ENP Newswire -
Release date- 26022014 -
All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).
Summary of Q4 & Full Year 2013 Results
Ballard posted strong operating results in Q4, on both the top line and bottom line. Q4 results, compared to the same quarter last year, were as follows: revenue was up 5%, to
Q4 & Full Year 2013 Highlights3
Growth (all comparisons to Q4 2012 and full year 2012 unless otherwise noted)
Q4 revenue was up 5% to
Fuel Cell Product Sales:
Q4 revenue of
ElectraGenTM system shipments of 177 in Q4 and full year system shipments of 796, an increase of 99%.
The bulk of these shipments fulfilled sales in Ballard's priority markets of
Q4 revenue of
While full year 2013 revenue was relatively flat year-over-year, Ballard's partner -
2013 bus revenue was generated from the shipment of 12 power modules to system integrators in
In addition, in Q4 Ballard signed an MOU with
Q4 revenue of
Engineering services is anchored by a 4-year contract with
Q4 revenue of
Expected value of the contract in
Path to Profitability (all comparisons to Q4 2012 and full year 2012 unless otherwise noted) Q4 gross margin improved 12 points, to 34% and full year improved 10 points, to 27%, due to revenue growth and the impact on product mix of engineering services and licensing.
Q4 and full year gross margins benefited approximately 3-points and 1-point, respectively, from the net impact of Q4 inventory and warranty accrual adjustments.
Q4 cash operating costs4 improved 12%, to
Q4 Adjusted EBITDA4 improved to
A net benefit of approximately
Q4 net income was
Q4 cash used by operating activities was
2014 Business Outlook
The Company expects the positive growth trends in 2012 and 2013 to continue in 2014 with a similar trajectory, as Ballard continues to pursue its growth strategy for fuel cell product sales, engineering services and IP licensing. As such, for the full year 2014 Ballard expects:
Revenue growth of approximately 30% and
Approximately break-even Adjusted EBITDA.
In a further development,
Ballard will hold a conference call on
Important Cautions Regarding Forward-Looking Statements
This release contains forward-looking statements concerning projected revenue growth, product shipments, gross margin, Adjusted EBITDA, cash operating expenses and product sales. These forward-looking statements reflect Ballard's current expectations as contemplated under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such statements are based on Ballard's assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand.
For a detailed discussion of the factors and assumptions that these statements are based upon, and factors that could cause our actual results or outcomes to differ materially, please refer to Ballard's most recent management discussion & analysis. Other risks and uncertainties that may cause Ballard's actual results to be materially different include general economic and regulatory changes, detrimental reliance on third parties, successfully achieving our business plans and achieving and sustaining profitability.
For a detailed discussion of these and other risk factors that could affect Ballard's future performance, please refer to Ballard's most recent Annual Information Form. These forward-looking statements are provided to enable external stakeholders to understand Ballard's expectations as at the date of this release and may not be appropriate for other purposes. Readers should not place undue reliance on these statements and Ballard assumes no obligation to update or release any revisions to them, other than as required under applicable legislation.
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