Fuel cell supplier Plug Power Inc. said Tuesday its fourth-quarter loss widened on costs related to research and development, despite soaring revenue.
The company posted a loss of $17.5 million, or 20 cents per share, compared with a year-ago loss of $13.3 million, or 15 cents per share.
Revenue surged to $5.1 million, from $1 million in the prior-year period.
The company said the cost of research and development contract sales rose to $6.5 million, from $1.4 million a year earlier. Overall research and development expenses rose to $11.8 million, from $11 million a year earlier.
For the full-year, the company posted profit of $60.6 million, or 69 cents per share, compared with $50.3 million, or 58 cents per share, in 2006.
Revenue rose more than doubled to $16.3 million, from $7.8 million a year earlier.
Shares rose a penny to $2.87 in late morning trading.
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