re: OUST - LiDAR for Physical AI and Smart Infrastructure

They are everywhere!!!
Can’t buy enough!

BALLARD POWER $BLDP

**OVERVIEW**

I believe this is one of the most compelling charts on the entire market and also one of the most compelling sympathy trades, as one of the only peers to both Bloom Energy $BE and FuelCell $FCEL, which have both been parabolic stocks.??

Ballard is a high-optionality hydrogen fuel-cell platform with a unusually strong cash balance for its size, improving gross margins, and credible OEM relationships in buses, rail, marine, and stationary/data-center power.

In the last earnings call, Ballard's CEO Marty Neese explicitly said that the data center opportunity is an area of deep exploration for the company and they plan to pivot into it going forward. Snapshot from the earnings call attached with the charts below.

Diesel generators face emissions, permitting, noise, and runtime concerns. Data-center operators still need reliable backup power. Hydrogen fuel cells can provide zero on-site emissions.

Ballard’s data centers use case shines where PEM fuel cells can support reduced time-to-power, backup power, complementary power, rapid ramping, cycling flexibility, reliability, low noise, and modular multi-MW deployment.

The company has a real business and trades at just 2.3x cash and 2x book with revenues +26% Y/Y. But more importantly, the technical picture has an extremely powerful setup, and in light of the recent BE sympathy bidding behind FCEL lately, there is a legitimate angle here. It's also worth noting that while the market is currently pumping FCEL as the BE sympathy, BLDP & FCEL have basically the same EV/sales multiple while BLDP is currently reporting a POSITIVE consolidated gross margin (9%), while FCEL is reporting a NEGATIVE consolidated gross margin (-16%).

**TECHNICAL PICTURE**

On the daily, $BLDP is flagging retesting the breakout from a 9-month base. On the weekly, the stock has aggressively broken thru the 200-week moving average for the first time since 2022 (when it was trading $12+). On the monthly, the stock is pushing into the flat 200-month moving average overhead with the 9&21-month EMAs curling up below price. This is a drop-dead gorgeous chart and I think one of the nicest SMID cap charts in the entire market.

**TECHNOLOGY VALIDATION**

Ballard and Vertiv $VRT one of the nation's biggest power & cooling infrastructure players in the datacenter theme (a $144 billion market cap) announced a strategic technology partnership in June 2024 focused on backup power for data centers and critical infrastructure. The initial solution integrated Ballard fuel-cell power modules with Vertiv’s Liebert EXL S1 UPS platform at Vertiv’s Ohio facility. The system was designed to scale from 200 kW to multiple megawatts.

In the North American market as a validation of their fuel cell engines, Ballard announced a commercial agreement with New Flyer for 500 FCmove-HD+ fuel cell engines, totaling 50 MW. Deliveries are expected to begin in 2026, and the engines will power New Flyer’s Xcelsior CHARGE FC hydrogen fuel cell buses across North America. Ballard said this is New Flyer’s largest single commitment since the partnership began, and the relationship spans more than a decade.

In January of this year, they announced perhaps their biggest validation ever: Caterpillar, in collaboration with Microsoft and Ballard Power Systems, was recognized for its work in datacenter hydrogen fuel cell technology, winning the ‘Systems Development and Integration’ award at the U.S. DOE's Hydrogen Program Merit Review Awards.?The Ballard Power Systems-supported project successfully demonstrated its megawatt-scale fuel cell platform at Microsoft’s Cheyenne, Wyoming, data center. The 1.5MW fuel cell and battery microgrid solution showed increased resiliency and lower carbon intensity, providing applicability beyond standby, over a simulated 48-hour outage.

I've filled an equal position in both the $4C @$0.90 and $5C @$0.60 for August expiration with a 3% total weighting. <@&933985135391547462>

I’ll double check the discord

Looks like some old mentions in there but nothing from ST directly within the last year that I can find

Me! More!!

Make a thread! Make a thread!

Ballard power system? holy shite - what year is it. they were the great Canadian hope when I was in college in 1996 and 97.

The theme is rocking today

NBIS
OUST
ENPH
BLDP
MRAM