Plug Power rises following cost-savings plan, preliminary results

Plug Power

28/04/2025 13:27

** Shares of hydrogen fuel cell maker Plug Power PLUG.O rise 11.4% to 90 cents premarket

** PLUG says it has taken steps to decrease its operational costs, initiating changes in Q1 that are projected to generate more than $200 million in additional annual savings

** Company expects to report Q1 revenue of about $130 million to $134 million vs est of $131.6 million - data compiled by LSEG

** PLUG sees Q2 revenue in the range of $140 million to $180 million vs est of $160.2 million

** Company expects net cash usage for Q1 to be nearly $142 million, compared with $268 million a year ago

** Company anticipates additional near-term reductions to net cash usage, driven by hydrogen plant ramp-ups, additional cost downs and price increases

** PLUG also signs $525 million secured credit facility agreement with Yorkville Advisors

** Company adds that it has no intention to raise additional equity in 2025

** Up to last close, stock down 65.2% YTD

 (Reporting by Pooja Menon in Bengaluru)

 ((Pooja.Menon@thomsonreuters.com;))