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Automotive Power
All the latest news from R&D to the commercialization of the Automotive Fuel Cell Market.
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Plug Power reported a smaller net loss for the second quarter, and said it expects to achieve profitability by the end of 2012.
The Latham, N.Y.-based fuel cell developer had a net loss for the quarter of $6.8 million, or 41 cents a share. A year ago, the loss was $18.5 million, or $1.41 a share.
Research and development expenses for the quarter were $1.1 million, compared to $4.4 million in the second quarter of 2010. The company said the decline was related to a corporate restructuring plan and “our transition from a development stage enterprise focused on research and development to a company focused on the commercial production of our products.”
Revenue for the quarter was $4.3 million, up from $3.1 million a year ago.
For the six months ended June 30, Plug Power (Nasdaq: PLUG) had a net loss of $14 million, or 95 cents a share, on revenue of $10.2 million. This compares to a net loss of $29 million, or $2.22 a share, on revenue of $7.5 million, in the first half of 2010.
As of June 30, the company had a backlog of $24 million. During the first six months of the year, it took orders for 1,194 GenDrive fuel cell units used in forklifts, and expects to reach its goal of 2,500 this year. Andrew Marsh, CEO of Plug Power, said the company also is on target to achieve positive net margins by the end of 2011, due to changes in the GenDrive product that will reduce material and labor costs.
“The increased sales and gross margin improvements will position the company for profitability in 2012,” Marsh said.
Source: Barbara Pinckney, The Business Review
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