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					</table><p>Fuel cell manufacturer <a href="https://www.ballard.com/" target="_blank" rel="noopener">Ballard Power Systems</a> has reported a net loss of $48.9 million in the fourth quarter (Q4) of 2023, an increase of 77.17% year-over-year (YoY) from a net loss of $42.9 million, as operational expenses surge.</p>
<p>The quarter saw a total revenue of $46.8 million, marking a 132% YoY increase. The heavy-duty mobility segment experienced a surge, with revenue reaching $29 million, showing a 219% YoY increase. The growth was attributed to heightened revenues in various sectors such as bus, truck, rail, and marine.</p>
<p>In the stationary segment, revenue reached $12.8 million, reflecting a 105% YoY increase. This boost was primarily driven by elevated shipments to European customers.</p>
<p>The emerging and other markets segment reported flat revenue of $4.9 million compared to the previous year. Although there was increased revenue from off-highway customers, it was offset by a decline in technology solutions revenue.</p>
<p>Operating expenses amounted to $35 million, which is a 16% YoY increase from Q4 2022. The rise in total operating expenses was primarily influenced by elevated spending on research and product development.</p>
<p>Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) stood at $44.1 million, an increase of 9.97% as opposed to $40.1 million in Q4 2022. This change can be attributed mainly to an increased gross margin loss, primarily caused by inventory impairment charges.</p>
<p>The order backlog as of the end of 2023 declined by 3% to $130.5 million compared to the end of Q3. Despite a new order intake of $64.7 million in Q4, this positive momentum was offset by a $47.1 million reduction attributed to record engine shipments during the quarter.</p>
<p>Additionally, $21.7 million was removed from the order backlog due to previously booked orders from a specific customer-facing financing and program delays.</p>
<p>Power products orders constitute over 80% of the order backlog, with nearly 80% of the backlog coming from customers in Europe and North America.</p>
<p>“Our transition to a commercial products company is gaining momentum, with growing market acceptance of our fuel cell engines across our verticals,” said Randy MacEwen, President and CEO. “We shipped a record number of fuel cell engines in the quarter, allowing us to close out the year with Q4 revenue of $46.8 million, up 132% year-over-year. We also booked $64.7 million of new orders in Q4, resulting in a product-based Order Backlog now 15% higher than the same period last year.”</p>
<p>During the earnings call, MacEwen added, “For the U.S. in particular, 2023 was a milestone year from a policy perspective, as seven hubs were awarded $7 billion to support the adoption of hydrogen across the value chain, while the IRS provided guidance for the 45B green hydrogen production tax credit. These policies, combined with electric grid limitations, will provide favorable tailwinds to our industry through 2032.”</p>
<p><strong>Full Year 2023</strong></p>
<p>For the full year, the company recorded a net loss of $144.2 million, a YoY improvement of 10% from $160.4 million in the previous year.</p>
<p>During the year, the company recorded revenue of $102.4 million, a 25% YoY increase, and EBITDA stood at $150.1 million, marking an increase of 13% YoY.</p>
<p>The company said its outlook for 2024 is promising, with expected growth in the order backlog, significant order announcements in their bus and stationary power sectors, and the revelation of upcoming manufacturing facility.</p>
<p>“In 2023, given an increasingly constructive hydrogen policy landscape and increased market activity in the U.S. and Europe, and given the continued hydrogen fuel cell policy uncertainties and market delays in China, as well as geopolitical risks, we decided to suspend our MEA localization plan in China while we completed a comparative analysis on manufacturing capacity expansion options and possible sequencing prioritization in the U.S. and or European markets,” MacEwen said.</p>
<p>Ballard Power Systems <a href="https://www.mercomindia.com/ballard-net-loss-surges-q3" target="_blank" rel="noopener">reported</a> 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).</p>
<p>In January this year, Adani Enterprises <a href="https://www.mercomindia.com/daily-news-wrap-up-reliance-to-buy-line-from-chinas-sc-solar" target="_blank" rel="noopener">signed</a> 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.</p>


Ballard Power Systems’s Loss Up 77% to $48.9 Million


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					</table><p>Fuel cell manufacturer <a href="https://www.ballard.com/" target="_blank" rel="noopener">Ballard Power Systems</a> 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).</p>
<p>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.</p>
<p>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%.</p>
<p>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.</p>
<p>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.</p>
<p>“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.”</p>
<p>Ballard Power Systems <a href="https://www.mercomindia.com/fuel-cell-maker-ballard-net-loss-narrows-q2-2023/" target="_blank" rel="noopener">reported</a> 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.</p>
<p>In January this year, Adani Enterprises <a href="https://www.mercomindia.com/daily-news-wrap-up-reliance-to-buy-line-from-chinas-sc-solar" target="_blank" rel="noopener">signed</a> 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.</p>


Fuel Cell Maker Ballard Power’s Net Loss Surges by 46% YoY to $62 Million in Q3


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					</table><p>Fuel cell manufacturer <a href="https://www.ballard.com/" target="_blank" rel="noopener">Ballard Power Systems</a> 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.</p>
<p>The company&#8217;s total revenue dropped by 27% YoY to $15.3 million during the quarter.</p>
<p>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.</p>
<p>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.</p>
<p>The company&#8217;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.</p>
<p>The company also recorded increased cash operating costs due to higher expenditures on research, technology, and product development activities and general and administrative expenses.</p>
<p>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.</p>
<p>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.</p>
<p>Commenting on the results, Randy MacEwen, President and CEO of Ballard Power Systems, said, &#8220;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.&#8221;</p>
<p><strong>1H 2023</strong></p>
<p>The company posted a net loss of $64.01 million in the first half (1H) of 2023, an improvement of 33% YoY.</p>
<p>The company&#8217;s revenue dropped 32% YoY and stood at $28.65 million at the end of 1H 2023.</p>
<p>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.</p>
<p>The company&#8217;s revenue in Q1 2023 <a href="https://www.mercomindia.com/ballard-powers-q1-revenue-weak-sales-segments" target="_blank" rel="noopener">amounted</a> to $13.3 million, a 37% decline YoY.</p>
<p>In January this year, Adani Enterprises <a href="https://www.mercomindia.com/daily-news-wrap-up-reliance-to-buy-line-from-chinas-sc-solar" target="_blank" rel="noopener">signed</a> 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&#8217;s first planned hydrogen-powered mining truck, with FCET scheduled to be launched in India in 2023.</p>


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

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