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Ballard Reports Q1 2019 Results
Tuesday, May 7, 2019Company Profile | Follow Company
Burnaby, BC, May 7, 2019--(T-Net)--Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) today announced consolidated financial results for the first quarter ended March 31, 2019. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).
"Q1 2019 results were consistent with our expectation for a softer start to the year," said Randy MacEwen, President and CEO. "We delivered revenue of $16.0 million, gross margin of 14% and ending cash reserves of $165.0 million. Together with the Weichai-Ballard JV agreement announced earlier today, our order book and sales pipeline support the Company's 2019 plan and growth into 2020. Importantly, in Q1 we made solid progress in the execution of our corporate growth strategy across key markets."
Mr. MacEwen continued, "We are seeing early signs of internal combustion engine disruption in Heavy and Medium Duty Motive applications, including in bus, commercial truck, rail and marine. We expect fuel cell electric vehicles to offer a compelling zero-emission value proposition for use cases requiring long range, rapid refueling, heavy payload and route flexibility, and where the barriers to hydrogen refueling infrastructure are lowest, such as centralized depot refueling. We see growing interest in the key geographic markets of China, Europe, and California."
Mr. MacEwen stated, "Against a backdrop of positive policy developments in China during the quarter, we continue to execute our China strategy. We made important progress on our collaboration and joint venture with Weichai Power. This work included key development activities on our next-generation stack and module, progress on the establishment of a joint venture facility in Shandong Province and initial technology transfer activities. Our Weichai-Ballard joint venture is setting the stage for a valuable platform in the large China market. We expect additional policy developments in China to promote the adoption of hydrogen fuel cell electric vehicles."
Q1 2019 Financial Highlights
(all comparisons are to Q1 2018 unless otherwise noted)
During Q1 Ballard received $9.6 million in new orders and delivered orders valued at $16.0 million, thereby lowering the Order Backlog by $6.4 million from the prior quarter, ending Q1 at $188.4 million. The 12-month Order Book increased $7.0 million from the prior quarter, to $76.0 million at end-Q1.
Q1 2019 Operating Highlights
Q1 2019 Financial Summary
For a more detailed discussion of Ballard Power Systems' first quarter 2019 results, please see the company's financial statements and management's discussion & analysis, which are available at www.ballard.com/investors, www.sedar.com and www.sec.gov/edgar.shtml.
About Ballard Power Systems
Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) provides clean energy products that reduce customer costs and risks, and helps customers solve difficult technical challenges or address new business opportunities. To learn more about Ballard, please visit www.ballard.com.
Important Cautions Regarding Forward-Looking Statements
This release contains forward-looking statements concerning projected revenue growth, product shipments, gross margin, Adjusted EBITDA, cash operating expenses and product sales. These forward-looking statements reflect Ballard's current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such statements are based on Ballard's assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand. For a detailed discussion of the factors and assumptions that these statements are based upon, and factors that could cause our actual results or outcomes to differ materially, please refer to Ballard's most recent management discussion & analysis. Other risks and uncertainties that may cause Ballard's actual results to be materially different include general economic and regulatory changes, detrimental reliance on third parties, successfully achieving our business plans and achieving and sustaining profitability. For a detailed discussion of these and other risk factors that could affect Ballard's future performance, please refer to Ballard's most recent Annual Information Form. These forward-looking statements are provided to enable external stakeholders to understand Ballard's expectations as at the date of this release and may not be appropriate for other purposes. Readers should not place undue reliance on these statements and Ballard assumes no obligation to update or release any revisions to them, other than as required under applicable legislation.
Further Information
Guy McAree +1.604.412.7919, investors@ballard.com or media@ballard.com
Endnotes :
1 We report our results in the single operating segment of Fuel Cell Products and Services. Our Fuel Cell Products and Services segment consists of the sale and service of PEM fuel cell products for our power product markets of Heavy Duty Motive (consisting of bus, truck, rail and marine applications), Portable Power, Material Handling and Backup Power, as well as the delivery of Technology Solutions, including engineering services, technology transfer and the license and sale of our extensive intellectual property portfolio and fundamental knowledge for a variety of fuel cell applications.
2 Note that Cash Operating Costs, EBITDA, Adjusted EBITDA and Adjusted Net Income (Loss), are non GAAP measures. Non GAAP measures do not have any standardized meaning prescribed by GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. Ballard believes that Cash Operating Costs, EBITDA, Adjusted EBITDA and Adjusted Net Income (Loss) assist investors in assessing Ballard's operating performance. These measures should be used in addition to, and not as a substitute for, net income (loss), cash flows and other measures of financial performance and liquidity reported in accordance with GAAP. For a reconciliation of Cash Operating Costs, EBITDA, Adjusted EBITDA and Adjusted Net Income (Loss) to the Consolidated Financial Statements, please refer to Ballard's Management's Discussion & Analysis.
Cash Operating Costs measures operating expenses excluding stock based compensation expense, depreciation and amortization, impairment losses or recoveries on trade receivables, restructuring charges, the impact of unrealized gains or losses on foreign exchange contracts, acquisition costs and financing charges. EBITDA measures net loss attributable to Ballard Power Systems Inc. excluding finance expense, income taxes, depreciation of property, plant and equipment, and amortization of intangible assets. Adjusted EBITDA adjusts EBITDA for stock based compensation expense, transactional gains and losses, asset impairment charges, the impact of unrealized gains or losses on foreign exchange contracts, finance and other income, and acquisition costs. Adjusted Net Income (Loss) measures net income (loss) attributable to Ballard from continuing operations, excluding transactional gains and losses, asset impairment charges, and acquisition costs.
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