The S&P/TSX Composite Index enjoyed a triple-digit uptick on Friday, May 5. Every Canadian market sector finished the day in the black. However, there are still some discounts available on the TSX for investors who look hard enough.

Ballard Power Systems (TSX:BLDP)(NASDAQ:BLDP) is a Vancouver-based company that is engaged in the design, development, manufacture, sale, and service of proton exchange membrane (PEM) fuel cell products. Shares of this TSX stock have dropped 8.9% month-over-month as of close on May 5. That has pushed the stock into negative territory in the year-to-date period.

This company released its fourth quarter and full year fiscal 2022 earnings on March 17. In Q4 2022, Ballard Power delivered total revenue of $20.5 million – down 44% compared to the previous year. Meanwhile, it posted an adjusted EBITDA loss of $46.4 million, which was lower than the adjusted EBITDA loss of $25.5 million it delivered in the fourth quarter of fiscal 2021.

For the full year, Ballard Power saw its adjusted EBITDA loss worsen to $144 million compared to an adjusted EBITDA loss of $82.1 million in fiscal 2022. The company refrained from providing its 2023 outlook as it remains in the early stage of hydrogen fuel cell market development and adoption. However, investors should be encouraged by its commitment to increased investment going forward.

Ballard Power boasts a fantastic balance sheet, and its business holds long-term promise. It recently saw its Relative Strength Index (RSI) fall into technically oversold levels, though it has since rebounded to neutral territory.