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Ballard Power Systems - Government Trades

Ballard Power Systems

Ballard Power Systems is a world leader in proton-exchange membrane fuel cells, power system development, and commercialization. The company's principal business is the design, development, manufacture, sale, and service of PEM fuel cell products for a variety of applications, focusing on power product markets of heavy-duty motive (bus, truck, rail, and marine applications), material handling, and stationary power generation. Sales are concentrated in the US, Europe, and China.

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BLDP declined as Q3 results miss estimates, revenue fell 45% Y/Y due to weak demand for hydrogen and PEM fuel cells. Total expenses up 58%.

Ballard Power Reports 45% Revenue Decline Amid Slowing Hydrogen Adoption, Shares Dip

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Why Trip.com Group Shares Are Trading Higher By Around 10%; Here Are 20 Stocks Moving Premarket

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US Stocks Trim Gains As Iran Mulls Attack On Israel; Gold, Oil Rally: What&#39;s Driving Markets Monday?

BLDP stock down after reporting Q2 FY24 results with revenue miss and reduced capital expenditure guidance. Net new orders of $5.0M and cash of $678.0M. CEO optimistic about long-term potential of hydrogen fuel cells, despite near-term order lumpiness.

Ballard Power Posts Mixed Q2 Results Hit By Order Delays: Details

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The resilience of the market was in full display on Monday after last week’s “historical comeback” by the market. The major index futures traded higher, albeit by a modest magnitude.

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Patterson Companies, Silk Road Medical, Micron, Hewlett Packard Enterprise And Other Big Stocks Moving Higher On Tuesday

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Ballard Power Systems secures purchase orders for hydrogen fuel cell engines from Wrightbus, amid broader market acceptance of fuel cell buses in Europe.

What&#39;s Going On With Ballard Power Systems Stock Tuesday?

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U.S. stocks were lower, with the Dow Jones falling around 250 points on Monday.

Micron, Iris Energy, Trip.com Group And Other Big Stocks Moving Higher On Monday

BLDP shares up on largest order in company history for 1,000 fuel cell engines in European transit bus market. Ballard achieved $54 million in investment tax credits from the U.S. Internal Revenue Service as part of the Qualifying Advanced Energy Project Tax Credit (48C), funded by the Inflation Reduction Act (IRA). 

Why Ballard Power Systems Shares Are Surging Today

Ballard Power Systems, Inc. - Common Shares

Ballard Power Systems Inc

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Ballard Power Systems shares are trading higher after the company announced multiple orders totaling over 6 MW of fuel cell engines for the European bus market.

Ballard Announces Multiple Orders Totaling Over 6 MW Of Fuel Cell Engines For European Bus Market

Ballard Power Systems shares are trading higher after the company announced it signed a long-term supply agreement with Canadian Pacific Kansas City to initially provide 98 fuel cell engines for use in the North American freigth rail market.

Ballard Power Systems Signs Long Term Supply Agreement With Canadian Pacific Kansas City; Includes Initial Supply Of 98 Fuel Cell Engines For Use In North American Freight Rail Market

CIBC analyst Hamir Patel maintains Ballard Power Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLDP#NASDAQ">BLDP</a>) with a Underperformer and lowers the price target from $1.6 to $1.4.

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CIBC Maintains Underperformer on Ballard Power Systems, Lowers Price Target to $1.4

Ballard Power Systems shares are trading lower. The stock may be moving on continued weakness following worse-than-expected reported Q3 financial results on Tuesday.

