The company did not provide guidance other than to say that it maintains its 2015 forecast of total sales in excess of $100 million, comprised of sales of more than 3,300 GenDrive units and construction of more than 15 GenFuel hydrogen infrastructures. Sales are expected to ramp up through the year, with 35% to 40% of the annual revenue expected in the first half of the year.
Revenues rose 69% year-over-year on sales of 265 of its GenDrive units and one hydrogen fueling station. The company also shipped 419 GenDrive units for which it will recognize revenue in the second quarter.
The big increase in revenues came in service revenue, which rose from $2.1 million in the year-ago quarter to $5.3 million in the first quarter of 2015. Product revenue also rose, but to a far smaller degree — $3.2 million a year ago to $4.1 million this year.
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Cost of revenue in the first quarter totaled $11.5 million, comprised primarily of $3.8 million for cost of product revenue and $7.6 million for cost of service revenue. This compares to total cost of revenue in the year-ago quarter of $7.9 million, comprised of $3.5 million for cost of product revenue, $4.0 million for cost of service revenue and $0.4 million for cost of research and development revenue.
Plug Power had approximately 5,500 GenDrive units and eight hydrogen infrastructure sites under service contracts at the end of March, compared with about 3,000 GenDrive units and no hydrogen infrastructure sites under service contracts at the same point last year.
Consensus estimates for the second quarter call for a net loss of $0.06 on revenues of $22.57 million. Analysts are looking for a full-year net loss per share of $0.21 on revenues of $103.32 million.
The company’s CEO said:
The backlog for our products and services continued to grow in the first quarter. This has provided us with a high level of confidence in meeting this year’s financial projections.
Plug Power wrote more than $46 million in bookings during the first quarter and is sticking with its full-year projection for more than $200 million in bookings.
Shares of Plug Power traded down about 5.4% in premarket trading Monday, at $2.30 in a 52-week range of $2.40 to $6.47. Thomson Reuters had a consensus price target of $3.90 before the results were announced, and the high price target is $6.50.
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