Ballard Power Systems Inc. · TSX:BLDP
Ballard Power Systems — Q4 2020 Earnings Presentation
19 slides from Ballard Power Systems's earnings presentation, Mar 11, 2021
Slide 1: Q4 2020 Results Conference Call
Q4 2020 Results Conference Call March 11, 2021 Nasdaq & TSX Ticker: BLDP 1
Slide 2: Conference Call Participants
Randy MacEwen President & CEO Conference Call Participants Tony Guglielmin CFO 2
Slide 3: Forward-Looking Statements
This presentation contains forward-looking statements, including: estimated revenue; gross margin; cash operating costs; adjusted EBITDA; product cost reductions; liquidity; market size and growth projections; customer value propositions; and expected sales and product shipments. These forward- look
Slide 4: Q4 & Full Year 2020 financial results
Q4 & Full Year 2020 financial results • Results consistent with internal projections o Q4 revenue $28.6m o Full year: ▪ $103.9m revenue ▪ 20% gross margin ▪ ($38.9)m Adjusted EBITDA ▪ $763.4m cash reserves at end-2020 ▪ $83.5m 12-month Order Book at end-2020 • Some impact from COVID-19 experienced d
Slide 5: Comments on use of cash proceeds
USE PRODUCT PHOTO(S)? In concert with key themes, planned use of proceeds includes: 1. Product development and innovation Comments on use of cash proceeds 2. Expansion of production • Cash reserves reflect equity capacity and localization transactions executed in 2020 and in Q1 2021 • Ballard to agg
Slide 6: Significant momentum in the global decarbonization agenda
Significant momentum in the global decarbonization agenda 2020 global developments shaping a dynamic landscape 32 countries – Substantial corporate BloombrergNEF: Green H2 representing 70%+ of commitments being projected to reduce GHG global GDP – now have made …. and being emissions 34%; H2 priced
Slide 7: 2020 progress in execution of growth strategy
MEA production and product assembly capacity increased 6x at Vancouver facility 2020 progress in execution of Total Addressable HMD Motive Market = $130b* Reducing fuel cell stack & growth strategy $14 billion module cost 70%+ by 2024 450,000 buses & coaches 100kW/bus • Together with commitment to E
Slide 8: Commercial developments - China
Weichai-Ballard joint venture operation commissioned in 2020 …. qualified supplier to multiple bus & truck OEMs in China Government program updated Commercial September 2020 ….. upcoming announcement of Hydrogen developments - Demonstration Clusters expected China to drive orders Ballard market shar
Slide 9: Commercial developments - Europe
TRUCK • Collaboration with MAHLE announced in 2020 to focus on product design & commercialization for trucks • 240kW prototype engine expected to be ready for Commercial testing by end-2021 developments - Europe BUS • 135 modules ordered from Ballard under JIVE in 2020 and YTD in 2021 • Ballard shar
Slide 10: Commercial developments - Europe (cont'd)
TRAIN • Program with Siemens Mobility to power Mireo Plus H train on track • Ballard to power Arcola train in Scotland Commercial MARINE developments - • FCwaveTM 200 kW modular engine launched in 2020 Europe (cont’d) BACKUP POWER • 2020 sale of 500 air-cooled fuel cell stacks to adKor & SFC Energy
Slide 11: Commercial developments - North America
MOU with Chart Industries • To develop integrated liquid hydrogen (LH2) solution • High energy density of LH2 supports long-haul use cases for bus, truck, rail, marine applications Commercial developments - North America CP fuel cell freight train • Ballard to supply 1.2MW of fuel cells for CP’s Hyd
Slide 12: Demand emerging in additional geographies
H2OzBus Project • Ballard is a consortium member in H2OzBus • For evaluation and deployment of FCEBs in Australia Demand emerging in additional geographies MOU with Global Energy Ventures • Working with GEV to design multi- MW power solution for C-H2 Ship, a tanker-size vessel • C-H2 Ship to store &
Slide 13: CFO transition
CFO transition • Paul Dobson appointed Senior Vice President and Chief Financial Officer, effective March 29th, 2021 o Follows a comprehensive search process supported by a leading global search firm o Paul has 25-years of global financial, operational and leadership experience o Served previously a
Slide 14: Revenue and Gross Margin
REVENUE GROSS MARGIN $105.7m $103.9m 2020 2019 21% 21% 20% 20% Revenue and $41.8m $28.6m Gross Margin Q4 Full Year Q4 Full Year • Q4 2020 Revenue -32%, to $28.6m • Q4 2020 Gross Margin -1-point, to 20% o -41% Power Products, to $15.0m o Reflects lower revenue and shift to ▪ -44% Heavy Duty Motive, t
Slide 15: Cash Operating Cost Base and Adjusted EBITDA
CASH OPERATING COST BASE* ADJUSTED EBITDA# Q4 Full Year $50.0m 2020 2019 ($7.0)m $38.8m Cash Operating ($14.5)m Includes Q4 share of losses in joint venture investments ($26.6)m Cost Base and $16.4m in China of ($4.3m) $13.1m ($38.9)m Includes full year share of losses Adjusted EBITDA in joint ventu
Slide 16: Liquidity
• Q4 2020 Cash Used By Operating Activities of ($6.7)m o Reflects cash operating losses of ($6.7)m and flat working capital changes $763.4m • End-2020 cash reserves of $763.4m Liquidity o +417% vs. end-2019 2020 o +111% vs. prior quarter 2019 • Cash reserves include net proceeds of approximately $69
Slide 17: Order Backlog
Order Backlog End-2020: Order Backlog1 of $117.8m and 12-Month Order Book2 of $83.5m ORDER Order Backlog Orders Received Orders Delivered Order Backlog BACKLOG at End-Q3 2020 in Q4 2020 in Q4 2020 at End-2020 Total Fuel Cell $128.1m $18.3m $28.6m $117.8m Products & Services 1 Order Backlog = aggrega
Slide 18: BALLARD |
. BALLARD | x
Slide 19: Power to Change the World
Power to Change the World® 19
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