Latest news with #MartyNeese
Yahoo
5 days ago
- Automotive
- Yahoo
Ballard Reports Strategic Realignment To Strengthen Commercial Focus And Achieve Positive Cash Flow Under New Management
Ballard Power Systems Inc. (NASDAQ:BLDP) is among the 11 Best Hydrogen Stocks to Invest in Now. Ballard Power Systems Inc. (NASDAQ:BLDP) has announced a strategy realignment under new President and CEO Marty Neese with the goal of strengthening commercial focus and achieving positive cash flow by the end of 2027. The strategy calls for tighter portfolio integration, staff modifications, and a 30% decrease in yearly operating expenses in 2026 compared to H1 2025. Photo by Tommy Krombacher on Unsplash The change is the result of an evaluation of market conditions and Ballard Power Systems Inc. (NASDAQ:BLDP)'s capabilities, with a focus on near-term prospects where its PEM fuel cell technologies have shown market fit. Priorities include focusing on high-traction fuel cell solutions, terminating non-core programs, expediting next-generation stack preparation, and raising gross margins through cost-cutting and value-based pricing. Ballard Power Systems Inc. (NASDAQ:BLDP), backed by $550 million in cash as of June 30, 2025, will manage working capital, optimize inventory, and restrict capital expenditures. Neese focused on developing an economically viable corporation based on operational excellence, supplying mobility markets such as buses, trucks, trains, maritime, and stationary electricity. It is ranked ninth on our list of the Best Hydrogen Stocks. While we acknowledge the potential of BLDP as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 High-Growth EV Stocks to Invest In and 13 Best Car Stocks to Buy in 2025. Disclosure. None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
11-08-2025
- Business
- Cision Canada
Ballard Reports Q2 2025 Results
VANCOUVER, BC, Aug. 11, 2025 /CNW/ - Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) today announced consolidated financial results for the second quarter ended June 30, 2025. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS). Highlights Ballard initiated a strategic realignment to achieve positive cash flow by year-end 2027 and included actions to reduce annualized operating costs by ~30% relative to the first half of 2025. Revenue of $17.8 million, up 11% YoY and gross margin of (8%), a 24 point increase YoY. 27% reduction in Cash Operating Costs 1 due to 2024 restructuring actions and 19% reduction in Total Operating Expenses 2 driven primarily by 2024 restructuring actions, partially offset by initial restructuring costs related to the July restructuring. Q2 ended with $550.0 million in cash and cash equivalents. "We have made progress with respect to improving our financial performance and with our recently announced strategic realignment we have established a core goal to achieve positive cash flow by year-end 2027" said Marty Neese Ballard's newly appointed President and CEO. "Our focus needs to be on real, near-term opportunities where Ballard delivers clear value along with a sustainable business model that emphasizes operational excellence and cost discipline." "The restructuring plan, announced in July, aims to reduce Ballard's annualized operating costs by approximately 30%, a majority of which will be driven by an immediate reduction in workforce," continued Mr. Neese. "The plan also includes product portfolio simplification focusing on our strongest products and continued product cost reduction activities. This, along with more rigorous value-based pricing strategies, will support margin expansion. We will continue to limit capital expenditure and closely manage our cash to support our balance sheet. We expect majority of restructuring charges to be recognized in the third quarter, and the full benefit of reduced operating expenses in 2026." "Though the macro landscape continues to be dynamic, deliveries to our bus and rail customers remained on pace, driving year-over-year revenue growth of 11%. We continue to make meaningful progress on Project Forge, our high volume bi-polar plate line, and a key product cost reduction initiative. Even as Q2 order intake was challenged, we secured new orders, including one of the largest marine orders on record to eCap and Samskip that was announced after the quarter end." Mr. Neese concluded, "We continue to believe in the necessary role of hydrogen and fuel cells to decarbonize select heavy mobility and stationary power applications and we have taken action to continue our leadership position in this space. With $550 million in cash, no bank debt and no financing requirement for the foreseeable future, we are well positioned to reliably serve our customers over the long term as we move forward on our mission." Q2 2025 Financial Highlights (all comparisons are to Q2 2024 unless otherwise noted) Total revenue was $17.8 million in the quarter, up 11% year-over-year. Heavy Duty Mobility revenue of $16.1 million, 22% higher year-over-year, driven by bus and rail deliveries to North American and European customers. Gross margin was (8%) in the quarter, an improvement of 24-points year-over-year, due to lower manufacturing overhead costs from restructuring actions taken in 2024 and a net reduction in onerous contract