UPDATE: Plug Power Misses Q4 Views, Shares Tumble

Shares of

dipped more than 11% in pre-market trading after the company posted a wider-than-expected loss for the fourth quarter. The Latham, New York-based company posted a quarterly net loss of $7.2 million, or $0.04 per share, versus a year-ago loss of $28.9 million, or $0.28 per share. Excluding items, the company's adjusted loss came in at $0.08 per share. Its revenue climbed to $21.5 million from $8 million. However, analysts were expecting a loss of $0.04 per share on revenue of $26.3 million. R&D expenses for the fourth quarter increased to $2.2 million from $0.8 million, while selling, general and administrative expenses rose to $9.4 million from $4.0 million. The company had cash and cash equivalents of $146.2 million and net working capital of $167.0 million at December 31, 2014, versus $5.0 million in cash and cash equivalents and $11.1 million in net working capital at December 31, 2013. Andy Marsh, CEO at Plug Power said, "Our focus for 2015 is to expand availability of cost-effective hydrogen which I believe will fuel growth in core markets and allow us to grow other markets such as our ReliOn stationary power line." Plug Power shares fell 11.27% to $2.44 in pre-market trading.