Plug Power increases sales but also net loss

Latham, USA - Plug Power Inc. reports its 2014 fourth quarter and year-end financial results.

For the full year of 2014, the Company realized bookings in excess of $150 million, an increase of over $100 million compared to 2013, and shipped 2,644 GenDrive units to material handling customers in North America, of which 2,406 were recognized as revenue. Plug Power achieved $21.5 million total revenue for the fourth quarter of 2014 and $64.2 million for the full year.

Specifically in the fourth quarter, the Company achieved another record quarter for shipments, with a 243% increase compared to the fourth quarter of 2013 to customers including Kroger, Walmart, Newark Farmers Market, and Honda. The Company also reported a gross margin of 18% on its GenDrive product for the fourth quarter, as compared to -7% in the prior year.

Bookings for 2014 were accelerated by the launch of GenKey, a turnkey solution offering GenDrive fuel cells, GenCare service and GenFuel hydrogen making it significantly easier for customers to adopt hydrogen technology. With GenKey, Plug Power announced its largest order ever in 2014; a multi-site contract with Walmart for more than 1,700 GenDrive fuel cell units, GenFuel infrastructure and hydrogen supply and six years of GenCare services.

Source: IWR Online, 17 Mar 2015