Battery manufacturer Plug Power Inc. (Nasdaq: PLUG), which has been struggling with an increasing deficit and lack of liquidity, says it has new bookings that should provide an increased recurring revenue stream.

Plug Power, headquartered in Latham, N.Y., makes alternative-energy batteries for the forklift and material-handling markets.

Between Oct. 8 and Dec. 4, the company received an additional $17.8 million in bookings, which should impact its fourth quarter and provide a recurring revenue stream from product service and contracts, the company says in a Dec. 9 filing with the U.S. Securities and Exchange Commission.

Additionally, on Dec. 20, the company announced that it had regained compliance with Nasdaq’s minimum bid price listing requirement of $1. Plug Power’s shares opened, for the first time in 2013, at more than $1 on Dec. 4, when they opened at $1.04. On Dec. 31, Plug Power’s shares opened at $1.64.   

Plug Power landed on Mergers & Acquisitions Distressed Company Watch List after accounting firm KPMG LLC raised substantial doubt about the company’s ability to continue as a going concern, or without the threat of liquidations, according to an April 1 filing with SEC. At that time, the company was also facing delisting problems with the Nasdaq exchange after its shares were consistently priced at less than $1.

To raise money, the company completed a public equity offering in February, raising $2.3 million. Plug Power was also able to raise $2.8 million from the exercise of stock warrants, $2.6 million from a sale-leaseback transaction of its facilities in Latham, a $6.5 million strategic investment from Air Liquide, and a $10.6 million public offering completed in September.

Those fundraising activities should allow the company to operate into the second quarter of 2014, Plug Power says.

In order to meet its Ebitda’s break even goal, the company needs to ship 3,000 units in 2014.

As of Sept. 30, the company listed nearly $11 million in assets, up from the $9.4 million it listed at the end of 2012. The company’s operating loss also shrunk to about $8 million for the three months ended Sept. 30, from $11.8 million for the three months ended Sept. 30, 2012.

The company had an accumulated deficit of $820.5 million as of Sept. 30, which was incurred from operating costs, research and development and administrative costs. At the end of 2012, the company was carrying a $786.1 million deficit.

Plug Power has continued to experience negative cash flows from operations and expects those losses to continue for the foreseeable future.

Plug Power has already taken some steps to increase its liquidity, SEC filings show. In December, the company restructured, eliminating 22 full-time positions, which it says in SEC filings will save it between $3 million and $4 million annually.

For more on Plug Power, see “Plug Power Attempts to Increase Liquidity.” 

For the latest edition of Turnaround Tuesday, see “Petaquilla Seeks Alternative Financing.” 

For more troubled companies, check out Mergers & Acquisitions' Distressed Company Watch List