Can Plug Power Really Hit $1 Billion in Sales by 2024?

It's important to have goals, but is Plug Power's (NASDAQ: PLUG) plan to hit $1 billion in revenue by 2024 reasonable, or is it just pie-in-the-sky wishful thinking?

Considering the hydrogen fuel cell manufacturer generated almost $185 million in gross billings in 2018, the five-year plan laid out at Plug Power's September symposium would seem to be a case of simple daydreaming. Even with revenue up 15% through the first nine months of 2019, the 10-fold leap in gross bookings necessary in five years is still a long way from the 40% compounded annual growth rate required to hit the target.

The market, however, rewarded Plug Power for its optimism with a 150% stock gain last year, but that enthusiasm needs to be tempered with the reality of a decade of investor disappointment. So let's see whether the hydrogen fuel cell maker really has the power to reach its $1 billion goal.

Source Fool.com