Plug Power Inc. (Nasdaq: PLUG), a fuel cell developer, announced it reduced losses in the first quarter by 3 percent, even though revenue slipped 29 percent.
Plug Power posted a loss of $12.1 million, or 14 cents per share, reduced from a loss $12.5 million, or 17 cents per share, last year.
Revenue fell to $2.3 million, from $3.2 million last year.
The company continues to defer product and service revenue, a component of total revenue, at the time of sale and amortize that revenue over the period of the underlying service and other contractual obligations. Deferred revenue was $3.3 million at March 31, 2006.
“Our progress in the first quarter was highlighted by major business developments, including the agreement by the principal Interros investors and Norilsk Nickel to invest $217 million in Plug Power, the recasting of the company’s relationship with GE and the execution of follow-on agreements with Honda R&D,” said Roger Saillant, Plug Power’s president and CEO.
“These transactions are not only significant to the continued development of our technology and to delivering our fuel cells to our target markets, but also strengthen our financial profile and create a strategic framework to keep us on the path to meet our 2006 objectives.”
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