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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.
Ballard Power
Ballard Power
Ballard Power Revenue by Segment
Revenue by Segment
Heavy-duty mobility Revenue
CapyFin.comStationary Revenue
CapyFin.comEmerging & other Revenue
CapyFin.com 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.
- Increased impairment losses affecting financial performance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income