Ballard Power Reports Q2 Growth Amid Challenges and Acquisition Plans
Ballard Power's Q2 revenue reached $20.6 million, a 15% increase year-over-year but below previous quarters. The company has a backlog of $156.6 million and is acquiring GeoPura for approximately $400 million, aiming for profitability by 2028.
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Ballard Power reported a Q2 revenue of $20.6 million, marking a 15% increase year-over-year but a decline from the previous quarter's 26% growth. The company's backlog rose to $156.6 million, with new orders totaling $64.4 million in the quarter.
Ballard's acquisition of GeoPura for about $400 million, which includes cash and stock, aims to enhance its hydrogen production and supply chain. Cost-cutting initiatives improved the adjusted EBITDA loss to $9.8 million and increased gross margins to 20%. However, future profitability is contingent on hydrogen market growth and infrastructure development, posing potential risks.
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