Plug Power：收入增长值得注意，但盈利能力仍然难以捉摸

自 2020 年以来，Plug Power 的收入增长了 186%，令人印象深刻，激发了投资者的乐观情绪。然而，投资者现在应该关注一个更关键的数字。

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（纳斯达克股票代码：PLUG）的股票长期以来对投资者来说一直是波动的走势，有时会大幅上涨，有时则出现大幅亏损。这种繁荣或萧条的性质反映了氢能行业固有的波动性，该行业既拥有巨大的增长潜力，也存在巨大的风险。

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 年以来，Plug Power 的收入增长了 186%，令人印象深刻，激发了投资者的乐观情绪。然而，投资者现在应该关注一个更关键的数字。

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.

尽管收入有所增长，Plug Power 仍面临着严峻的财务挑战，过去 12 个月的总亏损约为 6 亿美元，几乎相当于其总收入。

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.

尽管普拉格能源的收入增长确实值得注意，但紧迫的问题仍然存在：为什么盈利能力没有随之增长？答案在于公司的商业模式。 Plug Power 设计并制造利用氢所需的基础设施，氢是一种前景光明、气候友好的燃料来源。然而，氢技术的生产成本仍然很高，支持该技术的基础设施的建设成本也很高。尽管取得了进展，但氢在许多领域仍然不具有成本竞争力。

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.

这使得普拉格能源陷入了一个充满挑战的境地，它依赖政府补贴和规模较小的试点项目来维持运营。从长远来看，实现盈利将是公司生存和发展的关键。这就是为什么投资者不仅应该关注收入增长，还应该关注毛利润。

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.

对于那些考虑投资 Plug Power 的人来说，评估风险至关重要。尽管氢能改变交通、航空和水泥生产等行业的潜力巨大，但该公司面临着巨大的成本和盈利障碍，必须解决这些障碍才能继续增长。

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.

在决定投资之前，值得注意的是，Plug Power 并不属于 The Motley Fool Stock Advisor 评选的“最佳股票”之列，该顾问最近挑选了 10 只有望在未来获得强劲回报的股票。作为参考，2005 年被该服务选中的 Nvidia 取得了显着的增长，将 1,000 美元的投资变成了 885,388 美元。

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

与任何投资一样，了解与 Plug Power 相关的高收益和重大风险至关重要。