Plug Power Q1 earnings: 'we continue to make steady progress'

Plug Power Inc (NASDAQ: PLUG) is trading down in premarket on Thursday after coming in shy of Street estimates for its fiscal first quarter. 

Notable figures in $PLUG Q1 earnings release

The hydrogen fuel cells company lost 46 cents on a per share basis in its recently concluded quarter. Analysts, in comparison, were at 33 cents per share. 

$PLUG generated about $120 million in sales in Q1 - also short of $158 million expected. Still, Andy Marsh - the chief executive of Plug Power said in a press release today:

The Nasdaq-listed firm ended the quarter with some $173 million in cash and equivalents versus $135 million a year ago. Plug Power stock is down roughly 50% for the year at writing.

Is Plug Power stock worth owning in May?

In February, Plug Power announced a programme to trim its yearly operational costs by about $75 million.

As part of it, the $1.70 billion company based out of Latham, New York said it will cut an unspecified number of jobs. Still, analyst Joseph Parish told clients in a research note ahead of the earnings report:

The quarterly release arrives only days after $PLUG announced new cryogenic equipment supply agreements with unnamed companies as Invezz reported here. Wall Street currently has a consensus "hold" rating on Plug Power shares.