VANCOUVER, BC – Ballard Power Systems Inc . (NASDAQ:BLDP), a global leader in fuel cell technology, announced today that it will hold a conference call to discuss its third quarter 2024 financial results. The call is scheduled for later this month, with the exact date and details to be confirmed in a subsequent news release.
The notification came as part of Ballard's regulatory filings with the U.S. Securities and Exchange Commission. The company, headquartered in Burnaby, British Columbia, operates under the electrical industrial apparatus industry classification and is incorporated in Zone 4 jurisdiction with a fiscal year ending December 31.
Ballard Power Systems, previously known as 7076991 Canada Inc., underwent a name change on January 2, 2009. As per the filing, the company is committed to reporting under the Form 40-F framework, which is used by foreign private issuers to provide an annual report in accordance with U.S. securities laws.
Kate Igbalode, the Chief Financial Officer of Ballard Power Systems, signed off on the SEC filing dated today, affirming the company's adherence to the reporting requirements stipulated by the 1934 Securities Exchange Act.
Investors and analysts will be looking forward to the conference call to gauge the company's performance and strategic direction amidst a dynamic and competitive landscape in the renewable energy sector. Ballard's commitment to transparency through regular financial disclosures reflects its ongoing engagement with stakeholders and the investment community. The information for this report is based on statements from a press release.
In other recent news, Ballard Power Systems announced a restructuring plan aimed at reducing its operating expenses by over 30%. The initiative arises from slower-than-expected market adoption of the company's products. The company also reported Q2 revenues of $16.1 million, falling short of the expected $18.9 million consensus, and an EBITDA loss of $35.4 million. Despite these outcomes, Ballard's management expressed confidence in achieving positive gross margins in the fourth quarter.
Several financial firms, including Roth/MKM, BMO Capital, and Lake Street Capital Markets, have adjusted their outlook on Ballard, reducing their price targets. Truist Securities and Jefferies also downgraded their targets.
With regard to company developments, Ballard is reconsidering plans for a proposed gigafactory in Texas due to a slower-than-expected increase in demand. However, the company launched its ninth-generation PEM fuel cell engine, the FCmove XD, and made progress with Project Forge to scale graphite bipolar plate production. These are the recent developments for Ballard Power Systems.
InvestingPro Insights
As Ballard Power Systems prepares to announce its third quarter 2024 financial results, investors may benefit from additional context provided by InvestingPro data and tips. The company's market capitalization stands at $529.57 million, reflecting its position in the fuel cell technology sector. However, Ballard faces some financial challenges that investors should consider.
An InvestingPro Tip indicates that Ballard is quickly burning through cash, which could be a concern for stakeholders awaiting the upcoming earnings report. This is further underscored by the company's negative gross profit margin of -22.6% over the last twelve months, suggesting struggles with profitability.
On a positive note, Ballard holds more cash than debt on its balance sheet, providing some financial flexibility. The company's revenue growth of 52.35% over the last twelve months also shows potential for expansion in the renewable energy market.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips that could provide valuable insights into Ballard's financial health and market position.
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