Ballard Reports Earnings; Revenue Up 13%

On Monday, April 28, 2014, Ballard Power Systems Inc. BLDP reported its first quarter 2014 results, shares of the company are trading down 1.71 percent or 0.07 to $4.02 per share in after-hours trading. Below are some key metrics from this quarter: • Gross margin at 25 percent, representing a 1-point increase • The company had its first-quarter revenue grow 13 percent to $14.0 million. • Net income of (3.8) million. • Cash reserves of 41.6 million John Sheridan, President and CEO said, "Our Q1 results reflect continued improvement in key metrics, consistent with our business outlook and full-year guidance for 2014. Top line revenue grew 13% year-over-year and, on the bottom line, we achieved a 23% reduction in cash operating costs and a 60% improvement in Adjusted EBITDA. We also strengthened our liquidity position, ending Q1 with cash reserves of $41.6 million, due primarily to the exercise of warrants related to our 2013 equity financings." In addition, the company confirmed its full ear guidance and expects revenue to be 30 percent and approximately break-even Adjusted EBITDA. The executive continued, “Also, after the quarter we were pleased to close a strategic transaction with United Technologies Corporation, giving Ballard a commanding industry position in fuel cell intellectual property and strengthening our ability to grow shareholder value." Additionally, Steve Karaffa was appointed to Vice President and Chief Commercial Officer in February.