Plug Power's stock surged 6.25% in pre-market trading on Tuesday, following the release of its first-quarter 2026 financial results that exceeded analyst expectations.

The hydrogen technology company reported revenue of $163.5 million, beating Wall Street estimates of approximately $140 million and representing a 22% year-over-year increase. Adjusted earnings per share came in at a loss of $0.08, better than the anticipated loss of $0.09 to $0.11. The company also demonstrated significant progress toward profitability with substantial gross margin improvement.

Management reiterated its target to achieve positive EBITDAS by the fourth quarter of 2026. The stock's substantial move may have been amplified by high short interest of approximately 25%, potentially triggering short covering following the better-than-expected results.