{"id":455413,"date":"2021-03-10T20:03:20","date_gmt":"2021-03-11T01:03:20","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=455413"},"modified":"2021-03-10T20:03:20","modified_gmt":"2021-03-11T01:03:20","slug":"ballard-reports-q4-and-full-year-2020-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ballard-reports-q4-and-full-year-2020-results\/","title":{"rendered":"Ballard Reports Q4 and Full Year 2020 Results"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<ul type=\"disc\">\n<li>\n          <b>Q4 revenue of <span class=\"xn-money\">$28.6m<\/span>, full year revenue of <span class=\"xn-money\">$103.9m<\/span><\/b>\n        <\/li>\n<li>\n          <b>Year-end cash reserves of <span class=\"xn-money\">$763.4m<\/span><\/b>\n        <\/li>\n<li>\n          <b>Important progress achieved in execution of corporate growth strategy <br \/><\/b>\n        <\/li>\n<\/ul>\n<p \/>\n<p>\n        <span class=\"xn-location\">VANCOUVER, BC<\/span>, <span class=\"xn-chron\">March 10, 2021<\/span> \/PRNewswire\/ &#8211;\u00a0<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3093320-1&amp;h=3969055817&amp;u=http%3A%2F%2Fwww.ballard.com%2F&amp;a=Ballard+Power+Systems\" rel=\"nofollow noopener noreferrer\">Ballard Power Systems<\/a>\u00a0(NASDAQ: BLDP) (TSX: BLDP) today announced consolidated financial results for the fourth quarter and full year ended <span class=\"xn-chron\">December 31, 2020<\/span>. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).<\/p>\n<p>\n        <span class=\"xn-person\">Randy MacEwen<\/span>, President and CEO said, &#8220;Our Q4 and full year 2020 results were consistent with management&#8217;s internal projections based on expected impacts from COVID-19. In Q4 and throughout 2020, COVID-19 created uncertainty and adversely impacted operations for certain customers along with order intake, although we saw higher than expected activity levels in our sales pipeline. Revenue was <span class=\"xn-money\">$28.6 million<\/span> in Q4, and full year revenue was <span class=\"xn-money\">$103.9 million<\/span>. Gross margin for the full year was 20%, Adjusted EBITDA was <span class=\"xn-money\">($38.9) million<\/span> and year-end cash reserves were <span class=\"xn-money\">$763.4 million<\/span>.&#8221; <\/p>\n<p>Mr. MacEwen added, &#8220;Continued progress in the execution of our growth strategy in 2020 was reflected in a number of notable achievements: the Weichai-Ballard joint venture operation in <span class=\"xn-location\">China<\/span> was commissioned; we announced a key strategic partnership with MAHLE to develop advanced fuel cell engines for the European commercial truck market; we made continued progress with bus OEM customers; we launched a new high power density stack; we completed our Marine Center of Excellence in <span class=\"xn-location\">Denmark<\/span> and launched our new FCwave<sup>TM<\/sup> 200 kilowatt engine for marine applications; we invested to expand our Vancouver MEA production capacity by 6-times; we announced our plan to reduce fuel cell stack costs by 70% by 2024; we detailed our estimate of the multi-billion dollar market opportunity for <span class=\"xn-location\">Ballard<\/span> by 2030; <span class=\"xn-location\">Ballard<\/span> products powered vehicles for cumulative on-road mileage in excess of 70 million kilometers; and we further fortified our balance sheet.&#8221;\u00a0\u00a0 <\/p>\n<p>Mr. MacEwen concluded, &#8220;Notwithstanding a challenging year due to COVID-19, the hydrogen and fuel cell industry enjoyed unprecedented progress with strong policy support, sizeable corporate investments and broadened investor interest. With about 50 countries announcing CO<sub>2<\/sub> pricing initiatives, 75 countries with net zero targets, and over 30 countries with hydrogen strategies, we believe <span class=\"xn-location\">Ballard<\/span> is well positioned to realize significant growth in the coming decade. As a result, we are increasing and accelerating our investment to drive high growth, high market adoption and high market share for the benefit of long-term shareholder value. In 2021, we will increase our investment in competencies, technology innovation, product development and customer experience related to our key markets of bus, truck, rail and marine. We will continue to invest in our strategic partnerships with Weichai in <span class=\"xn-location\">China<\/span> and MAHLE in <span class=\"xn-location\">Europe<\/span>. We will also consider investments in further production capacity expansion and localization in key geographies, as well as strategic acquisitions and partnerships.&#8221;<\/p>\n<p>\n        <b>Q4 2020 Financial Highlights <br \/><\/b><br \/>\n        <i>(all comparisons are to Q4 2019 unless otherwise noted)<\/i>\n      <\/p>\n<ul type=\"disc\">\n<li>Total revenue was <span class=\"xn-money\">$28.6 million<\/span>, a 32% year-over-year decrease. <\/li>\n<ul type=\"circle\">\n<li>Power Products revenue was <span class=\"xn-money\">$15.0 million<\/span>, a decrease of 41% primarily reflecting lower shipments of Heavy-Duty Motive fuel cell products to customers in <span class=\"xn-location\">China<\/span> together with a shift in product mix. <\/li>\n<li>Technology Solutions revenue was <span class=\"xn-money\">$13.6 million<\/span>, an 17% decrease due primarily to decreased revenue from the program with Audi. