PLUG POWER ANNOUNCES 2016 SECOND QUARTER RESULTS
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Company on track to meet all 2016 targets
LATHAM, N.Y., Aug. 04, 2016 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ:PLUG), a leader in providing energy solutions that change the way the world moves, today announced its financial results for the second quarter of 2016. Plug Power continues to show growth and improvements in all areas of the business during the second quarter, including:
Total GAAP revenues of $20.5 million; Total adjusted revenues of $37.9 million;
99% growth in recurring revenue versus Q2 2015 (service and fuel delivery);
Bookings of $63 million for the quarter and $135 million year to date;
Earnings per share (EPS) loss of $0.07 per share; adjusted EPS loss of $0.04 per share.
Please refer to the tables at the end of this press release for a description of adjusted revenue, adjusted gross margin, adjusted earnings per share and a reconciliation of these non-GAAP measures to their comparable GAAP measures.
New customers represent more than 60% of bookings in the second quarter, driven by four new GenKey customer wins. These wins continue to build the Company's strong foundation of major accounts, and include a leading North American retailer with global presence that has multi-site potential over the next 12 to 18 months. In addition, the second quarter bookings include first-time Plug Power fuel cell users that are deploying turnkey hydrogen and fuel cell systems, one with a major food-manufacturer and another with a food distribution business in the United States.
In Europe, The Carrefour Group, the leading European retailer, adds to an impressive list of Plug Power accounts. Plug Power now has the number one and number two global retailers deploying GenDrive fuel cells. Securing a powerhouse like Carrefour is a significant milestone, and highlights the effectiveness of Plug Power's sales strategy in Europe.
"New large-scale accounts, significant traction in Europe and continued margin improvements keep us on track for achieving our targeted 2016 goals," said Andy Marsh, CEO for Plug Power. "Continued strong commercial progress combined with a focus on research and development will ensure Plug Power's leadership in current and future markets."
FINANCIAL RESULTS
GAAP revenue for the second quarter of 2016 was $20.5 million and adjusted revenue was $37.9 million, as compared to $24.0 million of GAAP revenue in the second quarter of 2015. As previously discussed, in 2016 the Company is utilizing alternative financing approaches for its Power Purchase Agreement (PPA) deployments to improve liquidity and long-term customer economics. The second quarter 2016 PPA deployments represent expansion and growth from new sites with the same customer and PPA program as in 2015. The alternative financing requires different accounting treatment as compared to the previous approaches, which required upfront revenue recognition of GenDrive shipments and hydrogen infrastructure deployed.
The Company has shown 2016 PPA deployments with adjusted revenue as if the programs had been financed under approaches similar to 2015 for transparency and comparability. The adjusted revenue for the second quarter reflects 58% growth over prior year on similar basis and reflects growth in deployments of all products and services.
Key metrics reflecting our continued growth include:
Deployed 926 GenDrive units in the second quarter of 2016 versus 888 in the second quarter of 2015;
Completed hydrogen infrastructure at six customer sites during second quarter of 2016 versus three in second quarter of 2015;
More than 10,000 GenDrive units are under service contract at June 30, 2016, versus more than 6,900 under service contract at June 30, 2015.
GAAP gross margin in the second quarter of 2016 was $384,000 (1.9% of sales) and adjusted gross margin was $6.1 million (16.1% of sales) as compared to GAAP gross margin in second quarter 2015 of $1.6 million (6.5% of sales). In order to provide better visibility to shareholders regarding Plug Power's progress on margins and cost downs, the Company is presenting adjusted gross margin which is the total gross margin that would have been realized, if the second quarter PPA deployments had been financed on a similar basis to the prior year. Comparatively, this quarter reflects the ongoing progress Plug is making in leveraging its cost base and more importantly significantly improving its margin profile.
Net loss attributable to common shareholders for the second quarter of 2016 was $13.2 million, or $0.07 per share on a diluted basis. Adjusted net loss for the second quarter of 2016, was $7.4 million, or $0.04 per share on a diluted basis, and reflects net loss adjusted to include the total gross margin that would have been realized if the three PPA sites deployed in the quarter had been financed on a similar basis to prior year. This compares to a net loss attributable to common shareholders in the second quarter of 2015 of $9.3 million, or $0.05 per share on a diluted basis.
CASH AND LIQUIDITY
Net cash used in operating activities for the second quarter of 2016 and 2015 was $8.8 million and $10.6 million, respectively. As of June 30, 2016, Plug Power had total cash of $113.9 million, including cash and cash equivalents of $66.0 million and restricted cash of $47.9 million. The Company's net working capital was $77.8 million at June 30, 2016.
As previously disclosed, the Company closed a $40.0 million term loan facility during the second quarter and drew $25.0 million from the facility. Also during the second quarter of 2016, the Company converted the $25.0 million borrowed under the short term agreement established in the first quarter of 2016 to long-term project financing for first-half PPA deployments. This financing and the related strategic partnerships are additional key steps towards developing a more robust project financing platform for Plug Power and its customers.
CONFERENCE CALL
Plug Power has scheduled a conference call and webcast today at 10:00 am ET to review the Company's results for the second quarter of 2016.
Interested parties are invited to listen to the conference call by calling 877-465-1289. Online, the webcast can be accessed at www.plugpower.com, by selecting the conference call link on the home page, or directly event.webcasts.com/starthere.jsp?ei=1110940. A playback of the call will be available online for a period following the event.
ABOUT PLUG POWER INC.
The architects of modern hydrogen and fuel cell technology, Plug Power has revolutionized the industry with its simple GenKey solution, elements of which are designed to increase productivity, lower operating costs and reduce carbon footprints in a reliable, cost-effective way. Plug Power's GenKey solution couples together all the necessary elements to power, fuel and serve a customer. Plug Power is the partner that customers trust to take their businesses into the future. For more information about Plug Power, visit www.plugpower.com.
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