Plug Power rises following cost-savings plan, preliminary quarterly results

Shares of hydrogen fuel cell maker Plug Power PLUG.O rise 43.5% to $1.16 in morning trade

PLUG says it has taken steps to decrease its operational costs, initiating changes in Q1 that are projected to generate more than $200 million in additional annual savings

Company expects to report Q1 revenue of about $130 million to $134 million vs est of $131.6 million - data compiled by LSEG

PLUG sees Q2 revenue in the range of $140 million to $180 million vs est of $160.2 million

Company expects net cash usage for Q1 to be nearly $142 million, compared with $268 million a year ago

Company sees additional near-term reductions to net cash usage, driven by hydrogen plant ramp-ups, additional cost downs and price increases

PLUG signs $525 million secured credit facility agreement with Yorkville Advisors

Company adds that it has no intention to raise additional equity in 2025

Including session moves, stock down 65.2% YTD