Boston, MA 03/04/2014 (wallstreetpr) – Ballard Power Systems Inc. (USA) (NASDAQ:BLDP) announced results for the full year 2013 as well as for the forth quarter yesterday. Battery and fuel cell companies are in focus on the back of the announcement by Tesla Motors Inc (NASDAQ:TSLA) that it is planning a mega factory for battery manufacturing.
The results:
Ballard Power Systems Inc. (USA) (NASDAQ:BLDP) posted very strong results for the fourth quarter as well as the full fiscal 2013. Revenues increased by 5% in the fourth quarter on y-on-y basis to reach $17.3 million. There was an improvement in gross margins by 12 points, the company reported gross margins of 34% in the third quarter. The biggest change was in adjusted EBITDA, the fourth quarter saw the company report adjusted EBITDA of $0.2 million against ($3.2) million reported for the same period last year. Full year revenues increased by 40% to reach $61.3 million against $43.7 million reported for last year. Gross margins improved by 10 points to 27% and there was an improvement in adjusted EBITDA by 63% as compared to last year. The company has shown consistent good performance in the last three years as well as the last four quarters.
Market conditions to improve:
Ballard Power Systems Inc. (USA) (NASDAQ:BLDP) is also finding an improvement in market sentiment for fuel cell technologies. Traditionally, telecom back up and material handling sectors have been very open to this technology but now other segments are also opening up. As market size increases, the company can expect to lower costs on account of economies of scale. The decision by Tesla Motors Inc (NASDAQ:TSLA) to open their own battery production unit shows the potential for such products. Even commercial bus manufacturers are showing their interest as the technology can be used to power intra city buses. The technology provides for a clean source of power and can be extended to back up power as well as distributed generation.
