Ballard Power Systems reports Q3 loss, revenue up nearly 30% from year ago

VANCOUVER – Ballard Power Systems Inc. reported a larger loss in its latest quarter compared with a year ago despite a nearly 30 per cent rise in revenue.

The fuel cell company, which keeps its books in U.S. dollars, says it lost US$62.5 million or 21 cents per share for the quarter ended Sept. 30 compared with a loss of US$42.9 million or 14 cents per share a year earlier.

Total fuel cell products and services revenue amounted to US$27.6 million, up from $21.3 million in the same quarter last year.

Ballard says heavy duty mobility revenue was up 67 per cent at US$21.1 million, helped by higher rail and marine revenue, partially offset by lower bus and truck revenue.

The company’s stationary segment fell five per cent to US$2.9 million as lower sales in North America were partially offset by higher revenue in Europe.

Emerging and other markets revenue fell 37 per cent to US$3.6 million due to lower shipments to Europe.

This report by The Canadian Press was first published Nov. 7, 2023.

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