Plug Power Q1 earnings: ‘we continue to make steady progress’

Plug Power Inc is trading down in premarket on Thursday after coming in shy of Street estimates for its fiscal first quarter. 

The hydrogen fuel cells company lost 46 cents on a per share basis in its recently concluded quarter. Analysts, in comparison, were at 33 cents per share. 

$PLUG generated about $120 million in sales in Q1 – also short of $158 million expected. Still, Andy Marsh – the chief executive of Plug Power said in a press release today:

We continue to make steady progress by following our established goals and business priorities.

The Nasdaq-listed firm ended the quarter with some $173 million in cash and equivalents versus $135 million a year ago. Plug Power stock is down roughly 50% for the year at writing.

In February, Plug Power announced a programme to trim its yearly operational costs by about $75 million.

As part of it, the $1.70 billion company based out of Latham, New York said it will cut an unspecified number of jobs. Still,

This is a developing story. Check back in a few minutes for more updates!

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