Plug Power cuts loss, expects 2012 profits

Plug Power reported a smaller net loss for the second quarter, and said it expects to achieve profitability by the end of 2012.

The Latham, N.Y.-based fuel cell developer (NASDAQ: PLUG) had a net loss for the quarter of $6.8 million, or 41 cents a share. A year ago, the loss was $18.5 million, or $1.41 a share.

Research and development expenses for the quarter were $1.1 million, compared to $4.4 million in the second quarter of 2010. The company said the decline was related to a corporate restructuring plan and “our transition from a development stage enterprise focused on research and development to a company focused on the commercial production of our products.”

Revenue for the quarter was $4.3 million, up from $3.1 million a year ago.

For the six months ended June 30, Plug Power had a net loss of $14 million, or 95 cents a share, on revenue of $10.2 million. This compares to a net loss of $29 million, or $2.22 a share, on revenue of $7.5 million, in the first half of 2010.

Read more at The Business Review of Albany, N.Y.