Ballard Power Narrows Losses, Unveils Aggressive Cost-Cutting Plan Under New CEO

Ballard Power Systems Inc. (NASDAQ:BLDP) on Monday reported a second-quarter net loss from continuing operations of $24.3 million, or 8 cents per share, beating Wall Street expectations for a loss of 10 cents per share.

Revenue was $17.8 million, up 11% year over year and above the $17.54 million analyst estimate. Gross margin improved to negative 8% from negative 32%, reflecting lower manufacturing overhead and reduced onerous contract provisions.

Heavy Duty Mobility revenue rose 22% to $16.1 million on higher bus and rail deliveries to North American and European customers. Bus revenue fell 20% to $8.8 million, while rail revenue increased sharply to $7.2 million from zero a year ago.

Truck revenue declined 95% to $100,000, marine revenue decreased 94% to about zero; stationary revenue dropped 67% to $500,000; and emerging and other markets ...