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VANCOUVER, CANADA - March 5, 2020 - Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) announced consolidated financial results for the fourth quarter and full year ended December 31, 2019. 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, "We closed out 2019 with high activity levels, record quarterly revenue of $41.9 million in Q4, and full year revenue of $106.3 million, exceeding our full year outlook. Gross margin for the full year was 21%, Adjusted EBITDA was ($28.2) million and year-end cash reserves were $147.8 million. In 2019 Ballard also delivered continued progress in the execution of our strategy: we launched our next-generation LCS fuel cell stack and FCmoveTM power module, offering lower cost and enhanced performance; we received purchase orders for fuel cell products from the Weichai-Ballard joint venture in China, with construction of the joint venture facility moving toward commissioning by mid-year 2020; we announced our membership in the H2Bus Consortium in Europe as well as the creation of a Marine Center of Excellence at our Denmark facility."
Mr. MacEwen continued, "In 2019 the hydrogen and fuel cell industry experienced remarkable momentum. A total of 18 countries, representing 70% of global GDP, announced hydrogen and fuel cell roadmaps. Major mobility players, including Weichai, Bosch, Cummins, Faurecia, Michelin, CNH, Hyundai and others, committed to significant investments in fuel cells. There is growing consensus in the financial community regarding a reallocation of capital as a direct result of global climate change. And, deployments of fuel cell electric buses and trucks also increased significantly in 2019, led by China."
Mr. MacEwen added, "I believe there is now a consolidated industry view that the most attractive near-term markets for fuel cell electric vehicles, or FCEVs, are in Medium- and Heavy-Duty Motive use cases that feature heavy payload, long daily range and a need for fast refuelling. Two important studies released in January 2020 underscore the expectation that FCEVs will be the most competitive zero-emission option from a total-cost-of-ownership perspective for numerous medium and heavy vehicle use cases, as well as the most environmentally attractive: a Hydrogen Council report, prepared in conjunction with McKinsey, entitled "Path to Hydrogen Competitiveness: A cost perspective"; and a white paper prepared jointly by Deloitte China and Ballard entitled "Fueling the Future of Mobility: Hydrogen and fuel cell solutions for transportation"."
Mr. MacEwen concluded, "Looking ahead to 2020, we anticipate total revenue of approximately $130 million as we address Medium- and Heavy-Duty Motive demand in key global markets. Ballard will continue to invest in world-leading technology and product development, including product cost reduction, while also completing our planned expansion in MEA production capacity at Ballard's Vancouver facility. We will also invest in our Weichai-Ballard joint venture in China, as this facility transitions from construction to operation. In 2020, we will deepen our exposure to the European market as signals further strengthen to decarbonize mobility with hydrogen fuel cell solutions. We anticipate significant longer-term growth in China, Europe and California, setting the stage for attractive returns for Ballard and our shareholders."
Q4 2019 Financial Highlights
(all comparisons are to Q4 2018 unless otherwise noted)
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