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

Vedanta Metal Bazaar Expands to Global Markets

Vedanta Aluminium has expanded its digital e-commerce platform, Vedanta Metal Bazaar, to international markets, enabling overseas customers to order and purchase aluminium products online.The platform will now be available to buyers across Asia, Europe, Africa and the Americas, providing a digital gateway for export transactions with 24x7 access.In FY26, Vedanta Metal Bazaar processed transactions worth nearly $4.1 billion, or over Rs 380 billion, and fulfilled more than 23,000 orders. The platform is also used regularly by more than 550 MSMEs in India alongside large OEM customers.The export ..

Next Story
Infrastructure Urban

Ramky Infrastructure Q1 FY27 Revenue Rises 24.3%

Ramky Infrastructure Limited reported a 24.3% year-on-year increase in consolidated revenue from operations to Rs 471.2 crore for Q1 FY27, compared with Rs 3.79 billion in the corresponding quarter of FY26.Standalone revenue from operations rose 27.5% YoY to Rs 4.51 billion from Rs 3.54 billion, while total standalone income increased 35% to Rs 5.32 billion.Consolidated profit before tax stood at Rs 540.9 million during the quarter. The company highlighted a sharp sequential improvement compared with a pre-exceptional loss of Rs 190.1 million in Q4 FY26.Two of the three projects awarded during..

Next Story
Technology

LTTS Launches AgenticIQ AI Platform for Engineering

L&T Technology Services (LTTS) has launched AgenticIQ, an end-to-end agentic AI platform designed for engineering and manufacturing organisations.The platform is aimed at helping enterprises move beyond isolated AI pilots by enabling autonomous, multi-agent workflows across engineering, product development, manufacturing, industrial operations and customer experience.AgenticIQ is built on LTTS’ Engineering Intelligence portfolio and converts existing engineering capabilities into specialised, reusable AI agents. Its planning-first architecture is embedded into engineering and production ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement