Plug Power trims Q2 net loss, eyes profit by end-2012

Aug 10, 2011 - After posting a narrower net loss for the second quarter of 2011, US fuel-cell system maker Plug Power Inc (NASDAQ:PLUG) said it expected to reach profitability by the end of 2012.

The projections are motivated by growing sales and improving gross margins, chief executive Andy Marsh said. The company is well on the way to achieve positive gross margins by the end of 2011, it said.

Plug Power reported a second-quarter net loss of USD 6.8 million (EUR 4.8m), compared to USD 18.5 million a year back.

Loss per basic and diluted share narrowed to USD 0.41 from USD 1.41.

Revenue for the period grew to USD 4.3 million from USD 3.1 million a year earlier.

Plug Power shipped 73 fuel cell units, compared to 97 units a year before. It received orders for 431 of its GenDrive fuel cell units in the three months through June, while year-to-date orders reached 1,194. The company said it was on track to meet its full-year goal of 2,500 fuel cell unit contracts.

(USD 1 = EUR 0.703)

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