NEW YORK (TheStreet) -- Plug Power (PLUG) shares are tanking, down 13.97% to $4.37, on Wednesday after the lithium ion fuel cell battery developer reported its third quarter financial results before the opening bell today.
The Latham, NY-based company reported a net income loss of $9.4 million, narrower than the $15.9 million it lost during the same period last year, or 4 cents per diluted share on an adjusted basis. However, analysts were expecting the company to only lose 3 cents per diluted share during the period.
The company did report a significant rise in revenue to $19.9 million from $4.6 million during the same quarter last year, but fell short of analysts $24.4 million expectations for the quarter.
Plug Power shipped 857 of its flagship GenDrive fuel cells during the previous quarter, well ahead of the 155 units it sold during the same period last year.
TheStreet Ratings team rates PLUG POWER INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate PLUG POWER INC (PLUG) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. Among the areas we feel are negative, one of the most important has been weak operating cash flow."