Ballard Power Systems has released its consolidated financial results for the fourth quarter (Q4) and full year ended 31st December 2017.
President and CEO Randy MacEwen said 2017 was a milestone year for Ballard on its path to profitability, adding, “We generated record revenue of $40.3m in the final quarter, contributing to record full year 2017 revenue of $121.3m, an increase of 42% year-on-year. We delivered a six-point improvement in gross margin for the full year to 34%. The company’s strong top-line growth and gross margin expansion contributed to Adjusted EBITDA of $2.1m in Q4 and $3.3m for the full year 2017. We have now achieved positive Adjusted EBITDA in four of the last five quarters.”
In addition to improved financial performance, Ballard made measured progress in 2017 on its strategic positioning.
MacEwan explained, “We continued to advance our next generation technology and products. We made important progress on the localisation of Ballard-designed stacks and modules in China, including commissioning of both our Synergy-Ballard stack joint venture operation and Broad-Ocean’s engine assembly line in Shanghai.”
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