11:11 AM EDT, 05/08/2024 (MT Newswires) -- Ballard Power ( BLDP ) reported total revenue of US$14.5 million, missing National Bank's US$17.7 million estimate (cons. US$16.7 million), with stronger results in the bus and stationary power segments offset by weakness in the rail and emerging segments.

The company saw US$64.5 million in new orders during the quarter, largely due to recent deals in the European stationary power and bus segments. Though a sales ramp could still be a few years away, Ballard has US$721 million in cash on hand, allowing it to be patient as the industry catches up, analyst Rupert Merer notes.

With a challenged backdrop for the sector, National is trimming its target to US$4 (was US$4.50).

Reiterate Sector Perform.

Price: 3.97, Change: +0.11, Percent Change: +2.85