What To Know: The move comes despite a beat on the top line, as investors focused on ongoing profitability challenges and cautious sentiment around the company's path forward.

For the first quarter, Plug reported revenue of $133.67 million, slightly ahead of analyst expectations of $132.16 million and up from $120.26 million in the same quarter last year. The company credited the revenue growth to strong momentum in its electrolyzer segment, where GenEco electrolyzer sales surged 575% year-over-year. Plug also cited continued demand in material handling and growth in cryogenic platform deployments.

Despite the revenue beat, the company posted a net loss of 21 cents per share, missing analyst estimates for a 19-cent loss. Plug noted progress in managing its cash flow, with net cash used in operations and investing dropping to $152.1 million, compared to $288.3 million in the prior year's quarter. The company ended the period with $295.8 million in unrestricted cash.

Plug Power guided for second-quarter revenue in the range of $140 million to $180 million, versus estimates of $132.16 million, signaling confidence in continued demand growth.

Following the print, Canaccord Genuity analyst George Gianarikas maintained a Hold rating and lowered the price target from $1.25 to $1, which may be adding pressure to shares on Tuesday.

PLUG Price Action: Plug Power shares were down 9.41%, trading at approximately 82 cents at the time of publication Tuesday, according to Benzinga Pro.

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