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Share Name | Share Symbol | Market | Type |
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Ballard Power Systems Inc | TSX:BLDP | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 3.46 | 3.56 | 3.56 | 0 | 12:40:36 |
VANCOUVER, BC, Nov. 5, 2020 /PRNewswire/ - Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) today announced consolidated financial results for the third quarter ended September 30, 2020. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).
"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 our 2020 revenue and results," said Randy MacEwen, President and CEO. "In Q3, Ballard delivered revenue of $25.6 million, gross margin of 19% and ending cash reserves of $361.7 million."
Mr. MacEwen noted, "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 refueling. As a result, we see tremendous long-term revenue growth potential, initially in the target geographies of China, Europe and California."
Mr. MacEwen continued, "In China, the issuance of an updated policy framework during the quarter is consistent with our expectation for long-term government support of hydrogen and fuel cell electric vehicles, where we are well positioned with our Weichai-Ballard joint venture. In Europe, we have now signed our previously announced collaboration agreement with MAHLE, a leading international development partner and Tier 1 supplier to the commercial vehicle and automotive industry. This agreement provides for the development and commercialization of zero-emission fuel cell systems for primary propulsion power in commercial trucks, initially in Europe. And, we have signed definitive agreements with AUDI AG that provide Ballard with the ability to use the FCgen®-HPS fuel cell stack technology in all markets, including trucks, where high-power density is a critical requirement. Finally, our future collaboration with Honeywell International, following its purchase of our UAV business, positions us for exciting business opportunities in a range of future urban air mobility and broader aerospace applications."
Mr. MacEwen concluded, "I would like to acknowledge the important contribution made over the past 10-years in the CFO role by Tony Guglielmin, who has announced his intention to retire on March 31st, 2021, following completion and certification of our 2020 audited financial results. Under Tony's leadership, Ballard has made tremendous progress in crystalizing and executing a market-leading growth strategy underpinned by prudent financial management that has protected and significantly enhanced shareholder value. Tony's commitment to, and unwavering support of, Ballard's corporate direction will be missed. We have retained a leading international executive search firm and expect to have a new CFO in place, and an orderly transition completed, by the end of Q1 2021."
Q3 2020 Financial Highlights
(all comparisons are to Q3 2019 unless otherwise noted)
Q3 2020 Operating Highlights
Q3 2020 Financial Summary
(Millions of U.S. dollars) | Three months ended Sept. 30, | Nine months ended Sept. 30, | ||||
2020 | 2019 | % Change | 2020 | 2019 | % Change | |
REVENUE | ||||||
Fuel Cell Products & Services:1,2 | ||||||
Heavy Duty Motive | $12.9 | $5.0 | 161% | $35.8 | $14.0 | 156% |
Material Handling | $1.4 | $2.8 | -49% | $4.3 | $8.8 | -51% |
Backup Power | $1.0 | $0.2 | 540% | $3.5 | $1.0 | 258% |
Sub-Total | $15.3 | $7.9 | 94% | $43.6 | $23.8 | 83% |
Technology Solutions | $10.3 | $16.8 | -39% | $31.7 | $40.2 | -21% |
Total Fuel Cell Products & Services Revenue | $25.6 | $24.7 | 4% | $75.3 | $64.0 | 18% |
PROFITABILITY Gross Margin $ | $4.8 | $6.2 | -22% | $15.3 | $13.8 | 11% |
Gross Margin % | 19% | 25% | -6-points | 20% | 22% | -2-points |
Operating Expenses | $12.6 | $12.4 | 2% | $41.2 | $32.2 | 28% |
Cash Operating Costs3 | $10.7 | $8.9 | 21% | $33.6 | $25.7 | 31% |
Equity gain (loss) in JV & Associates | ($2.8) | ($3.2) | 13% | ($8.2) | ($8.1) | -1% |
Adjusted EBITDA3 | ($7.7) | ($6.8) | -13% | ($24.5) | ($19.6) | -25% |
Net Income (Loss) from continuing operations | ($11.2) | ($9.3) | -20% | ($35.1) | ($25.5) | -38% |
Earnings (Loss) Per Share from continuing operations | ($0.05) | ($0.04) | -14% | ($0.14) | ($0.11) | -30% |
CASH | ||||||
Cash provided by (used in) Operating Activities: | ||||||
Cash Operating Income (Loss) | ($6.7) | ($2.8) | -139% | ($19.1) | ($10.2) | -87% |
Working Capital Changes | ($4.6) | ($6.8) | 32% | ($17.2) | ($8.1) | -112% |
Cash provided by (used in) Operating Activities | ($11.3) | ($9.6) | -18% | ($36.3) | ($18.3) | -98% |
Cash Reserves | $361.7 | $153.4 | 136% |
For a more detailed discussion of Ballard Power Systems' third quarter 2020 results, please see the company's financial statements and management's discussion & analysis, which are available at www.ballard.com/investors, www.sedar.com and www.sec.gov/edgar.shtml.
