NEW YORK (TheStreet) -- Plug Power (PLUG) shares are down 5.35% to $2.30 in pre-market trading on Monday following the release of the fuel cell manufacturer's first quarter earnings results before the opening bell today.
The Latham, NY-based company reported a first quarter net loss of $11.1 million, or a loss of 7 cents per share, that missed analysts' expectations of a loss of 6 cents per share by one cent. Revenue for the period rose 68% over the previous year to $9.4 million.
Analysts on average were expecting the company to report revenue of $17.2 million.
The company reaffirmed its full year guidance of revenue in excess of $100 million with 35% to 40% of its annual revenue expected to come in the first half of the year. Analysts are expecting the company to report revenue of $102.92 million by year's end.
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 multiple 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. The company's weaknesses can be seen in multiple areas, such as its generally disappointing historical performance in the stock itself and weak operating cash flow."
Highlights from the analysis by TheStreet Ratings Team goes as follows: