UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of March 2025
Commission
File Number: 000-53543
Ballard
Power Systems Inc.
——————————————————————————————————— |
| (Translation
of registrant’s name into English) |
| |
| |
9000
Glenlyon Parkway
Burnaby, BC
V5J 5J8
Canada |
———————————————————————————————————
(Address of principal executive office) |
| |
Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
☐
Form 20-F ☒ Form 40-F |
| |
| |
SIGNATURES
| |
| Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized. |
| |
| |
|
Ballard Power Systems Inc. |
| |
|
|
| Date: March 13, 2025 |
By: |
/s/
Kate Igbalode
|
| |
Name: |
Kate Igbalode |
| |
Title: |
Chief Financial Officer |
| |
|
|
EXHIBIT INDEX
Exhibit 99.1
Ballard Reports Q4 2024 Results
VANCOUVER, BC, March 13, 2025 /CNW/ - Ballard Power
Systems (NASDAQ: BLDP) (TSX: BLDP) today announced consolidated financial results for the fourth quarter ended December 31, 2024.
All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards
(IFRS).
"2024 was a tough year for
the hydrogen and fuel cell industry," stated Randy MacEwen, Ballard's President and CEO. "Amidst prolonged policy uncertainty,
there was a multi-year push-out in the development of hydrogen projects and the deployment of fuel cell applications. With this backdrop,
compounded by a difficult funding environment, an industry rationalization is underway."
"Our Q4 and full-year 2024
financial results reflect the industry challenges," said Randy MacEwen. "Q4 revenue was $24.5 million, down 48% compared to
Q4 2023. Full-year revenue of $69.7 million was down 32%, although we had a standout year in our Bus vertical, with revenue growth of
51%. Q4 gross margin improved by 9 points year-over-year to (13%), while full-year gross margin of (32%) was 11 points lower than in 2023.
Q4 cash operating costs1 decreased by 6% year-over-year as a result of restructuring activities initiated in September, with
significant further reductions expected in 2025."
Mr. MacEwen continued, "Notwithstanding
this very challenging industry context, Ballard is winning in the market. We achieved important commercial milestones in 2024, including
new strategic customer platform wins, repeat business from existing customers, and strong order intake. We secured new net order intake
of approximately $113 million during 2024, punctuated by new order intake of $75.4 million in Q4, positioning us with a record year-ending
Order Backlog of $173.5 million, an increase of 41% compared to the end of Q3, and a 12-month Orderbook of $98.9 million, a record for
Power Products, up 48% compared to the prior year."
Mr. MacEwen added, "We also
made measured progress and took necessary actions across our global operations. We achieved record shipments of fuel cell engines in 2024,
with over 660 engines representing approximately 56 MW shipped to customers, up nearly 30% compared to 2023. We made significant progress
on the development of our next-generation PEM fuel cell stacks and engines, including the launch of our 9th generation, high-performance
engine, FCmove®-XD. We advanced our product cost reduction programs, including milestones on Project Forge, our program to significantly
reduce the costs on next-generation bipolar plates. Importantly, we initiated a global corporate restructuring to lower our 2025 Total
Operating Expenses by more than 30%. We halted any further investments in the China market, including the Weichai Ballard JV."
Mr. MacEwen concluded, "As
we look ahead, we see continued policy uncertainty along with further industry rationalization. Notably, we started 2025 with $603.9 million
in cash, no bank debt, and no mid-term financing requirements. We will continue to closely monitor factors impacting the commercial adoption
of our markets and products, and reassess our investment plans, cost structure, and cash usage based on these factors. Our focus is on
our customers and our controllables, including prioritized product development and product cost reduction programs, while also maintaining
disciplined spending and balance sheet strength for long-term competitiveness and sustainability."
Q4 2024 Financial Highlights
(all comparisons are to Q4 2023 unless otherwise noted)
- Total revenue was $24.5 million
in the quarter, down 48% year-over-year.
- Heavy Duty Mobility revenue of
$16.8 million, 42% lower year-over-year, driven by bus revenues which grew 9% but were offset with lower revenue from truck, rail, and
marine verticals.
- Stationary revenue was $6.9 million,
(46%) year-over-year, and Emerging and Other Markets revenue was $0.8 million or (84%) compared to Q4 2023.