Conference Call
Ballard will hold a conference call on Friday, November 6, 2020 at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) to review third quarter 2020 operating results. The live call can be accessed by dialing +1.604.638.5340. Alternatively, a live audio and slide webcast can be accessed through a link on Ballard's homepage (www.ballard.com). Following the call, the audio webcast and presentation materials will be archived in the 'Earnings, Interviews & Presentations' area of the 'Investors' section of Ballard's website (www.ballard.com/investors).
About Ballard Power Systems
Ballard Power Systems' (NASDAQ: BLDP; TSX: BLDP) vision is to deliver fuel cell power for a sustainable planet. Ballard zero-emission PEM fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels, passenger cars and forklift trucks. To learn more about Ballard, please visit www.ballard.com.
Important Cautions Regarding Forward-Looking Statements
This release contains forward-looking statements concerning the impact of the coronavirus pandemic on our business and on the long-term demand for fuel cell products, projected product orders and sales and product shipments, expected manufacturing progress at the Weichai-Ballard joint venture, the markets for our products and the effects of governmental regulations on such markets, expected financial results and future offerings of securities. These forward-looking statements reflect Ballard's current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such statements are based on Ballard's assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand. For a detailed discussion of the factors and assumptions that these statements are based upon, and factors that could cause our actual results or outcomes to differ materially, please refer to Ballard's most recent management discussion & analysis. Other risks and uncertainties that may cause Ballard's actual results to be materially different include general economic and regulatory changes, detrimental reliance on third parties, successfully achieving our business plans and achieving and sustaining profitability. For a detailed discussion of these and other risk factors that could affect Ballard's future performance, please refer to Ballard's most recent Annual Information Form. These forward-looking statements are provided to enable external stakeholders to understand Ballard's expectations as at the date of this release and may not be appropriate for other purposes. Readers should not place undue reliance on these statements and Ballard assumes no obligation to update or release any revisions to them, other than as required under applicable legislation.
Endnotes: | |||||||||||
1 We report our results in the single operating segment of Fuel Cell Products and Services. Our Fuel Cell Products and Services segment consists of the sale and service of PEM fuel cell products for our power product markets of Heavy Duty Motive (consisting of bus, truck, rail and marine applications), Material Handling and Backup Power, as well as the delivery of Technology Solutions, including engineering services, technology transfer and the license and sale of our extensive intellectual property portfolio and fundamental knowledge for a variety of fuel cell applications. | |||||||||||
2 The UAV market has been classified as a discontinued operation in our third quarter of 2020 consolidated condensed financial statements. As such, the assets of the UAV market have been classified as assets held for sale as of September 30, 2020. Furthermore, the historic operating results of the UAV market for both 2020 and 2019 have been removed from continuing operating results and are instead presented separately in the statement of comprehensive income as income from discontinued operations. | |||||||||||
3 Note that Cash Operating Costs, EBITDA, Adjusted EBITDA and Adjusted Net Income (Loss), are non-GAAP measures. Non-GAAP measures do not have any standardized meaning prescribed by GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. Ballard believes that Cash Operating Costs, EBITDA, Adjusted EBITDA and Adjusted Net Income (Loss) assist investors in assessing Ballard's operating performance. These measures should be used in addition to, and not as a substitute for, net income (loss), cash flows and other measures of financial performance and liquidity reported in accordance with GAAP. For a reconciliation of Cash Operating Costs, EBITDA, Adjusted EBITDA and Adjusted Net Income (Loss) to the Consolidated Financial Statements, please refer to Ballard's Management's Discussion & Analysis. | |||||||||||
Cash Operating Costs measures operating expenses excluding stock-based compensation expense, depreciation and amortization, impairment losses or recoveries on trade receivables, restructuring charges, acquisition costs, the impact of unrealized gains or losses on foreign exchange contracts, and financing charges. EBITDA measures net loss from continuing operations excluding finance expense, income taxes, depreciation of property, plant and equipment, and amortization of intangible assets. Adjusted EBITDA adjusts EBITDA for stock-based compensation expense, transactional gains and losses, asset impairment charges, finance and other income, the impact of unrealized gains or losses on foreign exchange contracts, and acquisition costs. Adjusted Net Income (Loss) measures net income (loss) from continuing operations excluding transactional gains and losses, asset impairment charges, and acquisition costs. |
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SOURCE Ballard Power Systems Inc.
Copyright 2020 PR Newswire
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