Plug Power Inc. has taken even further steps toward achieving its 2015 objectives with its third quarter results, recording a year-on-year total revenue increase of 58% for the period.

The company recorded revenue of $31.4m in third quarter 2015, and bookings that exceeded $50m.

It attributed the strong increase in total revenues as being driven by more GenDrive units sold, hydrogen infrastructure installation sales associated with seven sites in service revenues in 2015, and increased GenCare service revenues.

Plug Power recognised revenue for more than 1,200 units in the third quarter, and now has more than 9,000 units in the field.

With just the fourth quarter remaining, the company has achieved $65m of its $100m revenue target for the year (as of 30th September 2015) and is 83% towards its goal of bookings of more than $200m for the year, having realised bookings of $166m already.

Andy Marsh, CEO of Plug Power, commented, “In January, I clearly stated the goals that Plug Power intended to achieve in 2015. I also outlined the timeframes in which we expected to achieve them. I am pleased with Plug Power’s execution in the business, and the fact that we have stayed on track and are on pace to achieve the goals and milestones laid out at the beginning of the year.”

“Additionally, in the fourth quarter, we are on track for a third straight quarter of record revenues, a strong indicator of the attractiveness of Plug Power’s offering.”

Breakdown

Total revenue for the third quarter of 2015 of $31.4m was comprised of $18m in product revenue, $13.4m in service revenue, and $10,000 in research and development (R&D) contract revenue.

This compares to total revenue of $19.9m in the third quarter of 2014, which was comprised of $12.6m in product revenue, $6.9m in service revenue and $0.4m in R&D contract revenue.

In regard to GenFuel contracts, where the company provides hydrogen fuel to customers as part of their GenKey offering, Plug Power had 22 customers under contract contributing revenue in the third quarter of 2015 – compared to only four customers under contract in the third quarter of 2014.

Total administrative costs (including research and development and selling and general administrative) for the third quarter of 2015 were $12.3m, as compared to total administrative costs of $7.2m for the third quarter of 2014. The increased costs stem from incremental investments in sales and varied business functions to support continued growth in addition to multiple investments in product design and performance enhancement programmes.

Net loss attributable to common shareholders for the third quarter of 2015 was $10.2m, or $0.06 per share on a diluted basis. Included in the net loss for the third quarter of 2015 was a gain of $2.2m related to the change in fair value of common stock warrant liability, a net loss on acquisition related transactions of $0.1m, and varied acquisition and start-up costs of $0.9m associated with completing the HyPulsion transaction.