- Gross margin was (13%) in the
quarter, an improvement of 9-points. The negative gross margin in the fourth quarter of 2024 was driven primarily by the impacts of revenue
scaling and manufacturing cost absorption. Improvement in gross margin over prior year largely due to reduced impairment adjustments
and expiration of warranty obligations.
- Total Operating Expenses2
and Cash Operating Costs1 were $33.1 million and $27.2 million, respectively, a decrease of 5% and 6%, respectively,
from Q4 2023 as a result of reduced cost structure from restructuring activities.
- Total Cash Used by Operating
Activities was $24.4 million, compared to $18.3 million in the prior year. Cash and cash equivalents was $603.9 million at the end of
2024, compared to $751.1 million in the prior year.
- Adjusted EBITDA1 was
($36.0) million, compared to ($44.1) million in Q4 2023. The decrease in Adjusted EBITDA loss was driven primarily by decrease in gross
margin loss and lower Cash Operating Costs1. These improvements were partially offset by increased impairment losses on trade
receivables and higher restructuring and related expenses.
- Ballard recorded non-cash impairments
to the value of its long-term financial investments in the amount of $7.6 million in the quarter.
- Order Backlog at the end of 2024
was $173.5 million, an increase of 41% compared to the end of Q3 driven by record order intake of $75.4 million and deliveries of $24.5
million. Orders from Power Products represent more than 98% of the Order Backlog, overwhelmingly driven by customers in Europe and North
America, representing almost 99% of the Order Backlog.
- The 12-month Orderbook was $98.9
million at end-Q4, an increase $40.7 million or approximately 70% from the end of Q3 2024.
| Order Backlog ($M) |
Order Backlog
at End-Q3 2024 |
Orders Received
in Q4 2024 |
Orders Delivered
in Q4 2024 |
Order Backlog
at End-Q4 2024 |
Total Fuel Cell
Products & Services |
$122.7 |
$75.4 |
$24.5 |
$173.5 |
2025 Outlook
Consistent with our past practice,
and in view of the early stage of hydrogen fuel cell market development, specific revenue or net income (loss) guidance for 2025 is not
provided. We expect revenue in 2025 will be back-half weighted. Total Operating Expense2 and Capital Expenditure3
guidance ranges for 2025 are as follows:
| 2025 |
Guidance |
| Total Operating Expense2 |
$100 - $120 million |
| Capital Expenditure3 |
$15 - $25 million |
Q4 2024 Financial Summary
| (Millions of U.S. dollars) |
Three months ended December 31 |
| |
2024 |
2023 |
% Change |
| REVENUE |
|
|
|
| Fuel Cell Products & Services:4 |
|
|
|
| Heavy-Duty Mobility |
$16.8 |
$29.0 |
(42 %) |
| Bus |
$13.1 |
$12.0 |
9 % |
| Truck |
$0.6 |
$6.0 |
(90 %) |
| Rail |
$1.1 |
$7.0 |
(85 %) |
| Marine |
$2.0 |
$4.0 |
(49 %) |
| Stationary |
$6.9 |
$12.8 |
(46 %) |
| Emerging and Other Markets |
$0.8 |
$4.9 |
(84 %) |
| Total Fuel Cell Products & Services Revenue |
$24.5 |
$46.8 |
(48 %) |
| PROFITABILITY |
|
|
|
| Gross Margin $ |
($3.2) |
($10.2) |
68 % |
| Gross Margin % |
(13 %) |
(22 %) |
9pts |
| Total Operating Expenses |
$33.1 |
