2Q21 Results: Top-Line Beat + Meaningful Progress
|52 Week Range||$12.68-$42.28|
|Avg. Daily Vol. (30 day)||2,842,982|
|Shares Out (MM)||297.6|
|Market Cap (MM)||$4,609.2|
|Insiders Own %||n.m.|
|Short Int./% of Float||22983k / 9.5%|
|Debt to Equity||1.3%|
|Revenue TTM (MM)||$96.8|
|Fiscal Year End||December|
- On August 6, 2021, Ballard Power Systems announced 2Q21 earnings results. The company delivered a solid quarter, beating top-line consensus estimates, growing its backlog, securing important follow-on customer orders, and making progress in the rail market.
- Ballard’s backlog grew +$1.2 million q/q to $113.3 million. The company received follow-on customer orders from Solaris, New Flyer, and Tata in the German, California, and India bus markets, respectively. Ballard also made progress with CP Rail and Siemens in the North America and Europe rail markets, respectively, and saw progress in the marine market with a purchase order from Fusion-Fuel.
- Revenue fell -3.2% y/y to $25.0 million, weighed down by declines in the heavy-duty motive and technology solutions segments, and partially offset by strong growth in backup power. The decline in heavy-duty motive was mainly driven by lower shipments to Chinese customers, while technology solutions saw lower revenue from its Nisshinbo programs. Backup power revenue surged +125.5% y/y primarily from increased stack sales in Asia and Europe. On a sequential basis, total revenue grew +41.7%.
- Gross margin fell -621 bps y/y to 15.2% from lower sales volume and a mix shift to lower margin products and services. The decline in gross margin plus an uptick in cash costs, related to R&D and G&A investments, drove an -$11.6 million y/y decline in adjusted EBITDA. Similarly, net income fell -$11.2 million y/y. EPS for the quarter was -$0.07 per diluted share, just below the consensus estimate of -$0.05.
- Ballard ended the quarter with a very strong balance sheet. Cash on hand stood at $1.2 billion and debt outstanding stood at $18.3 million, comprised of lease liabilities.
- Our prior content on BLDP can be accessed HERE.
On August 6, 2021, Ballard Power Systems announced 2Q21 earnings results. The company delivered a solid quarter, beating top-line consensus estimates, growing its backlog, securing important follow-on customer orders, and making progress in the rail market.
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