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Ballard Power Systems Reports Q1 2022 Results, Q1 Revenue Up 19% YoY, Net Loss Rises (Strong Cash Reserves of $1.1B)
Wednesday, May 11, 2022Company Profile | Follow Company
Burnaby, BC, May 11, 2022--(T-Net)--Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) today announced consolidated financial results for the first quarter ended March 31, 2022.
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
"The converging macro drivers of energy security and climate crisis have irreversibly shifted global views on the need to accelerate our energy transition," said Mr. Randy MacEwen, President and CEO. "This is the context as Ballard continues to build a valuable business that will help to decarbonize medium- and heavy-duty motive applications, including certain bus, truck, rail and marine market segments. We continue to focus on our customer relationships and achieve platform wins where Ballard's leading fuel cell technology offers a future zero-emission value proposition based on range, payload, rapid refueling, and attractive total cost of ownership."
Mr. MacEwen remarked, "In the first quarter, we achieved revenue of $21.0 million, a 19% increase from Q1 2021, while also securing new orders totaling $27.8 million, driven primarily by European customers. Our gross margin compression is consistent with our 2022 plan, reflecting expected changes in our revenue mix, selling prices, and cost structure. On revenue mix, we have a heavier weighting of module product sales, including new modules in early volume production. On selling prices, we have been pricing certain low-volume customer pilot projects to secure platform wins with strategic accounts. On costs, fixed overhead costs are elevated as we invested in advanced manufacturing and production capacity expansion. Like others, we have also seen some inflationary cost pressures in our supply chain and freight. While we expect compressed gross margin in the near term, we are confident in margin expansion in the mid- to long-term driven by higher production volumes as customers transition from pilot projects to commercial deployment and as we continue to progress on our product cost reduction program."
"We ended the quarter with strong cash reserves of $1.1 billion, which enables us to execute our growth strategy. Our escalated investment is consistent with our outlook as we increase our spending on talent, technology, products, capabilities, and customer experience. We are confident investing ahead of the curve will position the company for significant market share as the adoption of hydrogen accelerates over the coming years," Mr. MacEwen added.
Q1 2022 Financial Highlights
(all comparisons are to Q1 2021 unless otherwise noted)
Order Backlog ($M) | Order Backlog at End-Q4 2021 |
Orders Received in Q1 2021 |
Orders Delivered in Q1 2022 |
Order Backlog at End-Q1 2022 |
Total Fuel Cell Products & Services |
$108.5 | $21.2 | $36.7 | $93.1 |
Post-Quarter Commercial Update
2022 Outlook
Ballard's 2022 outlook remains in line with previously stated 2022 guidance of Total Operating Expense4 between
$140 - $160 million and Capital Expenditure5 between $40 - $60 million.
Q1 2022 Financial Summary
For a more detailed discussion of Ballard Power Systems' first quarter 2022 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.
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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