$35.0 |
(5 %) |
| Cash Operating Costs1 |
$27.2 |
$29.0 |
(6 %) |
| Equity loss in JV & Associates |
($2.5) |
($4.3) |
41 % |
| Adjusted EBITDA1 |
($36.0) |
($44.1) |
18 % |
| Net Loss from Continuing Operations4 |
($46.5) |
($48.9) |
5 % |
| Loss Per Share from Continuing Operations4 |
($0.16) |
($0.16) |
5 % |
| CASH |
|
|
|
| Cash provided by (used in) Operating Activities: |
|
|
|
| Cash Operating Loss |
($23.9) |
($17.5) |
(37 %) |
| Working Capital Changes |
($0.5) |
($0.9) |
44 % |
| Cash used by Operating Activities |
($24.4) |
($18.3) |
(34 %) |
| Cash and cash equivalents |
$603.9 |
$751.1 |
(20 %) |
| |
|
|
|
| (Millions of U.S. dollars) |
Twelve months ended December 31 |
| |
2024 |
2023 |
% Change |
| REVENUE |
|
|
|
| Fuel Cell Products & Services:4 |
|
|
|
| Heavy-Duty Mobility |
$53.4 |
$66.7 |
(20 %) |
| Bus |
$44.2 |
$29.3 |
51 % |
| Truck |
$3.7 |
$11.0 |
(66 %) |
| Rail |
$2.6 |
$19.1 |
(86 %) |
| Marine |
$2.9 |
$7.3 |
(61 %) |
| Stationary |
$12.8 |
$21.7 |
(41 %) |
| Emerging and Other Markets |
$3.6 |
$14.0 |
(74 %) |
| Total Fuel Cell Products & Services Revenue |
$69.7 |
$102.4 |
(32 %) |
| PROFITABILITY |
|
|
|
| Gross Margin $ |
($22.0) |
($21.8) |
(- %) |
| Gross Margin % |
(32 %) |
(21 %) |
(11 pts) |
| Total Operating Expenses |
$161.3 |
$141.1 |
14 % |
| Cash Operating Costs1 |
$115.9 |
$119.3 |
(3 %) |
| Equity loss in JV & Associates |
($4.9) |
($10.1) |
51 % |
| Adjusted EBITDA1 |
($168.1) |
($150.1) |
(12 %) |
| Net Loss from Continuing Operations4 |
($323.5) |
($144.2) |
(124 %) |
| Loss Per Share from Continuing Operations4 |
($1.08) |
($0.48) |
(124 %) |
| CASH |
|
|
|
| Cash provided by (used in) Operating Activities: |
|
|
|
| Cash Operating Loss |
($113.3) |
($87.5) |
(30 %) |
| Working Capital Changes |
$5.2 |
($17.1) |
131 % |
| Cash used by Operating Activities |
($108.1) |
($104.6) |
(3 %) |
| Cash and cash equivalents |
$603.9 |
$751.1 |
(20 %) |
| |
|
|
|
|
|
For a more detailed discussion
of Ballard Power Systems' fourth quarter 2024 results, please see the company's financial statements and management's discussion &
analysis, which are available at www.ballard.com/investors, www.sedarplus.ca and www.sec.gov/edgar.shtml.
Conference Call
Ballard will hold a conference call on Thursday, March 13, 2025 at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) to review fourth
quarter 2024 operating results. The live call can be accessed by dialing +1-844-763-8274 (Canada/US toll free). Alternatively, a
live audio and webcast can be accessed through a link on Ballard's homepage (www.ballard.com). Following the call, the audio webcast and
presentation materials will be archived in the 'Earnings, Interviews & Presentations' area of the 'Investors' section of Ballard's
website (www.ballard.com/investors).
About Ballard Power Systems
Ballard Power Systems' (NASDAQ: BLDP; TSX: BLDP) vision is to deliver fuel cell power for a sustainable planet. Ballard zero-emission
PEM fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels, and stationary power.
To learn more about Ballard, please visit www.ballard.com.