provisions. Total Operating Expenses 2 were $31.7 million, a decrease of 12%, as a result of our reduced global operating cost structure from our 2024 restructuring activities and includes $6.3 million in restructuring and other charges incurred in the quarter. Excluding these charges, Total Operating Expenses 2 decreased by 30% year-over-year. Cash Operating Costs 1 were $22.7 million, a decrease of 27%, also driven by the 2024 restructuring. Total Cash Used by Operating Activities was $20.3 million, compared to $35.1 million in the prior year. Cash and cash equivalents were $550.0 million at the end of Q2 2025, compared to $678.0 million in the prior year. Adjusted EBITDA 1 was ($30.6) million, compared to ($35.4) million in Q2 2024, driven primarily by the improvement in gross margin, and by lower Cash Operating Costs. These improvements were partially offset by higher restructuring and related expenses and higher impairment losses on trade receivables. Order Backlog at the end of Q2 2025 was $146.2 million, a decrease of 7% compared to the end of Q1 2025 as the result of soft order intake of $8.3 million and removal of certain high-risk orders. The 12-month Orderbook was $84.3 million at end-Q2, a decrease of $8.0 million or 9% from the end of Q1 2025. 2025 Outlook Consistent with our past practice, and in view of the early stage of hydrogen fuel cell market development, specific revenue and net income (loss) guidance for 2025 is not provided. We expect revenue in 2025 will be back-half weighted. Restructuring actions taken in July 2025 may result in revisions to our guidance ranges to be updated at a future date. At this time, Total Operating Expense 2, excluding restructuring charges, and Capital Expenditure 3 are expected to be at the low end of their respective guidance ranges. With restructuring charges included, Total Operating Expense 2 is expected to be at the high end of the guidance range. Total Operating Expense 2 and Capital Expenditure 3 guidance ranges for 2025 are as follows: Q2 2025 Financial Summary (Millions of U.S. dollars) Three months ended June 30 2025 2024 % Change REVENUE Fuel Cell Products & Services:4 Heavy-Duty Mobility $16.1 $13.2 22 % Bus $8.8 $11.0 (20 %) Truck $0.1 $1.7 (95 %) Rail $7.2 $0.0 179025 % Marine $0.0 $0.5 (94 %) Stationary $0.5 $1.7 (67 %) Emerging and Other Markets $1.2 $1.2 2 % Total Fuel Cell Products & Services Revenue $17.8 $16.0 11 % PROFITABILITY Gross Margin $ ($1.5) ($5.1) 71 % Gross Margin % (8 %) (32 %) 24pts Total Operating Expenses 2 $31.7 $36.2 (12 %) Cash Operating Costs1 $22.7 $30.9 (27 %) Equity loss in JV & Associates ($0.4) ($0.5) 20 % Adjusted EBITDA1 ($30.6) ($35.4) 13 % Net Loss from Continuing Operations ($24.3) ($31.5) 23 % Loss Per Share from Continuing Operations ($0.08) ($0.11) 23 % CASH Cash provided by (used in) Operating Activities: Cash Operating Loss ($20.8) ($25.5) 18 % Working Capital Changes 0.5 ($9.6) 105 % Cash used by Operating Activities ($20.3) ($35.1) 42 % Cash and cash equivalents $550.0 $678.0 (19 %) For a more detailed discussion of Ballard Power Systems' first second 2025 results, please see the company's financial statements and management's discussion & analysis, which are available at and Ballard today also announced a change to its Board of Directors, with Yingbo Wang stepping down and Huajie Wang appointed as a Weichai nominee director. The Board thanked Yingbo for his valuable contributions and welcomed Huajie, who will bring extensive experience and strategic insight to the Board. Conference Call Ballard will hold a conference call on Monday August 11, 2025 at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) to review first quarter 2025 operating results. The live call can be accessed by dialing +1-833-821-2814 (Canada/US toll free). Alternatively, a live audio and webcast can be accessed through a link on Ballard's homepage ( Following the call, the audio webcast and presentation materials will be archived in the 'Earnings, Interviews & Presentations' area of the 'Investors' section of Ballard's website ( About Ballard Power Systems Ballard Power Systems' (NASDAQ: BLDP; TSX: BLDP) vision is to deliver fuel cell power for a sustainable planet. Ballard zero- emission PEM fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels, and stationary power. To learn more about Ballard, please visit Important Cautions Regarding Forward-Looking Statements Some of the statements contained in this release are forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws, such as statements concerning the markets for our products, Order Backlog, expected revenues, gross margins, operating expenses, capital expenditures, corporate development activities, and impacts of investments in manufacturing and R&D capabilities and cost reduction initiatives. These forward-looking statements reflect Ballard's current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Since forward-looking statements are not statements of historical fact and address future events, conditions and expectations, forward-looking statements by their nature inherently involve unknown risks, uncertainties, assumptions and other factors well beyond Ballard's ability to control or predict. Actual events, results and developments may differ materially from those