Today's earnings report out of Ballard Power
If there was a bright side to 2003, it's that Ballard shipped fuel cell engines to partners DaimlerChrysler
The company also cut its cash burn to $39.9 million for the year -- a 66% decrease. Even with $278 million on the balance sheet, cash consumption will be closely watched because profitable fuel cell commercialization is still years away.
Meanwhile, the fervor over fuel cell stocks has flickered, and Ballard, a high-flier that peaked at $144.94 in March 2000, opened at $11.55 today. Even financial partners have lost their lust for fuel cells. Last March, FirstEnergy
As Alyce Lomax reported last week, General Motors
As it stands, Ballard owes its $1.3 billion market cap largely to the strength of its partnerships and its strong patent position. All the same, without profits on the horizon, waiting for Ballard to return to glory requires a leap of faith.
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Motley Fool contributor W.D. Crotty does not own any of the stocks mentioned. You can reach him by email.