Important Cautions Regarding
Forward-Looking Statements
Some of the statements contained in this release are forward-looking statements within the meaning of the U.S. Securities Act of 1933,
as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities
laws, such as statements concerning the markets for our products, Order Backlog, expected revenues, gross margins, operating expenses,
capital expenditures, corporate development activities, and impacts of investments in manufacturing and R&D capabilities and cost
reduction initiatives. These forward-looking statements reflect Ballard's current expectations as contemplated under section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Since forward-looking statements
are not statements of historical fact and address future events, conditions and expectations, forward-looking statements by their nature
inherently involve unknown risks, uncertainties, assumptions and other factors well beyond Ballard's ability to control or predict. Actual
events, results and developments may differ materially from those contemplated by such forward-looking statements. Any such statements
are based on Ballard's assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing
capacity, market demand and financing needs. For a detailed discussion of the factors and assumptions that these statements are based
upon, and factors that could cause our actual results or outcomes to differ materially, please refer to Ballard's most recent management
discussion & analysis. Other risks and uncertainties that may cause Ballard's actual results to be materially different include general
economic and regulatory changes, detrimental reliance on third parties, level of achievement of our business plans, achieving and sustaining
profitability, changes that affect how long our cash reserves will last and the timing of, and ability to obtain, required regulatory
approvals. For a detailed discussion of these and other risk factors that could affect Ballard's future performance, please refer to Ballard's
most recent Annual Information Form. These forward-looking statements represent Ballard's views as of the date of this release. There
can be no assurance that forward-looking statements will prove to be accurate, as actual events and future events could differ materially
from those anticipated in such statements. These forward-looking statements are provided to enable external stakeholders to understand
Ballard's expectations as at the date of this release and may not be appropriate for other purposes. Readers should not place undue
reliance on these statements and Ballard assumes no obligation to update or release any revisions to them, other than as required under
applicable legislation.
Further Information
Sumit Kundu – Manager, Investor Relations & Finance +1.604.453.3517 or investors@ballard.com
| Endnotes |
| 1 |
Note that
Cash Operating Costs, EBITDA, and Adjusted EBITDA are non-GAAP measures. Non-GAAP measures do not have any standardized meaning prescribed
by GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. Ballard believes that Cash
Operating Costs, EBITDA, and Adjusted EBITDA assist investors in assessing Ballard's operating performance. These measures should
be used in addition to, and not as a substitute for, net income (loss), cash flows and other measures of financial performance and
liquidity reported in accordance with GAAP. For a reconciliation of Cash Operating Costs, EBITDA, and Adjusted EBITDA to the Consolidated
Financial Statements, please refer to the tables below. |
| |
Cash
Operating Costs measures total operating expenses excluding stock-based compensation expense, depreciation and amortization, impairment
losses or recoveries on trade receivables, restructuring charges, acquisition related costs, the impact of unrealized gains or losses
on foreign exchange contracts, and financing charges. EBITDA measures net loss excluding finance expense, income taxes, depreciation
of property, plant and equipment, and amortization of intangible assets. Adjusted EBITDA adjusts EBITDA for stock-based compensation
expense, transactional gains and losses, acquisition related costs, finance and other income, recovery on settlement of contingent
consideration, asset impairment charges, and the impact of unrealized gains or losses on foreign exchange contracts. |
| 2 |
Total Operating
Expenses refer to the measure reported in accordance with IFRS. |
| 3 |
Capital
Expenditure is defined as Additions to property, plant and equipment and Investment in other intangible assets as disclosed in the
Consolidated Statements of Cash Flows |
| 4
|
We report
our results in the single operating segment of Fuel Cell Products and Services. Our Fuel Cell Products and Services segment consists
of the sale of PEM fuel cell products and services for a variety of applications including Heavy-Duty Mobility (consisting of bus,
truck, rail, and marine applications), Stationary Power, and Emerging and Other Markets (consisting of material handling, off-road,
and other applications). Revenues from the delivery of Services, including technology solutions, after sales services and training,
are included in each of the respective markets. |
During the fourth quarter of
2023, we completed a restructuring of operations at Ballard Motive Solutions in the U.K. and effectively closed the operation. As such,
the historic operating results (including revenue and operating expenses) of the Ballard Motive Solutions business for 2023 have been
removed from continuing operating results and are instead presented separately in the statement of comprehensive income (loss) as loss
from discontinued operations.
