Plug Power (PLUG) stock soared 11.76% in pre-market trading on Tuesday, continuing its upward momentum after a 26% gain on Monday. The surge comes as the company announced a series of positive developments, including a new credit facility and encouraging preliminary financial results.

The hydrogen fuel cell company revealed it has secured a deal with Yorkville Advisors for a debt facility of up to $525 million. This financial boost will allow Plug Power to retire approximately $82.5 million of its existing convertible debenture principal. Additionally, the company shared preliminary revenue estimates for the first quarter of 2025, projecting between $130 million to $134 million, which aligns with analyst expectations of $131.61 million.

Investors are also responding positively to Plug Power's cost-cutting initiatives. The company has implemented changes expected to generate over $200 million in annualized run-rate savings, including organizational realignment and improved manufacturing efficiency. These measures, along with a reduced net cash usage of approximately $142 million in Q1 (compared to $268 million a year ago), signal a stronger path towards profitability. With these developments and an optimistic outlook for Q2 revenues ranging from $140 million to $180 million, Plug Power appears to be regaining investor confidence after a challenging start to the year that saw its stock decline over 52%.