Ballard Power Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLDP#NASDAQ">BLDP</a>) shares are trading lower after it reported<a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/n41744020/ballard-reports-q3-2024-results" rel="noreferrer noopener"> third-quarter&nbsp;results</a>.
Revenue fell 45%&nbsp;year-over-year&nbsp;to&nbsp;$14.8&nbsp;million, missing the&nbsp;analyst consensus estimate of&nbsp;$23.6 million. Revenue decreased due to weak customer demand, which reflects a push-out in the adoption curve for hydrogen and PEM fuel cells.
Heavy-Duty Mobility revenue decreased 38% to $12.8 million and, Stationary fell 82% to $0.5 million. Adjusted loss per share of $0.19 missed the <a href="https://www.benzinga.com/earnings" target="_blank" rel="noreferrer noopener">consensus estimate for a loss of $0.13</a>.
Total operating expenses for the quarter totaled&nbsp;$54.9&nbsp;million, a&nbsp;58%&nbsp;increase. Adjusted EBITDA loss was&nbsp;$60.1&nbsp;million, compared to a&nbsp;$34.9 million&nbsp;loss a year ago.
Ballard received about $7.1 million in net new orders in the quarter. Order backlog at the end of the quarter was $122.7 million, down 28% quarter over quarter. Ballard held $635.1 million in cash and equivalents as of September-end.
The company noted it&nbsp;had soft revenue and new order intake performance in&nbsp;the quarter and also&nbsp;removed previously booked orders valued at&nbsp;$39.2 million&nbsp;from its order backlog relating to certain high-risk markets and customers, including in&nbsp;China.
FY24 Outlook: Ballard Power Systems expects revenue to be weighted toward the fourth quarter. The company expects total operating expense, excluding restructuring charges and capital expenditure to be at <a href="https://www.benzinga.com/calendars/guidance">the low end of their respective guidance ranges.</a>
Randy MacEwen, Ballard&#8217;s President &amp; CEO, said, &#8220;In Q3, we initiated a global corporate restructuring to reduce total annualized operating costs by more than 30%. We expect a substantial part of the <a href="https://www.benzinga.com//node/40844058">annualized cost savings to be realized in 2025.&#8221;</a>
&#8220;Our restructuring includes a sizeable workforce reduction, rationalization of product development programs, consolidation of global operations and facilities, and a reduction in planned capital expenditures. As part of our global restructuring, we also reduced our corporate cost structure in&nbsp;China&nbsp;and initiated a strategic review of our&nbsp;China&nbsp;joint venture.&#8221;
&#8220;We have successfully repositioned our&nbsp;Texas&nbsp;gigafactory expansion program to an optionality plan, where we will defer our final investment decision to 2026 pending clear market adoption and demand indicators, while still preserving over&nbsp;$94 million&nbsp;of awarded government funding. With no material capital investments planned during this optionality period, we will reassess the underlying business case in 2026.&#8221;
Price Action: BLDP shares are down 6.36% at $1.62 at the last check Tuesday.
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Ballard Power Systems Expects Revenue In 2024 To Be Weighted Towards Q4

Ballard Power Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLDP#NASDAQ">BLDP</a>) reported quarterly losses of $(0.68) per share which missed the analyst consensus estimate of $(0.13) by 423.08 percent. The company reported quarterly sales of $14.800 million which missed the analyst consensus estimate of $23.556 million by 37.17 percent. This is a 46.33 percent decrease over sales of $27.575 million the same period last year.

Earnings Misses

Ballard Power Systems Q3 2024 GAAP EPS $(0.68) Misses $(0.13) Estimate, Sales $14.800M Miss $23.556M Estimate

Ballard Power Systems shares are trading higher after the company announced a purchase order to supply 300 fuel cell engines.

Ballard Announced Purchase Order To Supply 200 Fuel Cell Engines To NFI Group Subsidiary, New Flyer

Susquehanna analyst Biju Perincheril maintains Ballard Power Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLDP#NASDAQ">BLDP</a>) with a Neutral and lowers the price target from $2 to $1.5.

Susquehanna Maintains Neutral on Ballard Power Systems, Lowers Price Target to $1.5

Cormark Securities analyst MacMurray Whale downgrades Ballard Power Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLDP#NASDAQ">BLDP</a>) from Buy to Market Perform.

