2024-03-12 07:00:00 ET
Summary
- Ballard Power reported mixed Q4 results, as material sales outperformance and record order intake was more than offset by the negative impact from financial challenges at one large customer.
- Based on management's directional guidance, 2024 might be a year with no or even negative sales growth for the company as worldwide fuel cell adoption remains slow.
- Ballard Power finished the year with $751.1 million in cash and cash equivalents or approximately $2.50 per share and no debt.
- At the current rate of cash usage, liquidity will be sufficient for at least another four years.
- While I don't see a compelling reason for initiating or adding to existing positions, the company's strong cash position is keeping me from outright downgrading BLDP shares to "Sell".
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Ballard Power Systems: Mixed Q4 Results And Another Mediocre Year Ahead, Hold