Ballard Power reports Q2 Con Ops EPS (11c), consensus (18c)

Reports Q2 revenue $16.0M, consensus $25.62M. Ballard received approximately $5.0M in net new orders in Q2, and delivered orders valued at $16.0M, resulting in an Order Backlog of approximately $169.5M at end-Q2, a 6% decrease from the end of Q1. “During Q2, we made measured progress on key 2024 deliverables relating to products, advanced manufacturing, and markets, all in support of our long-term strategy,” stated Randy MacEwen, Ballard’s President & CEO. “On products, we launched our 9th generation PEM fuel cell engine, re-setting the industry standard for PEM fuel cell engine performance for heavy-duty mobility. Our innovative FCmove(R)-XD delivers significant improvements in reliability, durability, efficiency, power density, scalability, serviceability, and total cost of ownership. On advanced manufacturing, we are tracking to plan against Project Forge, which is our program to scale bipolar plate production by 10x and reduce costs of next-generation bipolar plates by 70%. And on markets, we announced a strategic technology partnership with Vertiv to demonstrate the technical feasibility and customer benefits of hydrogen-powered fuel cell backup power solutions for the fast-growing data center market.”