ĭSO measures how long it takes for a company to actually collect the cash from the revenue it has booked. Unfortunately, this also coincides with a troubling trend-rapidly rising Days Sales Outstanding. Today, the stock trades hands for 1.7 times forward sales estimates, down from a high of ~9x sales in the first quarter of 2023.

To be sure, Plug's value on a forward P/S basis has slid in the last year. Given the lack of profitability at Plug, we'll utilize forward price to sales estimates for valuation. In Q3 2023, the company spent $1.10 for every dollar of revenue generated.įurther, total COGS increased by 43% year over year, while operating costs went up 19%. 2023 saw not only revenue in the segment decline, but expenses go up. In that quarter, the company spent $0.81 for every dollar of revenue earned.

The problem, however, is that costs were much higher than the growth experienced in the top line.įor example, in the 3rd quarter of 2022, Plug's sales of equipment business unit (it's largest) was actually profitable on a gross basis, even if only by a little. Net revenue grew by ~5% to $198 million, largely due to a surge in Power purchase agreements and delivery of fuel. The numbers, unfortunately, seem to be going in the wrong direction without much sign of reversing. PLUG Income Statement, Q3 2023 (Company Filings) Consider the income statement from the company's latest 10Q: Operating income, or EBIT, estimates for the next twelve months are lower than they have been in five years, with analysts now estimating that the company will generate a $855 million loss in operating income.ĮBIT estimates are negative until four years out from now according to Koyfin, which, again, in a non-zero rate environment is a near-eternity for shareholders of an unprofitable company.ĭigging into the financials shows that the company has not yet achieved economies of scale or positive unit economics. In a non-zero interest rate environment, however, profitability matters quite a bit more than it used to. PLUG revenues and revenue estimates (Koyfin)Īfter posting 39% year over year growth in 2022, analysts are looking for 55% growth in FY 2023 and an even higher growth rate of 59% for FY 2024. When it comes to growth, analysts certainly seem bought into Plug's promises of high growth rates. So, with a beaten down stock price and the specter of the SEC investigation at least partially gone, is this end-to-end hydrogen company a compelling buy? Let's dive in and see. The company announced at the end of August that it had settled with the SEC for $1.5 million, concluding an investigation into previous financial statements the company had issued (though it should be noted that the company could be on the hook for an additional $5 million fine in a year if the material weakness is not remediated). The stock is down 63% year-to-date, as compared with the 26% return from the broader S&P 500 ( SPY ) and a 15% return from the Russell 2000 ( RTY ). I don't think they're really needed.Though they likely need no reminding, 2023 has been traumatic for Plug Power Inc ( NASDAQ: PLUG) shareholders. That might change in the future, but people are running 700+hp on the stock plugs without issues. So a lot of variables between the 3 engines.Īnd no, at this point no colder plugs are available. Even the injectors spray pattern and pressure play a role in how the ignition happens. Right, basically I should have said a combination of those things.

My question was: There is no way to find a spark plug on the market which are colder and have the exact same thread depth and coil contact area shape like the ones we have in our OEM Gen1 engines ?ĮDIT: So basically we can't put a colder spark plug in our Gen1 engines than the Champion spark plug ? Only point at that needed to be more clear at 11:20 into the video you said Gen1 and Gen2 has different pistons/compression ratios, you forgot to mention that not all Gen2 has lower compression the early production Supra with the Gen2 engine had the same compression ratio of 11:1 like Gen1 while the M340i which had a different compression ratio of 10.2:1 and for MY 2020 the Supra also shifted to 10.2:1 compression ratio. No your video is great and very clear for everybody to understand many thanks.

Should i buy plug power stock