Truist Securities noted Ballard Power (BLDP.TO, BLDP) on Tuesday reported Q3 revenues, EBITDA, EPS all well below its and the Street's estimates as fuel cell deliveries, order activity slowed considerably and the company moved forward on its previously announced restructuring plan initiatives driving a near US$16 million restructuring charge and $147 million non-cash impairment during the quarter.

Adjusting for these items EPS, EBITDA were "still meaningfully below" Street estimates.

Additionally, Truist noted, BLDP cited the removal of near $39 million of prior booked orders from high risk markets, customers from their backlog, while BLDP received just $7.1 million in new orders during the quarter which together with the order removals amounted to a near 28% and near 23% decrease in total backlog, 12-month order book respectively.

Truist said: "In what largely looks to be a kitchen sink type print, a relative positive was that BLDP was able to push out FID to 2026 on its announced Texas gigafactory while maintaining more than $94 million of awarded government funding, giving the company more time to evaluate the market conditions, future demand profile."

It added: "In summary, the meaningfully weak 3Q results certainly provide some additional context around the company's announced restructuring initiatives, with shares likely to underperform today and seemingly minimal near-term internal drivers to help bring momentum into shares."

BLDP was at last look down more than 10% at $2.15 on the TSX.