Plug Power reports net loss of $11.1 million in Q1
Plug Power reported larger than expected losses for the first quarter of 2015, according to financial reports released Monday.
The Latham, New York fuel cell manufacturer reported net loss of $11.1 million, or 6 cents per share.
Plug makes fuel cells used to power forklifts in warehouses and distribution centers. Plug Power is expanding its customer base by producing fuel cells for refrigerated trucks and vehicles used to haul luggage at airports. Fuel cells are marketed as an alternative to lead acid batteries.
Last year, CEO Andy Marsh looked to diversify Plug’s offerings. The company now installs and maintains hydrogen refueling stations for its customers instead of relying on a third party to perform that work. Customers include Walmart and FedEx.
Marsh has been working to move the company to profitability for the first time in its 17 year history.
The company had bookings of more than $46 million for the first quarter. That number is in line with projections for $200 million in bookings for the entire year.
Total revenue for the first quarter of 2015 was $9.4 million, with $4.1 million in product revenue and $5.3 million in service revenue. This compares to $5.4 million in the first quarter of 2014. Revenue projections for the year remain at $100 million.
The report comes a week before Marsh and other c-level executives set off on a national tour to visit with shareholders.