In 2013 they have cash from Africa, cash from Azure, cash from SDTC, and multiple new orders. I thought their order book and balance sheet were in good shape at Q4. The terms of their latest offering were so generous it seems they were depserate for cash, which does not add up given their reported in flows.
The offering scared off new investors, and #$%$ off current investors. It gives shorts the green light to short this stock once again. The shorts can count on Ballard to mess things up even after a miracle rally. Doesn't make any sense. If we get a huge telecom order or some other large contract it would make sense. If no new contract comes in we know that John's belt buckle hit the floor and investors got the shaft.