Ballard Power (TSE:BLDP) has released an update.
Ballard Power Systems experienced a robust fourth quarter in 2023, with revenues soaring to $46.8 million, a 132% increase from the previous year, driven by record shipments of fuel cell engines. The company also reported a significant improvement in gross margins and a 15% growth in product-based Order Backlog compared to the prior year. Optimistic about the future, Ballard highlighted its strong cash position, with $751 million in cash and equivalents, and anticipates further market growth driven by favorable hydrogen policies and strategic investments.
For further insights into TSE:BLDP stock, check out TipRanks’ Stock Analysis page.
