Significant Revenue Growth
Ballard Power Systems reported a 120% year-over-year revenue increase, largely driven by bus and rail segments, contributing to more than 70% of this quarter's revenue.
Positive Gross Margin Achievement
The company achieved a positive gross margin of 15%, reflecting progress in reducing product costs and a net reduction in onerous contract provisions.
Strong Balance Sheet and Cash Management
Ballard ended the quarter with $525.7 million in cash and cash equivalents, no bank debt, and no near-term financing requirements, highlighting a strong balance sheet.
FC Move SC Launch
Positive feedback from OEMs was received for the newly launched FC Move SC at Bus World, noted for its higher power density and simpler functionality.
Largest Marine Order to Date
Ballard recorded their largest marine order of 6.4 megawatts to ECAP and Samskip, marking significant progress in the marine segment.