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What: Shares of fuel cell company Ballard Power Systems Inc. (BLDP 2.55%) jumped as much as 15.8% Wednesday after reporting earnings. At 1:00 p.m. EDT shares had settled slightly lower to a 8.8% gain on the day.

So what: Revenue jumped 58% to $17.6 million in the second quarter as the power products platform experienced an 87% increase in revenue because of a shipment to China. Net loss improved 21% from a year ago but still stood at $5.8 million, or $0.04 per share. EPS met analysts' expectations, but revenue was short of the $18.2 million they expected. 

Management touted new strategic partnerships that should add to revenue in the future and investors were buying the case for the stock after the numbers Wednesday.

Now what: Fuel cells are a high potential industry and it's possible that new partnerships will add to revenue growth in the future. But keep in mind that Ballard still lost $5.8 million in the quarter and will need a lot more growth to be cash flow positive. That's a tough position for a company worth over $300 million and I'd like to see more progress on these partnerships contributing to the bottom line before jumping into shares.