Ballard Reports Q2 2017 Results

Ballard Power Systems aus Kanada hat im zweiten Quartal 2017 den Umsatz um 50 Prozent gesteigert gegenüber dem Vorjahr. Außerdem konnte das Unternehmen seinen Verlust je Aktie auf 0,01 US-Dollar verringern. Wir veröffentlichen die Mitteilung der Brennstoffzellen-Spezialistin im Wortlaut (ohne Tabellen). 

Die untenstehende Meldung ist eine Original-Meldung des Unternehmens. Sie ist nicht von der bearbeitet. Die presserechtliche Verantwortlichkeit liegt bei dem meldenden Unternehmen.

- 50% Revenue Growth, 35% Gross Margin and positive Adjusted EBITDA of $1.1M, with $68.1M ending Cash Reserves

VANCOUVER - Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) today announced consolidated financial results for the second quarter ended June 30, 2017. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).

"In Q2 we grew revenue 50% year-on-year to $26.5 million, increased gross margin 6-points to 35%, and generated positive Adjusted EBTIDA of $1.1 million," said Randy MacEwen, President and CEO. "Through the first half of 2017, revenue increased 45% to $49.2 million, gross margin increased to 38%, and Adjusted EBITDA was positive $0.4 million. In fact, Adjusted EBITDA was positive $0.6 million for the trailing 12-month period. With a strong order book and robust sales pipeline, we are well positioned to deliver a solid second half of the year."

Mr. MacEwen continued, "We are seeing growing global market interest in fuel cell electric vehicles, or FCEVs, across a number of Heavy Duty Motive applications and use cases, including buses, trucks and rail applications, where standalone battery solutions are challenged to address the market requirements."

China is poised to lead the adoption of FCEVs and Ballard continued to focus on execution of its China strategy during Q2:

- Together with partner Guangdong Synergy Hydrogen Power Technology Co., Ltd., Ballard made significant progress toward the establishment of a fuel cell stack manufacturing joint venture in Yunfu, which remains on track to be operational later in 2017;
- Ballard's strategic partnership with Zhongshan Broad-Ocean Motor Co., Ltd. progressed through signing of a follow-on $18 million equipment supply agreement to support the expected deployment of 400 fuel cell modules in FCEVs, with substantial deliveries expected in 2017; and
- Ballard shipped five of its 200 kilowatt (kW) modules to CSR Sifang, which are expected to be used in the world's first fuel cell-powered trams in the City of Foshan starting in 2018.

Mr. MacEwen concluded, "Our PEM fuel cell leadership, our strategic positioning, a financial trend toward positive Adjusted EBITDA and a fully-funded business plan positions Ballard uniquely within the industry."

Q2 2017 Financial Highlights
(all comparisons are to Q2 2016 unless otherwise noted)

- Revenue was $26.5 million, an increase of 50%, reflecting growth in both Power Products and Technology Solutions.
- The Power Products platform generated revenue of $15.2 million, an increase of 29%.

- The Technology Solutions platform generated revenue of $11.3 million, an increase of 93% primarily reflecting increased work on our stack joint venture, bus and tram programs in China.
- Gross margin was 35%, an improvement of 6-points primarily due to a favorable shift in product mix toward higher margin Technology Solutions and Heavy Duty Motive revenue, combined with improved manufacturing overhead and related cost absorption resulting from higher production volumes.
- Cash operating costs2 were $8.5 million, an increase of 1%.
- Adjusted EBITDA2 was $1.1 million in Q2, an improvement of $4.0 million or 136% primarily driven by higher revenue and higher gross margin.
- Net loss was ($1.2) million, an improvement of $4.6 million or 79%.
- Net loss per share was ($0.01), an improvement from ($0.04).
- Adjusted net loss2 was ($0.4) million, an improvement of $5.1 million or 93%.
- Adjusted net loss per share2 was ($0.00) per share, an improvement from ($0.03).
- Cash provided by operating activities was $1.8 million, an improvement of 146% reflecting cash operating income of $1.4 million and a working capital change of $0.4 million.
- Cash reserves were $68.1 million at June 30, an increase of 65% from the end of Q2 2016.

Q2 2017 Sales and Operations Highlights
- Entered into a contract in June, valued at approximately $18 million, with Zhongshan Broad-Ocean Motor Co., Ltd. ("Broad-Ocean") for the supply and delivery of 400 FCveloCity® fuel cell engines expected to be used in demonstrations of fuel cell electric buses and trucks in key Chinese cities. This announcement, together with an $11 million transaction announced in April for 200 FCveloCity® engines, means that Ballard is planning to support Broad-Ocean through the expected deployment of 600 fuel cell engines having a value of $29 million, with significant deliveries expected to be made in 2017.
- Shipped five 200kW FCveloCity® fuel cell engines to CRRC Qingdao Sifang Company ("CSR Sifang") to power trams that are expected to be deployed on the Gaoming Line in the City of Foshan, China starting in 2018. To date 6 of 10 fuel cell engines have been shipped to CSR Sifang.
- Announced that an FCveloCity® fuel cell engine will power a hybrid class 8 drayage truck built by Kenworth Truck Company to haul shipping containers from the ports of Los Angeles and Long Beach to area warehouses and intermodal facilities during a two-year demonstration program.
- Received an initial order for Protonex' fuel cell propulsion system, together with design services, from FlyH2 Aerospace in South Africa for use in powering its UA Plant prototype unmanned aerial vehicle (UAV or drone). FlyH2 Aerospace plans to deploy Protonex systems in all three of its drone models, which are currently in the development pipeline and planned for use in commercial applications. Protonex is a Ballard subsidiary.
- Subsequent to quarter end, received an order from SunLine Transit Agency for five FCveloCity® fuel cell engines to power fuel cell electric buses in Palm Desert, California. Ballard is partnering with ElDorado National and BAE Systems to deliver the fuel cell buses, powered by Ballard's 150kW engines, which are expected to be shipped in 2017.

Q2 2017 Corporate Platform Highlights

- In alignment with the company's board renewal process, Ms. Janet Woodruff joined the board of directors on April 1.
- Rob Campbell joined the executive leadership team as Vice President and Chief Commercial Officer on May 1.
- Awarded a special "GreenTech 2017" prize in Berlin, Germany for powering Europe's largest fuel cell bus fleet in Aberdeen, Scotland. Ten fuel cell buses, powered by Ballard 150kW FCveloCity® fuel cell engines, have been providing zero-emission transportation throughout Aberdeen since 2014.
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