Ballard Power Reports 45% Revenue Decline Amid Slowing Hydrogen Adoption, Shares Dip

Ballard Power Systems Inc. (NASDAQ:BLDP) shares are trading lower after it reported third-quarter results.

Revenue fell 45% year-over-year to $14.8 million, missing the analyst consensus estimate of $23.6 million. Revenue decreased due to weak customer demand, which reflects a push-out in the adoption curve for hydrogen and PEM fuel cells.

Heavy-Duty Mobility revenue decreased 38% to $12.8 million and, Stationary fell 82% to $0.5 million. Adjusted loss per share of $0.19 missed the consensus estimate for a loss of $0.13.

Total operating expenses for the quarter totaled $54.9 million, a 58% increase. Adjusted EBITDA loss was $60.1 million, compared to a $34.9 million loss a year ago.

Ballard received about $7.1 million in net new orders in the quarter. Order backlog at the end of the quarter was $122.7 million, down 28% quarter over quarter. Ballard ...