Q2 2019 Financial Highlights
(all comparisons are to Q2 2018 unless otherwise noted)
Q2 2019 Operating Highlights
Q2 2019 Financial Summary
Endnotes:
SOURCE Ballard Power Systems Inc.
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VANCOUVER, July 31, 2019 /PRNewswire/ - Ballard Power Systems (NASDAQ:BLDP, TSX:BLDP) today announced consolidated financial results for the second quarter ended June 30, 2019. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).
Randy MacEwen, President and CEO said, "We are seeing unprecedented developments and interest in fuel cell electric mobility, as reflected in our growing Order Book. Financial results and new contract bookings for Q2 and year-to-date were consistent with the type of first half to the year we had expected. Ballard delivered Q2 revenue of $23.7 million, gross margin of 23%, Adjusted EBITDA of ($5.0) million and ending cash reserves of $163.7 million. During Q2 we announced two notable developments that support our business plan. First was a $44 million order from the Weichai-Ballard joint venture in China. Second was our announcement that Ballard is a member in the new H2Bus Consortium, with plans to deploy 1,000 fuel cell electric buses in European cities by 2023."
Mr. MacEwen noted, "The global megatrend toward electrification of mobility is accelerating and putting increased momentum behind fuel cell-based power for motive applications. There are clear signals that the hydrogen and fuel cell industry is at an exciting stage in its evolution. As we reiterate our full-year 2019 outlook, we also note our expectations for strong growth in 2020 and beyond to underpin Ballard's continued leadership in powering fuel cell electric vehicles."
(Millions of U.S. dollars) | Three months ended June 30, | Six months ended June 30, | ||||
2019 | 2018 | % Change | 2019 | 2018 | % Change | |
GROWTH | ||||||
Fuel Cell Products & Services Revenue:1 | ||||||
Heavy Duty Motive | $6.5 | $13.3 | -52% | $9.0 | $22.6 | -60% |
Portable Power/UAV | $0.2 | $2.4 | -90% | $0.4 | $4.8 | -92% |
Material Handling | $2.8 | $1.7 | 61% | $6.0 | $2.1 | 180% |
Backup Power | $0.4 | $0.4 | -8% | $0.8 | $0.7 | 14% |
Sub-Total | $9.9 | $17.8 | -44% | $16.2 | $30.2 | -46% |
Technology Solutions | $13.8 | $8.6 | 61% | $23.5 | $16.3 | 44% |
Total Fuel Cell Products & Services Revenue | $23.7 | $26.4 | -11% | $39.7 | $46.5 | -15% |
PROFITABILITY | ||||||
Gross Margin $ | $5.6 | $9.4 | -41% | $7.8 | $16.0 | -52% |
Gross Margin % | 23% | 36% | -13-point | 20% | 34% | -14-points |
Operating Expenses | $10.2 | $12.5 | -19% | $20.9 | $25.2 | -17% |
Cash Operating Costs2 | $8.4 | $10.5 | -20% | $17.7 | $21.2 | -16% |
Equity gain (loss) in JV & Associates | ($2.9) | ($0.1) | 3,352% | ($4.8) | ($0.1) | 3,592% |
Adjusted EBITDA2 | ($5.0) | ($0.8) | -526% | ($13.6) | ($4.6) | -193% |
Net Loss | ($7.0) | ($4.3) | -61% | ($19.0) | ($9.8) | -93% |
Net Loss Per Share | ($0.03) | ($0.02) | -25% | ($0.08) | ($0.06) | -26% |
Adjusted Net Loss2 | ($7.0) | ($4.3) | -61% | ($17.0) | ($9.8) | -73% |
Adjusted Net Loss Per Share2 | ($0.03) | ($0.02) | -25% | ($0.07) | ($0.06) | -13% |
CASH | ||||||
Cash Provided (Used) by Operating Activities: | ||||||
Cash Operating Income (Loss) | ($1.1) | ($1.6) | -31% | ($6.7) | ($4.4) | -55% |
Working Capital Changes | $2.8 | ($15.3) | 118% | ($2.0) | ($19.7) | 90% |
Cash Provided (Used) By Operating Activities | $1.7 | ($16.9) | 110% | ($8.7) | ($24.1) | 64% |
Cash Reserves | $163.7 | $35.2 | 365% | |||
For a more detailed discussion of Ballard Power Systems' second quarter 2019 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 Thursday, August 1, 2019 at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) to review second quarter 2019 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. The Company builds fuel cell products that reduce customer costs and risks, and helps customers solve difficult technical challenges or address new business opportunities. To learn more about Ballard, please visit www.ballard.com.
Important Cautions Regarding Forward-Looking Statements
This release contains forward-looking statements concerning projected revenue growth, product shipments, gross margin, Adjusted EBITDA, cash operating expenses and product sales. 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.
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), Portable Power/UAV, 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 | 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, the impact of unrealized gains or losses on foreign exchange contracts, acquisition costs and financing charges. EBITDA measures net loss 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, the impact of unrealized gains or losses on foreign exchange contracts, finance and other income, and acquisition costs. Adjusted Net Income (Loss) measures net income (loss) excluding transactional gains and losses, asset impairment charges, and acquisition costs. |
