Amid the coronavirus, Ballard Power Systems has recorded record first quarter revenue of $24m, up 50% year-over-year, for its quarter one 2020 results.
The Canadian company’s Power Products platform generated revenue of $12.3m in the quarter, an increase of 95% or $6m.
Heavy Duty Motive revenue was $10.4m, increase of 303% or $7.8m, due primarily to higher shipments of module part kits and MEAs to China.
Material Handling revenue was $0.7m, a decrease of 78% or $2.5m, primarily the result of lower fuel cell stack shipments to Plug Power
Backup Power revenue was $1.2m, an increase of 181% or $0.8m, due primarily to an increase in hydrogen-based fuel cell stacks to Asia.
The Technology Solutions platform generated revenue of $11.6m in the quarter, an increase of 20% or $1.9m, due primarily to amounts earned from the Audi programme and the Weichai-Ballard joint venture technology transfer programme, which more than offset minor declines in other programmes in the period.
“Our top priority always is the health and safety of our people, customers and partners,” said Randy MacEwan, President and CEO of Ballard.
“We have taken important precautions to mitigate the impact of the COVID-19 pandemic on our people and our business.”
“Notwithstanding this extraordinary backdrop, we delivered record quarter one revenue of $24m, gross margin of 22% and ending cash reserves of $181.6m.”
“Although we are not seeing a pull-back in long-term demands as a result of COVID-19, there are now some uncertainties on the timelines for vehicle deployments by end-customers.”
“As a result, we believe it is prudent and responsible for us to withdraw our 2020 revenue outlooking at this time.”