| (Expressed in thousands of U.S. dollars) |
Three months ended December 31, |
| Cash Operating Costs |
2024 |
2023 |
$ Change |
| Total Operating Expenses |
$ 33,164 |
$ 34,972 |
$ (1,808) |
| Stock-based compensation expense |
(1,068) |
(2,575) |
1,507 |
| Impairment recovery (losses) on trade receivables |
(3,206) |
(1,436) |
(1,770) |
| Acquisition related costs |
- |
3 |
(3) |
| Restructuring and related (costs) recovery |
(708) |
(322) |
(386) |
| Impact of unrealized gains (losses) on foreign exchange contracts |
(852) |
696 |
(1,548) |
| Depreciation and amortization |
(137) |
(2,388) |
(2,251) |
| Cash Operating Costs |
$ 27,193 |
$ 28,950 |
$ (1,757) |
| |
|
| (Expressed in thousands of U.S. dollars) |
Year ended December 31, |
| Cash Operating Costs |
2024 |
2023 |
$ Change |
| Total Operating Expenses |
$ 161,318 |
$ 141,073 |
$ 20,245 |
| Stock-based compensation expense |
(7,456) |
(10,720) |
3,264 |
| Impairment recovery (losses) on trade receivables |
(12,760) |
(1,498) |
(11,262) |
| Acquisition related costs |
- |
(773) |
773 |
| Restructuring and related (costs) recovery |
(17,046) |
(1,512) |
(15,534) |
| Impact of unrealized gains (losses) on foreign exchange contracts |
(1,095) |
1,296 |
(2,391) |
| Depreciation and amortization |
(7,030) |
(8,539) |
1,509 |
| Cash Operating Costs |
$ 115,931 |
$ 119,327 |
$ (3,396) |
| |
|
|
|
|
|
| |
|
| (Expressed in thousands of U.S. dollars) |
Three months ended December 31, |
| EBITDA and Adjusted EBITDA |
2024 |
2023 |
$ Change |
| Net loss from continuing operations |
$ (46,471) |
$ (48,889) |
$ 2,418 |
| Depreciation and amortization |
995 |
3,524 |
(2,529) |
| Finance expense |
539 |
270 |
269 |
| Income taxes (recovery) |
18 |
40 |
(22) |
| EBITDA |
$ (44,919) |
$ (45,055) |
$ 136 |
| Stock-based compensation expense |
1,068 |
2,575 |
(1,507) |
| Acquisition related costs |
- |
(3) |
3 |
| Finance and other (income) loss |
2,079 |
(1,871) |
3,950 |
| Impairment charge on property, plant and equipment |
4,258 |
967 |
3,291 |
| Impairment charges on intangible assets |
658 |
- |
658 |
| Impairment charges on Goodwill |
- |
- |
- |
| Impact of unrealized (gains) losses on foreign exchange contracts |
852 |
(696) |
1,548 |
| Adjusted EBITDA |
$ (36,004) |
$ (44,083) |
$ 8,079 |
| |
|
|
|
|
| (Expressed in thousands of U.S. dollars) |
Year ended December 31, |
| EBITDA and Adjusted EBITDA |
2024 |
2023 |
$ Change |
| Net loss from continuing operations |
$ (323,530) |
$ (144,210) |
$ (179,320) |
| Depreciation and amortization |
11,557 |
12,750 |
(1,193) |
| Finance expense |
2,146 |
1,105 |
1,041 |
| Income taxes (recovery) |
121 |
158 |
(37) |
| EBITDA |
$ (309,706) |
$ (130,197) |
$ (179,509) |
| Stock-based compensation expense |
7,456 |
10,720 |
(3,264) |
| Acquisition related costs |
- |
773 |
(773) |
| Finance and other (income) loss |
(18,933) |
(31,055) |
12,122 |
| Impairment charge on property, plant and equipment |
111,020 |
967 |
110,053 |
| Impairment charges on intangible assets |
658 |
- |
658 |
| Impairment charges on Goodwill |
40,277 |
- |
40,277 |
| Impact of unrealized (gains) losses on foreign exchange contracts |
1,095 |
(1,296) |
2,391 |
| Adjusted EBITDA |
$ (168,133) |
$ (150,088) |
$ (18,045) |
| |
|
|
|
|
| |
|
|
|
|
|
|
|
View original content to download multimedia:https://www.prnewswire.com/news-releases/ballard-reports-q4-2024-results-302400788.html
SOURCE Ballard Power Systems Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2025/13/c8515.html
%CIK: 0001453015
CO: Ballard Power Systems Inc.
CNW 07:30e 13-MAR-25
Ballard Power Systems (NASDAQ:BLDP)
Gráfico Histórico do Ativo
De Mai 2025 até Jun 2025
Ballard Power Systems (NASDAQ:BLDP)
Gráfico Histórico do Ativo
De Jun 2024 até Jun 2025
