Ballard Power - BLDP STOCK NEWS

Ballard Power Systems (NASDAQ: BLDP) reported challenging Q4 2024 results amid industry headwinds. Q4 revenue declined 48% year-over-year to $24.5 million, while full-year revenue dropped 32% to $69.7 million. Despite challenges, the Bus vertical showed strong performance with 51% revenue growth.

The company secured new net order intake of $113 million during 2024, with Q4 orders of $75.4 million, leading to a record Order Backlog of $173.5 million. Ballard achieved record shipments of over 660 fuel cell engines (56 MW) in 2024, up 30% from 2023.

Q4 gross margin improved by 9 points to (13%), though full-year margin declined to (32%). The company ended 2024 with $603.9 million in cash and initiated a global restructuring to reduce 2025 Operating Expenses by over 30%. Ballard has halted further investments in China, including the Weichai Ballard JV.

Ballard Power Systems (NASDAQ: BLDP) has secured a multi-year supply agreement with Manufacturing Commercial Vehicles (MCV), an Egyptian commercial vehicle manufacturer, for approximately 5 MW of fuel cell engines. The agreement includes 50 FCmove®-HD+ engines, with an initial order of 35 units, scheduled for delivery between 2025 and 2026 primarily for EU projects.

This deal builds upon their relationship that began in 2022 with fuel cell engine integration support. The company reported securing 1,600 bus engine orders across 7 OEMs in 2024. Currently, Ballard powers over 1,800 fuel cell buses globally, which have accumulated more than 200 million miles of operational service with a 99% availability rate and zero reported safety incidents.

Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) has announced it will host a conference call on Thursday, March 13th, 2025 at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) to discuss its fourth quarter and full year 2024 operating results. Participants can join via phone at +1-844-763-8274 (Canada/US toll free) or through a live webcast available on Ballard's website. The webcast will be archived in the 'Earnings, Interviews & Presentations' section of the company's investor relations page.

Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) has secured significant orders for its fuel cell engines from two bus manufacturers targeting the European and UK city bus market. The orders total over 90 fuel cell engines, representing approximately 6.4 megawatts (MW) of total rated power. Chief Commercial Officer David Mucciacciaro highlighted these orders as validation of fuel cells as a zero-emission alternative to diesel engines and confirmation of Ballard engines' capability to meet demanding city bus performance requirements.

Ballard Power Systems has signed a multi-year agreement with Stadler US to supply 8 megawatts of FCmove®-HD+ fuel cell engines for Caltrans' passenger trains. The engines will power Stadler's FLIRT H2 zero-emission trains, with Caltrans ordering 10 trains and an option for 19 more.

This collaboration follows three years of joint development, resulting in the first FRA-compliant hydrogen fuel cell powered passenger train demonstrated in the United States. The fuel cell engines offer a zero-emission alternative to diesel engines with comparable performance metrics including payload, range, reliability, and refueling times, while avoiding the need for costly overhead catenary line infrastructure.

Ballard Power Systems has signed a new Long Term Supply Agreement with Canadian Pacific Kansas City (CPKC) for 98 fuel cell engines, totaling approximately 20 megawatts (MW) of power. Each engine has a 200 kW capacity, with deliveries expected in 2025.

This agreement builds upon their existing partnership started in 2021, which has already delivered about 10 MW of fuel cell engines. CPKC currently operates three hydrogen locomotives, with prototype testing ongoing since 2022. The new engines will support CPKC's expanding hydrogen locomotive program, focusing on switching and freight service applications in Alberta, Canada.

Ballard Power Systems reported challenging Q3 2024 results with total revenue of $14.8 million, down 45% year-over-year. The quarter was marked by a $16.1 million restructuring charge and $147.0 million in non-cash impairments. The company initiated a global corporate restructuring to reduce operating costs by over 30%, including workforce reduction and rationalization of development programs. Net loss was ($204.5) million, or ($0.68) per share. The company's Order Backlog decreased 28% to $122.7 million, while cash position stood at $635.1 million. Bus segment showed growth with revenue up 33% year-over-year.

Ballard Power Systems has received a purchase order for 200 fuel cell engines from New Flyer, representing approximately 20 MW of power. This is the second order under their January 2024 long-term supply agreement, doubling the previous order of 100 engines. The engines, scheduled for delivery in 2025, will power New Flyer's Xcelsior CHARGE FC™ hydrogen fuel cell buses for deployment across multiple US states including California, Washington, Arizona, Nevada, and New York.

Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) has announced its upcoming Q3 2024 Results Conference Call, scheduled for Tuesday, November 5th, 2024 at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time). The call will review the company's third quarter 2024 operating results.

Interested parties can access the live call by dialing +1-844-763-8274 (Canada/US toll-free) or through a live webcast available on Ballard's homepage (www.ballard.com). Following the call, the webcast will be archived in the 'Earnings, Interviews & Presentations' area of the 'Investors' section on Ballard's website.