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Without those effects, the deficit for FY23 to date would be $950 billion above last year’s corresponding total.įor the first 10 months of FY23, total outlays were $5.3 trillion, $471 billion higher than the same period in the previous year (not adjusting for timing shifts). However, because October 1 fell on a weekend in 2022, certain federal payments were shifted into September (the previous fiscal year), leading to a $63 billion decrease in outlays for this fiscal year. This year’s cumulative deficit is more than twice the size of the deficit through July last year-$887 billion above last year’s level. Changes in revenues were relatively small in July relative to a year ago-individual income and payroll taxes increased by $14 billion, net of refunds that amount was partially offset by a $6 billion decline in excise tax revenues. Other categories that saw spending increase by more than $10 billion were Medicare ($13 billion), interest on the public debt ($12 billion), and Social Security ($12 billion). The largest increase occurred for the Department of Education ($73 billion), primarily attributable to the recording of costs associated with modifying outstanding student loans under the Administration’s new income-driven repayment plan. However, adjusting for the timing shift, spending was higher by $104 billion. Spending in July 2023 was up by $17 billion, and revenues in July 2023 were up by $7 billion relative to the previous year. Excluding the effect of that shift, the deficit would have been $308 billion in July 2023, and the year-over-year difference would have been a $97 billion increase. However, because July 1, 2023, fell on a weekend, certain payments that would have occurred that month were shifted into June. The federal government ran a deficit of $221 billion in July 2023, a $10 billion increase from the deficit of $211 billion that was recorded in July 2022. Federal Budget Deficit for July 2022: $211 billion.Federal Budget Deficit for July 2023: $221 billion.The following contains budget data for July 2023, which was the tenth month of fiscal year (FY) 2023. Treasury releases data on the federal budget, including the current deficit. Should i sell plug stock9/12/2023 The alternative energy market is still in its infancy. And with interest rates on the rise, access to third-party capital is becoming more expensive.īeyond this dependency, it’s worth noting that the company is not the only player in this space. Its lack of profitability makes it highly dependent on external financing. And if Plug Power as a business performs well, the stock will surely follow. These will undoubtedly expand the group’s reach, which could translate into greater market share capture. Needless to say, if this milestone is hit, profitability might soon enter the picture.Īside from that, management announced multiple partnerships and strategic acquisitions in 2021. And analyst forecasts expect the group to generate $900m-$925m in revenue in 2022, reaching as high as $3bn by 2025. In the past year, Plug Power won several projects worldwide, including a 250MW order from Fortescue. In 2021 it generated $502m in revenue – $162m of which came from the fourth quarter alone.įurthermore, the group launched a Gigafactory in Rochester, New York, to help solidify its position in the alternative energy market. The company recently reported the largest quarterly and annual revenue in its history. This hydrogen stock has managed to increase its revenue over the years – a trend that I believe will continue moving forward. Plug Power Stock: What do the numbers say? That being said, do the financials suggest that Plug Power is a good stock to buy? These products are provided worldwide through direct product sales and leveraging relationships with original equipment manufacturers (OEM) and their dealer networks. GenSure, GenKey, ProGen, and GenFuel Electrolysers.GenFuel – a liquid hydrogen fueling delivery, generation, storage and dispensing system.GenDrive – a hydrogen-fueled PEM fuel cell system.Looking at its product portfolio, the group currently has: This is amidst an ongoing paradigm shift in the power, energy and transportation industries to address climate change and energy security, while meeting sustainability goals. The company’s innovative technology powers electric motors with hydrogen fuel cells. These are predominantly used for material handling and stationary power markets. It provides alternative energy technologies by focusing on designing, developing, manufacturing, and commercialising hydrogen and fuel cell systems. Plug Power was founded in June 1997 with Headquarters in Latham, New York. With that said, let’s dive in to see or remind ourselves of what this business actually does. So, does that mean I should buy or sell Plug Power stock today? One thing which I do is to invest only in companies I understand. But compared to where it was in November 2021, the business has taken quite a tumble. By comparison, the S&P 500 index is down 7.8% in the same period. The company reports the largest quarterly and annual revenue in its history.Īs I write, the Plug Power (NASDAQ:PLUG) stock is down about 8% year to date. Plug won multiple projects around the world.Plug Power launched a Gigafactory in Rochester, New York. 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