Stock Track | Ballard Power Plunges on Disappointing Q3 Results and Bleak Outlook

Stock Track11-06

Shares of Ballard Power Systems (BLDP) tumbled over 6% in pre-market trading on Monday, following the company's release of its Q3 2024 earnings results. The fuel cell manufacturer reported a significant decline in revenue and a weak order intake, reflecting the challenging industry environment it is currently facing.

The company's Q3 revenue fell by a staggering 45% year-over-year to $14.8 million, with new orders totaling just $11.2 million in the quarter. Ballard Power's gross margin plummeted to a negative 56%, a 45-percentage-point decrease from the same period last year. Furthermore, the company incurred non-cash impairment charges of approximately $147 million, including $40 million in goodwill and $107 million related to property, plant, and equipment.

In addition to the weak financial performance, Ballard Power announced a restructuring plan that will result in a charge of $16.1 million in Q3, with an additional $2 million to $5 million expected in Q4. The company cited challenges in securing orders in the truck and marine markets, where market adoption has been slower than anticipated.

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The fuel cell manufacturer reported a ...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BLDP","symbol_name":"巴拉德动力系统","start_time":0,"source_url":"","article_id":"1115967081","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1115967081","pubTimestamp":1730884726,"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Shares of Ballard Power Systems  tumbled over 6% in pre-market trading on Monday, following the company's release of its Q3 2024 earnings results. 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