Plug Power Inc (NASDAQ:PLUG) shares plunged 6.60% to $3.82 in pre-market trading Wednesday after company reported disappointing first quarter results. The stock had gained more than 15% on Tuesday as investors were expecting positive results. The fuel cell technology company posted a net loss of $75.9 million or 57 cents a share, compared to $8.6 million or 18 cents in the same quarter a year earlier. The company’s Q1 earnings were hit by a $68.4 million charge linked to its stock warrants.

Plug Power

Plug Power shipped just 165 GenDrive units in Q1

On an adjusted basis, Plug Power Inc (NASDAQ:PLUG) incurred a loss of 6 cents a share, 1 cent wider than the consensus estimate. The Latham, New York-based company’s Q1 revenues plunged 13% to $5.57 million, slightly above the consensus estimate of $5.35 million. Plug Power CEO Andy Marsh said the company generated $3.2 million in revenues from products, $2.1 million from services and just $0.3 million from R&D contracts.

GenDrive shipping also plunged heavily during the first three months of this year. The company shipped just 165 units in the quarter ending March 31, down from 238 units in the same period last year. However, Plug Power Inc (NASDAQ:PLUG) has registered more than $80 million in bookings year-to-date, almost double the number from last year. And the current quarter looks impressive. Andy Marsh said the company will ship about 650 GenDrive units in the second quarter.

Plug Power touts its accomplishments

Meanwhile, total cost of revenues declined from $8.6 million last year to $7.9 million. Plug Power Inc (NASDAQ:PLUG) signed numerous deals for its GenKey fuel cell system. The newest list of customers include Central Grocers, Volkswagen AG (ADR) (OTCMKTS:VLKAY) (ETR:VOW) (FRA:VOW), The Kroger Co. (NYSE:KR) and Wal-Mart Stores, Inc. (NYSE:WMT). The company has also reached a deal with Hyundai Hysco to manufacture and market hydrogen fuel cell systems in Asia.

Plug Power Inc (NASDAQ:PLUG) shares have gained more than 1678% over the past 12 months. The company has never earned a profit since its IPO in 1999. But CEO Andy March expects Plug Power to become profitable by the fourth quarter of this year.