It was another rough day for Plug Power (PLUG 2.46%) on Wednesday as the market turned south and investors sold off both higher-risk assets and energy stocks. Shares fell as much as 13.5% and were down 13.2% at 3:30 p.m. ET.

Plug Power is unraveling

Plug Power is down 84% in the past year, and there's no end in sight to the drop. Not only are losses piling up, cash is also dwindling and there's no anticipated bailout.

This has become a downward spiral for Plug Power that may not stop. You can see in the chart below that cash levels are dropping as the business' cash burn picks up. Management has previously used the company's stock to fill the cash hole by selling shares, but as the stock price drops that option may not be available.

PLUG Free Cash Flow Chart

PLUG Free Cash Flow data by YCharts

There are billions of dollars in bookings and potential orders, but those may take years to materialize, and the financial challenge is much more immediate for Plug Power. The company has even warned it may not be a "going concern," meaning it may not have the ability to fund the business on its own.

A freefall that may not stop

Plug Power has gone through rough times before, but the challenge now is that it has $200 million in debt and a business that's eating more cash than ever. Without the ability to raise more debt or sell stock, which gets harder the lower the stock price goes, this stock may only head lower. That seems like a reason to abandon the stock today, if you haven't already.