The stock was down more than 6% at $3.81 in morning trading after the Latham, N.Y.-based firm disclosed its financial results were affected by a charge related to a change in fair value of previously issued common stock warrants of $68.4 million.
Plug Power's net first-quarter loss totaled $75.9 million, or 57 cents a share. That compared with the lower net loss of $8.6 million, or 18 cents a share, the company reported for the same period last year.
The company's adjusted loss of 6 cents per share missed the 5-cent loss forecast of analysts surveyed by Thomson Financial Network.
Its first-quarter revenue was $5.6 million compared with $6.4 million a year earlier.
Plug Power said it is targeting more than $70 million in revenue for 2014 and has $174 million in cash on its balance sheet to support business growth.
The company's fuel-cell technology produces electricity from hydrogen in a chemical process that creates no emissions. Plug Power shares have soared higher during the last year as investors bet that the company's energy-generating products would become more widely accepted as an alternative to oil- and gas-powered sources.
Those products include fuel cell-powered forklifts that have been bought by Wal-Mart and other customers.
Plug Power said Wednesday that GenKey, its turnkey fuel cell product, had won orders from Kroger, Wal-Mart, Volkswagen and Central Grocers during the first quarter. The first GenKey site is scheduled to be deployed this month at a Wal-Mart store in Pottsville, Pa., the company said.
"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," CEO Andy Marsh said in a statement issued with the financial results.
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