Shares of Plug Power (NASDAQ: PLUG) tumbled 5.22% in after-hours trading on Monday following the release of the company's first-quarter 2025 earnings report. The hydrogen fuel cell maker reported mixed results, with revenue beating expectations but earnings per share falling short of analysts' estimates.

Plug Power reported Q1 revenue of $133.7 million, surpassing the consensus estimate of $132.2 million and representing an 11.1% increase from the same quarter last year. However, the company's earnings per share (EPS) came in at -$0.21, missing the expected -$0.19 per share. Despite the revenue beat, investors appeared to focus on the earnings miss and ongoing profitability concerns.

The company's gross margin loss improved to -55% in Q1 2025 from -132% in Q1 2024, indicating progress in cost reduction efforts. Plug Power also highlighted its Project Quantum Leap initiative, targeting over $200 million in annualized savings. However, the persistent negative margins and cash burn continue to weigh on investor sentiment. The after-hours stock decline suggests that market participants remain cautious about Plug Power's path to profitability in the competitive clean energy sector.