Shares of Plug Power Inc. PLUG, +2.33% rallied 1.8% in premarket trading Tuesday, after the hydrogen fuel cell company reported a wider-than-expected first-quarter loss but revenue that rose above expectations as product revenue more than doubled. The net loss for the quarter to March 31 was $60.75 million, or 12 cents a share, after a loss of $37.45 million, or 12 cents a share, in the year-ago period. The FactSet consensus for per-share loss was 8 cents. Revenue jumped 76.3% to $71.96 million, above the FactSet consensus of $71.50 million. Sales of fuel cell systems and related infrastructure increased 128.5% to $46.77 million, and product gross margin improved to 38%, despite unusually high freight costs, from 32%. The stock has dropped 12.0% year to date through Monday but has soared 435.9% over the past 12 months. The S&P 500 SPX, +1.40% has gained 12.5% this year and rallied 35.5% over the past year.
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