Ballard Power Systems Inc
TSX:BLDP
Ballard Power Systems Inc
Ballard Power Systems, Inc. engages in the design, development, manufacture, sale, and service of fuel cell products for a variety of applications. The company is headquartered in Burnaby, British Columbia and currently employs 1,367 full-time employees. The firm is focused on the 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 the Company’s intellectual property portfolio and fundamental knowledge for a variety of PEM fuel cell applications. The Company’s fuel cell is an environmentally clean electrochemical device that combines hydrogen fuel with oxygen (from the air) to produce electricity.
Ballard Power Systems, Inc. engages in the design, development, manufacture, sale, and service of fuel cell products for a variety of applications. The company is headquartered in Burnaby, British Columbia and currently employs 1,367 full-time employees. The firm is focused on the 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 the Company’s intellectual property portfolio and fundamental knowledge for a variety of PEM fuel cell applications. The Company’s fuel cell is an environmentally clean electrochemical device that combines hydrogen fuel with oxygen (from the air) to produce electricity.
Revenue Growth: Revenue jumped 120% year-over-year to $32.5 million, mainly driven by deliveries to the bus and rail segments.
Gross Margin Improvement: Gross margin turned positive at 15%, up from negative 56% a year ago, helped by lower product costs and a reduction in onerous contracts.
Cost Controls: Operating expenses dropped 36% year-over-year, and cash operating costs fell 40% due to recent restructuring.
Order Momentum: Net order intake was about $19 million, with the largest-ever marine order booked at 6.4 megawatts.
Strategic Changes: Ballard decided not to pursue the Texas gigafactory, citing sufficient current manufacturing capacity and a commitment to capital discipline.
Outlook: Management expects further gross margin improvement and continued focus on cost discipline, but did not provide specific revenue or margin guidance.
