{"id":825307,"date":"2025-03-13T07:37:49","date_gmt":"2025-03-13T11:37:49","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/ballard-reports-q4-2024-results\/"},"modified":"2025-03-13T07:37:49","modified_gmt":"2025-03-13T11:37:49","slug":"ballard-reports-q4-2024-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ballard-reports-q4-2024-results\/","title":{"rendered":"Ballard Reports Q4 2024 Results"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n VANCOUVER, BC<\/span>
\n <\/span>, March 13, 2025<\/span><\/span> \/PRNewswire\/ – Ballard Power Systems<\/a> (NASDAQ: BLDP)\u00a0(TSX: BLDP) today announced consolidated financial results for the fourth quarter ended December 31, 2024<\/span>. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).<\/p>\n

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\n \"Ballard
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“2024 was a tough year for the hydrogen and fuel cell industry,” stated Randy MacEwen<\/span>, Ballard’s President and CEO. “Amidst prolonged policy uncertainty, there was a multi-year push-out in the development of hydrogen projects and the deployment of fuel cell applications. With this backdrop, compounded by a difficult funding environment, an industry rationalization is underway.”<\/p>\n

“Our Q4 and full-year 2024 financial results reflect the industry challenges,” said Randy MacEwen<\/span>. “Q4 revenue was $24.5 million<\/span>, down 48% compared to Q4 2023. Full-year revenue of $69.7 million<\/span> was down 32%, although we had a standout year in our Bus vertical, with revenue growth of 51%. Q4 gross margin improved by 9 points year-over-year to (13%), while full-year gross margin of (32%) was 11 points lower than in 2023. Q4 cash operating costs1<\/sup> decreased by 6% year-over-year as a result of restructuring activities initiated in September, with significant further reductions expected in 2025.”<\/p>\n

Mr. MacEwen continued, “Notwithstanding this very challenging industry context, Ballard is winning in the market. We achieved important commercial milestones in 2024, including new strategic customer platform wins, repeat business from existing customers, and strong order intake. We secured new net order intake of approximately $113 million<\/span> during 2024, punctuated by new order intake of $75.4 million<\/span> in Q4, positioning us with a record year-ending Order Backlog of $173.5 million<\/span>, an increase of 41% compared to the end of Q3, and a 12-month Orderbook of $98.9 million<\/span>, a record for Power Products, up 48% compared to the prior year.”<\/p>\n

Mr. MacEwen added, “We also made measured progress and took necessary actions across our global operations. We achieved record shipments of fuel cell engines in 2024, with over 660 engines representing approximately 56 MW shipped to customers, up nearly 30% compared to 2023. We made significant progress on the development of our next-generation PEM fuel cell stacks and engines, including the launch of our 9th<\/sup> generation, high-performance engine, FCmove\u00ae-XD. We advanced our product cost reduction programs, including milestones on Project Forge, our program to significantly reduce the costs on next-generation bipolar plates. Importantly, we initiated a global corporate restructuring to lower our 2025 Total Operating Expenses by more than 30%. We halted any further investments in the China<\/span> market, including the Weichai Ballard JV.”<\/p>\n

Mr. MacEwen concluded, “As we look ahead, we see continued policy uncertainty along with further industry rationalization. Notably, we started 2025 with $603.9 million<\/span> in cash, no bank debt, and no mid-term financing requirements. We will continue to closely monitor factors impacting the commercial adoption of our markets and products, and reassess our investment plans, cost structure, and cash usage based on these factors. Our focus is on our customers and our controllables, including prioritized product development and product cost reduction programs, while also maintaining disciplined spending and balance sheet strength for long-term competitiveness and sustainability.”<\/p>\n

\n Q4 2024 Financial Highlights
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\n (all comparisons are to Q4 2023 unless otherwise noted) <\/i>\n <\/p>\n