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
