<p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2023/06/plug-power1.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2023/06/plug-power1.jpg"/></p>
<p>Plug Power（PLUG）股價在今年再次遭遇困難，由於對其行業和資產負債表的擔憂仍然存在。週一暴跌至 1.7 美元，為 2017 年 4 月以來的最低水平，比歷史最高價下跌了 97%。其市值已從 2021 年的超過 420 億美元下降至 14 億美元，使其成為表現最差的能源公司之一。</p>
<h2>成為顛覆者很困難</h2>
<p>Plug Power 是一家旨在成為能源行業顛覆者的知名公司。該公司的目標是成為氫能源行業中最大的參與者，通過構建燃料電池系統、綠色氫生產和氫基礎設施等解決方案。</p>
<p>氫氣一直被譽為清潔能源行業的重要參與者，因為它不會產生污染排放。它可以用於大型工業、車輛和叉車等設備。</p>
<p>Plug Power 面臨的挑戰在於，它正在從零開始構建綠色氫基礎設施，這是一項非常複雜和昂貴的任務。多年來，該公司宣佈了鉅額虧損。SeekingAlpha 的數據顯示，其近幾個財政年度的年度虧損總額超過 38 億美元。</p>
<p>其表現表明，成為任何行業的顛覆者是多麼困難。特別是顛覆能源行業更加困難，因為公司需要建立綠色氫能源站點。它還需要建立支持分銷的基礎設施。</p>
<p>另一個重要問題是，製造綠色氫氣成本非常昂貴。數據顯示，傳統和藍色氫氣的成本約為每公斤 2 美元，而綠色氫氣的成本超過了這個數值的兩倍。</p>
<h2>未來更多的稀釋</h2>
<p>Plug Power 的投資者已經習慣了股份稀釋增加，即公司通過發行新股籌集資金。</p>
<p>數據顯示，該公司擁有超過 2.28 億普通股。如今，這一數字已經增加到超過 7.87 億。這意味着其流通股份增加了超過 285%。</p>
<p>當發生稀釋時，現有股東對公司的所有權比例降低，減少了他們的投票權。這也會降低他們的每股收益。</p>
<p>例如，假設 Plug Power 在 2017 年實現了 10 億美元的年度利潤，這意味着每股收益將為 4.46 美元。而如今，流通股份為 7.87 億，這意味着每股收益為 1.27 美元。</p>
<p>Plug Power 的投資者從能源部（DoE）獲益，該部門向其提供了 7.5 億美元的資金。這些資金幫助公司增強資產負債表，因為成本仍然顯著上升。</p>
<p>然而，能源部的資金並沒有阻止公司對股東進行稀釋。今年 7 月，公司宣佈了一項計劃，將出售額外股份以籌集資金用於發展。</p>
<p>未來幾年，該公司可能需要更多資金。上個季度，公司的現金及現金等價物為 6235 萬美元，低於去年 12 月的 1.35 億美元。其受限制現金增至 2.22 億美元，而總流動資產超過 16 億美元。</p>
<p>Plug Power 有鉅額負債，包括超過 2.08 億美元的長期債務、2.45 億美元的融資義務和超過 2.95 億美元的租賃義務。</p>
<h2>PLUG 盈利下載</h2>
<p>最近的業績顯示，Plug Power 的營收為 1.43 億美元，低於 2023 年同期的 2.6 億美元。其六個月營收從 2023 年的 4.7 億美元下降至 2.63 億美元。</p>
<p>營收急劇下降值得注意，因為公司於 2023 年開始從其喬治亞州和田納西州工廠交付氫氣。其燃料銷售額在上個季度上升至 2900 萬美元，在上半年上升至 4800 萬美元。營收下降是因為設備和相關基礎設施銷售急劇下降。</p>
<p>Plug Power 的季度虧損增至 2.62 億美元，而加權平均流通股份從 2023 年上半年的 5.93 億增至 7.36 億。</p>
<p>因此，儘管 Plug Power 股價便宜，但存在較高的風險，因為預計將發生更多的稀釋。</p>
<h2>Plug Power 股價分析</h2>
<p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/09/Plug-Power-stock-1024x569.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/09/Plug-Power-stock-1024x569.png"/></p>
<p>周線圖顯示，PLUG 股價在過去幾年一直處於穩定下降趨勢。從 2021 年的 75.45 美元下跌至今天的 2 美元以下。因此，股價一直低於所有移動平均線，這意味着空頭控制着市場。</p>
<p>積極的一面是，股價形成了一個下降楔形圖表模式，並且有高達 26% 的空頭頭寸。這意味着當美聯儲在本月晚些時候開始降息時，它可能成為一個潛在的做空擠壓候選股。</p>
<p>我的觀點是，儘管做空 Plug Power 股價有道理，但在短期內它也存在大幅上漲的風險。</p>
<p>本文描寫了 Plug Power 股票存在風險，但不排除做空擠壓的可能性。</p>

普拉格能源

<p>Plug Power（PLUG）面臨着重大挑戰，股價跌至歷史低點，原因是行業擔憂和鉅額虧損，總額超過 18 億美元。該公司旨在顛覆氫能市場，但面臨着高昂的基礎設施成本和持續的股東稀釋問題，股份從 2.28 億增加到 7.87 億。儘管從能源部獲得 2 億美元的資金，但股東稀釋仍然可能繼續，公司報告顯示收入急劇下降，從 1.32 億美元降至 1 億美元以下。Plug Power 的前景仍然不容樂觀，長期債務相當大，最近的虧損超過 1 億美元</p>

<p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2023/06/plug-power1.jpg" alt="" original-src="https://ik.imagekit.io/invezz/uploads/2023/06/plug-power1.jpg"/></p>
