Revenue Growth
Ballard Power Systems reported a revenue increase of 11% year-over-year, with growth particularly in the rail vertical.
Gross Margin Improvement
Gross margin improved by 24 points compared to Q2 of last year, reflecting cost efficiencies driven by restructuring activities and a net reduction in onerous contract provisions.
Cash Position
The company closed the quarter with $550 million in cash and cash equivalents, with no bank debt, providing confidence in funding operations and strategic initiatives without near-term financing.
New Marine Order
Ballard secured one of the largest marine orders in its history with eCap and Samskip, indicating strong performance in the marine segment.
Restructuring and Cost Reduction
Operating expenses decreased by 28% compared to Q2 of 2024, excluding initial restructuring and related charges, with a cash operating cost reduction of 27% year-over-year.