Downgrades

Cormark Securities Downgrades Ballard Power Systems to Market Perform

The Company reiterates its 2024&nbsp;guidance&nbsp;ranges of&nbsp;$145 million&nbsp;to&nbsp;$165 million&nbsp;for Total Operating Expense&nbsp;(excluding restructuring and related costs) and&nbsp;$25 million&nbsp;to&nbsp;$40 million&nbsp;for Capital Expenditures.
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Management

Ballard Power Systems Names Kate Igbalode As Its New CFO Effective Immediately And Lee Sweetland As New COO Effective At The End Of 2024; Paul Dobson And Mark Biznek To Depart

Randy MacEwen,&nbsp;Ballard President&nbsp;and CEO, said&nbsp;&quot;We expect our restructuring measures to impact our global operations, yielding annualized total operating expense savings in excess of&nbsp;30%, with a substantial part of the annualized savings being realized in 2025.&quot;

Ballard Power Systems Plans Global Corporate Restructuring To Reduce Corporate Spending; Expects To Book Charge In Q3

U.S. stock futures were higher this morning, with the Dow futures gaining around 200 points on Thursday.
Shares of Guess?, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GES#NYSE">GES</a>) fell sharply in today's pre-market trading after the company reported worse-than-expected second-quarter adjusted EPS results and cut its FY25 adjusted <a href="https://www.benzinga.com/quote/GES/earnings">EPS guidance below estimates.</a>
Guess reported quarterly earnings of 42 cents per share which missed the analyst consensus estimate of 43 cents per share. The company reported quarterly sales of $732.560 million which beat the analyst consensus estimate of $729.962 million.
Guess? shares dipped 8.6% to $18.49 in pre-market trading.
Here are some big stocks recording losses in today's pre-market trading session.
<ul>
<li>Pure Storage, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSTG#NYSE">PSTG</a>) fell 15.3% to $50.60 in pre-market trading after the company reported second-quarter financial results.</li>
<li>Applied Digital Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APLD#NASDAQ">APLD</a>) shares declined 11.8% to $3.89 in pre-market trading after posting a wider-than-expected quarterly loss.</li>
<li>Okta, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OKTA#NASDAQ">OKTA</a>) shares fell 8.1% to $88.74 in pre-market trading following second-quarter results.</li>
<li>NCR Voyix Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VYX#NYSE">VYX</a>) declined 7.6% to $12.45 in pre-market trading.</li>
<li>Topgolf Callaway Brands Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MODG#NYSE">MODG</a>) shares fell 5.4% to $10.00 in pre-market trading.</li>
<li>Ballard Power Systems Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLDP#NASDAQ">BLDP</a>) shares declined 3.9% to $1.74 in pre-market trading.</li>
<li>Logistic Properties of the Americas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LPA#NYSE">LPA</a>) slipped 2.2% to $10.84 in pre-market trading.  </li>
<li>NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) shares fell 2% to $123.08 in pre-market trading. Nvidia reported better-than-expected earnings and sales results for its second quarter on Wednesday. The company issued above-consensus third-quarter revenue guidance and announced a $50-billion additional stock repurchase authorization. However, the gross margin contracted from the first quarter.</li>
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Guess?, Nvidia, Pure Storage, Applied Digital And Other Big Stocks Moving Lower In Thursday's Pre-Market Session

