Ballard Power Systems Clocks 44% Revenue Decline In Q4 Hit By Lower Shipments Of Fuel Cell Products

Ballard Power Systems Inc BLDP reported fourth-quarter FY22 revenue of $20.5 million, a decrease of 44% year-over-year, missing the consensus of $25.33 million.
The company reported a gross loss of $(5.9) million, compared to a profit of $4.8 million a year ago. Gross margin was (29)%, a decrease from 13% in 4Q21.
EPS loss was $(0.12) compared to $(0.15) in 4Q21, beating the consensus of $(0.14).
Adjusted EBITDA loss expanded to $(46.4) million, compared to $(25.5) million in 4Q21, primarily due to decreased gross margin and increased Cash Operating Costs.
Total operating expenses and cash operating costs were $37 million (+15% Y/Y) and $30.6 million (+15% Y/Y), respectively, in the quarter. Increases were driven primarily by higher expenditure on research, technology, and product development activities.
Ballard received ~$52.2 million of new orders in Q4 and delivered orders valued at $20.5 million, resulting in an Order Backlog of ~$133.4 million at the end of the quarter.
The 12-month Order Book was $57.3 million, an increase of $6.3 million from the end of 3Q22.
Ballard's cash used in operating activities for FY22 was $(132.3) million, compared to $(80.5) million a year ago. The company held cash reserves of $913.7 million as of Dec. 31, 2022.
FY23 Outlook: BLDP sees total operating expenses of $135 million - $155 million and Capital Expenditure of $40 million - $60 million.
Consistent with its past practice, and given the early stage of hydrogen fuel cell market development and adoption, the company said it not providing specific revenue or net income (loss) guidance for 2023.
Price Action: BLDP shares are trading lower by 0.78% at $5.08 on the last check Friday.

Market News and Data brought to you by Benzinga APIs

Comments

Earnings Calendar

Never Miss Important Catalysts

Popular Channels

Tools & Features

Partners & Contributors

About Benzinga