Ballard Power Systems Inc. · TSX:BLDP
Ballard Power Systems — Q1 2018 Earnings Presentation
18 slides from Ballard Power Systems's earnings presentation, May 2, 2018
Slide 1: Q1 2018 Results Conference Call
Q1 2018 Results Conference Call May 2, 2018 Nasdaq & TSX Ticker: BLDP Power to Change the World® 1 BALLARD.COM
Slide 2: Conference Call Participants
Conference Call Participants Randy MacEwen President & CEO Tony Guglielmin CFO Power to Change the World® 2 BALLARD.COM
Slide 3: Forward-Looking Statements
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 shi
Slide 4: Agenda
Agenda • Strategic Progress YTD Randy MacEwen • Q1 Financial Results Tony Guglielmin Power to Change the World® 4 BALLARD.COM
Slide 5: FCEV Addressable Market
FCEV Addressable Market 10,000 Weight (tons) Bio & (H2-based) synthetic fuels Passenger Ships Planes 1,000 FCEV – Fuel Cell Trains & Trams Electric Vehicles Bubble size 100 Heavy Trucks representing the relative annual energy consumption City Buses of this vehicle Light type in 2013 10 Commercial Ve
Slide 6: Transit Bus Update
Transit Bus Update • Purchase order announced May 1st for 40 FCveloCity® 85kW modules to power 40 buses in Cologne & Wuppertal, Germany under JIVE program • Module shipments expected to begin later in 2018 - Not reflected in end-Q1 Order Backlog • Initial bus deployments expected in 2019 Power to Ch
Slide 7: Commercial Truck Update
Commercial Truck Update • 500 licensed commercial fuel cell trucks, with Ballard stacks, to be deployed this year in Shanghai • Ballard-powered Kenworth Class-8 drayage truck completed initial road testing • Contract with CALSTART to power UPS Class-6 delivery van in California trial Power to Change
Slide 8: Train Update
Train Update • Siemens announced receipt of ~€12M in funding for Mireo program during Q1 • Ballard previously announced multi-year $9M contract with Siemens to develop 200kW fuel cell module to power Mireo - Initial deployments planned for 2021 Power to Change the World® 8 BALLARD.COM
Slide 9: Marine Update
Marine Update • Ballard previously announced work with ABB and Royal Caribbean Cruises • Q1 successful testing of 30kW modules on a boat operated in Japan coastal waters – to support development of safety guidelines - Modules sold to Yanmar Co. Ltd. through Distribution Agreement with Toyota Tsusho
Slide 10: Material Handling Update
Material Handling Update • Signed contract to supply air-cooled stacks to Hyster-Yale for Class-3 forklift trucks, through 2022 • $4.2M program signed with unnamed customer to develop ultra-high durability air-cooled stack 20,000 hour life • Follow-on order from Nisshinbo for next stage in develop
Slide 11: Unmanned Vehicle Update
Unmanned Vehicle Update • Collaboration with Cellula Robotics to develop fuel cell-powered long range autonomous underwater vehicle - Funded under contract with Canada’s Department of National Defence Power to Change the World® 11 BALLARD.COM
Slide 12: Power Manager Update
Power Manager Update • 2 orders received from U.S. military for Power Manager product, totaling $3.5M - $1.6M order fulfilled in Q1 - $1.9M order to be shipped in 2018 Power to Change the World® 12 BALLARD.COM
Slide 13: Q1 Revenue and Gross Margin
Q1 Revenue and Gross Margin REVENUE GROSS MARGIN $22.7M 42% $20.1M 2018 2017 33% Q1 Q1 • Q1 2018 Revenue -11% to $20.1M: • Q1 2018 Gross Margin -9-pts to 33% o +11% Power Products, to $12.4M due to: +29% Heavy Duty Motive to $9.3M o Q1 2017 had reflected $6.2M in +100% Portable Power to $2.4M hi
Slide 14: Q1 Cash Operating Cost Base and Adjusted EBITDA
Q1 Cash Operating Cost Base and Adjusted EBITDA CASH OPERATING COST BASE * ADJUSTED EBITDA # $10.7M $10.0M Q1 2018 2017 ($0.7)M ($3.8)M Q1 • Q1 2018 Cash Operating Costs +8% to • Q1 2018: $10.7M due to: o Adjusted EBITDA ($3.8)M o Higher investment in technology and o Net Loss ($5.5)M product develo
Slide 15: Liquidity
Liquidity • Q1 2018 Cash Used By Operating Activities increased 133% to ($7.2)M $68.0M $52.5M • End-Q1 2018 cash reserves of $52.5M, 2018 2017 -13% from $60.3M in the prior quarter END-Q1 CASH RESERVES Power to Change the World® 15 BALLARD.COM
Slide 16: Order Backlog
Order Backlog End-Q1 2018: Order Backlog1 of $222.0M and 12-Month Order Book2 of $89.0M ORDER Order Backlog Orders Received Orders Delivered Order Backlog BACKLOG at End-2017 in Q1 2018 in Q1 2018 at End-Q1 2018 Total Fuel Cell $221.4M $20.7M $20.1M $222.0M Products & Services 1 Order Backlog = aggr
Slide 17: Q&A
Q&A Power to Change the World® 17 BALLARD.COM
Slide 18: Power to Change the World ® BALLARD.COM
Power to Change the World® 18 BALLARD.COM
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