-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师总结如下：BLDP公布了2026年第一季度业绩，表现喜忧参半。营收同比增长26%至1940万美元，低于市场预期83万美元；GAAP每股收益为-0.04美元，高于预期0.02美元。增长主要得益于铁路业务营收从10万美元飙升至510万美元，以及固定电源业务营收从60万美元增至520万美元。然而，由于市场持续面临挑战，巴士业务营收下降46%至680万美元。最显著的改善是毛利率由2025年第一季度的-23%转为正值，达到14%，这主要得益于2024-2025年启动的成本削减计划和全球重组项目带来的640万美元收益。管理层给出的2026年运营支出预期为6500万美元至7500万美元，资本支出预期为500万美元至1000万美元，体现了公司持续的成本控制。我们对运营方面的改善持积极态度，运营现金流从2440万美元显著改善至780万美元，运营支出同比下降37%。公司目前现金储备高达5.168亿美元，流动性充裕；同时，1.129亿美元的积压订单（其中12个月订单额为5280万美元）也为收入提供了保障。
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