UPDATE: Plug Power Posts Q1 Loss

Plug Power PLUG reported a loss in the first quarter. Plug Power posted a quarterly loss of $75.9 million, or $0.57 per share, versus a year-ago loss of $8.6 million, or $0.18 per share. It posted an adjusted loss of $0.06 per share, versus analysts' estimates of a loss of $0.05 per share. Its sales fell around 13% to $5.574 million from $6.445 million, versus estimates of $5.35 million. Plug Power shipped 165 units in the first quarter, versus 238 units in the year-ago quarter. R&D expenses increased to $1.3 million in the quarter, from $0.8 million in the year-ago quarter. Its selling, general and administrative expenses also climbed to $3.3 million from $2.9 million. Andy Marsh, CEO at Plug Power said, "We are focused on building a large profitable company." The executive continued, "Investments in the sales team, hydrogen generation, hydrogen distribution, geographic expansion and stack technologies are just some of the steps being taken by Plug Power today to build our future. We are targeting over $70 M in revenue for 2014, but these steps are expected to accelerate growth in the upcoming years." Plug Power shares dropped 4.16% to $3.92 in pre-market trading.