenue for the second quarter of 2015 was $22.4 million, comprised of $11.6 million of cost of product revenue, $10.5 million of cost of service revenue and $0.3 million of cost of R&D contract revenue. This compares to total cost of revenue of $17.1 million in the second quarter of 2014, which was comprised of $10.4 million of cost of product revenue, $5.9 million of cost of service revenue and $0.8 million of cost of R&D contract revenue. Year-over-year, this reflects continued substantial margin improvement in all business lines, with a total positive gross margin of 7 percent for second quarter of 2015 versus a total gross margin of 1 percent for the comparable period in 2014. The improvement stems from leverage of higher volume and continued cost downs.
Total administrative costs (including research and development and selling and general administrative) for the second quarter of 2015 were $11.4 million, as compared to total administrative costs of $6.8 million for the second quarter of 2014. The increased costs stem from incremental investments in sales and varied business functions to support continued growth in addition to multiple investments in product design and performance enhancement programs.
Net loss attributable to common shareholders for the second quarter of 2015 was $9.3 million, or $0.05 per share on a diluted basis. Included in the net loss for the second quarter of 2015 was a gain of $0.7 million related to the change in fair value of common stock warrant liability. Excluding this gain, adjusted net loss for the second quarter 2015 was $9.9 million or $0.06 per share on diluted basis.
Please see the tables at the end of this press release for a reconciliation of net loss to adjusted net loss.
Cash and Liquidity
Net cash used in operating activities for the second quarter 2015 was $10.6 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 third quarter programs. Plug Power had cash and cash equivalents of $109.1 million and net working capital of $135.8 million at June 30, 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 8,500 GenDrive units deployed with material handling customers, GenDrive has been proven reliable with more than 107 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.