Ballard Previews Anticipated Financial Results and Provides Comments on Short-Seller Report

Vancouver, Canada - To ensure the company’s shareholders have accurate information about the company’s performance and prospects, Ballard Power Systems on Sunday (2017-01-28) previewed its anticipated year-end financial results and provided comments on a recent short-seller report published by spruce point capital management.

As Ballard points out, based on preliminary unaudited financial statements for fiscal 2017 the fuel cell company expects to report record annual revenue of approximately $120 million, positive Adjusted EBITDA, and year-ending cash on hand of approximately $60 million. A conference call to review fourth quarter and full-year 2017 operating results will be held March 1, 2018.

“We believe these results fully validate our long-held belief that Ballard is uniquely positioned to capitalize on the worldwide trend toward zero-emission transportation,” said Randy MacEwen, President and CEO. “Nothing we have seen in the short-seller report fundamentally changes our outlook for the business. To the contrary, we note that some of the statements upon which the short-seller bases its argument are demonstrably false, while others amount to little more than what we believe is unduly negative speculation about the obvious and well-disclosed risks and uncertainties of commercializing new technologies in emerging markets.”

Ballard notes the short-seller’s report contains a number of unsubstantiated forward-looking statements, assumptions and opinions, as well as other statements and assertions that are simply false.

Source: IWR Online, 30 Jan 2018