PR Newswire
VANCOUVER, BC, March 11, 2024
VANCOUVER, BC, March 11, 2024 /PRNewswire/ - Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) today announced consolidated financial results for the fourth quarter ended December 31, 2023. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).
"Our transition to a commercial products company is gaining momentum, with growing market acceptance of our fuel cell engines across our verticals," said Randy MacEwen, President and CEO. "We shipped a record number of fuel cell engines in the quarter, allowing us to close out the year with Q4 revenue of $46.8 million, up 132% year-over-year. We also booked $64.7 million of new orders in Q4, resulting in a product-based Order Backlog now 15% higher than the same period last year."
"Supported by revenue scaling in the quarter, we were able to improve gross margins by eight percentage points compared to the prior year period," said Mr. MacEwen. "Notably, excluding non-cash inventory provisions, underlying gross margin almost achieved breakeven, demonstrating continued success in our product cost reduction initiatives and the impact of operating leverage."
"Excluding discontinued operations, revenue in 2023 was $102.4 million, up 25% compared to the prior year, while total megawatts (MW) and number of modules shipped increased by 17% and 37%, respectively, to 74 MW and 540 modules. We increased the proportion of 2023 revenue and year-ending Order Backlog from Power Products, standing at 72% and 84% respectively," stated Mr. MacEwen. "We increased our diversification across our verticals, geographic regions, and customer base. We supported numerous customers in maturing their fuel cell platforms, while also securing new customer platform wins across our verticals. We launched our next-generation bipolar plate project to enable further product cost reduction and production scaling and also proved the maturity of our technology with outstanding field reliability."
"We continue to prioritize focused and disciplined cash management and balance sheet strength. Cash operating costs in Q4 were roughly flat compared to the prior year, while total operating costs and capital expenditures for the full year were in line with our 2023 guidance ranges. Total cash used in 2023 was down almost $48 million compared to 2022. We ended the year with cash and cash equivalents of $751 million," Mr. MacEwen added.
"Looking forward, we believe the transition of hydrogen policy announcements to implementation will provide mid-term momentum for the availability of low-cost, low-carbon hydrogen, enabling accelerated adoption of fuel cells. In the context of an increasingly constructive policy environment, a growing sales pipeline and Order Backlog, along with our continued investments in product cost reduction and advanced manufacturing, we are well positioned for strong long-term market share. We are excited with our set-up for 2024, as we expect continued growth in our Order Backlog, major order announcements from customers in our bus and stationary power verticals, and the announcement of our next manufacturing facility, each of which will serve as important milestones on our journey to scaled adoption of hydrogen fuel cells."
Q4 2023 Financial Highlights
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(all comparisons are to Q4 2022 unless otherwise noted)
Order Backlog ($M) | Order Backlog | Orders Received | Orders Delivered | Order Backlog |
Total Fuel Cell | $134.6 | $64.7 | $47.1 | $130.5 |
2024 Outlook
Consistent with our past practice, and in view of the early stage of hydrogen fuel cell market development, specific revenue or net income (loss) guidance for 2024 is not provided. We expect revenue in 2024 will be back-half weighted, with roughly 30% in the first half and 70% in the second half, similar to 2023. Total Operating Expense3 and Capital Expenditure4 guidance ranges for 2024 are as follows:
2024 | Guidance |
Total Operating Expense1 | $145 - $165 million |
Capital Expenditure2 | $50 - $70 million |
Q4 2023 Financial Summary
(Millions of U.S. dollars) | Three months ended December 31 | ||
| 2023 | 2022 | % Change |
REVENUE | | | |
Fuel Cell Products & Services:3 | | | |
Heavy-Duty Mobility | $29.0 | $9.1 | 219 % |
Bus | $12.0 | $2.7 | 341 % |
Truck | $6.0 | $2.5 | 135 % |
Rail | $7.0 | $2.7 | 163 % |
Marine | $4.0 | $1.1 | 250 % |
Stationary | $12.8 | $6.2 | 105 % |
Emerging and Other Markets | $4.9 | $4.9 | 1 % |
Total Fuel Cell Products & Services Revenue | $46.8 | $20.2 | 132 % |
PROFITABILITY | | | |
Gross Margin $ | ($10.2) | ($6.1) | (67 %) |
Gross Margin % | (22 %) | (30 %) | 8pts |
Total Operating Expenses | $35.0 | $30.1 | (16 %) |
Cash Operating Costs4 | $29.0 | $29.0 | (0 %) |
Equity loss in JV & Associates | ($4.3) | ($6.8) | 37 % |
Adjusted EBITDA4 | ($44.1) | ($40.1) | (10 %) |
Net Loss from Continuing Operations3 | ($48.9) | ($27.6) | (77 %) |
Loss Per Share from Continuing Operations3 Werbung Mehr Nachrichten zur Ballard Power Aktie kostenlos abonnieren
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