Ballard Power (BLDP.TO) on Tuesday reported a wider third-quarter loss on impairment charges as revenue almost halved.

The company, which is developing zero-emission fuel cells, said its net loss widened to US$204.5 million, or US$0.68 per share, from a loss of US$34.7 million, or US$0.12 per share. The loss included US$40.3 million of non-cash impairment charges on goodwill and US$106.8 million of property, plant, and equipment impairment.

Excluding impairment charges, the net loss was US$57.5 million, or $0.19 per share.

Revenue plunged 45% to $14.8 million. Ballard said the decrease was due to slowing customer demand, reflecting a delay in the adoption curve for hydrogen and proton-exchange membrane (PEM) fuel cells.

In its outlook, Ballard expects 2024 revenue to be skewed towards the fourth quarter.

"We had a tough quarter, marked by weak revenue, strained gross margin, soft new order intake, adverse order book adjustments, a restructuring charge of $16.1 million, and non-cash impairments totaling approximately $147.0 million," said President and CEO Randy MacEwen.

During the quarter, Ballard initiated a global corporate restructuring to cut operating costs by over 30%. It expects most of the savings to be realized next year. The restructuring includes sizeable job cuts and rationalization of product development programs. Ballard has also reduced its corporate cost structure in China and initiated a strategic review of its China joint venture.