Ballard Power Faces Challenges, Achieves Milestones in 2024

Ballard Power ( (BLDP) ) has released its Q4 earnings. Here is a breakdown of the information Ballard Power presented to its investors.

Ballard Power Systems is a leading company in the hydrogen and fuel cell industry, specializing in zero-emission PEM fuel cells for various applications, including mobility and stationary power.

Ballard Power Systems reported its fourth-quarter and full-year 2024 financial results, highlighting the challenges faced by the hydrogen and fuel cell industry due to policy uncertainty and a difficult funding environment. Despite these challenges, the company achieved significant commercial milestones and recorded a strong order intake.

In the fourth quarter of 2024, Ballard’s revenue was $24.5 million, a 48% decrease from the previous year, with full-year revenue down 32% to $69.7 million. The company saw a notable 51% growth in its Bus vertical, although other segments experienced declines. Gross margin improved by 9 points to -13% in Q4, while full-year gross margin decreased by 11 points to -32%. The company also reported a record order backlog of $173.5 million, driven by strong order intake, particularly in Europe and North America.

Ballard made progress in its operations by achieving record shipments of fuel cell engines and advancing its next-generation PEM fuel cell stacks. The company also initiated a global restructuring to reduce operating expenses by more than 30% in 2025. Despite halting investments in the China market, Ballard maintained a strong cash position with $603.9 million and no bank debt at the start of 2025.

Looking ahead, Ballard Power Systems remains focused on its customers and cost reduction programs while navigating policy uncertainties and industry rationalization. The company aims to maintain disciplined spending and balance sheet strength to ensure long-term competitiveness and sustainability.