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Dec 31, 2024
Ballard Power Q4 2024 Earnings Report
Ballard Power reported a sharp decline in Q4 2024 revenue and continued operating losses amid challenging industry conditions.
Key Takeaways
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.
Total revenue for Q4 2024 was $24.5 million, down 48% year-over-year.
Gross margin improved to (13%) from (22%) in Q4 2023 due to reduced impairments and warranty expirations.
Net loss for the quarter was $46.5 million, with an EPS of ($0.16).
Order backlog reached a record $173.5 million, reflecting strong order intake.
Revenue by Segment
Forward Guidance
Ballard expects continued industry challenges in 2025 but remains focused on cost reductions, disciplined spending, and leveraging its record order backlog.
Positive Outlook
- Record order backlog of $173.5 million supports future revenue.
- Significant cost reductions planned for 2025, including a 30% cut in total operating expenses.
- Strong cash position of $603.9 million with no debt obligations.
- Continued progress on fuel cell technology and product cost reductions.
- Expansion in key markets, particularly in Europe and North America.
Challenges Ahead
- Revenue expected to be back-half weighted in 2025 due to slow market adoption.
- Continued policy uncertainty impacting hydrogen fuel cell adoption.
- Industry rationalization may create near-term challenges.
- Potential risks from global economic and funding environment.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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