The following is a summary of the Ballard Power Systems Inc. (BLDP) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Ballard Power Systems reported a record order intake of $64.5 million in Q1 2024, bringing the total new bookings to approximately $130 million over the previous two quarters.

• The company saw an increase in their backlog by 38%.

• Revenue grew by 9% and gross margin improved by 5 points.

• The company delivered $14.5 million in revenue in Q1, mostly due to strong growth in the bus and stationary markets.

• Cash and cash equivalents at the end of quarter stood at over $720 million.

• Their financials show a consistent cash burn rate of approximately $20 million per quarter due to operational costs.

Business Progress:

• Ballard announced the largest order in its history: a multiyear supply agreement for 1,000 fuel cell engines to Solaris for the European bus market through to 2027.

• The company also secured an order for 150 engines totaling 15 megawatts of fuel cell systems from a UK-based customer specializing in renewable off-grid power generation.

• Ballard revealed plans for a new manufacturing facility in Rockwall, Texas with capacity for 8 million MEAs, bipolar plates, 20,000 fuel cell stacks and 20,000 fuel cell engines per year.

• The new facility is expected to be operational by late 2027 and is projected to receive up to $94 million in funding from the US government.

• To improve gross margins, Ballard targets product cost reductions and sales volume expansion against fixed costs.

• The company sees growth opportunities in stationary power for the data center market.

• Ballard is eyeing growth opportunities in the rail and truck market for the years ahead.

More details: Ballard Power Systems Inc IR

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