CA - Ballard Power Systems: Strong Q1 Order Intake But Outlook Still Murky
2024-05-08 07:51:07 ET
Summary
- Leading Canadian fuel cell systems developer Ballard Power Systems reported weak Q1/2024 results, with revenues and profitability below consensus expectations.
- Order intake was strong, mostly as the company secured a number of multi-year supply agreements with existing customers.
- During Q1, the company used $29.5 million in cash and finished the quarter with $720.7 million in cash and cash equivalents. Ballard Power Systems continues to have no debt.
- With the required investment in the proposed U.S. gigafactory shortening the company's cash runway by approximately one year, BLDP might be required to raise additional capital by 2027 at the latest point.
- In sum, with no clear path to sustained growth and profitability, there's still little to get excited about at Ballard Power Systems.
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Ballard Power Systems: Strong Q1 Order Intake But Outlook Still Murky