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Ballard Power Systems Reports Third Quarter 2021 Results, Q3 Revenue Down 2% Year-Over-Year to $25.2 Million
Friday, November 19, 2021Company Profile | Follow Company
Burnaby, BC, November 19, 2021--(T-Net)--Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) today announced consolidated financial results for the third quarter ended September 30, 2021.
"We continue to see a significant shift in sentiment and sense of urgency by political leaders, industry, consumers, and the investment community to address our climate crisis," said Randy MacEwen, President and CEO.
Randy MacEwen, President and CEO, Ballard Power Systems
"As global political and business leaders meet in Glasgow at COP26, we see growing action by policymakers and corporations to decarbonize energy, industry and mobility, with hydrogen identified as a key enabler to decarbonize hard-to-abate sectors. With 39 countries covered by government-backed hydrogen strategies, we are also encouraged with the $9 billion of fresh commitments to support hydrogen adoption in the United States."
Mr. MacEwen added, "With this favorable contextual backdrop, we continue to increase and accelerate investments in our business, including in technology, products, customer experience, and capabilities. Our business model is designed to electrify and decarbonize medium- and heavy-duty motive applications, such as bus, truck, rail and marine, as well as critical stationary power applications. We also continue to develop key partnerships across the hydrogen value chain to reduce customer friction points and accelerate take-up."
Mr. MacEwen further stated, "In the third quarter, Ballard achieved revenue of $25.2 million, gross margin of 11% and ending cash reserves of $1.2 billion. While we have been challenged with protracted delays in China, as well as unprecedented global supply chain constraints, we are enjoying record levels of customer engagement across our application verticals in Europe and North America. We are set up for an exciting year in 2022, marked by increased investment, important customer wins, continued product innovation and cost reductions, and the start of a long-term revenue ramp."
Q3 2021 Financial Highlights
(all comparisons are to Q3 2020 unless otherwise noted)
Q3 2021 Commercial Highlights
Post-Quarter Commercial Update
For a more detailed discussion of Ballard Power Systems' third quarter 2021 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, passenger cars and forklift trucks. To learn more about Ballard, please visit www.ballard.com.
Endnotes :
All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).
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), 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 The UAV market has been classified as a discontinued operation in our third quarter of 2020 consolidated condensed financial statements. As such, the assets of the UAV market have been classified as assets held for sale as of September 30, 2020. Furthermore, the historic operating results of the UAV market for both 2020 and 2019 have been removed from continuing operating results and are instead presented separately in the statement of comprehensive income as income from discontinued operations.
3 Note that Cash Operating Costs, EBITDA, and Adjusted EBITDA 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, and Adjusted EBITDA 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, and Adjusted EBITDA 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, acquisition related costs, the impact of unrealized gains or losses on foreign exchange contracts, and financing charges. EBITDA measures net loss from continuing operations 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, finance and other income, the impact of unrealized gains or losses on foreign exchange contracts, and acquisition related costs.
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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