Plug Power net loss widens to USD 10.3m in Q3 2012
Nov 13, 2012 - US fuel-cell system maker Plug Power Inc (NASDAQ:PLUG) saw its net loss widen to USD 10.3 million (EUR 8.1m) in the third quarter of 2012 from USD 6.3 million as sales declined and product quality issues pushed up costs.
The company also reduced its 2012 outlook as a result of quality problems, which have impacted the timing on several orders and pushed up annual costs. It said today it now expected product and service revenue to be in the region of USD 26 million-30 million, down from USD 30 million-35 million forecast previously. The projections for loss before interest, taxes, depreciation, amortisation and stock-based compensations was revised to USD 27 million-29 million from USD 17 million-19 million. Chief executive Andy Marsh said that the quality issues had been technically addressed and that implementation would be largely completed by the end of the year.
Revenue fell to USD 4.8 million from USD 5.5 million, with product and service revenue staying flat at USD 4.3 million.
Plug Power shipped 186 GenDrive units in July-September, down from 195 a year earlier. The company said it had also shipped 245 units in the period to a customer site in relation to a not-yet-complete customer lease.