Plug Power announces 2014 financial results


Plug Power Inc., a leader in providing clean, reliable energy solutions, today reports its 2014 fourth quarter and year-end financial results.

For the full year of 2014, the company realised bookings in excess of $150m, an increase of over $100m compared to 2013, and shipped 2,644 GenDrive units to material handling customers in North America, of which 2,406 were recognised as revenue.

Plug Power achieved $21.5m total revenue for the fourth quarter of 2014 and $64.2m for the full year.

Specifically in the fourth quarter, the company achieved another record quarter for shipments, with a 243% increase compared to the fourth quarter of 2013 to customers including Kroger, Walmart, Newark Farmers Market, and Honda. The company also reported a gross margin of 18% on its GenDrive product for the fourth quarter, as compared to -7% in the prior year.

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