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Ballard reports Q2 results

Ballard reports Q2 results

Ballard Power Systems has released its consolidated financial results for the second quarter (Q2) ended 30th June 2019.

Commenting on the results, Randy MacEwen, President and CEO of Ballard said, “We are seeing unprecedented developments and interest in fuel cell electric mobility, as reflected in our growing order book.”

“Financial results and new contract bookings for Q2 and year-to-date were consistent with the type of first half to the year we had expected. Ballard delivered Q2 revenue of $23.7m, gross margin of 23%, Adjusted EBITDA of ($5.0) million and ending cash reserves of $163.7m.”

“There are clear signals that the hydrogen and fuel cell industry is at an exciting stage in its evolution.”

“During Q2 we announced two notable developments that support our business plant. First was a $44m order from the Weichai-Ballard joint venture in China. Second was our announcement that Ballard is a member in the new H2Bus Consortium, with plans to deploy 1,000 fuel cell electric buses in European cities by 2023.”

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