What's Going On With Ballard Power Systems Shares Today

Ballard Power Systems Inc BLDP BLDP reported first-quarter revenue of $21 million, an increase of 19% year-over-year, driven by growth in Power Product sales, more than offsetting the decline in Technology Solutions revenue.
EPS loss widened to $(0.14) compared to $(0.06) in 1Q21.
The gross loss was $(0.2) million, compared to a $2.6 million profit in 1Q21. Gross margin was (1)% vs. 15% a year ago, driven by higher fixed overhead costs, a shift in revenue mix, and increased labor, supply, and freight expenses.
Adjusted EBITDA loss was $(27.5) million, compared to $(14) million in 1Q21.
Operating expenses and cash operating costs were $30.3 million and $26.1 million in the quarter, respectively, increasing 69% and 82% Y/Y.
Ballard received ~$27.8 million of new orders in Q1, resulting in an order backlog of ~$99.8 million at the end-Q1. The 12-month order book was $65.8 million.
Ballard's cash used in operating activities was $(41.7) million in Q1, compared to $(15.7) million a year ago.
The company held cash reserves of $1.07 billion as of March 31, 2022.
FY22 Outlook: Ballard expects a total operating expense of $140 million - $160 million and capital expenditure of $40 million - $60 million.
Separately, BLDP entered a strategic collaboration with Wisdom (Fujian) Motor Company Limited, Templewater Group, and Bravo Transport Services Limited to accelerate the adoption of commercial fuel cell electric vehicles (FCEV) in Hong Kong.
As part of Ballard's equity investment, Alfred Wong, Ballard's Managing Director of Asia Pacific, will serve on the board of directors of Wisdom.
Price Action: BLDP shares are trading lower by 11.94% at $6.89 on NASDAQ and lower by 10.95% at C$8.95 on TSX, on the last check Monday.

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