Ballard Power Systems announced consolidated financial results for the fourth quarter ended December 31, 2024. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).
“2024 was a tough year for the hydrogen and fuel cell industry,” stated Randy MacEwen, Ballard’s President and CEO. “Amidst prolonged policy uncertainty, there was a multi-year push-out in the development of hydrogen projects and the deployment of fuel cell applications. With this backdrop, compounded by a difficult funding environment, an industry rationalization is underway.”
“Our Q4 and full-year 2024 financial results reflect the industry challenges,” said Randy MacEwen. “Q4 revenue was $24.5 million, down 48% compared to Q4 2023. Full-year revenue of $69.7 million was down 32%, although we had a standout year in our Bus vertical, with revenue growth of 51%. Q4 gross margin improved by 9 points year-over-year to (13%), while full-year gross margin of (32%) was 11 points lower than in 2023. Q4 cash operating costs1 decreased by 6% year-over-year as a result of restructuring activities initiated in September, with significant further reductions expected in 2025.”
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