Ballard Reports Q2 2018 Results
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Ballard Reports Q2 2018 Results

VANCOUVER, Aug. 1, 2018 — (PRNewswire) — Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) today announced consolidated financial results for the second quarter ended June 30, 2018. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).

Randy MacEwen, President and CEO said, "Financial results and new contract bookings for Q2 and year-to-date are consistent with the type of first half to the year we had expected. We delivered Q2 revenue of $26.4 million, gross margin of 36% and Adjusted EBITDA of ($0.8) million. We are excited to have ended the quarter with a record Order Backlog of $283.3 million."

Mr. MacEwen also noted, "The global megatrend of electrification of propulsion systems is accelerating. This megatrend is driving growing interest in fuel cell electric vehicles, or FCEVs, for transportation applications where long range, rapid refueling, heavy payload and route flexibility are customer requirements. Interest and customer engagement continues to build in heavy-duty motive applications, including bus, truck, rail and marine, along with automotive, material handling and unmanned vehicle applications. During Q2, we were particularly excited with the long-term extension, through to August 2022, of our HyMotion program with AUDI AG, in support of its automotive fuel cell strategy and deployment plans."

Mr. MacEwen concluded, "As we look out to 2019 and beyond, and to our pathway to profitability, we expect strong growth in FCEV demonstration programs and commercial scaling in certain heavy and medium duty applications in China, Europe and the United States. With continued investment in technology, products, customer engagement and our brand, we see Ballard having a leading position in these large and growing addressable markets."

Q2 2018 Financial Highlights

(all comparisons are to Q2 2017 unless otherwise noted)

Ballard Power Systems Q2 2018 results (CNW Group/Ballard Power Systems Inc.)

Q2 2018 Highlights




Material Handling

Unmanned Vehicles

Power Manager


Q2 2018 Financial Summary

(Millions of U.S. dollars)

     Three months ended June 30,

    Six months ended June 30,



% Change



% Change


Fuel Cell Products & Services Revenue:1

Heavy Duty Motive







Portable Power







Material Handling







Backup Power














Technology Solutions







Total Fuel Cell Products & Services Revenue








Gross Margin $







Gross Margin %







Operating Expenses







Cash Operating Costs2







Adjusted EBITDA2







Net Income (Loss)







Earnings Per Share







Adjusted Net Income (Loss)2







Adjusted Net Loss Per Share2








Cash Provided (Used) by Operating Activities:

Cash Operating Income (Loss)







Working Capital Changes







Cash Provided (Used) By Operating Activities







Cash Reserves





For a more detailed discussion of Ballard Power Systems' second quarter 2018 results, please see the company's financial statements and management's discussion & analysis, which are available at, and

Conference Call

Ballard will hold a conference call on Thursday, August 2, 2018 at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) to review second quarter 2018 operating results. The live call can be accessed by dialing +1.604.638.5340. Alternatively, a live audio and slide webcast can be accessed through a link on Ballard's homepage ( Following the call, the audio webcast and presentation materials will be archived in the Earnings, Interviews & Presentations area of the Investors section of Ballard's website (

About Ballard Power Systems

Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) provides clean energy products that reduce customer costs and risks, and helps customers solve difficult technical and business challenges in their fuel cell programs. To learn more about Ballard, please visit

Important Cautions Regarding Forward-Looking Statements

This release contains forward-looking statements concerning projected revenue growth, product shipments, gross margin, Adjusted EBITDA, cash operating expenses and product sales. These forward-looking statements reflect Ballard's current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such statements are based on Ballard's assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand. For a detailed discussion of the factors and assumptions that these statements are based upon, and factors that could cause our actual results or outcomes to differ materially, please refer to Ballard's most recent management discussion & analysis. Other risks and uncertainties that may cause Ballard's actual results to be materially different include general economic and regulatory changes, detrimental reliance on third parties, successfully achieving our business plans and achieving and sustaining profitability. For a detailed discussion of these and other risk factors that could affect Ballard's future performance, please refer to Ballard's most recent Annual Information Form. These forward-looking statements are provided to enable external stakeholders to understand Ballard's expectations as at the date of this release and may not be appropriate for other purposes. Readers should not place undue reliance on these statements and Ballard assumes no obligation to update or release any revisions to them, other than as required under applicable legislation.


1 We report our results in the single operating segment of Fuel Cell Products and Services. Our Fuel Cell Products and Services segment consists of the sale and service of PEM fuel cell products for our power product markets of Heavy Duty Motive (consisting of bus, truck, rail and marine applications), Portable Power, Material Handling and Backup Power, as well as the delivery of Technology Solutions, including engineering services, technology transfer and the license and sale of our extensive intellectual property portfolio and fundamental knowledge for a variety of fuel cell applications.

2 Note that Cash Operating Costs, EBITDA, Adjusted EBITDA and Adjusted Net Income (Loss), are non GAAP measures. Non GAAP measures do not have any standardized meaning prescribed by GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. Ballard believes that Cash Operating Costs, EBITDA, Adjusted EBITDA and Adjusted Net Income (Loss) assist investors in assessing Ballard's operating performance. These measures should be used in addition to, and not as a substitute for, net income (loss), cash flows and other measures of financial performance and liquidity reported in accordance with GAAP. For a reconciliation of Cash Operating Costs, EBITDA, Adjusted EBITDA and Adjusted Net Income (Loss) to the Consolidated Financial Statements, please refer to Ballard's Management's Discussion & Analysis.

Cash Operating Costs measures operating expenses excluding stock based compensation expense, depreciation and amortization, impairment losses or recoveries on trade receivables, restructuring charges, unrealized gains or losses on foreign exchange contracts, acquisition costs and financing charges. EBITDA measures net loss attributable to Ballard Power Systems Inc. excluding finance expense, income taxes, depreciation of property, plant and equipment, and amortization of intangible assets. Adjusted EBITDA adjusts EBITDA for stock based compensation expense, transactional gains and losses, asset impairment charges, unrealized gains or losses on foreign exchange contracts, finance and other income, and acquisition costs. Adjusted Net Income (Loss) measures net income (loss) attributable to Ballard from continuing operations, excluding transactional gains and losses, asset impairment charges, and acquisition costs. 


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SOURCE Ballard Power Systems Inc.

Company Name: Ballard Power Systems Inc.
Guy McAree
Phone: +1.604.412.7919
Email Contact or Email Contact
Financial data for Ballard Power Systems Inc.