Fuel cell manufacturer Ballard Power Systems has reported a net loss of $62.4 million (~$749,437) in the third quarter (Q3) of 2023, marking an increase of 46% year-over-year (YoY) from a net loss of $42.9 million (~$515,238).

This increase in net loss is primarily due to the proposed further restructuring of operations at Ballard Motive Solutions, leading to non-cash impairment charges of $26.3 million (~$315,868) for goodwill and intangible assets recognized during the quarter.

The company recorded a revenue of ₹27.6 million (~$331,481), a YoY increase of 29% from ₹21.3 million (~$255,791). The heavy-duty mobility segment, fueled by higher revenues from the rail and marine verticals, contributed $21.1 million (~$253,389), a YoY increase of 67%.

In Q3, Ballard secured $14.8 million (~$177,733) worth of new orders and delivered orders worth $27.6 million (~$331,448). This resulted in an order backlog of $134.6 million (~$1.6 million) at the end of the quarter. Most of these orders came from customers in Europe and North America, with power products accounting for nearly 80% of the total order backlog.

The company recorded earnings before interest, taxes, depreciation, and amortization loss of $36.2 million (~$434,725), a 3% YoY increase from a loss of $35.1 million (~$421,515). This increase is on account of a higher loss associated with the Weichai Ballard joint venture and increased cash operating costs.

“We delivered robust revenue growth in Q3, with shipments to our core mobility markets substantially improved annually and sequentially,” said President and CEO Randy MacEwen. “Revenue generated from power products represented close to 80% of total revenues in the quarter, tracking the consistent increase in product revenues as a proportion of our total order backlog.”

Ballard Power Systems reported a net loss of $30.1 million (~$361,466) in the second quarter, marking a decrease of 46% YoY from a net loss of $55.8 million (~$670,094) as the new orders surged.

In January this year, Adani Enterprises signed an agreement to launch a pilot project to develop a hydrogen fuel cell electric truck 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.