Ballard Power Systems (BLDP) stock experienced a sharp decline of 11.98% on November 6th, 2024, after the fuel cell manufacturer reported disappointing financial results for the third quarter of 2024 and lowered its outlook, reflecting the challenging industry environment it is currently facing.
The company's revenue fell by a staggering 45% year-over-year to $14.8 million in Q3, with new orders totaling just $11.2 million during the quarter. The weak financial performance was further exacerbated by a significant deterioration in profitability, as Ballard Power reported a negative gross margin of 56%, a 45-percentage-point decrease compared to the same period last year.
In addition to the poor operating results, Ballard Power announced a restructuring plan that will result in a charge of $16.1 million in Q3 and an additional $2 million to $5 million expected in Q4. The company also recorded substantial non-cash impairment charges of approximately $147 million, including $40 million in goodwill and $107 million related to property, plant, and equipment.
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