Ballard Power Systems: Progress Hasn't Mitigated Uncertainties

Ballard Power Systems: Progress Hasn't Mitigated Uncertainties

Ballard Power Systems Inc. reported moderate revenue momentum in Q2, but the backlog finally showed an improvement due to strong orders. Cost cuts in R&D and manufacturing have cut BLDP's losses significantly, enabling a very long cash runway. The GeoPura acquisition deepens BLDP's position in the hydrogen value chain. BLDP trades at a discount to peers, but the discount alone isn't enough to support an investment case.

Ballard Power Systems Inc. ( BLDP ) reported its Q2 earnings on the 31 st of July. The hydrogen fuel cell company’s momentum improved despite relatively modest revenue growth – the backlog finally improved due to new orders.