Ballard Reports Q2 2018 Results

Automotive

  • Signed a 3½-year extension to the long-term Technology Solutions contract with AUDI AG, part of the Volkswagen Group, extending the HyMotion program from March 2019 to August 2022. The aggregate value of the contract extension, which supports AUDI AG through its small series production launch, is expected to be C$80-130 million (US$62-100 million).

Material Handling

  • Signed a multi-year Master Supply Agreement with Hyster-Yale Group encompassing the supply of minimum annual volumes of FCgen®-1020 air-cooled fuel cell stacks for use in powering Class-3 forklift trucks, as well as support on the design of a fuel cell electric propulsion system to power these lift trucks.

Unmanned Vehicles

  • Ballard's subsidiary, Protonex, received purchase orders from the U.S. Navy for a total of 13 fuel cell propulsion systems for unmanned aerial vehicle (UAV) or drone platforms, with deliveries expected to occur in 2018.
  • Announced a Protonex collaboration program with Cellula Robotics to demonstrate a fuel cell for long range autonomous underwater vehicles, funded by an award on behalf of Canada's Department of National Defence.

Power Manager

  • Protonex received a $1.0 million order for the supply of SPM-622 Power Manager Kits to support U.S. Army brigades deploying overseas.

Other

  • Subsequent to Q2, acquired certain strategic assets of Automotive Fuel Cell Cooperation Corporation (AFCC), a private company owned by Daimler AG and Ford Motor Company, enabling Ballard to efficiently and rapidly accelerate production growth objectives.
  • Toyota Tsusho Corporation sold 5 FCgen®-H2PM backup power systems under its Distribution Agreement with Ballard, to be used as part of Japan's renewable emergency power system installed under the "Soma Revitalization Smart Community Construction Project". 
  • All items were approved by shareholders at the June 6th Annual General Meeting. Mr. James Roche was subsequently appointed by the company's board of directors to the role of Chairman, succeeding Mr. Ian Bourne. Consistent with board term limits, Mr. Bourne did not stand for re-election as a director.   

Q2 2018 Financial Summary




(Millions of U.S. dollars)

     Three months ended June 30,

    Six months ended June 30,


2018

2017

% Change

2018

2017

% Change

GROWTH







Fuel Cell Products & Services Revenue:1








Heavy Duty Motive

$13.3

$12.2

9%

$22.6

$19.4

17%


Portable Power

$2.4

$0.9

170%

$4.8

$2.1

129%


Material Handling

$1.7

$2.0

-13%

$2.1

$4.2

-49%


Backup Power

$0.4

$0.1

248%

$0.7

$0.7

10%


Sub-Total

$17.8

$15.2

18%

$30.2

26.3

15%


Technology Solutions

$8.6

$11.3

-24%

$16.3

$22.9

-29%

Total Fuel Cell Products & Services Revenue

$26.4

$26.5

0%

$46.5

$49.2

-5%

PROFITABILITY







Gross Margin $

$9.4

$9.3

2%

$16.0

$18.8

-15%

Gross Margin %

36%

35%

1-point

34%

38%

-4-points

Operating Expenses

$12.5

$10.2

23%

$25.2

$22.2

14%

Cash Operating Costs 2

$10.5

$8.5

24%

$21.2

$18.4

15%

Adjusted EBITDA 2

($0.8)

$1.0

-180%

($4.6)

$0.4

-1,403%

Net Income (Loss)

($4.3)

($1.2)

-260%

($9.8)

($4.1)

-138%

Earnings Per Share

($0.02)

($0.01)

-252%

($0.06)

($0.02)

-154%

Adjusted Net Income (Loss) 2

($4.3)

($0.4)

-1,068%

($9.8)

($3.3)

-197%

Adjusted Net Loss Per Share 2

($0.02)

($0.00)

-1,050%

($0.06)

($0.02)

-218%

CASH







Cash Provided (Used) by Operating Activities:








Cash Operating Income (Loss)

($1.6)

$1.4

-216%

($4.4)

$0.2

-2,086%


Working Capital Changes

($15.3)

$0.4

-4,072%

($19.7)

($1.5)

-1,199%


Cash Provided (Used) By Operating  Activities

($16.9)

$1.8

-1,040%

($24.1)

($1.3)

-1,764%


Cash Reserves

$35.2

$68.1

-48%








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