Plug Power shares jumped another 12% in premarket trading on Tuesday after soaring 26% on Monday.

Plug Power Inc announced Monday it has signed a deal for a secured debt facility and has achieved key operational and financial milestones that support its path toward profitability andlong-term growth. The stock price gained after the update.

Plug has inked a deal for a secured debt facility with Yorkville Advisors that will allow the issuance of up to $525 million of secured debentures.

With the net proceeds from the initial tranche, Plug intends to use approximately $82.5 million to retire the majority of its existing convertible debenture principal outstanding with Yorkville.

Plug will report its first-quarter 2025 results in early May. Plug expects to report revenue of approximately $130 million to $134 million for the first quarter of 2025, compared to the analyst consensus of $131.61 million. Plug expects second-quarter revenue of $140 million to $180 million, versus the analyst consensus of $160.20 million.

Plug expects first-quarter net cash usage of approximately $142 million compared to $268 million a year ago. The company ended March 31, 2025, with approximately $296 million in unrestricted cash.

Plug has taken decisive actions to reduce its operational cost base, implementing changes in the first quarter that will likely drive over $200 million in incremental annualized run-rate savings. These cost-cutting measures, which have been largely completed, include organizational realignment and a company-wide focus on manufacturing and supply chain efficiency. The full impact of these cost savings will begin to be reflected in the coming quarters.

Plug Power stock has plunged over 65% year-to-date Amazon.Com Inc and Walmart Inc.

Plug has taken decisive actions to reduce its operational cost base, implementing changes in the first quarter that will likely drive over $200 million in incremental annualized run-rate savings. These cost-cutting measures, which have been largely completed, include organizational realignment and a company-wide focus on manufacturing and supply chain efficiency. The full impact of these cost savings will begin to be reflected in the coming quarters.

Plug Power stock has plunged over 52% year-to-date after analysts cut their price targets for the stock, as it failed to meet its quarterly revenue and EPS consensus.