Plug Power expects to make profit by end-2012

Nov 4, 2011 - US fuel-cell system maker Plug Power Inc (NASDAQ:PLUG) said Thursday it expected to achieve profitability by the end of 2012 on the back of increased orders for its GenDrive fuel cell products.

In the third quarter of 2011, the company shipped 235 fuel-cell units, compared with 170 units a year before. During the period it got orders for 474 units, while year-to-date orders have reached 1,460 GenDrive units.

"In the upcoming quarter, we expect to ship four times more than the Company's best record quarter to date, realize our first gross margin positive quarter and maintain our continual sales traction," CEO Andy March said.

Revenue for the third quarter amounted to USD 5.5 million (EUR 4m), including USD 4.3 million in product and service revenues. It was slightly down from USD 5.8 million a year earlier.

Plug Power narrowed its net loss for the period to USD 6.3 million from USD 9.3 million.

Basic and diluted loss per share was USD 0.28, compared with USD 0.71.

On September 30, the company had USD 22.8 million in cash, cash equivalents and available-for-sale securities.

(USD 1 = EUR 0.723)

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