Top line growth of 65% and bottom line improvements of 16-points in gross margin and 86% in Adjusted EBITDA
Ballard Power Systems (NASDAQ: BLDP)(TSX: BLD) today announced consolidated financial results for the third quarter ended September 30, 2013. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS). In accordance with IFRS all numbers, including Ballard’s 2012 audited financial statements, reflect “continuing operations”, excluding Material Products.
Summary of Third Quarter 2013 Results
In Q3 revenue was up 65% compared to the same quarter last year, to $17.0 million, gross margin was up 16-points, to 28% and Adjusted EBITDA improved 86%, to ($0.9) million.
These results continue the strong positive trend in Ballard’s financial metrics. On a year to date basis through Q3, revenue improved 61% compared to the same period last year, to $43.9 million, gross margin was up 11-points, to 25% and Adjusted EBITDA improved 55%, to ($8.5) million. These third quarter results were driven by the three core elements of the Company’s business model: product sales; engineering services; and licensing.
Ballard also made the decision in the quarter to strengthen the Company’s balance sheet and on October 9 announced the closing of an underwritten equity offering with gross proceeds of approximately $14.5 million. This has augmented Ballard’s cash buffer in its growth plan to achieve positive cash flow.
John Sheridan, President and CEO said, “The continuing strength in Ballard’s operating results is evidence of the positive impacts of our strategy, in tandem with strong execution performance and progress in market development for clean energy fuel cell products and services. With the positive trend in fuel cell products and services over the past two years, revenue and gross margin have each more than doubled and Adjusted EBITDA has improved by more than fifty percent.”
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