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Ballard Power Systems Reports Q2 2022 Results
Thursday, August 11, 2022Company Profile | Follow Company
Burnaby, BC, August 11, 2022--(T-Net)--Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) today announced consolidated financial results for the second quarter ended June 30, 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
"We continue to see policy momentum across the globe to support our vision of decreasing our planet's emissions. We believe our product offering will make a meaningful impact on the energy transition by enabling our customers with zero emission solutions. This vision is at the forefront of our continued innovation and investment in our business and product offering", said Mr. Randy MacEwen, President and CEO.
Mr. MacEwen remarked, "In the second quarter, our revenue was $20.9 million, and we secured new orders totaling $12.3 million, driven primarily by stationary power generation and repeat bus customers. We saw continued gross margin compression in the quarter and anticipate continued pressure throughout 2022, but we are confident in our plan to expand margins in the mid- to long-term as we transition to commercial scale production. We ended the quarter with a strong cash balance of $1 billion, which continues to support our technology development programs and other strategic growth initiatives."
"We are encouraged by our continued progress with platform customers as they advance commercialization of zero-emissions fuel cell solutions in a variety of attractive applications and markets. The European bus market is an example of the growing scale of fuel-cell solutions, with public transport operators in Cologne, Germany and West Midlands, UK announcing plans to deploy additional hydrogen fuel cell bus fleets of 100 and over 120, respectively."
"Given the challenging macro-economic outlook, we have decreased our planned investments in 2022. As a result, we are revising our total operating expense and capital expenditure guidance downwards from $140 to $160 million to $130 to $150 million, and $40 to $60 million to $30 to $50 million, respectively," Mr. MacEwen stated. "Notwithstanding the current macro-economic context, we remain confident on the long-term opportunities for hydrogen and fuel cells. We see converging trends driving the energy transition, including net-zero ambitions, low-cost renewable energy, and energy security. At Ballard, we are well positioned with leading fuel cell technology, strong customer and partner relationships, and a solid balance sheet."
Q2 2022 Financial Highlights
(all comparisons are to Q2 2021 unless otherwise noted)
Order Backlog ($M) | Order Backlog at End-Q1 2022 |
Orders Received in Q2 2022 |
Orders Delivered in Q2 2022 |
Order Backlog at End-Q2 2022 |
Total Fuel Cell Products & Services |
$99.8 | $12.3 | $20.9 | $91.2 |
2022 Outlook
Ballard is revising its 2022 Total Operating Expense4 and Capital Expenditure5 guidance downwards as follows:
2022 |
Previous Guidance |
Revised Guidance |
Total Operating Expense4 |
$140 - $160 million |
$130 - $150 million |
Capital Expenditure5 |
$40 - $60 million |
$30 - $50 million |
Q2 2022 Financial Summary
For a more detailed discussion of Ballard Power Systems' second 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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