Plug Power Q4, 2012 Losses Deepen

Plug Power (NASDAQ: PLUG  ) results for the company's fiscal Q4 and 2012 have been released. For the quarter, revenue sank by over 50% on a year-over-year basis, to $5.9 million, from the $11.9 million in the same period the previous year. Net loss deepened over that time, coming in at $8.5 million ($0.22 per basic and diluted share), from Q4 2011's shortfall of $7.2 million ($0.32).

For the full year, top line was $26.1 million, a drop of over $1.5 million from the 2011 figure of $27.6 million. As with the quarterly results, net loss deepened over that span. The 2012 deficit was $31.9 million ($0.93 per basic and diluted share) against the previous year's $27.5 million ($0.50).


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  • Report this Comment On March 29, 2013, at 9:15 AM, jaketen2001 wrote:

    Well,

    It's very clear, Plug has no path out of this to profitability. They couldn't place their last offering. A sale is the only possible path. Having said that, Plug's assets, tech, and sales channels are very valuable. Some speculation about Ballard picking up the pieces of Plug in the same manner that they picked up IdaTech; on the cheap, assuming none of the debt. Equity holder will be wiped out. It was another A123/production quality incident. They had issues last year that stalled deployment and caused problems with customers. Ballard's people very well may be able to ameliorate those issues. Even though Ballard did not really need it, they did their own offering that just closed yesterday, a day after Plug's numbers. Possibly not incidental timing. Too much to write here. GLA.

  • Report this Comment On March 29, 2013, at 7:18 PM, TMFVolkman wrote:

    jaketen2001, do you think nothing at all can be done on an operational level to improve the company? It seems to me that the situation isn't completely hopeless; Plug seems to have some advantages in the market.

  • Report this Comment On May 15, 2013, at 1:08 PM, jaketen2001 wrote:

    Well,

    They claim to have resolved QC issues. They have a new partner in Air Liquide who will help them fund their loses, develop the European market, and integrate H2 delivery. Plug claims to have a 20 million dollar order book in just the next 90 days to deliver, and much more beyond that. Ballard was very confident in its last call that Plug would work itself out. Now we know why.

    Plug claims that current/higher production rates will turn their gross losses in to profits. As a Ballard long, I am relieved Ballard didn't have to step in and acquire Plug. So yeah, it wasn't as hopeless as it seemed. Good. I am waiting now for Ballard to revise upward their material handling revenue #s for the year now that Plug has its finances more in order.

    Plug yes does have advantages in the market, they are 80% + of the fuel cell material handling market.

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