Ballard Power reports Q1 cont. ops. EPS (14c), consensus (14c)

Reports Q1 revenue $14.5M, consensus $16.66M. “In our last earnings report, we indicated that we expected continued growth in our Order Backlog, major order announcements from customers in our Bus and Stationary verticals, and the announcement of our next manufacturing facility,” said Randy MacEwen, Ballard’s President and CEO. “In Q1, we delivered on each of these milestones, highlighting our continuing journey to becoming a commercial products company. We booked $64.5M in new orders, increased our Order Backlog by 38%, announced total non-dilutive funding of $94M for the planned build-out of our Rockwall Gigafactory, grew revenue by 9%, improved gross margin by 5 points, and reduced cash operating costs1 slightly while continuing to invest in next generation products and product cost reduction.”