Palm today announced its Q1 results for the fiscal year 2010. The struggling handset maker moved 823,000 devices in Q1, the bulk of which Palm claims to have been Pre handsets. Unbelievably, the company still managed to avoid giving any firm numbers with regards to Pre sales, meaning it’s now extremely safe to say they fell well short of meeting expectations. Total revenue was $68mm compared to $368mm in Q1 2009, and gross profit was $2.8mm in the red. It gets worse, unfortunately. You see, accountants have this thing called GAAP, and it does a much better job of showing the financial health of a company compared to other methods. When you apply GAAP to Palm’s Q1, you’re left with a net loss of $164.5mm compared to the $41.9mm loss posted in Q1 of 2009. Long story short: we’re not out of the woods just yet, Palm fans.