Ballard Power Systems (NASDAQ:BLDP), a Burnaby, British Columbia-based fuel cell technology company, reported a fourth-quarter loss of $46.5 million, or 16 cents per share, on Thursday.
After adjusting for asset impairment costs, the loss was 14 cents per share—falling short of Wall Street’s expectations.
Analysts surveyed by Zacks Investment Research had forecasted an average loss of 13 cents per share.
Revenue for the quarter came in at $24.5 million, below the $26.4 million anticipated by six Zacks analysts.
For the full year, Ballard’s losses deepened to $324.2 million, or $1.08 per share, with annual revenue totaling $69.7 million.
The disappointing results underscored a challenging period for the company, whose shares closed at $1.25 on Wednesday.
This marks a significant decline from a year ago, when the stock traded at $2.88.