Ballard Power Systems Inc (NASDAQ:BLDP) stock fell 5.67% (As on March 12, 12:19:52 AM UTC-4, Source: Google Finance) after the company misses the earnings expectations for the fourth quarter of FY 23. Order Backlog at the end of 2023 was $130.5 million, down 3% compared to the end of Q3. While we achieved strong new order intake of $64.7 million in Q4, this was more than offset by a reduction of $47.1 million due to record engine shipments during the quarter and the removal of $21.7 million from our Order Backlog of previously booked orders from a specific customer experiencing financing and program delays. Orders from Power Products represent more than 80% of the Order Backlog, while orders from customers in Europe and North America represent almost 80% of the Order Backlog. The 12-month Order Book was $66.6 million at end-Q4, a decrease of $6.1 million or approximately 8% from the end of Q3 2023. While we achieved strong new order intake of $60.4 million added to the Order Book in Q4, this was more than offset by record engine shipments during the quarter and the removal of $19.4 million from our Order Book of previously booked orders from a specific customer experiencing financing and program delays.

Moreover, Heavy Duty Mobility revenue of $29.0 million increased 219%, driven by higher revenues from bus, truck, rail, and marine verticals. Stationary revenue of $12.8 million increased 105% primarily due to higher shipments to customers in Europe. Emerging and Other Markets revenue of $4.9 million was flat compared to the prior year, as increased revenues from off-highway customers were offset by a decrease in Technology Solutions revenue. Gross margin was (22)% in the quarter, an increase of 8-points, driven by higher revenues and product cost reduction initiatives. Adjusted EBITDA was ($44.1) million, compared to ($40.1) million in Q4 2022, primarily as a result of a higher gross margin loss driven by inventory impairment charges.

BLDP in the fourth quarter of FY 23 has reported the adjusted loss per share of 16 cents, missing the analysts’ estimates for the adjusted loss per share of 12 cents, according to Zacks Investment Research. The company had reported the adjusted revenue growth of 132 percent to $46.8 million in the fourth quarter of FY 23, beating the analysts’ estimates for revenue of $34.3 million.