UPDATE: Plug Power Shares Tumble After Downbeat Q3 Results

Shares of Plug Power

dipped more than 16% in pre-market trading after the company posted a wider-than-expected third-quarter loss. The Latham, New York-based company posted a quarterly net loss of $9.38 million, or $0.06 per share, versus a year-ago loss of $15.9 million, or $0.19 per share. Excluding non-recurring items, the company's adjusted loss came in at $0.04 per share. Its revenue gained to $19.9 million from $4.6 million. However, analysts were expecting a loss of $0.03 per share on revenue of $24.37 million. During the quarter, Plug Power shipped 857 of its GenDrive units, a 450% rise versus the 155 units in the year-earlier period. At September 30, 2014, the company had cash and cash equivalents of $156.5 million and net working capital of $177.6 million. "Plug Power continues to exhibit growth and record numbers, quarter after quarter," said Andy Marsh, CEO. "Our current customer base is seeing value from our products, firsthand, and companies like Newark Farmers Market, BMW and Central Grocers are refreshing their existing GenDrive fleets by reinvesting in more products from Plug Power. That is true validation." Plug Power shares fell 16.14% to $4.26 in pre-market trading.