Plug Power Inc., a leader in providing clean, reliable energy solutions, today reports its 2015 second quarter results. The quarterly results are the company’s best in its 19-year history.

These record achievements include record revenue of $24m, bookings in excess of $59m, and a positive gross margin at 7%.

Most notably, Plug Power realised 26% gross margins from its longest-running product line, GenDrive, up from 17% in the same quarter of 2014. Plug Power has been selling GenDrive to material handling customers commercially since 2010.

Today, more than 8,500 units have been deployed in North America, and have accumulated more than 107 million operating hours.

Plug Power continues to see ongoing success and multiple deployments with repeat customers such as Walmart and Kroger, where distribution center conversion rates average one to three facilities per quarter. The GenKey value proposition has been validated by large customers like these and many others, but GenKey is increasingly attractive to mid-size customers such as Dietz and Watson, FreezPak Logistics and Newark Farmers Market because Plug Power provides cost-effective access to hydrogen through GenFuel.

Plug Power is poised for expansion within Europe, as it now owns 100% of its HyPulsion joint venture having acquired 80% from partner Air Liquide.

HyPulsion already has an existing suite of CE-certified products and OEM relationships across the continent. Plug Power is actively engaged with customers in Europe, and is currently placing strong sales emphasis on high labor cost countries.

The company maintains its 2015 forecast of total sales in excess of $100m, including sales of more than 3,300 GenDrive units and construction of more than 15 GenFuel hydrogen infrastructures.

The company projects bookings of more than $200m in 2015.

“Plug Power is experiencing continual revenue and gross margin expansion,” says Plug Power CEO Andy Marsh. “We expect the third quarter to be even better than Q2 2015, with revenues of over $30m.”

Financial Results

Total revenue for the second quarter of 2015 was $24m, comprised of $15.3m of product revenue, $8.4m of service revenue and $0.3m of research and development (R&D) contract revenue.

This compares to total revenue of $17.3m in the second quarter of 2014, which was comprised of $12.6m of product revenue, $4.4m of service revenue and $0.3m of R&D contract revenue.

Total revenue represents a year-over-year increase of 39%, driven by more GenDrive units sold, three hydrogen infrastructure installation sales in service revenues in 2015 (only one comparable sale in second quarter of 2014), and increased GenCare service revenues.

Cash and Liquidity

Net cash used in operating activities for the second quarter 2015 was $10.6m which stems from the ongoing investment in the company’s increased commercial activity, as well as incremental investment in working capital given the inventory build activity for third quarter programs. Plug Power had cash and cash equivalents of $109.1m and net working capital of $135.8m at June 30, 2015.