Why Plug Power Stock Popped in After-Hours Trading

Extending a 1.1% rise during regular trading hours today, Plug Power (PLUG +1.12%) stock is rocketing higher during after-hours trading. The company reported fourth-quarter 2025 financial results that exceeded expectations on both the top and bottom lines, and investors are clearly pleased.

As of 4:32 p.m. ET, shares of the fuel cell and hydrogen stock are up 8.9% from closing at $1.81 at the end of regular trading hours today.

Image source: Getty Images.

Plug heralds 2025 as a year in which it achieves “a pivotal commercial inflection point”

Reporting fourth-quarter 2025 revenue of $225.2 million – a 17.6% year-over-year increase – Plug exceeded analysts’ expectations of $217.4 million.

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NASDAQ: PLUG

Plug Power

Today’s Change

(1.12%) $0.02

Current Price

$1.81

Key Data Points

Market Cap

$2.5B

Day’s Range

$1.72 - $1.85

52wk Range

$0.69 - $4.58

Volume

112M

Avg Vol

97M

Gross Margin

-7128.74%

At the bottom of the income statement, however, investors found an even greater reason to celebrate. While analysts had anticipated adjusted earnings per share (EPS) of negative $0.11, Plug posted Q4 2025 adjusted EPS of negative $0.06, a notably slimmer loss than the negative $0.29 it reported in the same period in 2024.

In 2025, Plug incurred a loss of $1.42 per share, a significant improvement over the $2.68 loss per share it reported in 2024.

Praising its performance in 2025, the company stated in the Q4 2025 financial results press release that the “past year marked a pivotal commercial inflection point for Plug.” In addition, the company states that it’s positioned to achieve its target of achieving positive earnings before interest, taxes, depreciation, and share-based expense in the fourth quarter of 2026.

Should investors power their portfolios with Plug stock based on this afternoon’s news?

While the company’s Q4 2025 financial results are noteworthy, it would be foolhardy for investors to rush and buy Plug stock right now. The company has a long history of underdelivering on its optimistic forecasts. A better course of action would be to watch from the sidelines and wait for continued improvements on the bottom line, demonstrating that the company has, in fact, achieved a turning point.