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					</table><p>Fuel cell maker <a href="https://www.ballard.com/" target="_blank" rel="noopener">Ballard Power Systems</a><u>’</u> revenue in the first quarter (Q1) of the financial year 2023 amounted to $13.3 million, a 37% decline YoY.</p>
<p>Heavy Duty Mobility revenue totaled $8.7 million, reflecting an 11% decrease, primarily driven by lower revenues from technology services contracts relating to the company&#8217;s truck vertical in China. However, this decrease was partially offset by higher rail and marine revenue.</p>
<p>Further, stationary fuel cell revenue amounted to $2.5 million, marking a significant 58% decrease due to reduced sales of stationary power generation fuel cell modules, stacks, products, and services in Australia.</p>
<p>Moreover, emerging and other market revenue reached $2.1 million, experiencing a notable 61% decrease. This decline was mainly due to the completion of the Audi Technology Services program and lower shipments in the company&#8217;s materials handling segment.</p>
<p>It is worth noting that power products revenue accounted for more than 70% of the company&#8217;s total revenue in the quarter.</p>
<p>However, the company’s net loss narrowed to $33.9 million for the January-March quarter compared to a loss of $40.4 million year-on-year (YoY) because of lower non-operational costs.</p>
<p>Total operating expenses and cash operating costs amounted to $37.5 million and $32.0 million, respectively, representing a 24% and 23% increase compared to Q1 2022.</p>
<p>Higher expenditures on research, technology, product development, sales, and marketing primarily drove these increases.</p>
<p>Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for the quarter was $38.3 million, in contrast to $27.5 million in Q1 2022. This change was primarily influenced by the decrease in gross margin and increased cash operating costs.</p>
<p>In the first quarter, Ballard received new orders totaling approximately $17.6 million and delivered orders valued at $13.3 million.</p>
<p>The company reported an order backlog of around $137.7 million by the end of the quarter.</p>
<p>The growth in the order backlog was primarily driven by increased orders from Europe and North America, particularly in the bus and stationary power markets. Together, these regions now account for approximately 76% of the total order backlog, compared to around 39% in the same period of the previous year.</p>
<p>President and CEO Randy MacEwen said, “With an increasingly positive policy landscape, we see growing customer interest in our core mobility markets of bus, truck, rail, and marine in Europe and North America. We believe our $137.7 million Order Backlog reflects continued customer platform wins, including a record Power Products Order Backlog that has doubled from one year ago and now exceeds $100 million.”</p>
<p>The company announced that they are on track with their first-quarter expenses and are successfully progressing towards achieving their full-year operating and capital expenses targets.</p>
<p>The net loss of fuel cell and clean energy solutions provider Ballard Power Systems <a href="https://www.mercomindia.com/ballard-q4-net-loss-narrows-to-34-4-million" target="_blank" rel="noopener">narrowed</a> to $34.4 million in the fourth quarter (Q4) of the financial year (FY) 2022 from a net loss of $43.8 million in the same quarter of 2021.</p>
<p>The company <a href="https://www.mercomindia.com/higher-operating-costs-ballards-net-loss-up-39-yoy-in-q3" target="_blank" rel="noopener">posted</a> a net loss of $42.88 million in the third quarter of 2022, a YoY increase of 39%.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Ballard Power’s Q1 Revenue Drops 37% Due to Weak Sales Across Segments

<p><a href="https://www.ballard.com/" target="_blank" rel="noopener">Ballard Power Systems</a>, a fuel cell, and clean energy solutions provider recorded a revenue of $21 million in the first quarter (Q1) of 2022, a year-over-year (YoY) surge of 19% from $17.6 million in Q1 2021.</p>
<p>The company attributed the growth in revenue to power product sales of $13.3 million in Q1. The revenue from technology solutions amounted to $7.8 million, a minor YoY decline of 5% from $8.2 million in Q1 2021.</p>
<p>Ballard Power System’s expenses were primarily focused on research, technology, and product development activities, including developing next-generation fuel cell stacks and engines for target markets.</p>
<p>The Canada-based company increased engineering investments in the existing fuel cell products leading to total operating expenses of $30.3 million, a 69% surge from $18 million in the same period a year ago.</p>
<p>Ballard stated that the operating costs also increased in Q1 2022 because of higher general and administrative expenses with sales and marketing expenses.</p>
<p>Ballard’s adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) amounted to $27.5 million in Q1, a 97% increase from $14 million last year. The company said that the difference was mainly due to the decrease in gross margin and surge in operating costs.</p>
<p>The company recorded a YoY increase of 127% in a net loss amounting to $40.4 million, compared to $17.8 million in the same period last year.</p>
<p>The company’s new orders in Q1 2022 amounted to ~$27.8 million, while it delivered orders worth $21 million. Ballard had an order backlog of ~$99.8 million in the first quarter.</p>
<p>Ballard Power’s revenue for the financial year 2021<a href="https://mercomindia.com/fuel-cell-manufacturer-ballards-revenue-28-yoy-q4-2021/" target="_blank" rel="noopener"> totaled</a> $104.5 million, a minor increase of 1% driven by the increase in power product sales, offsetting the fall in technology solutions revenue with an adjusted EBITDA of $82.2 million. The company’s revenue for the fourth quarter of 2021 amounted to $36.7 million, up 28% YoY.</p>
<p>Earlier this year, Ballard Power <a href="https://mercomindia.com/daily-news-wrap-up-azure-refinances-solar-project/" target="_blank" rel="noopener">signed</a> a non-binding memorandum of understanding with India-based Adani Group to evaluate a joint investment case for the commercialization of hydrogen fuel cells in various mobility and industrial applications in India.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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Ballard Power Systems’ Revenue Rises to $21 Million in Q1 2022

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