Plug Power Inc ( PLUG ) shares are in the spotlight Tuesday after rallying 26% to start the week. Here’s a look at what’s going on.

What Happened: Plug Power ( PLUG ) shares raced higher on Monday after the company reported preliminary first-quarter results and announced it secured a credit facility of up to $525 million.

Plug said it signed a definitive agreement with Yorkville Advisors for a secured debt facility that includes the issuance of up to $525 million of secured debentures. The arrangement includes an initial $210 million tranche, which will be fully funded at the initial closing, along with additional tranches of up to $315 million. 

Plug Power ( PLUG ) said it expects to report first-quarter revenue of approximately $130 million to $134 million. Analysts are anticipating first-quarter earnings of $131 million, per Benzinga Pro estimates.

The company noted that it expects net cash usage in the first quarter of approximately $142 million, compared to $268 million in the first quarter of 2024.

“Plug anticipates additional near-term reductions to net cash usage driven by hydrogen plant ramp-ups, additional cost downs, and additional price increases,” the company said.

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Plug reported that it had $296 million in unrestricted cash as of March 31. The company is due to report audited first-quarter results in early May. In the preliminary release, the company also provided guidance for the second quarter.

Plug expects second-quarter revenue to be in the range of $140 million to $180 million versus estimates of $143.35 million.

“We’ve made the tough decisions and put the structure in place to deliver improved operating leverage and capital efficiency,” said Andy Marsh, CEO of Plug Power ( PLUG ).

“Between strengthening our balance sheet, scaling hydrogen production, and streamlining operations, we’ve taken the right steps to position Plug for long-term success in the hydrogen economy.”

PLUG Price Action: Plug shares raced higher on Monday following the announcements. The stock was pulling back Tuesday at last check, down 4.5% at 97 cents at the time of publication, per Benzinga Pro.