Ballard Power Systems, provider of clean energy products, has released consolidated financial results for the third quarter ended 30th September, 2018.
Randy MacEwen, President and CEO said, “Ballard delivered Q3 revenue of $21.6m, gross margin of 30% and adjusted EBITDA of ($3.6m). Financial results disappointed in Q3, primarily due to a slower-than-expected ramp-up in China, while the company’s long-term value and growth potential improved in the quarter.”
MacEwen explained that near-term headwinds in China resulted in a material reduction in MEA sales to the Guangdong Synergy-Ballard joint venture in Q3 and in the outlook. He reported that slower growth in market demand has been primarily the result of the relatively modest pace of hydrogen (H2) fuelling station roll-out, along with evolving government subsidy rules and delays in fuel cell electric vehicle (FCEV) certifications.
During the quarter, however, Ballard entered into a strategic collaboration with Weichai Power, divested its Power Manager business, and unveiled its next-generation fuel cell stack.
... to continue reading you must be subscribed