<p>Plug Power (PLUG) stock price is having another difficult year as concerns about its industry and balance sheet remain. It crashed to $1.7 on Monday, its lowest level since April 2017 and 97% below its all-time high. Its market cap has dropped from over $42 billion in 2021 to $1.4 billion, making it one of the worst-performing energy companies.</p>
<div class="lb-trans"><p>Plug Power（PLUG）股價在今年再次遭遇困難，由於對其行業和資產負債表的擔憂仍然存在。週一暴跌至 1.7 美元，為 2017 年 4 月以來的最低水平，比歷史最高價下跌了 97%。其市值已從 2021 年的超過 420 億美元下降至 14 億美元，使其成為表現最差的能源公司之一。</p>
</div><h2>Hard being a disruptor</h2>
<div class="lb-trans"><h2>成為顛覆者很困難</h2>
</div><p>Plug Power is a high-profile company that aims to become a disruptor in the energy industry. The company’s goal is to become the biggest player in the hydrogen industry, by building solutions like fuel cell systems, green hydrogen production, and hydrogen infrastructure.</p>
<div class="lb-trans"><p>Plug Power 是一家旨在成為能源行業顛覆者的知名公司。該公司的目標是成為氫能源行業中最大的參與者，通過構建燃料電池系統、綠色氫生產和氫基礎設施等解決方案。</p>
</div><p>Hydrogen has always been touted as a major player in the clean energy industry because it does not have dirty emissions. It can be used in large industries, vehicles, and equipments like forklifts.</p>
<div class="lb-trans"><p>氫氣一直被譽為清潔能源行業的重要參與者，因為它不會產生污染排放。它可以用於大型工業、車輛和叉車等設備。</p>
</div><p>Plug Power’s challenge is that it is building the green hydrogen infrastructure from scratch, a highly complicated and expensive to execute. Over the years, the company has announced substantial losses. Data by SeekingAlpha shows that its annual losses totaled over $3.8 billion in the last financial years.</p>
<div class="lb-trans"><p>Plug Power 面臨的挑戰在於，它正在從零開始構建綠色氫基礎設施，這是一項非常複雜和昂貴的任務。多年來，該公司宣佈了鉅額虧損。SeekingAlpha 的數據顯示，其近幾個財政年度的年度虧損總額超過 38 億美元。</p>
</div><p>Its performance goes to show how hard it is to become a disruptor in any industry. In particular, disrupting the energy sector is more difficult because the company needs to create green hydrogen locations. It also needs to build the infrastructure to support its distribution.</p>
<div class="lb-trans"><p>其表現表明，成為任何行業的顛覆者是多麼困難。特別是顛覆能源行業更加困難，因為公司需要建立綠色氫能源站點。它還需要建立支持分銷的基礎設施。</p>
</div><p>The other big issue is that making green hydrogen is highly expensive. Data shows that conventional and blue hydrogen costs about $2 per kilo while green hydrogen costs more than double.</p>
<div class="lb-trans"><p>另一個重要問題是，製造綠色氫氣成本非常昂貴。數據顯示，傳統和藍色氫氣的成本約為每公斤 2 美元，而綠色氫氣的成本超過了這個數值的兩倍。</p>
</div><h2>More dilution in the horizon</h2>
<div class="lb-trans"><h2>未來更多的稀釋</h2>
</div><p>Plug Power investors are used to increased dilution, where the company raises money by selling new shares.</p>
