09:26 AM EDT, 08/12/2024 (MT Newswires) -- Ballard Power Systems ( BLDP ) , which delivers fuel cell power, was at last look down 2.5% in US premarket trade and near 52 week lows on Monday after it reported a wider second quarter loss on lower than expected revenues, and also cited decreases in its order book and cut its capital expenditure guidance.

Net loss from continuing operations was US$31.5 million, or $0.11 per share, compared to a net loss from continuing operations of $28.2 million, or $0.0) per share. It said the increased loss was driven primarily by changes in product mix. Capital IQ had forecast an EPS normalized loss of $0.13 and cash loss per share of $0.12.

Total revenue was $16.0 million in the quarter, up 4%. But that was lower than the $19.36 consensus forecast at Capital IQ.

Ballard said it received approximately $5.0 million in net new orders in Q2, and delivered orders valued at $16.0 million, resulting in an order backlog of approximately $169.5 million at end-Q2, a 6% decrease from the end of Q1 2024. The 12-month order book was $75.5 million at end-Q2, a decrease of $4.2 million, or 5%, from the end of Q1 2024.

Consistent with the company's past practice, and in view of the early stage of hydrogen fuel cell market development, specific revenue or net income (loss) guidance for 2024 is not provided. The company expects revenue in 2024 will be heavily back-half weighted. Ballard has reduced its 2024 Capital Expenditure guidance from a range of $50 million to $70 million to an updated range of $25 million to $40 million, reflecting management decisions to reduce and defer certain planned capital expenditures given slower market adoption.