Ballard Reports Q4 and Full Year 2021 Results – Benzinga – Press Release

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VANCOUVER, BC, March 11, 2022 /PRNewswire/ – Ballard Power Systems BLDP BLDP today announced consolidated financial results for the fourth quarter and full year ended December 31, 2021. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).

“2021 was an important year for Ballard as we made significant progress against our strategic plan and continued to position Ballard as a leading fuel cell player in the decarbonization of medium- and heavy-duty mobility. In 2021, we deepened our customer base in our target markets and made marked progress with existing and new partnerships. This progress is critical as we begin to transition various customer programs and pilots into long-term supply agreements, order book growth, and series production,” said Mr. Randy MacEwen, President and CEO. “The increased global alignment around addressing climate change and energy security support the expected proliferation of hydrogen fuel cell technology and our long-term outlook for a significant revenue ramp.”

Mr. MacEwen continued, “We are encouraged by the unprecedented capital inflows we are seeing drive the hydrogen economy forward. We have developed our business model to capitalize on the growing hydrogen economy by using the same core competencies and fuel cell technology across multiple applications and markets. We believe our strategy to invest ahead of the hydrogen growth curve in our capabilities, technologies and products, as well as targeted market expansion, position us competitively against our peers and allow us to provide the best zero emissions solution to our customers at scale.”

Q4 2021 Financial Highlights
(all comparisons are to Q4 2020 unless otherwise noted)

  • Total revenue was $36.7 million in the quarter, up 28% year-over-year. This increase was driven by growth in Power Product sales, more than offsetting the decline in Technology Solutions revenue.
    • Power…

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