By Adriano Marchese
Ballard Power Systems reported a narrowed loss in the fourth quarter as the hydrogen and fuel cell industry faces strong headwinds, reducing its revenue generation in the period.
The Canadian hydrogen fuel cell manufacturer on Thursday posted a loss from continuing operations of $46.5 million, or 16 cents a share, compared with a loss of $48.9 million, or 16 cents a share, in the comparable quarter a year ago.
Analysts were expecting a more narrowed loss of 12 cents a share, according to FactSet.
In the quarter, Ballard recorded $7.6 million of non-cash impairments to the value of its long-term financial investments.
Total revenue fell 48% to $24.5 million, missing analyst expectations of a decline to $27.7 million.
The decline was broad-based, with a 42% decline in its heavy-duty mobility segment revenue, and a 46% decline in the stationary unit. Emerging and other markets, its smallest segment, saw an 84% decline in revenue.
Backlog rose by 41% in the quarter, reaching $173.5 million.
Chief Executive Randy MacEwen said that 2024 was a tough year for the hydrogen and fuel cell industry.
"Amidst prolonged policy uncertainty, there was a multi-year push-out in the development of hydrogen projects and the deployment of fuel cell applications. With this backdrop, compounded by a difficult funding environment, an industry rationalization is underway," MacEwen said.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
March 13, 2025 07:59 ET (11:59 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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