- Ballard Power Systems Inc (NASDAQ:BLDP) (TSX:BLDP) reported first-quarter revenue of $21 million, an increase of 19% year-over-year, driven by growth in Power Product sales, more than offsetting the decline in Technology Solutions revenue.
- EPS loss widened to $(0.14) compared to $(0.06) in 1Q21.
- The gross loss was $(0.2) million, compared to a $2.6 million profit in 1Q21. Gross margin was (1)% vs. 15% a year ago, driven by higher fixed overhead costs, a shift in revenue mix, and increased labor, supply, and freight expenses.
- Adjusted EBITDA loss was $(27.5) million, compared to $(14) million in 1Q21.
- Operating expenses and cash operating costs were $30.3 million and $26.1 million in the quarter, respectively, increasing 69% and 82% Y/Y.
- Ballard received ~$27.8 million of new orders in Q1, resulting in an order backlog of ~$99.8 million at the end-Q1. The 12-month order book was $65.8 million.
- Ballard's cash used in operating activities was $(41.7) million in Q1, compared to $(15.7) million a year ago.
- The company held cash reserves of $1.07 billion as of March 31, 2022.
- FY22 Outlook: Ballard expects a total operating expense of $140 million - $160 million and capital expenditure of $40 million - $60 million.
- Separately, BLDP entered a strategic collaboration with Wisdom (Fujian) Motor Company Limited, Templewater Group, and Bravo Transport Services Limited to accelerate the adoption of commercial fuel cell electric vehicles (FCEV) in Hong Kong.
- As part of Ballard's equity investment, Alfred Wong, Ballard's Managing Director of Asia Pacific, will serve on the board of directors of Wisdom.
- Price Action: BLDP shares are trading lower by 11.94% at $6.89 on NASDAQ and lower by 10.95% at C$8.95 on TSX, on the last check Monday.