Shares of Trip.com Group Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TCOM#NASDAQ">TCOM</a>) rose sharply in today's pre-market trading after r<a href="https://www.benzinga.com/quote/TCOM/earnings">eporting second-quarter results.</a>
Trip.com Group posted adjusted earnings per ADS of $1.00, beating market estimates of 74 cents per share.
Trip.com Group shares jumped 9.7% to $46.45 in the pre-market trading.
Here are some other stocks moving in pre-market trading.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>Trinity Biotech plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TRIB#NASDAQ">TRIB</a>) gained 87.5% to $3.75 in pre-market trading after the company announced an increase in projected revenue for its TrinScreen HIV to $10 million from $8 million.</li>
<li>Smart for Life, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMFL#NASDAQ">SMFL</a>) rose 50.9% to $1.63 in today's pre-market trading after the company issued an update on prospective acquisitions.</li>
<li>Society Pass Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOPA#NASDAQ">SOPA</a>) gained 35.6% to $1.41 in pre-market trading after gaining 10% on Monday.</li>
<li>Tantech Holdings Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TANH#NASDAQ">TANH</a>) gained 31% to $0.2022 in pre-market trading after gaining 11% on Monday.</li>
<li>Addex Therapeutics Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADXN#NASDAQ">ADXN</a>) gained 16.7% to $8.74 in pre-market trading. Addex Therapeutics and Indivior announced the selection of clinical candidates from their GABAB positive allosteric modulator (PAM) research collaboration.</li>
<li>ZW Data Action Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CNET#NASDAQ">CNET</a>) gained 13.5% to $0.7488 in pre-market trading after climbing over 11% on Monday.</li>
<li>Signing Day Sports, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SGN#NYSE">SGN</a>) gained 12.8% to $0.3232 in pre-market trading after surging 32% on Monday.</li>
<li>Galapagos NV (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GLPG#NASDAQ">GLPG</a>) gained 7.9% to $30.62 in the pre-market trading session. Galapagos shares gained 10% on Monday after Ecor1 Capital reported a 9.9% stake in the company.</li>
<li>Tuya Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TUYA#NYSE">TUYA</a>) gained 7.4% to $1.90 in pre-market trading following second-quarter results.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>Nxu, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NXU#NASDAQ">NXU</a>) declined 12% to $0.3030 in pre-market trading.</li>
<li>QT Imaging Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QTI#NASDAQ">QTI</a>) shares declined 11.2% to $0.57 in pre-market trading after falling around 5% on Monday.</li>
<li>Cheetah Net Supply Chain Service Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CTNT#NASDAQ">CTNT</a>) shares fell 10% to $0.2961 in pre-market trading after gaining around 25% on Monday.</li>
<li>VivoPower International PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VVPR#NASDAQ">VVPR</a>) fell 9.9% to $2.18 in today's pre-market trading.</li>
<li>Addentax Group Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ATXG#NASDAQ">ATXG</a>) fell 8.8% to $0.56 in pre-market trading.</li>
<li>TuanChe Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TC#NASDAQ">TC</a>) fell 8.3% to $1.65 in pre-market trading after gaining 9% on Monday.</li>
<li>Intelligent Living Application Group Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ILAG#NASDAQ">ILAG</a>) shares fell 8% to $0.86 in pre-market trading.</li>
<li>WM Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAPS#NASDAQ">MAPS</a>) shares declined 7.9% to $1.06 in pre-market trading after gaining 5% on Monday.</li>
<li>Gaotu Techedu Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOTU#NYSE">GOTU</a>) shares fell 7.4% to $3.78 in pre-market trading following weak quarterly earnings.</li>
<li>Ballard Power Systems Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLDP#NASDAQ">BLDP</a>) shares dipped 3.2% to $1.84 in pre-market trading after declining around 5% on Monday.</li>
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Raymond James analyst Michael Glen maintains Ballard Power Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLDP#NASDAQ">BLDP</a>) with a Market Perform and lowers the price target from $4 to $3.

Raymond James Maintains Market Perform on Ballard Power Systems, Lowers Price Target to $3

Lake Street maintains Ballard Power Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLDP#NASDAQ">BLDP</a>) with a Buy and lowers the price target from $15 to $10.

Lake Street Maintains Buy on Ballard Power Systems, Lowers Price Target to $10

CIBC analyst Hamir Patel downgrades Ballard Power Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLDP#NASDAQ">BLDP</a>) from Neutral to Underperformer and lowers the price target from $3.5 to $1.6.

CIBC Downgrades Ballard Power Systems to Underperformer, Lowers Price Target to $1.6

Commodities

Press Releases

Ballard Announces Q2 2024 Results Conference Call

Ballard Reports Q2 2024 Results

Ballard announces restructuring to lower total operating expenses by more than 30% to align with delayed market adoption, while maintaining long-term competitiveness and balance sheet strength

Ballard Announces Q3 2024 Results Conference Call

Ballard announces purchase order to supply 200 fuel cell engines to New Flyer

Ballard Reports Q3 2024 Results

CPKC places follow-on order for approximately 20 MW of Ballard fuel cell engines for North American locomotives

Ballard to Supply 8 MW of Fuel Cell Engines to Stadler for Californian Passenger Rail

Ballard announces multiple orders totaling over 6 MW of fuel cell engines for European bus market

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