contemplated by such forward-looking statements. Any such statements are based on Ballard's assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, market demand and financing needs. For a detailed discussion of the factors and assumptions that these statements are based upon, and factors that could cause our actual results or outcomes to differ materially, please refer to Ballard's most recent management discussion & analysis. Other risks and uncertainties that may cause Ballard's actual results to be materially different include general economic and regulatory changes, detrimental reliance on third parties, level of achievement of our business plans, achieving and sustaining profitability, changes that affect how long our cash reserves will last and the timing of, and ability to obtain, required regulatory approvals. For a detailed discussion of these and other risk factors that could affect Ballard's future performance, please refer to Ballard's most recent Annual Information Form. These forward-looking statements represent Ballard's views as of the date of this release. There can be no assurance that forward-looking statements will prove to be accurate, as actual events and future events could differ materially from those anticipated in such statements. These forward-looking statements are provided to enable external stakeholders to understand Ballard's expectations as at the date of this release and may not be appropriate for other purposes. Readers should not place undue reliance on these statements and Ballard assumes no obligation to update or release any revisions to them, other than as required under applicable legislation. Endnotes 1 Note that Cash Operating Costs, EBITDA, and Adjusted EBITDA are non-GAAP measures. Non-GAAP measures do not have any standardized meaning prescribed by GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. Ballard believes that Cash Operating Costs, EBITDA, and Adjusted EBITDA assist investors in assessing Ballard's operating performance. These measures should be used in addition to, and not as a substitute for, net income (loss), cash flows and other measures of financial performance and liquidity reported in accordance with GAAP. For a reconciliation of Cash Operating Costs, EBITDA, and Adjusted EBITDA to the Consolidated Financial Statements, please refer to the tables below. Cash Operating Costs measures total operating expenses excluding stock-based compensation expense, depreciation and amortization, impairment losses or recoveries on trade receivables, restructuring charges, acquisition related costs, the impact of unrealized gains or losses on foreign exchange contracts, and financing charges. EBITDA measures net loss excluding finance expense, income taxes, depreciation of property, plant and equipment, and amortization of intangible assets. Adjusted EBITDA adjusts EBITDA for stock-based compensation expense, transactional gains and losses, acquisition related costs, finance and other income, recovery on settlement of contingent consideration, asset impairment charges, and the impact of unrealized gains or losses on foreign exchange contracts. 2 Total Operating Expenses refer to the measure reported in accordance with IFRS. 3 Capital Expenditure is defined as Additions to property, plant and equipment and Investment in other intangible assets as disclosed in the Consolidated Statements of Cash Flows. 4 We report our results in the single operating segment of Fuel Cell Products and Services. Our Fuel Cell Products and Services segment consists of the sale of PEM fuel cell products and services for a variety of applications including Heavy-Duty Mobility (consisting of bus, truck, rail, and marine applications), Stationary Power, and Emerging and Other Markets (consisting of material handling, off-road, and other applications). Revenues from the delivery of Services, including technology solutions, after sales services and training, are included in each of the respective markets. (Expressed in thousands of U.S. dollars) Three months ended June 30, Cash Operating Costs 2025 2024 $ Change Total Operating Expenses $ 31,705 $ 36,228 $ (4,523) Stock-based compensation expense (2,289) (2,568) 279 Impairment recovery (losses) on trade receivables (491) (21) (470) Acquisition related costs - - - Restructuring and related (costs) recovery (5,851) (161) (5,690) Impact of unrealized gains (losses) on foreign exchange contracts 249 (126) 375 Depreciation and amortization (659) (2,436) 1,777 Cash Operating Costs $ 22,664 $ 30,916 $ (8,252) (Expressed in thousands of U.S. dollars) Three months ended June 30, EBITDA and Adjusted EBITDA 2025 2024 $ Change Net loss from continuing operations $ (24,280) $ (31,463) $ 7,183 Depreciation and amortization 963 3,749 (2,786) Finance expense 495 590 (95) Income taxes (recovery) 24 68 (44) EBITDA $ (22,798) $ (27,056) $ 4,258 Stock-based compensation expense 2,289 2,568 (279) Acquisition related costs - - - Finance and other (income) loss (10,819) (11,015) 196 Impairment charge on property, plant and equipment 939 - 939 Gain on sale of property, plant and equipment (3) - (3) Impact of unrealized (gains) losses on foreign exchange contracts (249) 126 (375) Adjusted EBITDA $ (30,641) $ (35,377) $ 4,736 SOURCE Ballard Power Systems Inc.
