Investorideas.com


Be a guest or sponsor our podcasts - learn more about us : 800 665 0411


Share on StockTwits

Fuel Cell Stock News Bites: Ballard (NASDAQ: $BLDP) (TSX: $BLDP.TO) Reports Q1 2020 Results

$24.0M record first quarter revenue, up 50% year-over-year • Significantly strengthened balance sheet • Although business continuity preserved during pandemic, withdrawing 2020 revenue outlook due to COVID-19 uncertainties

 

VANCOUVER, CANADA - May 6, 2020 (Investorideas.com Newswire) Fuel Cell Stock News Bites - Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) announced consolidated financial results for the first quarter ended March 31, 2020. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).

"Our top priority, always, is the health and safety of our people, customers and partners," said Randy MacEwen, President and CEO. "We have taken important precautions to mitigate the impact of the COVID-19 pandemic on our people and our business. Notwithstanding this extraordinary backdrop, we delivered record Q1 revenue of $24.0 million, gross margin of 22% and ending cash reserves of $181.6 million. We further fortified our balance sheet, with the execution of an At-The-Market Equity Program."

Mr. MacEwen stated, "Although we are not seeing a pull-back in long-term demand as a result of COVID-19, there are now some uncertainties on the timelines for vehicle deployments by end-customers. As a result, we believe it is prudent and responsible for us to withdraw our 2020 revenue outlook at this time."

Mr. MacEwen commented, "As we look past possible delays due to near-term uncertainties, we believe the post-COVID-19 'new normal' will offer opportunities to accelerate and further deepen our market penetration. We expect increased calls globally to address urban air quality, as recent studies have demonstrated a link between long-term exposure to particulate matter below 2.5 microns, or PM2.5, and COVID-19 mortality rates. We also expect the European Green Deal, as well as infrastructure stimulus packages in key markets, to promote the adoption of zero-emission mobility in a green recovery. The new paradigm will also likely see increased e-commerce, with a resultant increase in long-term demand for zero-emission medium- and heavy-duty logistics trucks - a market that has traditionally been difficult to decarbonize and a market where we expect fuel cell electrification to be the zero-emission powertrain of choice."

Mr. MacEwen further concluded, "The recent announcement by Daimler Truck and Volvo Group to collaborate on sustainable transportation by forming a joint venture for large-scale production of fuel cells is yet another validation of our strategic view of the market. We believe mass commercialization of fuel cell electric vehicles will occur first in medium and heavy-duty motive use cases - including bus, truck, train and marine - where there are zero-emission requirements for heavy payload, long range and rapid refueling. Many of these use cases feature return-to-base duty cycles, where vehicles can be quickly refueled at a centralized hydrogen refueling station, consistent with the current user experience with legacy diesel. These use cases also disproportionately contribute to emissions, including carbon dioxide and PM2.5."

Q1 2020 Financial Highlights

(all comparisons are to Q1 2019 unless otherwise noted)

Read the company's full news and disclaimer here:

https://www.ballard.com/about-ballard/newsroom/news-releases/2020/05/06/ballard-reports-q1-2020-results

Research more fuel cell stocks - Fuel Cell Stocks Directory at Investorideas.com

https://www.investorideas.com/FCCN/Stock_List.asp

About Investorideas.com - News that Inspires Big Investing Ideas Investorideas.com is a recognized news source publishing third party news, research and original financial content. Learn about investing in stocks and sector trends with our news alerts, articles, podcasts and videos, looking at cannabis, crypto, AI and IoT, mining, sports biotech, water, renewable energy and more. Investor Idea's original branded content includes the following podcasts and columns : Crypto Corner , Play by Play sports and stock news column, Investor Ideas Potcasts Cannabis News and Stocks on the Move podcast and column, Cleantech and Climate Change , Exploring Mining the AI Eye .

Stock Bites is a branded product of Investorideas.com

Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions. This stock bites news release publication is available as a paid for service on Investorideas.com https://www.investorideas.com/News-Upload/

More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com

Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp

Follow us on Twitter https://twitter.com/Investorideas

Follow us on Facebook https://www.facebook.com/Investorideas

Follow us on YouTube https://www.youtube.com/c/Investorideas

Download our Mobile App for iPhone and Android

Get free investor news alerts

https://www.investorideas.com/Resources/Newsletter.asp

Join our Investor Club https://www.investorideas.com/membership/

Contact Investorideas.com

800 665 0411


Fuel Cell Stocks - Fuel Cell Stocks Directory, Fuel Cell Stocks News, Research and Resources

Get more Fuel Cell stock investor ideas - news, articles, podcasts and stock directories