Fuel Cell Maker Ballard Power’s Net Loss Narrows to $30 Million in Q2 2023

The total revenue dropped 27% YoY during the quarter


Fuel cell manufacturer Ballard Power Systems has reported a net loss of $30.1 million in the second quarter (Q2) of 2023, marking a decrease of 46% year-over-year (YoY) from a net loss of $55.8 million as the new orders surge.

The company’s total revenue dropped by 27% YoY to $15.3 million during the quarter.

The revenue from heavy-duty mobility, which amounted to $8.5 million, experienced a 39% decrease YoY. This decline was influenced by reduced earnings in the bus, truck, and rail sectors. However, this was offset by increased revenue in the marine sector.

Stationary revenue came in at $3.5 million, a 6% reduction YoY. This drop can be attributed mainly to decreased sales of fuel cell modules, stacks, products, and services for stationary power generation in Europe. This decrease was partly mitigated by higher revenue from stationary sources in North America.

The company’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at a loss of $35.9 million, an increase of 3% YoY. The increase was primarily as a result of the decrease in gross margin and increase in cash operating costs.

The company also recorded increased cash operating costs due to higher expenditures on research, technology, and product development activities and general and administrative expenses.

In Q2 2023, Ballard secured around $25.1 million in new orders and fulfilled orders worth $15.3 million. As a result, the order backlog stood at roughly $147.5 million at the close of Q2 2023.

This surge in the order backlog was primarily propelled by an uptick in orders from North America within the bus, rail, and emerging markets segments. Notably, the combined order backlog from Europe and North America accounted for nearly 80% of the total backlog. The backlog for power products saw a 140% surge YoY.

Commenting on the results, Randy MacEwen, President and CEO of Ballard Power Systems, said, “During Q2, we grew our order book, invested in next-generation fuel cell products, and continued to drive our product cost reduction programs. We continue to see growing customer interest across our market verticals, which is reflected in $25.1 million of new orders in Q2 and a growing sales pipeline. Importantly, our Power Products backlog is now up over 140% compared to the prior year period. We are particularly excited by the growing customer engagement levels in the US and European markets.”

1H 2023

The company posted a net loss of $64.01 million in the first half (1H) of 2023, an improvement of 33% YoY.

The company’s revenue dropped 32% YoY and stood at $28.65 million at the end of 1H 2023.

The company aims to bring PEM fuel cell technology and products into the commercial realm. These innovations are designed to be adaptable to various market uses where fuel cell technology offers the most compelling advantages, particularly in cases where obstacles to hydrogen refueling infrastructure are minimal. These target markets encompass sectors such as buses, trucks, railways, and marine transportation, along with specific areas in stationary power generation and particular off-road segments.

The company’s revenue in Q1 2023 amounted to $13.3 million, a 37% decline YoY.

In January this year, Adani Enterprises signed an agreement to launch a pilot project to develop a hydrogen fuel cell electric truck (FCET) with Ashok Leyland and Ballard Power. The collaboration marks Asia’s first planned hydrogen-powered mining truck, with FCET scheduled to be launched in India in 2023.


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