09:08 AM EDT, 03/11/2024 (MT Newswires) -- Ballard Power Systems Inc. ( BLDP ) reported Monday a net loss from continuing operations of US$0.16 in the fourth quarter of 2023, compared to the year-ago loss of US$0.09.

Adjusted EBITDA loss widened to US$44.1 million from US$40.1 million and revenue surged 132% to US$46.8 million.

In full-year 2023, Ballard trimmed its net loss to US$0.48 per share from US$0.54 while adjusted EBITDA loss swelled to US$$150.1 million from US$$132.6 million. Revenue jumped 25% to US$102.4 million.

"Our transition to a commercial products company is gaining momentum, with growing market acceptance of our fuel cell engines across our verticals," President and CEO Randy MacEwen said.

"Looking forward, we believe the transition of hydrogen policy announcements to implementation will provide mid-term momentum for the availability of low-cost, low-carbon hydrogen, enabling accelerated adoption of fuel cells."

Ballard did not provide a detailed 2024 guidance for revenue or net income, saying it is "consistent with our past practice" while adding that hydrogen fuel cell market development is still in the early stage.

The company gained 1.5% at last look in US pre-market trading.