The global megatrend towards zero emission mobility is accelerating and putting increased momentum behind fuel cell-based power for motive applications, including buses, commercial trucks, rails, marine and cars.
Against this backdrop, Ballard Power Systems made measurable progress in its strategic positioning during the third quarter (Q3), as highlighted in its Q3 2019 results.
The Canadian company reported revenue in Q3 of $24.8m, gross margin of 25%, adjusted EBITDA of -$7.2m and ending cash reserves of $153.4m.
Randy MacEwen, President and CEO said, “Financial results for Q3 and year-to-date, together with a solid order book going forward, support our expectations for the full year.”
“Further to the launches earlier this year of our next-generation LCS fuel cell stack and FCmoveTM power module – each featuring significant improvements in performance and cost – we are seeing growing market interest in these next generation products, following positive product performance in initial bus tests.”
“We are also progressing our advanced manufacturing plan in our Vancouver operations, with new manufacturing equipment, layout and processes that will reduce cycle time, improve yields, increase production capacity and further reduce product cost.”
“And, we are progressing with our technology transfer program to the Weichai-Ballard joint venture and the construction of our JV manufacturing facility in China.”
Highlights from Q3 2019 include:
- Subsequent to the quarter, received a purchase order for three FCveloCity®-HD 100 kilowatt (kW) fuel cell modules from Germany-based BEHALA to power the world’s first zero-emission push boat. The boat, to be named Elektra, will be used primarily to transport goods between Berlin and Hamburg as well as on innercity transport routes in Berlin.
- Subsequent to the quarter, received a purchase order for nine FCveloCity®-HD 100kW fuel cell modules from Anglo American to power an Ultra-class mining truck (with one module to be maintained as a spare) during a demonstration project planned for the second half of 2020 in South Africa.
- Ballard was included in the S&P/TSX Composite Index effective 23rd September 2019. Ballard is now one of approximately 240 out of the 1,500 companies listed on the Toronto Stock Exchange (TSX) to be included in the S&P/TSX Composite Index.
- Ballard was named to the inaugural TSX30, which recognises the top 30 performing shares listed on the TSX over the three-year period from 1st July 2016 to 30th June 2019. During this period BLDP share price rose 222% on the TSX, representing the 12th largest share price appreciation among listed companies.
Looking to the future, MacEwan said, “We are reiterating Ballard’s full-year 2019 outlook. In addition, we look forward to strong growth in 2020 and beyond, as Ballard solidifies our leadership position in the fuel cell electric vehicle market.”