Market PositionDespite the solid backlog, Ballard does not offer revenue guidance, only noting the 12 month backlog of $98.9mn is part of the $173.5mn total.
Order Book DeclineNet new orders during the quarter totaled only $6.1 million, and the 12-month and total order book declined, indicating a lack of commercial traction compared to clean energy peers.
Revenue EstimatesAnalyst has lowered revenue estimates for FY 2025/2026, signaling additional risk to the downside.