Fuel cell power specialist Plug Power (NASDAQ:PLUG) reported preliminary, unaudited results for the first quarter of 2014 this morning. The company missed Wall Street's revenue targets while delivering strong full-year guidance. Shares were down more than 7% as of 11:10 a.m.
Total sales fell 12.5% year-over-year to land at $5.6 million. Product revenue dropped 32% and research contracts came in 25% lower, while service sales increased by 62%.
Plug Power shipped 165 power generation units in the quarter, down from 238 units in the year-ago period. The company has recorded $80 million in order bookings so far in 2014, which the company said is more than double total bookings in the entire 2013 fiscal year. Plug Power attributed the increased growth to the launch of its GenKey business. GenKey is Plug Power's "turnkey hydrogen fuel cell solution intended to simplify the transition to fuel cells for the customer." The first GenKey site is scheduled to launch this month with Wal-Mart in Pottsville, Pa.
Plug Power reported an adjusted net loss of $0.06 per diluted share, less than half the $0.13 non-GAAP loss per share seen a year ago.
Analysts expected an even smaller $0.05 loss per share on a $5.4 million revenue stream.
Looking ahead, Plug Power said it would deliver more than $70 million in full-year sales. Analysts currently expect $65 million on that metric. In the second quarter, management expects to ship over 650 GenDrive power units.
"We are focused on building a large profitable company," said Plug Power CEO Andy Marsh in a prepared statement. "Investments in the sales team, hydrogen generation, hydrogen distribution, geographic expansion and stack technologies are just some of the steps being taken by Plug Power today to build our future."
Shares dropped more than 7% on the news. Plug Power's stock is still up more than 1,400% year-over-year.