Ballard Power Systems Q1 loss grows from year ago, revenue up 9%

VANCOUVER – Ballard Power Systems saw its first-quarter loss deepen compared with a year ago as its revenue rose nine per cent.

The Vancouver-based fuel cell maker, which keeps its books in U.S. dollars, says its loss from continuing operations amounted to US$41.1 million or 14 cents US per share for the quarter ended March 31.

The result compared with a loss of US$32.4 million or 11 cents US per share in the same quarter last year.

Revenue totalled US$14.5 million, up from US$13.2 million in the first quarter of 2023.

Ballard says its heavy duty mobility revenue totalled US$10.6 million, up from US$8.6 million a year ago as strength in its bus business was offset by weaker revenue in its rail and marine business.

Stationary revenue of US$3.7 million was up from US$2.5 million in the same quarter last year, while emerging and other markets revenue totalled US$200,000, down from US$2.1 million a year ago.

This report by The Canadian Press was first published May 7, 2024.

Companies in this story: (TSX:BLDP)