Ballard’s revenue remained largely stable but its loss increased due to the pandemic
Ballard’s future bright despite tough 2020
Fuel cell manufacturer extended losses due to the pandemic but has recently signed a heavy-duty railroad deal
Vancouver-based Ballard Power Systems may have missed analyst estimates in the fourth quarter and 2020 as a whole, but the company’s stock price continued to rebound with the release of its financials on 10 March. The day before, Ballard announced a hydrogen fuel-cell deal with Canadian Pacific (CP), one of the two largest railroad companies in Canada. Ballard reported total revenue of $103.9mn last year, a decline of 2pc compared with 2019, with business retarded by the global Covid-19 pandemic. This in turn contributed to a net loss from continuing operations of $49.5mn in 2020, compared with a loss of $35.3mn the previous year. The company’s valuation is approximately 70 times revenues—de
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