Another risky stock that investors will want to think twice about buying is Plug Power. Amid the meme-stock highs of 2021 when investors were willing to paying egregious multiples for risky investments, Plug Power's stock hit highs of more than $70. Today, investors can buy one of its shares for less than $2.
Investors have been hopeful that the company's hydrogen fuel cell systems could be key in providing the world with greener energy solutions, but the problem is that's a long-term play, and Plug's financials are abysmal -- it may not be able to survive.
As of Sept. 30, 2024, the company had just $94 million in cash and cash equivalents on its books. It not only incurred operating losses of more than $720 million during the first nine months of 2024, but it also burned through $597 million just from its day-to-day activities; its operations simply don't look sustainable.
With so much uncertainty around the company, investors are better off looking at other growth stocks than Plug Power. <<<
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>>> Plug Power Inc. (PLUG) develops hydrogen and fuel cell product solutions in North America, Europe, Asia, and internationally. The company offers GenDrive, a hydrogen-fueled proton exchange membrane (PEM) fuel cell system that provides power to material handling electric vehicles; GenSure, a stationary fuel cell solution that offers modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors; ProGen, a fuel cell stack and engine technology used in mobility and stationary fuel cell systems, and as engines in electric delivery vans; GenFuel, a liquid hydrogen fueling delivery, generation, storage, and dispensing system; GenCare, an ongoing Internet of Things-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products, and ProGen fuel cell engines; and GenKey, an integrated turn-key solution for transitioning to fuel cell power. It also provides electrolyzers, a hydrogen generator for clean hydrogen production; liquefaction systems that provides liquid hydrogen to customers; cryogenic equipment for the distribution of liquified hydrogen, oxygen, argon, nitrogen and other cryogenic gases, including trailers and mobile storage equipment; and liquid hydrogen, an alternative fuel to fossil-based energy. The company sells its products through a direct product sales force, original equipment manufacturers, and dealer networks. Plug Power Inc. was incorporated in 1997 and is headquartered in Latham, New York. <<<
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