Q4 2015 Financial Highlights
(all comparisons are to Q4 2014 unless otherwise noted)
Total revenue was $20.0 million, a 28% improvement.
o Power Products revenue was $13.1 million, up 37% and reflecting $3.4 million from the acquisition of Protonex Technology
Corporation (Protonex) on October 1, and
o Technology Solutions revenue was $6.8 million, up 12% despite the impact of a lower Canadian dollar on the Volkswagen
Group contract.
Gross margin was 19%, up 38-points or $6.9 million, due to the increased proportion of revenue from high-margin Heavy Duty
Motive and Portable Power and the absence of certain 2014 charges.
Cash operating costs2 were $7.7 million, a 1% improvement due primarily to lower research and product development operating costs.
Adjusted EBITDA2 improved 82% to ($2.9) million, due to the increase in revenue and gross margin.
Net income (loss)3 was ($1.4) million or ($0.01) per share, improvements of 92% and 91%, respectively.
Cash used by operating activities was ($10.6) million, a 29% increase reflecting cash operating loss of ($4.6) million and working capital
of ($5.9) million.
Resüme:
Q4 zeigt deutliche Verbesserungen in allen Parametern
Full Year 2015 Financial Highlights
(all comparisons are to full year 2014 unless otherwise noted)
Total revenue was $56.5 million, down 18%.
o Power Products revenue increased 5%, reflecting the impact of Ballards acquisition of Protonex; and
o Technology Solutions revenue was down 38%, due primarily to 2014 revenue having included $8.7 million in China licensing contracts
that Ballard subsequently terminated, together with a $2.3 million Canadian dollar exchange rate impact on the Volkswagen Group
contract in 2015.
Gross margin was up 3-points to 18% and would have been higher if not for the significant reduction in high-margin Technology
Solutions revenue.
Cash operating costs2 were $29.1 million, an increase of 10% which was driven by significantly higher research and product development
operating costs and by slightly higher sales and marketing operating costs as well as the inclusion of Protonex operating costs in the
fourth quarter.
Adjusted EBITDA2 improved 18% to ($15.3) million, due primarily to lower impairment losses on trade receivables included in
other operating expenses of $7.1 million.
Net income (loss)3 was ($5.8) million or ($0.04) per share, improvements of 79% and 80%, respectively.
Cash used by operating activities was ($25.4) million, up 23% reflecting cash operating loss of ($19.3) million and use in working capital
of ($6.0) million.
Cash reserves were $40.0 million at December 31, including the February close of an agreement with Volkswagen Group regarding the
transfer of certain automotive-related fuel cell intellectual property (IP) with net proceeds of $29.5 million, a July equity offering with net
proceeds of $13.4 million and a $5.0 million strategic equity investment in Ballard by Nisshinbo Holdings Inc. in November. Subsequent
to 2015:
o In February 2016 approximately $3.3 million was received from Superior Plus Income Fund in relation to an indemnification agreement
associated with a December 2008 restructuring agreement; and
o By end-Q1 2016 Ballard expects to add net cash of approximately $9.0 million as a second payment in relation to the aforementioned
IP agreement with Volkswagen Group.
Resümee:
Die Ganzjahreszahhlen sind durchwachsen und etwas schwächer als das Vorjahr.
Der Markt reagiert bereits und honoriiert die verbesserte Perspektive für 2016
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