Ballard Power Systems Reports Q2 Below Street Expectation - Ballard Power Systems (NASDAQ:BLDP)

Ballard Power Systems Inc BLDP reported second-quarter revenue of $20.9 million, a decrease of 16% year-over-year, missing the consensus of $26.46 million.
The company reported a gross loss of $(2.2) million, compared to a profit of $3.8 million a year ago.
EPS loss widened to $(0.19) compared to $(0.07) in 2Q21, missing the consensus of $(0.06).
Adjusted EBITDA loss expanded to $(35) million, compared to $(19.65) million in 2Q21.
Total operating expenses and cash operating costs were $38.5 million (+58% Y/Y) and $32.1 million (+59% Y/Y), respectively, in the quarter. The increase was driven by higher expenditure on research, technology, and product development activities.
Ballard received ~$12.3 million of new orders in Q2 and delivered orders valued at $20.9 million, resulting in an Order Backlog of ~$91.2 million at the end of the quarter.
The 12-month Order Book was $61.4 million, a decrease of $4.3 million from the end of 1Q22.
Ballard's cash used in operating activities was $(39) million in Q2, compared to $(19.6) million a year ago. The company held cash reserves of $1 billion as of June 30, 2022.
"Given the challenging macro-economic outlook, we have decreased our planned investments in 2022....Notwithstanding the current macro-economic context, we remain confident on the long-term opportunities for hydrogen and fuel cells," commented CEO Randy MacEwen.
Price Action: BLDP shares are trading higher by 0.33% at $8.44 on the last check Wednesday.