10
Revenue:
Sales of fuel cell systems and related infrastructure $ 20,622 $ 8,560 $ 32,080 $ 10,757
Services performed on fuel cell systems and related infrastructure 7,188 5,049 13,786 10,198
Power Purchase Agreements 5,629 4,945 11,118 9,256
Fuel delivered to customers 6,488 3,986 12,023 7,477
Other — 64 — 151
Gross revenue 39,927 22,604 69,007 37,839
Provision for common stock warrants (3,921) (1,820) (5,806) (1,820)
Net revenue 36,006 20,784 63,201 36,019
Cost of revenue:
Sales of fuel cell systems and related infrastructure 15,377 6,441 25,499 8,727
Services performed on fuel cell systems and related infrastructure 7,125 5,068 13,995 11,634
Power Purchase Agreements 9,393 7,450 17,684 14,065
Fuel delivered to customers 6,421 5,303 12,317 9,452
Other — 65 — 163
Total cost of revenue 38,316 24,327 69,495 44,041
Gross loss (2,310) (3,543) (6,294) (8,022)
Operating expenses:
Research and development 8,427 6,625 17,075 12,623
Selling, general and administrative 12,241 17,904 20,550 27,049
Total operating expenses 20,668 24,529 37,625 39,672
Operating loss (22,978) (28,072) (43,919) (47,694)
Interest and other expense, net (6,136) (2,251) (9,241) (4,388)
Change in fair value of common stock warrant liability 334 (12,296) 1,592 (14,576)
Loss before income taxes $ (28,780) $ (42,619) $ (51,568) $ (66,658)
Income tax benefit 2,912 — 5,865 —
Net loss attributable to the Company $ (25,868) $ (42,619) $ (45,703) $ (66,658)
Preferred stock dividends declared and accretion of discount (13) (26) (26) (3,061)
Net loss attributable to common shareholders $ (25,881) $ (42,645) $ (45,729) $ (69,719)
Net loss per share:
Basic and diluted $ (0.12) $ (0.19) $ (0.21) $ (0.34)
Weighted average number of common shares outstanding 214,315,312 220,310,678 220,650,537 205,748,184
Plug Power Inc. and Subsidiaries
Consolidated Statements of Operations
(In thousands, except share and per share amounts)
(Unaudited)
2018 2017 2018 2017
Three Months Ended Six Months Ended
June 30, June 30,
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