Plug Power, a leader in providing clean, reliable energy solutions, today reported its 2014 first quarter results.
Total revenue for the first quarter of 2014 was $5.6m, comprised of $3.2m for product revenue, $2.1m for service revenue and $0.3m for research and development (R&D) contract revenue. This compares to total revenue of $6.4m in the first quarter of 2013, which was comprised of $4.7m for product revenue, $1.3m for service revenue and $0.4m for R&D contract revenue.
Total cost of revenue for the first quarter of 2014 was $7.9m, comprised of $3.5m for cost of product revenue, $4m for service revenue and $0.4m for cost of R&D contract revenue. This compares to total cost of revenue of $8.6m in the first quarter of 2013, which was comprised of $5.1m for cost of product revenue, $2.9m for service revenue and $0.6m for cost of R&D contract revenue.
Despite the wider-than-expected losses, some significant accomplishments in the first quarter include:
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