Ballard Power Q2 24 revenue rises 4% on strong fuel cell product sales

16 Aug 2024 CW Team

Ballard Power Systems reported a 4% year-over-year (YoY) increase in revenue for the second quarter (Q2) of 2024, reaching $16 million. This growth was primarily driven by a significant 48% YoY surge in fuel cell product sales, which made up 84% of the company?s total revenue, compared to 59% in Q2 2023. Despite the revenue growth, Ballard posted a net loss of $31.46 million for the quarter, a 4.5% increase from the $30.1 million loss reported in the same period last year. Adjusted EBITDA also saw a modest YoY increase of 3%, rising to $35.4 million from $34.2 million. While the company had a strong start to the year with nearly $130 million in new orders during the first half, Q2 saw a lower net order intake of just $5 million, as some customers deferred orders to the latter half of the year. In response to slower market adoption, Ballard revised its 2024 capital expenditure guidance from an initial range of $50-70 million to $25-40 million, opting to defer certain planned investments. Cash operating costs remained stable compared to Q2 2023, and Ballard maintained a robust cash position of $678 million. Ballard made significant strides in its technology and product offerings during Q2. The company launched its 9th generation PEM fuel cell engine, the ?FCmove-XD?, designed to enhance performance in heavy-duty mobility applications. Additionally, Ballard is advancing 'Project Forge', an initiative aimed at scaling up bipolar plate production by tenfold and cutting costs by 70%, thereby improving manufacturing efficiency. The company also announced a strategic technology partnership with Vertiv to explore hydrogen-powered fuel cell backup power solutions for data centres, a rapidly growing market segment. Earlier in the year, Ballard partnered with Adani Enterprises and Ashok Leyland to launch a pilot project for developing a hydrogen fuel cell electric truck, further solidifying its position in the emerging hydrogen economy. (Mercom)

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