<div class="lb-trans"><p>Plug Power 的投資者已經習慣了股份稀釋增加，即公司通過發行新股籌集資金。</p>
</div><p>Data shows that the company had over 228 million common shares outstanding. Today, the number has increased to over 787 million today. This means that its outstanding shares have jumped by over 285%.</p>
<div class="lb-trans"><p>數據顯示，該公司擁有超過 2.28 億普通股。如今，這一數字已經增加到超過 7.87 億。這意味着其流通股份增加了超過 285%。</p>
</div><p>When dilution happens, existing shareholders have smaller ownership of the company, reducing their voting power. It also reduces their earnings per share.</p>
<div class="lb-trans"><p>當發生稀釋時，現有股東對公司的所有權比例降低，減少了他們的投票權。這也會降低他們的每股收益。</p>
</div><p>For example, assuming that Plug Power made an annual profit of $1 billion in 2017, it means that the earnings per share would have been $4.46. Today, with the outstanding shares at 787 million, it means that the EPS is $1.27.</p>
<div class="lb-trans"><p>例如，假設 Plug Power 在 2017 年實現了 10 億美元的年度利潤，這意味着每股收益將為 4.46 美元。而如今，流通股份為 7.87 億，這意味着每股收益為 1.27 美元。</p>
</div><p>Plug Power’s investors have benefited from the Department of Energy (DoE), which awarded it with $750 million in funding. These funds have helped the company boost its balance sheet as costs remain significantly elevated.</p>
<div class="lb-trans"><p>Plug Power 的投資者從能源部（DoE）獲益，該部門向其提供了 7.5 億美元的資金。這些資金幫助公司增強資產負債表，因為成本仍然顯著上升。</p>
</div><p>Still, the DoE funding has not prevented the company from diluting its shareholders. In July, the company announced a plan to sell additional shares to fund its development.</p>
<div class="lb-trans"><p>然而，能源部的資金並沒有阻止公司對股東進行稀釋。今年 7 月，公司宣佈了一項計劃，將出售額外股份以籌集資金用於發展。</p>
</div><p>The company will likely need more money in the next few years. It ended the last quarter with $62.35 million in cash and cash equivalents, down from over $135 million in the December quarter. Its restricted cash rose to over $222 million while its total current assets stood at over $1.6 billion</p>
<div class="lb-trans"><p>未來幾年，該公司可能需要更多資金。上個季度，公司的現金及現金等價物為 6235 萬美元，低於去年 12 月的 1.35 億美元。其受限制現金增至 2.22 億美元，而總流動資產超過 16 億美元。</p>
</div><p>Plug Power has substantial liabilities, including long-term debt of over $208 million, finance obligations of $245 million, and lease obligations of over $295 million</p>
<div class="lb-trans"><p>Plug Power 有鉅額負債，包括超過 2.08 億美元的長期債務、2.45 億美元的融資義務和超過 2.95 億美元的租賃義務。</p>
</div><h2>PLUG earnings download</h2>
<div class="lb-trans"><h2>PLUG 盈利下載</h2>
</div><p>The most recent results showed that Plug Power’s revenue came in at $143 million, down from $260 million in the same period in 2023. Its six-month revenue fell from $470 million to 2023 to over $263 million.</p>
