Ballard Reports Record Q4 and Full Year 2017 Results

Vancouver, Canada – Ballard Power Systems today announced consolidated financial results for the fourth quarter and full year ended December 31, 2017. Sales and EBITDA have improved significantly over the past 12 months and losses have also been reduced. According to Randy MacEwen, President and CEO, 2017 was a milestone year for Ballard on the company’s path to profitability.

In the final quarter 2017 Ballard Power generated record revenue of $40.3 million, contributing to record full year 2017 revenue of $121.3 million, an increase of 42% year-on-year. As Ballard Power points out, the company delivered a 6-point improvement in gross margin for the full year to 34%. Adjusted EBITDA increased 18 percent year-on-year to $ 2.1 million in the last quarter (2016: $ 1.8 million). For the year as a whole, adjusted EBITDA of $ 3.3 million is positive (2016: $ 9.9 million negative). All in all Ballard reports a net loss of $ 8 million, or $ 0.05 per share Share for 2017. Compared with a loss of $ 21.1 million and $ 0.13 per share in 2016, this represents an improvement of 62 and 66 percent, respectively. According to Ballard, the reduction in the net loss is due to the positive development of adjusted EBITDA as well as higher financial and other income, mainly due to higher foreign exchange gains.

In summary, given the relatively early stage of development in some markets, the uncertainty of timing in contract awards and program deliveries in 2018, together with significant one-time contributions from key projects in 2017, Ballard expects revenue to be relatively flat in 2018, coincident with a strengthening of the underlying business mix for long-term growth prospects. The 2018 revenue outlook is supported by a solid foundation to start the year, with a 12-month Order Book of $73.4 million at 2017 year end. Since year-end the Company has secured additional orders of $18.0 million, such that Ballard now has total committed orders of $91.4 million expected for delivery in 2018, together with a robust pipeline of qualified commercial sales opportunities.

Source: IWR Online, 01 Mar 2018