Ballard Power Systems Inc

BLDP

Equity

ISIN CA0585861085 / Valor 4889034

Toronto Stock Exchange (2024-11-21)

CAD 1.79%

Ballard Power Systems Inc
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About company

Ballard Power Systems Inc is a company that specializes in providing heavy-duty fuel cell modules ranging from 30kW to 200kW net power for various motive applications such as buses, trucks, trains, and ships. The company's products offer flexible solutions for customers looking to incorporate fuel cell technology into their transportation vehicles. With a focus on clean energy solutions, Ballard Power Systems Inc aims to provide efficient and environmentally friendly power sources for a variety of industries.

Summarized from source with an LLMView SourceSector: Technology

Revenue Growth

Ballard Power Systems Inc. reported total revenue of $16.0 million for Q2 2024, marking a 4% increase compared to Q2 2023. This growth was primarily driven by a 55% increase in Heavy Duty Mobility revenue, which reached $13.2 million, largely due to strong performance in the Bus and Truck verticals.

Gross Margin

The gross margin for Ballard Power Systems Inc. in Q2 2024 was negative 32%, which is a 5-point improvement from Q1 2024 but 11 points lower year-over-year. The decline in gross margin was mainly attributed to a shift in revenue mix, with a higher proportion of revenue coming from fuel cell product sales rather than higher-margin technology solutions.

Net Loss

Ballard Power Systems Inc. reported a net loss from continuing operations of $31.5 million, or $0.11 per share, for Q2 2024. This represents a larger loss compared to the $28.2 million, or $0.09 per share, reported in Q2 2023. The increased loss was primarily driven by changes in product mix.

Order Backlog

At the end of Q2 2024, Ballard Power Systems Inc. had an order backlog of approximately $169.5 million, a 6% decrease from the end of Q1 2024. The company received $5.0 million in net new orders during the quarter and delivered orders valued at $16.0 million.

Cash Position

Ballard Power Systems Inc. ended Q2 2024 with cash and cash equivalents totaling $678.0 million, a decrease of $42.7 million from $720.7 million at the end of Q1 2024. This reduction in cash was due to ongoing investments and operational expenses.

Summarized from source with an LLMView Source

Key figures

-62.6%1Y

-89.0%3Y

-72.6%5Y

Performance

65.0%1Y

85.9%3Y

84.1%5Y

Volatility