Fuel cell manufacturer Ballard Power Systems‘ second quarter (Q2) 2024 revenue reached $16 million, a 4% year-over-year (YoY) increase. The growth was primarily driven by a 48% YoY increase in fuel cell product sales, which constituted 84% of total revenue, up from 59% in Q2 2023.

The company reported a net loss of $31.46 million for Q2, up 4.5%from a net loss of $30.1 million during the same period in 2023.

Adjusted EBITDA was approximately $35.4 million, compared to $34.2 million, a change of 3%YoY.

Despite a strong start to the year with nearly $130 million in new orders in the first two quarters, Q2 saw a muted net order intake of $5 million. This was attributed to some customers deferring orders to the second half of the year.

The company has revised its 2024 capital expenditure guidance from $50-70 million to $25-40 million, reflecting a strategic decision to defer certain planned expenditures due to slower market adoption.

Cash operating costs remained flat compared to Q2 2023, and the company maintains a strong cash position of $678 million.

Strategic Developments

Ballard launched its 9th generation PEM fuel cell engine, the “FCmove-XD,” which it claimed offers better performance in heavy-duty mobility applications.

The company is also advancing Project Forge, which aims to scale bipolar plate production tenfold and reduce costs by 70%. This initiative is part of Ballard’s efforts to enhance manufacturing efficiency and reduce costs.

Ballard announced a strategic technology partnership with Vertiv to explore hydrogen-powered fuel cell backup power solutions for data centers, a rapidly growing market segment.

The company recorded a net loss from continuing operations in the first quarter of 2024 amounting to $41.1 million, an increase of 26.8% YoY from a net loss of $32.4 million.

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.