In This Article:
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Revenue: $15.4 million, up 6% year-over-year.
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Bus Vertical Revenue: Increased by 41%, contributing 81% of Q1 revenue.
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Fuel Cell Product Sales Revenue: Made up 94% of total revenue.
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Engine Shipments: Up 31%, representing 14 megawatts of fuel cell deliveries.
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Gross Margin: Negative 23%, but improved by 14 points compared to Q1 2024.
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Total Operating Expenses: $25.5 million, down 31% year-over-year.
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Cash Operating Costs: $23.2 million, down 22% year-over-year.
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Capital Expenditures: $2.7 million, down 64% compared to Q1 2024.
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Order Backlog: $158 million, with a 12-month order book of $92.4 million.
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Cash Position: $576.7 million, with no debt.
Release Date: May 06, 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) reported a 6% increase in Q1 2025 revenue compared to the previous year.
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Engine shipments rose by 31%, indicating strong demand for Ballard's products.
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Gross margin improved by 14 points, reflecting better cost management and operational efficiency.
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Operating expenses decreased by 31%, showcasing the positive impact of the corporate restructuring initiated in 2024.
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The company ended Q1 with a strong cash position of $576.7 million and no debt, highlighting financial stability.
Negative Points
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Q1 2025 growth margin remained negative at 23%, indicating ongoing challenges in achieving profitability.
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Order intake in Q1 was soft compared to the record new order intake in Q4 2024, suggesting variability in demand.
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The company faces pressure on sales prices, particularly in the China market, impacting revenue potential.
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Ballard Power Systems Inc (NASDAQ:BLDP) continues to experience negative gross margins due to low revenue absorption against manufacturing overhead costs.
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The transition from customer trials to higher volume deployments remains slow, affecting market adoption and revenue growth.
Q & A Highlights
Q: Do you have any update on the Caterpillar and Microsoft collaboration or any future data center partnerships in sight? A: R. Randall MacEwen, President and CEO, stated that the collaboration is still in progress. While there were announcements last year, including a DOE award, it may take a year or two before significant progress is made.
Q: How is the cost per kilowatt for the customers looking, and what's impacting that specifically? A: R. Randall MacEwen explained that the cost per kilowatt is influenced by sales price and production costs. There is pressure on selling prices, especially in China, and efforts are ongoing to reduce costs through initiatives like Project Forge, which aims to lower the cost of bipolar plates.