VANCOUVER, British Columbia -- Fuel cell developer Ballard Power Systems Inc. reported a slightly smaller loss for the second quarter on Thursday.
Ballard had a net loss of $29.5 million, or 24 cents a share, in the quarter, compared with a loss of $30.6 million, or 26 cents a share, in the same quarter of 2004.
A decline in depreciation and amortization, a gain from foreign exchange, and lower spending on research and development were cited as reasons for the smaller loss.
The company, which is trying to move its alternative energy technology from the laboratory to commercial production, said its cash burn in the quarter was $28.7 million, up from $22.5 million the year-before quarter.
The Vancouver-based company, partly owned by Ford Motor Co. and DaimlerChrysler, said it had a cash position of $231 million at the end of the quarter.