Shares of Plug Power Inc. PLUG were falling nearly 9% in premarket trading Tuesday after the fuel-cell company showed off a larger quarterly loss than analysts were modeling. The company logged a first-quarter net loss of $206.6 million, or 35 cents a share, compared with a loss of $156.5 million, or 27 cents a share, in the year-earlier quarter. Analysts tracked by FactSet were modeling a 26-cent loss per share. Plug Power disclosed in its shareholder letter that fuel margin continued to face pressure in the latest quarter “due to increased hydrogen molecule cost associated with historically higher natural gas prices and continued supplier disruptions.” Revenue rose to $210 million from $141 million, while analysts had been expecting $207 million. “Plug is evaluating multiple sources of low-cost and non-dilutive capital, as it continues to build out a global green hydrogen generation network,” the company said in its shareholder letter. It’s currently completing the second stage of due diligence with the Department of Energy’s loan program office and also looking into asset-backed-loan facilities from banks. Additionally, the company is “actively expanding our manufacturing and supply chain capabilities to support anticipated growth and drive down costs,” it shared in the letter.
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