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/li>\n<\/ul>\n<li>Gross margin was 20%, down 1-point to <span class=\"xn-money\">$5.6 million<\/span>, due primarily to lower total revenue as well as\u00a0a shift to lower overall product margin and service revenue mix. <\/li>\n<li>Cash operating costs<sup>2<\/sup> were <span class=\"xn-money\">$16.4 million<\/span>, an increase of 25%, due to higher research and product development costs and higher general and administrative costs. \u00a0 <\/li>\n<li>Adjusted EBITDA<sup>2<\/sup> declined 105% to <span class=\"xn-money\">($14.5) million<\/span>, due primarily to the decrease in gross margin, increase in cash operating costs, and higher equity in loss of investment in joint venture and associates. \u00a0 <\/li>\n<li>Net loss<sup>3<\/sup> from continuing operations was <span class=\"xn-money\">($14.4) million<\/span> or <span class=\"xn-money\">($0.05)<\/span> per share, declines of 47% and 28%, respectively, driven primarily by the increase in Adjusted EBITDA loss. <\/li>\n<li>Cash used in operating activities was <span class=\"xn-money\">($6.7) million<\/span>, a decline of 262%, reflecting cash operating loss of <span class=\"xn-money\">($6.7) million<\/span>, and nominal net working capital changes.<\/li>\n<\/ul>\n<p \/>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2137\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/1454057\/Ballard_Power_Systems_Inc__Ballard_Reports_Q4_and_Full_Year_2020.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/1454057\/Ballard_Power_Systems_Inc__Ballard_Reports_Q4_and_Full_Year_2020.jpg\" title=\"Ballard Power Systems Q4 2020 Financial Highlights (CNW Group\/Ballard Power Systems Inc.)\" alt=\"Ballard Power Systems Q4 2020 Financial Highlights (CNW Group\/Ballard Power Systems Inc.)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>\n        <b>Full Year 2020 Financial Highlights <br \/><\/b><br \/>\n        <i>(all comparisons are to full year 2019 unless otherwise noted)<\/i>\n      <\/p>\n<ul type=\"disc\">\n<li>Total revenue was <span class=\"xn-money\">$103.9 million<\/span>, a 2% year-over-year decrease. <\/li>\n<ul type=\"circle\">\n<li>Power Products revenue was <span class=\"xn-money\">$58.6 million<\/span>, an increase of 19% due primarily to higher shipments of Heavy-Duty Motive fuel cell products to customers, particularly in <span class=\"xn-location\">China<\/span>, as well as higher shipments of backup power products to customers in <span class=\"xn-location\">Europe<\/span>. \u00a0\u00a0\u00a0 <\/li>\n<li>Technology Solutions revenue was <span class=\"xn-money\">$45.3 million<\/span>, a decrease of 20% due primarily to decreased amounts earned from the program with Audi, the Siemens development program, and the Weichai-Ballard JV technology transfer program. <\/li>\n<\/ul>\n<li>Gross margin was 20%, down 1-point to <span class=\"xn-money\">$21.0 million<\/span>, primarily due to the decrease in total revenue and a shift to lower overall product margin and service revenue mix. <\/li>\n<li>Cash operating costs<sup>2<\/sup> were <span class=\"xn-money\">$50.0 million<\/span>, an increase of 29% due primarily to higher research and product development costs, higher general and administrative costs, and higher sales and marketing costs. <\/li>\n<li>Adjusted EBITDA<sup>2<\/sup> declined to <span class=\"xn-money\">($38.9) million<\/span>, due primarily to lower gross margin and higher cash operating costs. <\/li>\n<li>Net loss<sup>3<\/sup> from continuing operations increased to <span class=\"xn-money\">($49.5) million<\/span> or <span class=\"xn-money\">($0.20)<\/span> per share, declines of 40% and 31%, respectively. The increase in net loss was driven primarily by the increase in Adjusted EBITDA loss and higher stock-based compensation expense. <\/li>\n<li>Cash used by operating activities was <span class=\"xn-money\">($42.9) million<\/span>, a decline of 202% reflecting cash operating loss of <span class=\"xn-money\">($25.8) million<\/span> and net working capital changes of <span class=\"xn-money\">($17.1) million<\/span>. \u00a0<\/li>\n<\/ul>\n<p \/>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder8107\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/1454058\/Ballard_Power_Systems_Inc__Ballard_Reports_Q4_and_Full_Year_2020.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/1454058\/Ballard_Power_Systems_Inc__Ballard_Reports_Q4_and_Full_Year_2020.jpg\" title=\"Ballard Power Systems Full Year 2020 Financial Highlights (CNW Group\/Ballard Power Systems Inc.)\" alt=\"Ballard Power Systems Full Year 2020 Financial Highlights (CNW Group\/Ballard Power Systems Inc.)