Quarterly Figures: Ballard Power Q2 2023 Revenue Down - Losses Reduced

Vancouver, Canada - Alongside Plug Power, Ballard Power has also presented its financial results for the second quarter of 2023 (Q2 23). Compared to the same quarter last year, sales are down, but the fuel cell and hydrogen specialist has been able to reduce losses.

Ballard Power's total revenue for the second quarter was $15.3 million, down 27 percent compared to the same quarter last year (Q2 22: $20.9 million). Differentiated by business unit, Heavy Duty Mobility accounted for $8.5 million, down 39 percent compared to Q2 22. Ballard said the decline was primarily due to lower bus, truck and rail sales, but was partially offset by higher marine sales. Stationary equipment sales of $3.5 million decreased 6 percent, primarily due to lower sales of fuel cell modules, products and services for stationary power generation in Europe. Sales in emerging and other markets of $3.3 million were flat compared to the prior-year quarter, with higher sales in North America offsetting lower shipments to Europe.

Adjusted EBITDA3 was negative $35.9 million, compared to negative $35.0 million in the second quarter of 2022, primarily due to the decrease in gross margin and increase in cash operating costs. On balance, Ballard Power reported a net loss of negative $30.1 million for the second quarter, compared with negative $55.8 million in Q2 2022, resulting in a loss per share of negative $0.10 (Q2 22: negative $0.19).

Ballard received approximately $25.1 million in new orders and delivered $15.3 million in orders during the second quarter, resulting in an order backlog of approximately $147.5 million at the end of the second quarter. The 12-month backlog was $85.9 million at the end of Q2, an increase of approximately 16 percent from the previous quarter.

The Ballard Power share lost 4.5 percent on yesterday's trading day to a price of 4.21 euros (closing price, 10.08.2023, Stuttgart Stock Exchange). Compared to the turn of the year, this is a minus of 3.4 percent.

Source: IWR Online, 11 Aug 2023