Globe and Mail
31-07-2025
- Business
- Globe and Mail
Ballard Announces Strategic Realignment to Strengthen Commercial Focus and Achieve Positive Cash Flow Under New Leadership
VANCOUVER, BC , /CNW/ - Ballard today announced the launch of a bold strategic realignment led by newly appointed President and CEO, Marty Neese , to position the Company for disciplined growth, sharper market execution, and stronger financial performance in line with current commercial realities. This decisive shift reflects an important leadership agenda and marks a fundamental reset in how the Company operates, prioritizes innovation, and delivers value to customers, given the current market dynamics. "Today's plan is not about waiting for a market to emerge — it's about focusing on the market that is," said Mr. Neese. "We are aligning the Company around real, near-term opportunities where we have proven product-market fit and clear customer value, while driving toward a sustainable business model rooted in operational excellence and margin discipline." The realignment is grounded in a robust assessment of customer needs, market dynamics, and Ballard's own capabilities. With a strong balance sheet, high-performing products, and world-class customers, Ballard is shifting from aspirational growth to commercially validated execution which emphasizes Total Cost of Ownership, scalability, and measurable returns for customers. Key elements of the strategic realignment include: Path to Positive Cash Flow: A core outcome of the realignment is a structured plan to achieve positive cash flow by year-end 2027, through enhanced cost discipline, market prioritization, pricing improvements, and optimized working capital. Operational Efficiency: Ballard expects to reduce annualized operating costs by at least 30% in 2026 relative to the first half of 2025, through immediate workforce adjustments, tighter portfolio integration, and streamlined operations. Sharpened Market and Product Focus: Ballard plans to prioritize fuel cell products with the strongest commercial traction, discontinue non-core programs, and focus product development on efforts to reduce system costs, accelerate next-gen stack readiness, and drive higher-margin offerings. Margin Expansion Initiatives: Ballard is targeting enhanced gross margins through lower product costs, value-based pricing, and elevated customer service. Disciplined Capital and Cash Management: Ballard plans to continue limiting capital expenditures and rigorously manage cash, with a focus on inventory optimization and working capital control, to sustain financial strength. As of June 30, 2025 , the Company held approximately $550 million in cash and cash equivalents. "Our strategy is grounded in focus, execution, and value," Mr. Neese continued. "We are building a company that is not just innovative, but commercially durable. One that serves customers today with clarity and delivers shareholder value through prudent growth." While the plan involves difficult decisions, including workforce reductions, the Company remains committed to supporting impacted employees through the transition and honoring their contributions to its journey. Marty Neese concluded, "We remain steadfast in our belief that hydrogen and fuel cells are essential to decarbonizing global mobility. This realignment ensures we can lead in this transition — not with hope in a future market, but with discipline, readiness, and focus." About Ballard Power Systems Ballard Power Systems' (NASDAQ: BLDP; TSX: BLDP) vision is to deliver fuel cell power for a sustainable planet. Ballard zero-emission PEM fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels, and stationary power. To learn more about Ballard, please visit This release contains forward-looking statements concerning, anticipated outcomes of restructuring activities, product development efforts, product pricing initiatives, and impacts to cash flow, operating expenses and capital expenditures. These forward-looking statements reflect Ballard's current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such forward-looking statements are based on Ballard's assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand. These statements involve risks and uncertainties that may cause Ballard's actual results to be materially different, including general economic and regulatory changes, detrimental reliance on third parties, successfully achieving our business plans and achieving and sustaining profitability. For a detailed discussion of these and other risk factors that could affect Ballard's future performance, please refer to Ballard's most recent Annual Information Form. Readers should not place undue reliance on Ballard's forward-looking statements and Ballard assumes no obligation to update or release any revisions to these forward-looking statements, other than as required under applicable legislation.