<div class="lb-trans"><p>最近的業績顯示，Plug Power 的營收為 1.43 億美元，低於 2023 年同期的 2.6 億美元。其六個月營收從 2023 年的 4.7 億美元下降至 2.63 億美元。</p>
</div><p>The sharp decline in revenue was notable because the company started its hydrogen deliveries from its Georgia and Tennessee plants in 2023. Its fuel sales rose to $29 million in the last quarter and to $48 million in the first half of the year. The revenue decline was because of a sharp fall in equipment and related infrastructure sales.</p>
<div class="lb-trans"><p>營收急劇下降值得注意，因為公司於 2023 年開始從其喬治亞州和田納西州工廠交付氫氣。其燃料銷售額在上個季度上升至 2900 萬美元，在上半年上升至 4800 萬美元。營收下降是因為設備和相關基礎設施銷售急劇下降。</p>
</div><p>Plug Power’s quarterly loss jumped to over $262 million while the weighted average number of outstanding shares jumped to 736 million from 593 million in the first half of 2023.</p>
<div class="lb-trans"><p>Plug Power 的季度虧損增至 2.62 億美元，而加權平均流通股份從 2023 年上半年的 5.93 億增至 7.36 億。</p>
</div><p>Therefore, while the Plug Power stock price is cheap, there is an elevated risk that it might be a value trap since more dilution is expected to happen.</p>
<div class="lb-trans"><p>因此，儘管 Plug Power 股價便宜，但存在較高的風險，因為預計將發生更多的稀釋。</p>
</div><h2>Plug Power stock price analysis</h2>
<div class="lb-trans"><h2>Plug Power 股價分析</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/09/Plug-Power-stock-1024x569.png" alt="" original-src="https://ik.imagekit.io/invezz/uploads/2024/09/Plug-Power-stock-1024x569.png"/></p>
<p>The weekly chart shows that the PLUG share price has been in a steady downtrend in the past few years. It has dropped from a high of $75.45 in 2021 to below $2 today. As a result, the stock has remained below all moving averages, meaning that bears are in control.</p>
<div class="lb-trans"><p>周線圖顯示，PLUG 股價在過去幾年一直處於穩定下降趨勢。從 2021 年的 75.45 美元下跌至今天的 2 美元以下。因此，股價一直低於所有移動平均線，這意味着空頭控制着市場。</p>
</div><p>On the positive side, the stock has formed a falling wedge chart pattern and has a whopping 26% short interest. This means that it may become a good candidate for a short squeeze, especially when the Federal Reserve starts to cut interest rates later this month.</p>
<div class="lb-trans"><p>積極的一面是，股價形成了一個下降楔形圖表模式，並且有高達 26% 的空頭頭寸。這意味着當美聯儲在本月晚些時候開始降息時，它可能成為一個潛在的做空擠壓候選股。</p>
</div><p>My argument is that, while there is merit to short the Plug Power stock price, there is also a big risk of it going parabolic in the near term.</p>
<div class="lb-trans"><p>我的觀點是，儘管做空 Plug Power 股價有道理，但在短期內它也存在大幅上漲的風險。</p>
</div><p>The post Plug Power stock is risky, but a short squeeze can’t be ruled out appeared first on Invezz</p>
<div class="lb-trans"><p>本文描寫了 Plug Power 股票存在風險，但不排除做空擠壓的可能性。</p>
</div>

普拉格能源的股票風險較高，但不能排除發生空頭擠壓的可能性