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.
Randy MacEwen, President and CEO of Ballard, said, “While Ballard’s employees and operations have not been appreciably impacted by Covid-19 to this point, as previously communicated, delays in end market deployments and customer orders are nonetheless impacting out 2020 revenue and results.”
“During our virtual Investor and Analyst Day 2020 in September, we reviewed details of the $130 billion annual total addressable engine market for the key heavy- and medium-duty motive applications of bus, truck, rail and marine, as well as our corporate strategy to penetrate use cases requiring heavy payload, extended range and rapid refuelling.”
“As a result, we see tremendous long-term revenue growth potential, initially in the target geographies of China, Europe and California.”