Ballard Power reports Q3 EPS (21c), consensus (13c)

Reports Q3 revenue $27.6M, consensus $26.2M. “We delivered robust revenue growth in Q3, with shipments to our core mobility markets substantially improved both year-over-year and quarter-over-quarter,” said Randy MacEwen, CEO. “Revenue generated from Power Products represented close to 80% of total revenues in the quarter, tracking the consistent increase in product revenues as a proportion of our total Order Backlog. Concurrent with our strong revenue growth in Q3, we also delivered a substantial improvement in our gross margin performance. We are pleased with the momentum heading into Q4 as we continue to focus on Q4 deliveries, customer platform wins, order intake for 2024 revenue, and product cost reduction initiatives. Amidst an uncertain economic environment, we continue to exercise cost discipline, with Q3 cash operating costs roughly flat and cash burn significantly reduced compared to the prior year. We continue to track to our full-year guidance ranges for operating and capital expenditures, and we ended the quarter with cash and cash equivalents of $781M”.