12:58 PM EDT, 03/14/2025 (MT Newswires) -- Ballard Power's ( BLDP ) fourth-quarter results served as another marker of a difficult year for the hydrogen fuel cell industry, notes BMO.

Total revenue in the quarter of $24.5 million was down 48% and missed BMO/consensus estimates by 26% and 16%, respectively, analyst Ameet Thakkar, said

"While we are encouraged by record order intake of $75.4 million during 4Q, particularly following two quarters of significant sequential backlog declines, BLDP's profitability remains constrained by its ability to scale beyond this and we are being patient for further evidence of more extensive/sustained market adoption," Thakkar said.

Maintain Underperform. Lowering target price to $1.20 per share.