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氢能装备

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36/100 Watch Plug Power: A Real Turnaround With Zero Margin of Safety Plug Power is a vertically integrated hydrogen platform selling fuel-cell systems, electrolyzers and hydrogen supply, still trying to prove that owning the whole stack creates value rather than just multiplying capital needs. FY2025 revenue reached about $710 million and gross margin turned positive for the first time in Q4 2025, but slid back to negative 13.2% in Q1 2026 while unrestricted cash fell from $368.5 million to a preliminary $162 million by June 30, keeping dilution risk from the ATM and Yorkville programs very much alive, and the DOE's $1.66 billion loan remains suspended rather than functioning as a funding backstop. Rating Watch: real operating progress, but at $2.19 the stock already sits above the report's own $1.25 conservative fair-value estimate with zero margin of safety. Plug Power Inc.PLUG · США氢能装备24 июля 2026 г.