Group 1 - The focus has shifted from primarily tech stocks to include offshore drilling, supply industry, and shipping sectors such as tankers, containers, and dry bulk [1] - There is an emerging interest in the fuel cell industry, which is still in its nascent stage [1] Group 2 - The individual has a background in auditing with PricewaterhouseCoopers and transitioned to day trading nearly 20 years ago [2] - The experience includes navigating significant market events such as the dotcom bubble, the aftermath of the World Trade Center attacks, and the subprime crisis [2]

Financial Data and Key Metrics Changes - In Q3, Ballard reported total orders of $14.8 million, a decrease of 45% year-over-year due to slowing customer demand [14] - The gross margin was negative 56%, which is 45 points lower compared to the same period last year [15] - Total operating expenses were $54.9 million, up 58% or $20.2 million year-over-year, primarily due to a restructuring charge of $16.1 million [16] - The company incurred approximately $147 million in non-cash impairment charges, including $40 million of goodwill and $107 million of property, plant, and equipment (PP&E) [19] - Cash operating costs in the quarter were $28 million, and the company ended the quarter with approximately $635.1 million in cash and cash equivalents [17][19] Business Line Data and Key Metrics Changes - Product sales accounted for approximately 93% of total revenue, continuing an increasing trend as the company transitions to a commercial products company [14] - Bus revenue increased by 33% to $11.2 million in the quarter, while other verticals saw decreases [14] Market Data and Key Metrics Changes - The company removed certain previously booked orders from its order backlog due to heightened concerns regarding market adoption risks [9] - New order intake was disappointing at only $7.1 million during Q3, but a pickup in new orders is expected in Q4 [10] Company Strategy and Development Direction - The company initiated a global corporate restructuring to align with delayed market adoption, which includes workforce reduction and rationalization of product development programs [5][6] - The Texas gigafactory expansion program has been repositioned to an optionality plan, with a final investment decision deferred to 2026 [7] - The company remains focused on developing next-generation, low-cost fuel cell products while maintaining disciplined spending [12] Management's Comments on Operating Environment and Future Outlook - Management noted a difficult moment in the hydrogen and fuel cell industry due to an uncertain macroeconomic and geopolitical outlook, leading to a multi-year push out of hydrogen project development [4] - The company expects its global restructuring to reduce total annualized operating costs by more than 30%, with substantial savings realized in 2025 [8] - Management expressed high conviction in hydrogen and PEM fuel cells playing an important role in decarbonizing heavy mobility and stationary power applications [12] Other Important Information - The company is conducting a strategic review of its China strategy, including the Weichai Ballard joint venture, due to continued policy challenges and underperformance [6] - The company has secured new orders from New Flyer for 200 fuel cell engines and a repeat order from a European bus OEM for 80 fuel cell engines [11] Q&A Session Summary Question: Order environment and activity in heavy-duty markets - Management noted muted order intake for Q3 but expressed optimism about new order intake for Q4, particularly in bus, rail, and stationary markets, while the truck and marine markets are facing challenges [21][22] Question: CapEx expectations - Management indicated that the low to mid end of the current guidance range for capital expenditures is a reasonable expectation for 2025 [23] Question: Impact of U.S. election on adoption timeline - Management stated that the business plan is resilient to changes in administration and highlighted expectations for policy implementation on 45V by the end of the year [25][26] Question: Insights on order backlog and market trends - Management characterized the broader market trend as deferred market adoption due to policy uncertainty and noted a relatively high market share in bus and rail applications [32][33] Question: Customer deployment phase and order volume - Management reported securing approximately 1,600 fuel cell engines for buses in Europe and North America over the last 12 months, indicating a shift from demonstration to real deployments [39] Question: China JV and receivable write-off - Management confirmed that all options regarding the Weichai-Ballard JV are on the table, including hibernation and exit, and discussed the prudent decision to take an impairment on a receivable due to disagreements on milestone developments [45][46] Question: Restructuring and product development focus - Management emphasized a shift in focus towards next-generation products, particularly in the bus market, while reducing investment in legacy products [48][49] Question: Pricing trends and cost per kilowatt - Management indicated that pricing trends vary by application, with costs per kilowatt ranging from $700 to over $1,000 depending on the application [72]

For the quarter ended September 2024, Ballard Power Systems (BLDP) reported revenue of $14.76 million, down 46.5% over the same period last year. EPS came in at -$0.19, compared to -$0.12 in the year-ago quarter.The reported revenue represents a surprise of -40.36% over the Zacks Consensus Estimate of $24.74 million. With the consensus EPS estimate being -$0.13, the EPS surprise was -46.15%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compa ...

