Ballard Power Systems has reported its third quarter (Q3) 2020 results, highlighting revenue of $25.6m, gross margin of 19% and ending cash reserves of $361.7m.
Heavy duty motive revenue for the quarter was $12.9m an increase 161%, compared to Q3 2019. Material handling revenue was $1.4m and backup power revenue was $1m.
Ballard’s power products platform further generated revenue of $15.3m.
Adjusted EBITDA for the quarter was $7.7m, primarily as a result of higher cash operating costs.
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