Vancouver-based Ballard Power Systems faces significant restructuring under new CEO Marty Neese, appointed in June. On Monday’s earnings call, Neese announced plans to cut annual operating costs by 30% within a year, citing slow progress in heavy-duty trucking markets.
The hydrogen fuel cell maker has halted China investments, delayed a Texas gigafactory decision, and marked its third round of layoffs in three years. Despite an 11% year-over-year revenue increase and a major boat-engine order, Ballard posted a US$24.3M net loss. Neese forecasts industry downturns, with potential failures, restructurings, and consolidation over two years.
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