Why Plug Power Stock Is Skyrocketing Today

Plug Power (NASDAQ: PLUG) stock is soaring in Monday's trading after the company published preliminary first-quarter results and announced a new funding move. The hydrogen fuel cell specialist's share price was up 28.8% as of 2:45 p.m. ET and had been up as much as 46.9% earlier in the session.

Plug Power issued better-than-anticipated preliminary Q1 results before the market opened this morning and also issued guidance for Q2 that topped the market's expectations. The company paired the release with an announcement that it had secured a new funding deal through Yorkville Advisors.

Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue »

Plug Power stock rises on preliminary results and guidance

Plug Power is now targeting sales between $130 million and $134 million for the first quarter, coming in ahead of the average analyst estimate's call for sales of roughly $130.5 million. The company also guided for net cash used in the first quarter to be roughly $142 million, declining from $268 million in last year's first quarter. Management is guiding for substantial sales growth in the current period and continued expense reductions as the year progresses.

For Q2, Plug Power anticipates sales between $140 million and $180 million. If the company were to hit the midpoint of that guidance range, it would mark a substantial improvement over sales performance last quarter and a roughly 11.6% increase of the $143.4 million in sales posted in Q2 2024. The hydrogen specialist said that it expects to achieve roughly $200 million in annual cost reductions this year.

Plug Power secures new funding move

With the preliminary results it published today, Plug Power also announced that it had secured a $525 million new credit agreement with Yorkville Advisors. Along with the $296 million in unrestricted cash the company had at the end of the first quarter, the new deal should give the company added flexibility for operations and refinancing.

Plug Power posted a net loss of $2.1 billion last year, but it's possible that pricing increases and cost-cutting initiatives will pave the way for significant margin improvements.

Should you invest $1,000 in Plug Power right now?

Before you buy stock in Plug Power, consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Plug Power wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $594,046!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $680,390!*

Now, it’s worth noting Stock Advisor’s total average return is 872% — a market-crushing outperformance compared to 160% for the S&P 500. Don’t miss out on the latest top 10 list, available when you join Stock Advisor.

See the 10 stocks »

*Stock Advisor returns as of April 28, 2025

Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.