Ballard Power Systems Inc. shares were lower Friday morning after the company reported significantly lower revenue in the fourth quarter as it struggles to make progress in the Chinese market.
At 10:10 a.m. ET, shares were down 5.1% at 6.69 Canadian dollars ($4.88).
The Canadian clean-energy fuel-cell company reported revenue of $20.5 million, a 44% decline compared with the prior-year period. Analysts had expected a contraction in revenue for this quarter, but not as pronounced, to $25.3 million in the quarter.
Meanwhile, net loss from continuing operations narrowed to $34.4 million, or 12 cents a share, compared with a wider loss of $43.8 million, or 15 cents a share.
Ballard Power cited a delayed adoption in the China market and low activity levels at the its Weichai-Ballard joint venture, which weighed on its 2022 results.