Ballard Power Systems on Wednesday reported a second-quarter loss on lower revenue due to softer performance from its largest segment.
The Canadian fuel cell manufacturer posted a loss of $30.1 million, or 10 cents a share, from a loss of $55.8 million, or 19 cents a share a year earlier.
Total revenue declined by 27% to $15.3 million, virtually in line with analyst expectations of $15.6 million.
Ballard Power saw a decline in revenue in most of its segments, with heavy duty mobility, its largest unit, seeing a drop of 39% to $8.5 million, primarily due to lower revenues from its bus, truck and rail verticals.
Chief Executive Randy MacEwen said, “we expect a busy second half of 2023, with sequential quarterly revenue growth as compared to first half quarters, along with continued progress on our order book to support 2024 revenue growth.”