Ballard Power Q4 Revenue Falls 48% But Order Backlog Grows: Details

Ballard Power Systems Inc. BLDP shares are trading higher after it reported fourth-quarter results.

Revenue fell 48% year-over-year to $24.5 million, missing the analyst consensus estimate of $30.4 million.

Heavy-duty mobility revenue decreased 42% Y/Y to $16.8 million due to lower revenue from truck, rail, and marine verticals, and Stationary fell 46% Y/Y.

Gross margin improved by 9 basis points to (13%) in the quarter, led by reduced impairment adjustments and expiration of warranty obligations.

Total operating expenses for the quarter totaled $33.1 million, a 5% decrease. Adjusted EBITDA loss was $36.0 million, compared to a $44.1 million loss a year ago.

Loss per share of 16 cents missed the consensus estimate for a loss of 12 cents.

Ballard secured new net order intake of approximately $113 million during 2024, punctuated by new order intake of $75.4 million in the quarter. Order backlog at the end of the quarter was $173.5 million, up 41% quarter over quarter. Ballard held $603.9 million in cash and equivalents as of 2024.

FY24 Outlook: Ballard Power Systems expects revenue to be weighted toward the second half.

The company expects total operating expenses of $100 million – $120 million and capital expenditures of $15 million – $25 million.

Randy MacEwen, Ballard's President & CEO, said, “Amidst prolonged policy uncertainty, there was a multi-year push-out in the development of hydrogen projects and the deployment of fuel cell applications. With this backdrop, compounded by a difficult funding environment, an industry rationalization is underway.”

“We achieved record shipments of fuel cell engines in 2024, with over 660 engines representing approximately 56 MW shipped to customers, up nearly 30% compared to 2023.”

Price Action: BLDP shares are up 9.76% at $1.35 at the last check Thursday.

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