Ballard Power saw strong revenue growth driven by bus and rail deliveries, with significant cost reductions leading to improved gross margin. However, the company still reported a net loss.

Revenue reached $17.8M, up 11% YoY, led by heavy-duty mobility sales. Gross margin improved to -8% from -32% a year ago. Operating expenses decreased 12% to $31.7M, and adjusted EBITDA loss narrowed to $30.6M. Cash and cash equivalents stood at $550.0M.

Ballard Power Systems reported Q4 2024 revenue of $24.5 million, a 48% year-over-year decline. The company faced negative gross margins of (13%) but showed improvement compared to Q4 2023. Net loss for the quarter was $46.5 million, with an EPS of ($0.16). Despite these challenges, Ballard secured a record year-ending order backlog of $173.5 million, driven by strong order intake.