Plug Power Net Loss Deepens in Q1

Plug Power results for the company's fiscal Q1 2013 have been released. For the quarter, revenue totaled $6.4 million, a decline from the $7.8 million in the same period the previous year. Net loss deepened over the same time frame, coming in at $8.6 million ($0.18 per basic and diluted share) compared to Q1 2012's shortfall of $6.6 million ($0.28).

This most recent quarter's bottom line was affected by a $2.1 million non-cash charge that came about because of a change in the fair value of Plug Power's stock warrants.

In spite of the comparatively weak results, the company sounded an optimistic note on its future potential. It quoted its CEO Andy Marsh as saying that the firm's "sales prospects and funnel remain strong for the rest of the year, and we expect that the business steps taken over the past six months will result in increased customer traction."

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