Ballard Power Systems (BLDP.TO. BLPD) was last seen up 4.1% in pre-market Nasdaq trading after the fuel-cell company said its fourth-quarter loss narrowed even as revenue fell by nearly half.

The company said it lost US$46.5 million, or US$0.16 per share, in the period, compared with a year-prior loss of US$48.9 million, or US$0.16.

Revenue fell 48% to US$24.5 million from US$46.8 million.

The company said revenue from sales of hydrogen fuel-cells for buses rose, but orders from the truck, rail, and marine industries dropped sharply.

"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," Chief Executive Randy MacEwen said in a release.

Still, Ballard said it ended the quarter with a record order backlog of US$173.5 million, up 41% from US$122.7 million at the end of the third quarter, and made progress on cost-cutting measures while advancing new-product development.

The company did not offer any guidance for 2025 profit and revenue, but did say it is targeting capital spending this year of around US$20 million. Expenses are seen at around US$110 million.

The company's shares were last seen up US$0.05 to US$1.28 in pre-market trading. They closed up $0.02 to $1.76 Wednesday on the Toronto Stock Exchange.