Net revenue:
Sales of fuel cell systems, related infrastructure and equipment $ 116,233 $ 99,278 $ 225,080 $ 146,050
Services performed on fuel cell systems and related infrastructure 8,822 5,675 17,062 11,720
Power purchase agreements 11,169 8,361 21,206 16,187
Fuel delivered to customers and related equipment 14,472 11,121 27,900 22,248
Other 571 122 822 310
Net revenue 151,267 124,557 292,070 196,515
Cost of revenue:
Sales of fuel cell systems, related infrastructure and equipment 94,153 79,913 182,981 108,887
Services performed on fuel cell systems and related infrastructure 11,612 15,475 25,487 28,561
Provision for loss contracts related to service 1,068 6,694 3,116 8,179
Power purchase agreements 34,892 22,234 66,645 40,577
Fuel delivered to customers and related equipment 41,607 40,331 80,879 62,474
Other 400 208 777 306
Total cost of revenue 183,732 164,855 359,885 248,984
Gross loss (32,465) (40,298) (67,815) (52,469)
Operating expenses:
Research and development 23,557 11,247 44,018 20,989
Selling, general and administrative 95,953 38,652 176,842 64,231
Change in fair value of contingent consideration (5,066) (560) (2,605) 230
Total operating expenses 114,444 49,339 218,255 85,450
Operating loss (146,909) (89,637) (286,070) (137,919)
Interest income 3,838 1,446 5,892 1,513
Interest expense (11,203) (11,714) (19,851) (24,047)
Other expense, net (2,456) (70) (3,765) (268)
Realized loss on investments, net (468) 18 (1,315) 18
Change in fair value of equity securities (13,484) 323 (18,643) 323
Loss on equity method investments (2,191) — (6,024) —
Loss before income taxes (172,873) (99,634) (329,776) (160,380)
Income tax expense 423 — 9 —
Net loss $ (173,296) $ (99,634) $ (329,785) $ (160,380)
Net loss per share:
Basic and diluted $ (0.30) (0.18) $ (0.57) $ (0.30)
Weighted average number of common stock outstanding 578,043,278 567,033,722 578,217,636 540,394,003
Plug Power Inc. and Subsidiaries
Consolidated Statement of Operations
(In thousands, except share and per share amounts)
(