PR Newswire
VANCOUVER, BC, Nov. 5, 2020
VANCOUVER, BC, Nov. 5, 2020 /PRNewswire/ - Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) today announced consolidated financial results for the third quarter ended September 30, 2020. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).
"While Ballard's employees and operations have not been appreciably impacted by COVID-19 to this point, as previously communicated, delays in end market deployments and customer orders are nonetheless impacting our 2020 revenue and results," said Randy MacEwen, President and CEO. "In Q3, Ballard delivered revenue of $25.6 million, gross margin of 19% and ending cash reserves of $361.7 million."
Mr. MacEwen noted, "During our virtual Investor and Analyst Day 2020 in September we reviewed details of the $130 billion annual total addressable engine market for the key Heavy- and Medium- Duty Motive applications of bus, truck, rail and marine, as well as our corporate strategy to penetrate use cases requiring heavy payload, extended range and rapid refueling. As a result, we see tremendous long-term revenue growth potential, initially in the target geographies of China, Europe and California."
Mr. MacEwen continued, "In China, the issuance of an updated policy framework during the quarter is consistent with our expectation for long-term government support of hydrogen and fuel cell electric vehicles, where we are well positioned with our Weichai-Ballard joint venture. In Europe, we have now signed our previously announced collaboration agreement with MAHLE, a leading international development partner and Tier 1 supplier to the commercial vehicle and automotive industry. This agreement provides for the development and commercialization of zero-emission fuel cell systems for primary propulsion power in commercial trucks, initially in Europe. And, we have signed definitive agreements with AUDI AG that provide Ballard with the ability to use the FCgen®-HPS fuel cell stack technology in all markets, including trucks, where high-power density is a critical requirement. Finally, our future collaboration with Honeywell International, following its purchase of our UAV business, positions us for exciting business opportunities in a range of future urban air mobility and broader aerospace applications."
Mr. MacEwen concluded, "I would like to acknowledge the important contribution made over the past 10-years in the CFO role by Tony Guglielmin, who has announced his intention to retire on March 31st, 2021, following completion and certification of our 2020 audited financial results. Under Tony's leadership, Ballard has made tremendous progress in crystalizing and executing a market-leading growth strategy underpinned by prudent financial management that has protected and significantly enhanced shareholder value. Tony's commitment to, and unwavering support of, Ballard's corporate direction will be missed. We have retained a leading international executive search firm and expect to have a new CFO in place, and an orderly transition completed, by the end of Q1 2021."
Q3 2020 Financial Highlights
(all comparisons are to Q3 2019 unless otherwise noted)
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Q3 2020 Operating Highlights
Q3 2020 Financial Summary
(Millions of U.S. dollars) | Three months ended Sept. 30, | Nine months ended Sept. 30, | ||||
| 2020 | 2019 | % Change | 2020 | 2019 | % Change |
REVENUE | | | | | | |
Fuel Cell Products & Services:1,2 | | | | | | |
Heavy Duty Motive | $12.9 | $5.0 | 161% | $35.8 | $14.0 | 156% |
Material Handling | $1.4 | $2.8 | -49% | $4.3 | $8.8 | -51% |
Backup Power | $1.0 | $0.2 | 540% | $3.5 | $1.0 | 258% |
Sub-Total | $15.3 | $7.9 | 94% | $43.6 | $23.8 | 83% |
Technology Solutions | $10.3 | $16.8 | -39% | $31.7 | $40.2 | -21% |
Total Fuel Cell Products & Services Revenue | $25.6 | $24.7 | 4% | $75.3 | $64.0 | 18% |
PROFITABILITY Gross Margin $ | $4.8 | $6.2 | -22% | $15.3 | $13.8 | 11% |
Gross Margin % | 19% | 25% | -6-points | 20% | 22% | -2-points |
Operating Expenses | $12.6 | $12.4 | 2% | $41.2 | $32.2 | 28% |
Cash Operating Costs3 | $10.7 | $8.9 | 21% | $33.6 | $25.7 | 31% |
Equity gain (loss) in JV & Associates | ($2.8) | ($3.2) | 13% | ($8.2) | ($8.1) | -1% Werbung Mehr Nachrichten zur Ballard Power Aktie kostenlos abonnieren
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