Business Insider
22-07-2025
- Automotive
- Business Insider
Ballard Power announces order for 6.4 MW to eCap Marine for Samskip vessels
Ballard Power (BLDP) Systems announced the signing of a new purchase order for the supply of 6.4 MW of fuel cell engines to eCap Marine GmbH, a long-standing expert in emission free power, for deployment on two vessels by Samskip, one of the largest multimodal European operators specializing in short sea, rail, road and barge services. The 32 FCwave-200 kW engines will be integrated into green marine propulsion systems by eCap Marine and power two vessels in Samskip's fleet to decarbonize routes between Norway and the Netherlands. The order continues the collaboration with eCap Marine which started in 2021. Delivery of the engines is planned for 2025 and 2026. 'We're proud to expand our partnership with eCap Marine and Samskip with one of the largest marine fuel cell engine orders in history,' said Marty Neese, President & CEO, Ballard Power Systems. 'Deploying our fuel cell engines on these two Samskip vessels provides a critical validation point for the use of PEM fuel cell propulsion for maritime applications.' Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with , delivered to your inbox every week.
Malaysian Reserve
22-07-2025
- Business
- Malaysian Reserve
Ballard announces order for 6.4 MW to eCap Marine for Samskip vessels
VANCOUVER, BC, July 21, 2025 /CNW/ – Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) today announced the signing of a new purchase order for the supply of 6.4 MW of fuel cell engines to eCap Marine GmbH ('eCap Marine', a long-standing expert in emission free power, for deployment on two vessels by Samskip ( one of the largest multimodal European operators specializing in short sea, rail, road and barge services. The 32 FCwave™-200 kW engines will be integrated into green marine propulsion systems by eCap Marine and power two vessels in Samskip's fleet to decarbonize routes between Norway and the Netherlands. The order continues the collaboration with eCap Marine which started in 2021. Delivery of the engines is planned for 2025 and 2026. 'We're proud to expand our partnership with eCap Marine and Samskip with one of the largest marine fuel cell engine orders in history,' said Marty Neese, President & CEO, Ballard Power Systems. 'Deploying our fuel cell engines on these two Samskip vessels provides a critical validation point for the use of PEM fuel cell propulsion for maritime applications.' Lars Ravens, Managing Director of eCap Marine stated, 'Our continued collaboration with Ballard is central to our mission to decarbonize marine transport. This latest order exemplifies our shared commitment to operational excellence and environmental stewardship. Together, we are delivering a clean propulsion solution that meets the rigorous demands of long-haul marine operations.' Ballard's FCwave™ is the world's first DNV type-approved fuel cell module for marine applications, ensuring compliance with international maritime safety and design standards. This order is supported by ENOVA, Norway's government agency for energy and climate initiatives, reinforcing the role of public-private collaboration in accelerating the transition to sustainable marine energy solutions. About Ballard Power Systems Ballard Power Systems' (NASDAQ: BLDP; TSX: BLDP) vision is to deliver fuel cell power for a sustainable planet. Ballard zero-emission PEM fuel cells enable electrification of mobility, including buses, commercial trucks, trains, marine vessels, and stationary power. To learn more about Ballard, please visit This release contains forward-looking statements concerning anticipated product deliveries, customer deployments, and customer benefits and market adoption of our products. These forward-looking statements reflect Ballard's current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such forward-looking statements are based on Ballard's assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand. These statements involve risks and uncertainties that may cause Ballard's actual results to be materially different, including general economic and regulatory changes, detrimental reliance on third parties, successfully achieving our business plans and achieving and sustaining profitability. For a detailed discussion of these and other risk factors that could affect Ballard's future performance, please refer to Ballard's most recent Annual Information Form. Readers should not place undue reliance on Ballard's forward-looking statements and Ballard assumes no obligation to update or release any revisions to these forward-looking statements, other than as required under applicable legislation. About eCap Marine eCap Marine, based in Hamburg, Germany, provides innovative solutions for emission-free shipping by covering propulsion or specific loads on board. With in-house experts in naval architecture, electrical engineering, and hydrogen-based fuels, the company offers comprehensive services ranging from feasibility studies and subsidy support to technical design and handling of hydrogen and its derivatives, ensuring all necessary approvals from relevant authorities until delivering these solutions to their customers. eCap Marine specializes in both mobile and containerized power generation solutions, as well as fixed installations under deck, utilizing, for example, hydrogen and batteries. Their initial hydrogen project has been the retrofitting of an offshore supply vessel by designing and delivering a hydrogen generator (H2PowerPac) with integrated battery storage, and swappable hydrogen tanks—enabling the vessel zero-emission operations through the ecologically sensitive Wadden Sea. Further Information Ballard Power Systems:Sumit Kundu –Investor Relations +1.604.453.3517 or investors@ eCap Marine:Josefin Klindt –Sales Manager +49 40 3562577512 or jkl@
