2024 financials lead to Ballard cutting costs
By Luke Willetts - 21st April 2025

Ballard HQ in Burnaby, British Columbia
USA / Canada – With news of a major corporate restructuring and plans to delay its Ballard Rockwall Giga 1 project in Texas due to a downturn in the hydrogen market, Canadian fuel cell systems manufacturer Ballard Power Systems Inc, based in Burnaby, British Columbia, published a disappointing set of 2024 financial results. Annual revenue declined by 32% from 2023 figures (USD 102.368 million) to USD 69.731 million. The net loss in 2024 (USD 324.245 million) almost doubled from 2023 (USD 177.716 million). These figures reflect the challenges Ballard faced in 2024, including policy uncertainties and delayed hydrogen project developments. Despite these hurdles, the company achieved significant milestones, which we document in this article.
Corporate restructuring and delay in infrastructure projects
Early 2024, the company and the industry writ-large were full of optimism. Ballard announced plans for a USD 200 million twenty-two acre fuel cell production Gigafactory (“Ballard Rockwall Giga 1”) in Rockwall, Texas. Through a spokesperson, Ballard said that it has decided to delay the project with hopes of reviving it, but with a new Presidency, the previously secured USD 40 million in subsidies/grants from the U.S. Department of Energy’s (DOE) Hydrogen and Fuel Cell Technologies Office will be hard to claw back. The facility was expected to manufacture up to 8 million membrane electrode assemblies (MEAs), 8 million bipolar plates, 20,000 fuel cell stacks, and up to 20,000 fuel cell engines per year, or the equivalent of 3 gigawatts of fuel cells. But c'est la vie as our French speaking Canadian colleagues over at Ballard would say.
This was a sign of things to come as later in the year, Randy MacEwen, Ballard President and CEO, announced major corporate restructuring as a result of delays in hydrogen infrastructure development and slower-than-expected adoption of fuel cell technology. The restructuring aims to reduce operating expenses by over 30%. Key actions include workforce reductions, rationalisation of product development programs, and cuts to capital expenditures. These measures are intended to align the company with the slower market growth while maintaining its commitments to existing customers. Ballard is expected to complete the restructuring by 2025 and will also see changes in its leadership team.
As part of our restructuring, Paul Dobson and Mark Biznek stepped down from their roles as Chief Financial Officer and Chief Operating Officer, respectively. Kate Igbalode assumed the role of CFO, while Lee Sweetland took over as COO at the end of 2024. Jacqueline Dedo was also appointed to the company’s Board of Directors.
Orders
The company inked some significant orders this year including an agreement with bus and coach corporation NFI Group Inc (brands include New Flyer, Alexander Dennis, and MCI) of Winnipeg, Manitoba, Canada, to supply 100 hydrogen fuel cell engines (FCmove-HD) to power New Flyer’s Xcelsior Charge FC buses in North America. Deliveries occurred throughout 2024 with the engines built at Ballard’s facility in Bend, Oregon in the U.S.
In Europe, the company signed a long-term supply agreement with Polish bus manufacturer, Solaris Bus & Coach sp. z o.o. of Bolechowo, to supply 1,000 hydrogen fuel cell engines to power Solaris buses, the largest single order in Ballard’s history! The 1000 units are made up of approximately 800 FCmove-HD 70 kW and 200 FCmove-HD+ 100 kW engines, which are integrated into the Solaris 12-metre and 18-metre buses. Included in the contract are after-market and extended warranty services.
In the UK, the company delivered follow-on purchase orders to Ballymena-based Wrightbus for 70 hydrogen fuel cell modules (FCmove-HD+). These products power single and double-decker HFC buses in the UK and Germany set to go into service in 2025.
Operational highlights
Ballard partnered with heavy-duty transit bus manufacturer Gillig LLC, and power and propulsion solutions business BAE Systems Inc to produce an HFC-powered bus in 2026 for the North American market. While specifications have not been forthcoming, the new fuel-cell powered bus will integrate BAE System’s electric powertrain, Ballard’s hydrogen fuel cell and Gillig’s low-floor body. Production is set for as early as Q1 2026.
At the ACT Expo 2024 in Las Vegas, Ballard unveiled its 9th generation 120kW fuel cell engine (FCmove-XD) for the heavy-duty vehicle market. Currently in series production, the engine boasts improved efficiency, power density, and lower total cost of ownership, with a lifespan of over a million miles. It features 33% fewer parts for reduced maintenance and achieves the highest power density in its class. The engine's DC/DC integration allows up to three modules to operate together, delivering a combined 360kW output. Later in the year, the company debuted the product at the IAA.
CEO report
Randy MacEwen said:
2024 was a tough year for the hydrogen and fuel cell industry. Amidst prolonged policy uncertainty, there was a multi-year push-out in the development of hydrogen projects and the deployment of fuel cell applications. With this backdrop, compounded by a difficult funding environment, an industry rationalization is underway. Our Q4 and full-year 2024 financial results reflect the industry challenges. Q4 revenue was $24.5 million, down 48% compared to Q4 2023. Full-year revenue of $69.7 million was down 32%, although we had a standout year in our Bus vertical, with revenue growth of 51%. Q4 gross margin improved by 9 points year-over-year to (13%), while full-year gross margin of (32%) was 11 points lower than in 2023. Q4 cash operating costs1 decreased by 6% year-over-year as a result of restructuring activities initiated in September, with significant further reductions expected in 2025. Notwithstanding this very challenging industry context, Ballard is winning in the market. We achieved important commercial milestones in 2024, including new strategic customer platform wins, repeat business from existing customers, and strong order intake. We secured new net order intake of approximately $113 million during 2024, punctuated by new order intake of $75.4 million in Q4, positioning us with a record year-ending Order Backlog of $173.5 million, an increase of 41% compared to the end of Q3, and a 12-month Orderbook of $98.9 million, a record for Power Products, up 48% compared to the prior year. We also made measured progress and took necessary actions across our global operations. We achieved record shipments of fuel cell engines in 2024, with over 660 engines representing approximately 56 MW shipped to customers, up nearly 30% compared to 2023. We made significant progress on the development of our next-generation PEM fuel cell stacks and engines, including the launch of our 9th generation, high-performance engine, FCmove XD.