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US fuel cell maker Plug Power posts wider loss in Q3  Join our daily free Newsletter

MENAFN - 14/11/2012

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(MENAFN) New York-based fuel cell maker Plug Power posted a wider quarterly loss on lower revenues and a one-off charge, The Business Review reported.

The company said it booked USD10.3 million net loss during the third quarter, compared to USD6.3 million loss a year earlier.

The company also saw its quarterly revenue drop to USD4.8 million from USD5.5 million in the same period last year.

CEO Andy Marsh said a number of factors impacted the company's revenue performance, including a USD4.4 million order that came in too late to be considered with the third-quarter numbers.

Marsh also said that technical issues related to the release of a new product, prompted Plug Power to take a USD3.3 million charge in the quarter.

For the nine months of this year, revenue is up to USD20 million compared with USD15.7 million a year ago, he said.

Plug Power estimates it needs to generate USD18 million to USD25 million in quarterly revenue in order to hit profitability.

 






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