Ballard Power Systems Inc

Ballard Power Systems builds proton exchange membrane fuel cells — devices that convert hydrogen into electricity to power vehicles and industrial equipment without emissions [Yahoo Finance]. They sell fuel cell stacks and complete power systems to bus, truck, rail, marine, and material-handling customers globally [Yahoo Finance]. The company also provides engineering services, technology licensing, and after-sales support [Yahoo Finance].

Ballard Power Systems designs and manufactures hydrogen fuel cell systems for trucks, buses, trains, and industrial equipment [Yahoo Finance]. The stock has doubled in three months on renewed clean energy interest, but the company remains deeply unprofitable with a 91% net loss margin and is burning $67 million in free cash flow annually [Yahoo Finance]. Weichai Power, a major strategic partner, just sold 8.1 million shares and cut its stake from 13% to 10%, raising questions about strategic confidence [Yahoo Finance].

Ballard is growing revenue fast but losing money on every sale and burning through cash at an unsustainable rate.