On August 11, Plug Power rose 8.06% overnight, trading at $2.28/share, with turnover of $314,000. The rally was driven by the company's Q2 earnings release, which beat consensus on both the top and bottom lines.

Plug Power reported a Q2 adjusted net loss of $0.07 per share, better than the analyst consensus estimate of $0.08, representing a 61% improvement from the $0.18 loss per share in the year-ago quarter. Revenue rose to $178.3 million from $174.0 million a year earlier, surpassing the Street estimate of approximately $169.1 million. The beat extends a multi-quarter improvement trend — in Q1, the company posted 22% revenue growth with electrolyzer revenue surging 343%, while adjusted loss similarly narrowed well beyond expectations.

The consecutive outperformance has strengthened market confidence in management's target of achieving positive EBITDA by year-end. Additionally, the company has been bolstering liquidity through asset transactions with Stream Data Centers valued at over $275 million and a $44 million federal investment tax credit transfer for its St. Gabriel hydrogen facility.

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