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VANCOUVER - Ballard Power Systems (NASDAQ:BLDP) reported Q4 EPS of ($0.16), $0.03 worse than the analyst estimate of ($0.13) and Q4 revenue of $24.5 million.
The company’s shares rose 4.07% following the results in premarket trading.
The fuel cell maker posted an adjusted loss of $0.16 per share for Q4, $0.03 worse than analyst estimates of a $0.13 per share loss. Revenue of $24.5 million beat the consensus forecast of $29.54 million.
Ballard’s Q4 gross margin improved to -13%, up 9 percentage points YoY, though still negative due to lower revenue and manufacturing cost absorption. Cash operating costs decreased 6% YoY to $27.2 million.
For the full year 2024, Ballard reported revenue of $69.7 million, down 32% from 2023. However, the company’s bus segment saw 51% revenue growth.
"2024 was a tough year for the hydrogen and fuel cell industry," said CEO Randy MacEwen, citing policy uncertainty and project delays. He noted Ballard is "winning in the market" with $113 million in new orders for 2024.
Looking ahead, Ballard expects 2025 revenue to be weighted toward the second half. The company guided for total operating expenses of $100-$120 million in 2025.
Ballard ended 2024 with $603.9 million in cash and no debt.
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