Ballard Power reports increased Q3 loss $62.4 mn

22 Nov 2023 CW Team

The company also reported revenue of $27.6 million, marking a 29% YoY increase from $21.3 million. The heavy-duty mobility segment, driven by higher revenues from the rail and marine sectors, contributed $21.1 million, showing a YoY increase of 67%.

During the third quarter, Ballard secured new orders worth $14.8 million and delivered orders totalling $27.6 million, resulting in an order backlog of $134.6 million by the end of the quarter. The majority of these orders came from customers in Europe and North America, with power products accounting for nearly 80% of the total order backlog.

The company recorded earnings before interest, taxes, depreciation, and amortisation loss of $36.2 million, reflecting a 3% YoY increase from the previous year, primarily due to a higher loss associated with the Weichai Ballard joint venture and increased cash operating costs.

President and CEO Randy MacEwen stated, "In Q3, we achieved substantial revenue growth, with shipments to our core mobility markets significantly improving both annually and sequentially. Power products generated nearly 80% of total revenues in the quarter, aligning with the consistent rise in product revenues as a proportion of our total order backlog."

In the second quarter, Ballard Power Systems reported a net loss of $30.1 million, marking a 46% YoY decrease from the previous year's net loss of $55.8 million, as new orders saw a significant surge.

In January of the same year, Adani Enterprises entered into an agreement to launch a pilot project for developing a hydrogen fuel cell electric truck in collaboration with Ashok Leyland and Ballard Power. This partnership represents Asia's first planned hydrogen-powered mining truck, with the FCET expected to be launched in India in 2023.

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

Ballard Power Systems, a fuel cell manufacturer, announced a net loss of $62.4 million in the third quarter of 2023, representing a 46% YoY increase from the previous year's net loss of $42.9 million. This uptick in net loss is primarily attributed to the proposed restructuring of operations at Ballard Motive Solutions, resulting in non-cash impairment charges of $26.3 million for goodwill and intangible assets recognised during the quarter. The company also reported revenue of $27.6 million, marking a 29% YoY increase from $21.3 million. The heavy-duty mobility segment, driven by higher revenues from the rail and marine sectors, contributed $21.1 million, showing a YoY increase of 67%. During the third quarter, Ballard secured new orders worth $14.8 million and delivered orders totalling $27.6 million, resulting in an order backlog of $134.6 million by the end of the quarter. The majority of these orders came from customers in Europe and North America, with power products accounting for nearly 80% of the total order backlog. The company recorded earnings before interest, taxes, depreciation, and amortisation loss of $36.2 million, reflecting a 3% YoY increase from the previous year, primarily due to a higher loss associated with the Weichai Ballard joint venture and increased cash operating costs. President and CEO Randy MacEwen stated, In Q3, we achieved substantial revenue growth, with shipments to our core mobility markets significantly improving both annually and sequentially. Power products generated nearly 80% of total revenues in the quarter, aligning with the consistent rise in product revenues as a proportion of our total order backlog. In the second quarter, Ballard Power Systems reported a net loss of $30.1 million, marking a 46% YoY decrease from the previous year's net loss of $55.8 million, as new orders saw a significant surge. In January of the same year, Adani Enterprises entered into an agreement to launch a pilot project for developing a hydrogen fuel cell electric truck in collaboration with Ashok Leyland and Ballard Power. This partnership represents Asia's first planned hydrogen-powered mining truck, with the FCET expected to be launched in India in 2023.

Resources

04 Jun 2026

ULCCS Showcases Cooperative Model at UN Symposium

Uralungal Labour Contract Co-operative Society (ULCCS) showcased its community-led development model at the United Nations Headquarters in New York, where it participated as a panellist at the International Symposium on Cooperative Financial Institutions held on 28–29 May 2026.Jointly organised by the United Nations Department of Economic and Social Affairs (UN DESA), the International Cooperative Banking Association (ICBA), and the International Cooperative Alliance (ICA), the symposium was held under the theme ‘Fuelling Inclusive and Equitable Growth’ and brought together policymakers,..

Infrastructure Transport

04 Jun 2026

Delhi Airport to Finalise 20-Year Master Plan

Delhi International Airport Ltd (DIAL) is finalising a 20-year master plan to guide long term infrastructure and operational development at Indira Gandhi International Airport, an official said. The operator expects the plan to reflect changes in the airline industry, shifts in the competitive landscape and evolving infrastructure requirements across terminals, airside and support services. The official said the document is likely to be ready in the next two to two-and-a-half months as the operator moves through planning stages. The plan will be prepared after consultations with airport users ..

Real Estate

04 Jun 2026

Aadhar Housing Finance Targets Rs 500 bn AUM By FY29

Aadhar Housing Finance has set a target to raise its asset under management to Rs 500 billion (bn) by the end of FY29, aiming to achieve this over the next three financial years through an 18-20 per cent loan growth trajectory. The firm focuses on the low-income segment with a ticket size of less than Rs 1.5 million (mn) and has relied on that segment to drive expansion. The company closed FY26 with an AUM of Rs 305.71 bn, reflecting the expansion in recent years, and it reported a net profit rise of 22 per cent to Rs 11.08 bn. Management indicated that gross non-performing assets stood at 1.0..