Ballard Raises Revenue and Reduces Loss
Vancouver – Ballard Power Systems announced consolidated financial results for the first quarter ended March 31, 2017.
Gross margin was 42 percent in Q1, an improvement of 22-points primarily due to a shift in product mix toward higher margin Technology Solutions and Heavy Duty Motive for the China market, including the ongoing establishment of a production line in Yunfu, China for the manufacture and assembly fuel cell stacks. Adjusted Ebitda was ($0.7) million in Q1, an improvement of $6.6 million or 91 percent. Net income was ($2.9) million in the quarter, an improvement of $7.1 million or 71 percent.
“We made continued progress in Q1 on strategic positioning and improved financial performance,” said Randy MacEwen, President and CEO. “Our strategic focus on high growth and high gross margin market opportunities translated to 39 percent revenue growth and gross margin performance of 42 percent. With our performance in Q1, coupled with a record order book and sales pipeline for 2017 delivery, we see a strong set-up for the remainder of 2017.”
Source: IWR Online, 03 May 2017