Hydrogenics posts Q3 2012 financial resultsNovember 12, 2012
Hydrogenics reports gains and loss for the third quarter of 2012
Hydrogenics, a leading developer of hydrogen fuel cells, has been making headlines lately in the world of alternative energy news. The company has made significant progress in the fuel cell industry, allying itself with powerful companies that could lead to the overall benefit of the fuel cell business. These partnerships have translated into significant gains for the company, which has recently released its performance results for the third quarter of 2012.
2012 a year of hard work and tenacity for company
Daryl Wilson, president and CEO of Hydrogenics, notes that 2012 has been a year of hard work and tenacity that has produced promising results and vindication for the company’s technology, especially that within the realm of storage. During the third quarter of this year, Hydrogenics saw the largest order in its history: A $90 million multi-year contract for the development and deployment of a hydrogen-based propulsion system. The company also took in more than $42 million in new orders for its hydrogen fuel cell systems and storage technologies during this time.
Revenue grew by 60%
The report notes that Hydrogenics saw its revenue spike by 60% over the levels it had been in 2011. Operating costs also grew during the third quarter, but were offset by the gains the company had seen therein. The company saw a loss of $3.2 million, up from the $1.9 million it had seen in the third quarter of 2011. This is largely due to the volatility of the fuel cell market and the lingering stigma that surrounds hydrogen fuel cells.
Hydrogenics verging on commercialization
Despite some modest turmoil, Hydrogenics has managed to make significant progress during the third quarter of this year. The company remains one of the very few within its industry that is one the verge of attaining commercialization. The company’s focus on hydrogen fuel storage has won it a great deal of acclaim, which is expected to add further momentum to the future endeavors of Hydrogenics.