PLUG

Plug Power is the textbook example of a thematic story stock whose business economics have never worked, and the FY2025 filing makes that worse, not better. Revenue of $710M grew 12.9% YoY but is still below FY2023's $891M peak, while gross profit was negative $242M — meaning the company loses money on every dollar of product it sells before a single dollar of opex. Operating margin of -206.7% and net margin of -229.8% are not 'path to profitability' numbers; they are signs of a structurally broken unit economics model. The cumulative scorecard is brutal: a -$8.23B accumulated deficit and five straight years of widening losses ($460M → $724M → $1.37B → $2.10B → $1.63B), funded primarily by issuing stock — shares outstanding jumped 50.7% in a single year to 1.39B, vaporizing existing holders.

The MD&A confirms management is now in survival mode, not growth mode. They explicitly cite 'capital discipline and liquidity' as the priority, are 'reevaluating the timing and scope' of hydrogen plants, and may 'defer, modify or pivot away' from previously announced facilities including the Texas plant. The Georgia plant 'took longer than expected.' To plug the hole, they are selling non-core power infrastructure to Stream US Data Centers for ~$132.5M — a one-time asset sale to fund operations that burned $536M in cash last year. With only $369M of cash on hand against a >$500M annual operating burn, the runway without further dilution or asset sales is under a year.