Ballard Power Systems (BLDP) came out with a quarterly loss of $0.19 per share versus the Zacks Consensus Estimate of a loss of $0.13. This compares to loss of $0.12 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -46.15%. A quarter ago, it was expected that this fuel cell technology company would post a loss of $0.13 per share when it actually produced a loss of $0.11, delivering a surprise of 15.38%.Over the last four quarte ...

VANCOUVER, BC, Nov. 5, 2024 /PRNewswire/ - Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) today announced consolidated financial results for the third quarter ended September 30, 2024. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS)."We had a tough quarter, marked by weak revenue, strained gross margin, soft new order intake, adverse order book adjustments, a restructuring charge of $16.1 million, and non-c ...

The market expects Ballard Power Systems (BLDP) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to ...

VANCOUVER, BC, Oct. 3, 2024 /PRNewswire/ - Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) will hold a conference call on Tuesday, November 5th, 2024 at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) to review third quarter 2024 operating results.The live call can be accessed by dialing +1-844-763-8274 (Canada/US toll free). Alternatively, a live webcast can be accessed through a link on Ballard's homepage (www.ballard.com). Following the call, the webcast will be archived in the 'Earnings, Interviews & ...

VANCOUVER, BC, Sept. 12, 2024 /PRNewswire/ - Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) today announced a global corporate restructuring to reduce corporate spending and in order to maintain balance sheet strength amid a slowdown in hydrogen infrastructure development and delayed fuel cell adoption."As discussed during our recent earnings call, in the context of a challenging macroeconomic and geopolitical outlook and amid protracted policy uncertainty, we see a multi-year push-out of the availability ...

Investment Rating - The report maintains an **OUTPERFORM** rating for Ballard Power Systems (BLDP US) with a target price of $6.50 [42] Core Views - The market is expected to react slightly negatively to Ballard's Q2 2024 results due to a net loss of $31.5 million, higher than market expectations, driven by low revenue and fixed cost pressures [2] - Ballard reaffirmed its 2024 operating expense guidance of $145-165 million but reduced its capital expenditure guidance from $50-70 million to $25-40 million [2] - The company expects revenue to be weighted towards the second half of 2024, with corresponding gross margin expansion [2] - Ballard did not reiterate its expectation of achieving breakeven by FY2025, with EBITDA profitability projected for 2027-2028 and gross margins in the low 20% range [2] - Q2 2024 revenue was $16 million, below the consensus estimate of $18.7 million, with a gross margin of -32%, worse than the expected -15% [2] - Backlog decreased from $180.5 million in Q1 2024 to $169.5 million in Q2 2024, with 12-month orders dropping from $79.7 million to $75.5 million [2] Financial Performance - Q2 2024 revenue grew 11% quarter-over-quarter and 5% year-over-year, driven by the Power Products division [2] - Gross loss improved slightly to -$5.1 million in Q2 2024 from -$5.4 million in Q1 2024, due to increased revenue and cost reduction initiatives [2] - EBITDA loss was $37.5 million, slightly worse than the consensus estimate of $36.4 million [4] - Net loss for Q2 2024 was $31.5 million, a 24% improvement from Q1 2024 but 5% worse year-over-year [4] Strategic Outlook - Ballard's future capital expenditure guidance over the next five years is $300 million [2] - No updates were provided on the $130 million MEA factory in Shanghai, which is still under review [3]

Scharfsinn86/iStock via Getty Images I have covered Ballard Power Systems Inc. (NASDAQ:BLDP) (TSX:BLDP:CA) previously, so investors should view this as an update to my earlier articles on the company. On Monday, leading Canadian fuel cell systems developer Ballard Power Systems Inc. ("Ballard" or "Ballard Power") reported another set of weak quarterly results with poor margins and revenues coming in well below consensus expectations: Company Press Releases Adding insult to injury, new order intake of ju ...