Ballard reports Q3 2020 results

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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