Plug Power today reported its 2013 fourth quarter and year-end financial results. Growing sales momentum in 2013 continued as the year progressed, with bookings in the fourth quarter of $32m.

Strong fourth quarter product sales and maintenance orders were received from significant customers such as Walmart, Kroger, BMW and Mercedes-Benz. These orders followed on the heels of an investor update on the 8th of October during which CEO Andy Marsh discussed company plans to expand into providing hydrogen to customers and revealed negotiations that were underway for new multi-site deals with several customers preparing to deploy fuel cells in their material handling fleets.

Sales orders for the year 2014 already exceed $60m. The company also has a strong balance sheet, with over $66m in cash as of today.

In January 2014, Plug Power launched its new all-inclusive GenKey solution that provides customers with GenDrive fuel cells, GenFuel hydrogen infrastructure and fuel supply, and GenCare year-round maintenance service. In February, Plug Power announced that Walmart would be the first multiple site GenKey customer, with a contract that is being implemented at six Walmart North America distribution centers over the next two years.

“Although a lot has happened since our last call, I am more bullish than ever that Plug Power is moving into a rapid-growth cycle,” said Andy Marsh. “We kicked off the first quarter of 2014 by signing a multi-site, multi-year GenKey contract with Walmart that surpassed our Q1 goals. I firmly believe that this continuing momentum will carry on throughout 2014, and that orders for this year will total more than $150m – almost four times our total for 2013. We also are on track to achieve our goal of EBITDAS break even by Q3 2014.”

Financial Results

The financial information below consists of preliminary estimates prepared by Plug Power’s management and as such may be subject to final adjustment. Therefore, actual results may differ from these estimates. The final financial information will be included in our filing of the Form 10-K on or before March 31, 2014.

Total revenue for the fourth quarter of 2013 was $8.0m, comprised of $7.8m for product and service revenue and $0.2m for research and development (R&D) contract revenue. This compares to total revenue of $5.9m in the fourth quarter of 2012, which was comprised of $5.7m for product and service revenue and $0.2m for R&D contract revenue.

For the full year 2013, total revenue was $26.6m, comprised of $25.1m for product and service revenue and $1.5m for R&D contract revenue. This compares to total revenue of $26.1m in 2012, which was comprised of $24.4m for product and service revenue and $1.7m for R&D contract revenue.

The company shipped 279 units during the fourth quarter of 2013 compared to 518 units in the fourth quarter of 2012.  For the full year, the company shipped 918 units compared to 1,391 in 2012.

Total cost of revenue for the fourth quarter of 2013 was $11.2m, comprised of $10.6m for cost of product and service revenue and $0.6m for cost of R&D contract revenue. This compares to total cost of revenue of $9.5m in the fourth quarter of 2012, which was comprised of $9.1m for cost of product and service revenue and $0.4m for cost of R&D contract revenue.

For the full year 2013, total cost of revenue was $37.8m, comprised of $35.3m for cost of product and service revenue and $2.5m for cost of R&D contract revenue. This compares to total cost of revenue of $40.5m in 2012, which was comprised of $37.7m for cost of product and service revenue and $2.8m for cost of R&D contract revenue.