By Adriano Marchese

Ballard Power Systems' loss narrowed in the first quarter as a strong bus market helped drive revenue growth.

The Canadian hydrogen fuel-cell manufacturer posted on Tuesday a net loss of $21 million, or 7 cents a share, compared with a loss of $41.1 million, or 14 cents a share, in the comparable quarter a year ago.

According to FactSet, analysts were expecting a loss of 11 cents a share.

Revenue rose 6% to $15.4 million, thanks in part to a 31% increase in engine shipments, but missing forecasts of a rise to $17.3 million.

Its heavy duty mobility segment saw a 22% jump in revenue, thanks to higher revenue from busses, while truck, rail and marine saw significant declines in revenue. The stationary segment, its smallest, saw an 84% growth to $600,000.

Chief Executive Randy MacEwen said that after a strong intake of new orders in the previous quarter, this period's orders came in a soft due to delays and tariff uncertainties but said that this should bounce back.

Order backlog at the end of the quarter was $158.0 million, a decrease of 9% due to delivering more revenue in the period than new orders it received.

"While certain sales opportunities were delayed as the hydrogen and fuel cell industry continues to undergo rationalization and compounded by tariff uncertainties, we expect significant orders over the coming quarters," MacEwen said.

Ballard doesn't typically issue guidance due to the early-stage nature of the hydrogen fuel cell market but said that it expects revenue in the year to be back-half weighted.

For expenses, the company has set a guidance for total operating expense to $100 million to $120 million, and capital expenditures of between $15 million and $25 million.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

May 06, 2025 08:10 ET (12:10 GMT)

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