Ballard Power Systems has reported narrowing losses in its Q2 2023 results, with net losses falling to $30.1m in the quarter, while its revenue fell by 27%.
The company’s losses narrowed from $55.8m in the same period of 2022, while its revenue fell 27% year-over-year to $15.3m, seeing significant decreases in heavy-duty mobility.
Attributing lower revenues from its bus, truck and rail verticals, Ballard’s heavy-duty mobility revenue dropped by 39% to $8.5m, which it says was partially offset by higher marine revenue.
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