In This Article:
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Revenue (Q4 2024): $24.5 million, a 42% decrease compared to Q4 2023.
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Full Year Revenue (2024): $69.7 million, a 32% decline compared to 2023.
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Gross Margin (Q4 2024): Negative 13%, an improvement of 9 percentage points from Q4 2023.
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Full Year Gross Margin (2024): Negative 32%, a decrease of 11 percentage points from 2023.
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Operating Expenses (2024): $161.3 million, including a $17 million restructuring provision.
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Projected Operating Expenses (2025): Between $100 million and $120 million, a reduction of approximately 30% from 2024.
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Capital Expenditures (2024): $27.6 million.
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Projected Capital Expenditures (2025): Between $15 million and $25 million, a reduction of approximately 38% from 2024.
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Cash Usage (2024): $147 million, down 10% from the prior year.
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Cash Position (Year-End 2024): Approximately $604 million, a reduction of 20% from the previous year.
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Order Intake (2024): $113 million, with $75.4 million in Q4.
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Order Backlog (Year-End 2024): $173.5 million, a 41% increase compared to the end of Q3.
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12-Month Order Book (2024): $98.9 million, up 48% compared to the prior year.
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Bus Market Revenue (2024): Approximately $44 million, a 51% increase compared to 2023.
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Fuel Cell Engine Shipments (2024): Over 660 engines, a 30% increase from 2023.
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Fuel Cell Engine Megawatts Shipped (2024): 56.5 megawatts, a 10% increase from 2023.
Release Date: March 13, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Ballard Power Systems Inc (NASDAQ:BLDP) achieved a record-breaking year for new order intake in 2024, securing approximately $113 million in new orders.
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The company saw a 30% increase in fuel cell engine shipments, marking the fourth consecutive year of growth.
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Ballard Power Systems Inc (NASDAQ:BLDP) reported a significant reduction in operating costs, with a global restructuring expected to reduce annualized costs by more than 30%.
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The company launched its ninth-generation high-performance fuel cell engine, FCmove-XD, which offers improvements in reliability, durability, and efficiency.
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Ballard Power Systems Inc (NASDAQ:BLDP) ended 2024 with over $600 million in cash and no bank debt, indicating strong financial health.
Negative Points
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Ballard Power Systems Inc (NASDAQ:BLDP) reported a 42% decrease in Q4 revenue compared to the same period last year, reflecting broader industry challenges.
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The company faced a negative gross margin of 13% in Q4, with full-year 2024 gross margins decreasing by 11 percentage points to negative 32%.
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There is continued policy uncertainty in the US hydrogen and fuel cell industry, impacting market adoption and financing environments.
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The truck market has seen adoption timelines materially pushed out, with several business failures of smaller integrators causing challenges.
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Ballard Power Systems Inc (NASDAQ:BLDP) has deferred any final investment decision on the proposed Texas gigafactory to 2026 due to delayed market adoption.