+
Ballard Power Q2 24 revenue rises 4% on strong fuel cell product sales
POWER & RENEWABLE ENERGY

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

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)

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)

Related Stories

Gold Stories

Next Story
Infrastructure Urban

KONE Opens India's First Digital Experience Centre in Pune

KONE, a global elevator and escalator manufacturer, has inaugurated its first Digital Experience Centre (DEC) in India, located in Pune. The facility aims to showcase how artificial intelligence (AI), connectivity and data-driven technologies can enhance customer experiences and improve building operations.The centre was inaugurated by Jussi Herlin, Executive Vice Chair, KONE Corporation; Philippe Delorme, President and CEO, KONE; and Nandan Nilekani, Co-founder and Chairman of the Board, Infosys.Designed as an interactive customer environment, the facility demonstrates digital solutions cover..

Next Story
Infrastructure Urban

CII GreenCo Launches Circularity Guidelines for Indian Industry

The Confederation of Indian Industry (CII) GreenCo Council has launched the CII GreenCo Circularity Guidelines – Pilot Version at the 17th CII GreenCo Waste & Resource Management Summit 2026 in Chennai. The initiative aims to strengthen resource efficiency, waste reduction and circular economy practices across Indian manufacturing and process industries.The guidelines introduce a structured framework with circularity indices covering raw materials, consumables, packaging and other resource inputs. These indicators will help industries assess existing practices, identify opportunities to ..

Next Story
Infrastructure Energy

Global Electronics Association Launches IPC-1783-CO2E Standard

The Global Electronics Association has introduced IPC-1783-CO2E, a new international standard aimed at improving consistency, transparency and comparability in product carbon footprint reporting across the electronics manufacturing industry.The standard, titled International Standard for Data Collection and Reporting of CO2 Equivalent (CO2e) Emissions for the Electronics Manufacturing Supply Chain, provides industry-specific guidance for collecting, estimating and reporting carbon emissions data.With increasing regulatory requirements and customer expectations, electronics manufacturers face c..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code