PR Newswire
VANCOUVER, Oct. 30, 2019
VANCOUVER, Oct. 30, 2019 /PRNewswire/ - Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) today announced consolidated financial results for the third quarter ended September 30, 2019. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).
Randy MacEwen, President and CEO said, "Financial results for Q3 and year-to-date, together with a solid order book going forward, support our expectations for the full year. Ballard delivered Q3 revenue of $24.8 million, gross margin of 25%, Adjusted EBITDA of $(7.2) million and ending cash reserves of $153.4 million. We also announced new purchase orders for FCveloCity® fuel cell modules to be used in Heavy Duty Motive applications."
Mr. MacEwen noted, "The global megatrend toward zero-emission mobility is accelerating and putting increased momentum behind fuel cell-based power for motive applications, including buses, commercial trucks, rail, marine and cars. Against this backdrop, Ballard made measurable progress in our strategic positioning during the past quarter. Further to the launches earlier this year of our next-generation LCS fuel cell stack and FCmoveTM power module – each featuring significant improvements in performance and cost – we are seeing growing market interest in these next generation products, following positive product performance in initial bus tests. We are also progressing our advanced manufacturing plan in our Vancouver operations, with new manufacturing equipment, layout and processes that will reduce cycle time, improve yields, increase production capacity and further reduce product cost. And, we are progressing with our technology transfer program to the Weichai-Ballard joint venture and the construction of our JV manufacturing facility in China."
Mr. MacEwen concluded, "We are reiterating Ballard's full-year 2019 outlook. In addition, we look forward to strong growth in 2020 and beyond, as Ballard solidifies our leadership position in the fuel cell electric vehicle market."
Q3 2019 Financial Highlights
(all comparisons are to Q3 2018 unless otherwise noted)
Q3 2019 Operating Highlights
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Q3 2019 Financial Summary
(Millions of U.S. dollars) | Three months ended Sept. 30, | Nine months ended Sept. 30, | ||||
| 2019 | 2018 | % Change | 2019 | 2018 | % Change |
GROWTH | | | | | | |
Fuel Cell Products & Services Revenue:1 | | | | | | |
Heavy Duty Motive | $5.0 | $6.3 | -21% | $14.0 | $28.9 | -52% |
Portable Power/UAV | $0.1 | $1.9 | -95% | $0.5 | $6.7 | -93% |
Material Handling | $2.8 | $2.7 | 6% | $8.8 | $4.8 | 84% |
Backup Power | $0.2 | $0.3 | -54% | $1.0 | $1.0 | -8% |
Sub-Total | $8.0 | $11.2 | -28% | $24.2 | $41.4 | -42% |
Technology Solutions | $16.8 | $10.4 | 61% | $40.2 | $26.7 | 51% |
Total Fuel Cell Products & Services | $24.8 | $21.6 | 15% | $64.4 | $68.1 | -5% |
PROFITABILITY | | | | | | |
Gross Margin $ | $6.2 | $6.4 | -4% | $13.9 | $22.5 | -38% |
Gross Margin % | 25% | 30% | -5-point | 22% | 33% | -11-points |
Operating Expenses | $13.0 | $11.8 | 10% | $33.8 | $37.0 | -9% |
Cash Operating Costs2 | $9.3 | $10.6 | -12% | $27.0 | $31.8 | -15% |
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