Plug Power's stock surged 7.67% in post-market trading on Monday, 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. The company also demonstrated significant progress toward profitability with a 71% improvement in gross margin, which narrowed to -13% from -55% in the prior-year period.

The strong performance was driven by growth across Plug Power's material handling and electrolyzer businesses, with hydrogen fuel sales increasing 22% year-over-year. 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.