Ballard Power Systems Q3 Loss Narrows

(RTTNews) - Ballard Power Systems (BLDP, BLDP.TO) on Thursday reported a third-quarter net loss from continuing operations $28.1 million or $0.09 per share, compared to $204.5 million or $0.68 per share last year.

Total revenue was $32.5 million in the quarter, up 120% from $14.8 million year-over-year.

Heavy Duty Mobility revenue of $23.4 million, 83% higher year-over-year, driven by bus and rail deliveries to North American and European customers.

"Overall, we had a positive quarter, with year-over-year gains in revenue, gross margin expansion, significant progress in our cost reduction activities, and positive reception of our newest product, the FCmove-SC," said Marty Neese, Ballard President and CEO. "We are seeing sustained interest in bus, rail and material handling, as well as "green shoots" in stationary markets as more low carbon and renewable hydrogen projects pass final investment decision, a key enabler for fuel cell market growth."