Ballard Power Systems 2018 Q2 results show “pathway to profitability”


Ballard Power Systems has released consolidated financial results for the second quarter ended 30th June, 2018.

Randy MacEwen, President and CEO said, “Financial results and new contract bookings for Q2 and year-to-date are consistent with the type of first half to the year we had expected. We delivered Q2 revenue of $26.4m, gross margin of 36% and Adjusted EBITDA of $0.8m. We are excited to have ended the quarter with a record order backlog of $283.3m.”

MacEwen also noted, “The global megatrend of electrification of propulsion systems is accelerating. This megatrend is driving growing interest in fuel cell electric vehicles, or FCEVs, for transportation applications where long range, rapid refuelling, heavy payload and route flexibility are customer requirements. Interest and customer engagement continues to build in heavy-duty motive applications, including bus, truck, rail and marine, along with automotive, material handling and unmanned vehicle applications. During Q2, we were particularly excited with the long-term extension, through to August 2022, of our HyMotion programme with AUDI AG, in support of its automotive fuel cell strategy and deployment plans.”

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