Order‑backlog status:
Ballard Power Systems disclosed that its Q2‑2025 order backlog remains healthy and expanding, sitting at a level that is higher than the Q1‑2025 backlog and also up from the same quarter a year ago. Management highlighted that the pipeline is being filled by a mix of new fuel‑cell contracts in North America, Europe and emerging Asian markets, while existing projects are progressing on schedule.
Trading implications:
The growing backlog signals continued revenue visibility for the rest of 2025, which should support the stock’s upside potential. From a technical standpoint, the share has been holding above its 20‑day moving average and testing the lower end of the recent $30‑$35 range; a breakout above $35 with volume could trigger a short‑term rally, while a dip below the 20‑day MA may indicate a corrective pull‑back. Given the strengthened order book and the company’s track record of converting backlog into cash flow, a long‑position with a modest stop just below the 20‑day MA (≈$30) is warranted for investors looking to capture upside on the upside‑bias in fundamentals. Conversely, if the price shows weakness and breaks below $30, a re‑assessment of the position would be prudent, as the market may be pricing in execution risk or macro‑headwinds.