Plug Power stock rose on a better-than-expected finish to 2025.

Monday evening, the hydrogen technology company reported an adjusted per-share loss of 6 cents from sales of $225.2 million. Wall Street was looking for a 10-cent loss from sales of $217 million, according to FactSet. A year ago, Plug reported a $1.48 per share loss from sales of $192 million.

Shares were up 8.8% in after-hours trading at $1.97. Shares gained 1.1% in regular trading, while the S&P 500 and Dow Jones Industrial Average were flat and down 0.2%, respectively.

Plug still plans to produce positive earnings before interest, taxes, depreciation, and amortization, or Ebitda, by the fourth quarter.

For 2026, Wall Street expects sales of about $852 million and an Ebitda loss of $226 million. The fourth-quarter Ebitda loss is projected to be about $40 billion. Analysts project positive Ebitda in 2028, for which sales estimates top $1.2 billion.

Plug generated 2025 sales of about $710 million.

It will need more capital to reach sales estimates for 2028. The company ended 2025 with $368.5 million in unrestricted cash. It used $535.8 million in 2025, compared to $728.6 million in 2024. Planned asset sales should give the company enough cash to fund operations through 2026.

Coming into the week, Plug stock was up 11% over the past 12 months.