09:21 AM EDT, 05/07/2024 (MT Newswires) -- Ballard Power Systems ( BLDP ) on Tuesday said its first-quarter net loss widened 27% to US$41.1 million ($56.2 million), or US$0.14 per share, from a loss of US$$32.4 million, or US$0.11 per share, a year earlier.

Analysts polled by Capital IQ expected a loss of US$0.14.

Revenue for the quarter ended March 31 was US$14.5 million, up 9% from US$13.2 million in the same quarter last year. Analysts polled by Capital IQ expected US$17.58 billion.

The adjusted EBITDA loss for Q1 narrowed 1% to US$36.6 million from a loss of US$36.9 million a year ago.

The company reiterated that it expects revenue in 2024 to be back-half weighted, like it was in 2023, with roughly 30% coming in the first half and 70% in the second half.

Total operating expenses for 2024 are expected to be US$145 million to US$165 million. Capital expenditures for 2024 are expected to range between US$50 million and US$70 million, the company said.