Ballard reports Q2 2020 results

Ballard Power Systems has shared its financial results for the second quarter, ended 30th June 2020, reporting revenue of $25.8m.

Heavy duty motive revenue was $12.5m, material handling revenue was $2.2m, backup power revenue was $1.3m and the technology solutions platform generated revenue of $9.8m.

Gross margin was 21% in Q2, a decrease of 2-points due primarily to a shift to lower overall product margin and service revenue mix.

Cash operating costs were $11.6m in the quarter, a 38% increase primarily attributable to increased expenditure on technology and product development expenses related to work on next-generation stacks and modules for bus, truck, rail and marine applications as well as higher general and administrative expenses.

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