Ballard Power Systems Inc. (NASDAQ:BLDP) shares are trading lower on Thursday after the company reported third-quarter FY25 earnings results.

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Ballard Power reported a net loss from continuing operations of $28.1 million, or 9 cents per share, beating Wall Street expectations for a loss of 11 cents per share.

Revenue was $32.50 million, up 120% year over year (Y/Y) and above the $23.78 million analyst estimate.

Gross margin improved to 15%, up 71 points, driven partly by product cost reductions and lower onerous contract provisions.

Adjusted EBITDA loss narrowed to $31.2 million from $60.1 million a year ago, driven by higher gross margin, reduced cash operating costs, and lower impairment losses on receivables.

Cash Used by Operating Activities came in at $22.9 million, compared with $28.6 ...