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Ballard Power Systems Reports Q1 2023 Results
Thursday, May 18, 2023Company Profile | Follow Company
Burnaby, BC, May 18, 2023--(T-Net)--Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) today announced consolidated financial results for the first quarter ended March 31, 2023.
All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).
Randall Macewen, President and Chief Executive Officer, Ballard Power Systems Inc.
"Our first quarter revenue of $13.3 million and new order intake of $17.6 million are consistent with our full-year 2023 plan," said Randy MacEwen, President and CEO. "With an increasingly positive policy landscape, we see growing customer interest in our core mobility markets of bus, truck, rail, and marine in Europe and North America. We believe our $137.7 million Order Backlog reflects continued customer platform wins, including a record Power Products Order Backlog that has doubled from one year ago and now exceeds $100 million. This positions us for a busy second half of 2023, where we expect second half revenue to be approximately 70% of our annual total, and an exciting set-up for 2024."
"With our Q1 expenses also on plan, we are tracking to our full-year guidance ranges for operating and capital expenses. We continue to prioritize investments in our technology and product development programs, product cost reduction initiatives, customer platform wins, customer experience, and advanced manufacturing," Mr. MacEwen added.
Mr. MacEwen continued, "As previously communicated, we continue to see gross margin pressures into 2024 given our revenue mix, pricing strategy, investments in production capacity, and timing lag before our production volumes ramp and our product cost reduction initiatives move into production. We ended the quarter with $863.8 million in cash reserves."
"We are looking forward to our upcoming Capital Markets Day on June 13th, where we will provide key updates on long-term business plan, including sales growth in our verticals, gross margin progression, our technology and product roadmap, product cost reduction, capital expenditures, and ESG initiatives. We will also unveil our TCO-driven comparative value proposition model for fuel cell trucks," Mr. MacEwen concluded.
Q1 2023 Financial Highlights
(all comparisons are to Q1 2022 unless otherwise noted)
Order Backlog ($M) | Order Backlog at End-Q4 2022 |
Orders Received in Q1 2023 |
Orders Delivered in Q1 2023 |
Order Backlog at End-Q1 2023 |
Total Fuel Cell Products & Services |
$133.4 | $17.6 | $13.3 | $137.7 |
2023 Outlook
Consistent with the Company's past practice, and in view of the early stage of hydrogen fuel cell market development and adoption, we are not providing revenue or net income (loss) guidance for 2023. In 2023, we continue our plan to invest in the business ahead of the hydrogen growth curve, with Total Operating Expense3 and Capital Expenditure4 guidance ranges as follows:
2023 |
Guidance |
Total Operating Expense4 |
$135 - $155 million |
Capital Expenditure5 |
$40 - $60 million |
Q1 2023 Financial Summary
For a more detailed discussion of Ballard Power Systems' first quarter 2023 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) vision is to deliver fuel cell power for a sustainable planet. Ballard zero-emission PEM fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels, and stationary power. To learn more about Ballard, please visit www.ballard.com.
Short Form Base Shelf Prospectus
Ballard also announces the filing of a final short form base shelf prospectus dated May 9, 2023 in each of the provinces and territories of Canada together with a corresponding shelf registration statement on Form F-10 with the United States Securities and Exchange Commission qualifying for issuance common shares, preferred shares, warrants to purchase common shares, debt securities and units comprised of one or more of any of the foregoing from time to time over the 25-month period that the Prospectus remains effective.
If any securities are offered under the Prospectus and/or Registration Statement, the terms of any such securities and the intended use of the net proceeds resulting from any such offering will be established at the time(s) of any such offerings, and will be described in a Prospectus supplement filed with applicable Canadian securities regulators and/or the SEC, respectively. The Prospectus replaces Ballard's previous short form base shelf prospectus dated March 29, 2021, which expired on April 29, 2023. Copies of the Prospectus and the Registration Statement are available at www.sedar.com and www.sec.gov, respectively.
This release shall not constitute an offer to sell or a solicitation of an offer to buy securities, nor shall there be any sale of securities, in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Forward-looking statements This release contains forward-looking statements concerning the development and delivery of fuel cell products, and the benefits and anticipated market adoption of them. 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. [ MORE ] |
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