Plug Power：營收成長值得注意，但獲利能力仍難以捉摸

自 2020 年以來，Plug Power 的收入成長了 186%，令人印象深刻，激發了投資者的樂觀情緒。然而，投資者現在應該關註一個更關鍵的數字。

Plug Power (NASDAQ:PLUG) stock has long been a volatile ride for investors, with periods of substantial gains and others marked by significant losses. This boom-or-bust nature reflects the inherent volatility of the hydrogen industry, which holds both immense growth potential and substantial risk.

普拉格能源（納斯達克股票代碼：PLUG）的股票長期以來對投資者來說一直是波動的走勢，有時會大幅上漲，有時則出現大幅虧損。這種繁榮或蕭條的性質反映了氫能產業固有的波動性，該產業既擁有巨大的成長潛力，也存在巨大的風險。

Since 2020, Plug Power has experienced an impressive 186% revenue growth, fueling optimism among investors. However, there’s a more critical number investors should keep an eye on right now.

自 2020 年以來，Plug Power 的收入成長了 186%，令人印象深刻，激發了投資者的樂觀情緒。然而，投資者現在應該關註一個更關鍵的數字。

Despite the revenue increase, Plug Power is facing significant financial challenges, with a gross loss of around $600 million over the past 12 months—nearly as much as its total revenue.

儘管收入有所增長，Plug Power 仍面臨嚴峻的財務挑戰，過去 12 個月的總虧損約為 6 億美元，幾乎相當於其總收入。

While Plug Power's revenue growth is certainly noteworthy, the burning question remains: why hasn't profitability followed suit? The answer lies in the company's business model. Plug Power designs and manufactures the infrastructure needed to harness hydrogen, a promising, climate-friendly fuel source. However, hydrogen technology remains expensive to produce, and the infrastructure to support it is costly to build. Despite progress, hydrogen still isn't cost-competitive in many sectors.

儘管普拉格能源的收入成長確實值得注意，但緊迫的問題仍然存在：為什麼獲利能力沒有隨之成長？答案在於公司的商業模式。 Plug Power 設計並製造利用氫所需的基礎設施，氫是一種前景光明、氣候友善的燃料來源。然而，氫技術的生產成本仍然很高，支援該技術的基礎設施的建設成本也很高。儘管取得了進展，但氫在許多領域仍然不具有成本競爭力。

This puts Plug Power in a challenging position, reliant on government subsidies and smaller pilot projects to remain afloat. In the long term, achieving profitability will be key for the company's survival and growth. This is why investors should focus not only on revenue growth but on tracking gross profits.

這使得普拉格能源陷入了一個充滿挑戰的境地，它依賴政府補貼和規模較小的試點計畫來維持營運。從長遠來看，實現盈利將是公司生存和發展的關鍵。這就是為什麼投資者不僅應該關注收入成長，還應該關注毛利。

For those considering an investment in Plug Power, it's essential to assess the risks. While the potential for hydrogen to transform industries like transportation, aviation, and cement production is substantial, the company faces steep costs and profitability hurdles that must be addressed for it to continue growing.

對於那些考慮投資 Plug Power 的人來說，評估風險至關重要。儘管氫能改變交通、航空和水泥生產等產業的潛力巨大，但該公司面臨巨大的成本和獲利障礙，必須解決這些障礙才能繼續成長。

Before deciding to invest, it's worth noting that Plug Power was not among the “best stocks” identified by The Motley Fool Stock Advisor, which recently picked 10 stocks poised for strong returns in the future. For reference, Nvidia, which was picked by the service in 2005, has seen remarkable growth, turning a $1,000 investment into $885,388.

在決定投資之前，值得注意的是，Plug Power 並不屬於 The Motley Fool Stock Advisor 評選的「最佳股票」之列，該顧問最近挑選了 10 只有望在未來獲得強勁回報的股票。作為參考，2005 年被該服務選中的 Nvidia 取得了顯著的增長，將 1,000 美元的投資變成了 885,388 美元。

As with any investment, it's crucial to understand both the high upside and significant risks associated with Plug Power.

與任何投資一樣，了解與 Plug Power 相關的高收益和重大風險至關重要。