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<ul type=\"disc\">\n<li>Cash reserves were <span class=\"xn-money\">$763.4 million<\/span> at <span class=\"xn-chron\">December 31<\/span>, <span class=\"xn-money\">$615.6 million<\/span> higher than at the end of 2019. Additional net proceeds of approximately <span class=\"xn-money\">$528 million<\/span> were raised in Q1 2021 under an equity transaction. <\/li>\n<li>The Order Backlog at end-2020 was <span class=\"xn-money\">$117.8 million<\/span>, down from <span class=\"xn-money\">$128.1 million<\/span> at end-Q3, reflecting <span class=\"xn-money\">$28.6 million<\/span> in shipments and <span class=\"xn-money\">$18.3 million<\/span> in new orders in Q4. The 12-month Order Book was <span class=\"xn-money\">$83.5 million<\/span> at end-2020, up from <span class=\"xn-money\">$79.6 million<\/span> at end-Q3. \u00a0\u00a0\u00a0<\/li>\n<\/ul>\n<p>\n        <b>2021 Outlook<\/b>\n      <\/p>\n<p>\n        <span class=\"xn-location\">Ballard<\/span> intends to maintain focus throughout 2021 on Heavy-and Medium-Duty Motive applications \u2013 including bus, commercial truck, train and marine markets \u2013 to increase penetration in the key markets of <span class=\"xn-location\">China<\/span>, <span class=\"xn-location\">Europe<\/span> and <span class=\"xn-location\">California<\/span>. The Company also sees opportunities in additional geographic markets and therefore anticipates projects that will begin expanding reach beyond these initial key markets.<\/p>\n<p>In 2021 Ballard will invest in additional technology and product innovation and development across bus, truck, rail and marine markets, including next-generation MEAs, plates, stacks, and modules. The Company expects this to include collaboration with MAHLE on the design of fuel cell engines for commercial trucks in <span class=\"xn-location\">Europe<\/span>. <span class=\"xn-location\">Ballard<\/span> will also continue to invest in customer experience in these markets. <\/p>\n<p>\n        <span class=\"xn-location\">Ballard<\/span> will continue to work to expand MEA production capacity 6-times at its <span class=\"xn-location\">Vancouver<\/span> headquarter facility. The Company will also review options for further localization of production capacity in <span class=\"xn-location\">China<\/span> and <span class=\"xn-location\">Europe<\/span>. <\/p>\n<p>Furthermore, corporate development work will be an important priority this year, including potential acquisitions to help scale the business and simplify the customer experience. <\/p>\n<p>During 2021 the Company has a commitment to make contributions totaling approximately <span class=\"xn-money\">$11.4 million<\/span> towards its pro rata ownership share of the Weichai-Ballard joint venture in <span class=\"xn-location\">China<\/span>. This is in addition to <span class=\"xn-money\">$57.7 million<\/span> contributed cumulatively through 2020, as part of <span class=\"xn-location\">Ballard&#8217;s<\/span> total capital commitment of approximately <span class=\"xn-money\">$79.5 million<\/span>. <\/p>\n<p>In <span class=\"xn-location\">Europe<\/span>, <span class=\"xn-location\">Ballard<\/span> expects to deliver a significant number of modules to support deployments of Fuel Cell Electric Buses (FCEBs) in various countries. The Company anticipates increased market activity for FCEBs during the year, which can be expected to result in additional module purchase orders for delivery in future years. In addition, the shipment of backup power systems is expected to be flat as compared to 2020. <span class=\"xn-location\">Ballard<\/span> also plans to continue execution of its automotive program with Audi.<\/p>\n<p>Within <span class=\"xn-location\">North America<\/span>, <span class=\"xn-location\">Ballard<\/span> expects continued market activity for FCEBs and fuel cell-powered trucks, which can be expected to result in additional module purchase orders in 2021 for delivery in future years. In addition, the Company expects the volume of fuel cell stack shipments for material handling applications to be flat as compared to 2020.<\/p>\n<p>Consistent with the Company&#8217;s practice in this early stage of hydrogen fuel cell market development and adoption, and in view of the ongoing uncertainties resulting from COVID-19, <span class=\"xn-location\">Ballard<\/span> is not providing specific financial performance guidance for the coming year.\u00a0 <\/p>\n<p>\n        <b>Q4 &amp; Full Year 2020 Financial Summary<\/b>\n      <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prnbcc\">\n<tr>\n<td class=\"prnsbts prnsbr1 prnvab prnsbb1 prntal prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>(Millions of U.S. dollars)<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0Three months ended December 31,<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Twelve months ended December 31,<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prnsbt1 prnsbr1 prnvab prnsbbs prntal prnpl6 prnsbl1 prnpr14\">\n              \n            <\/td>\n<td class=\"prngen15 prnpr14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2019<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">% Change<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2019<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">% Change<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <i>REVENUE<\/i><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Fuel Cell Products &amp; Services:<sup>1,2<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Heavy Duty Motive<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$11.9<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$21.4<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-44%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$47.7<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$35.4<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">35%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Material Handling<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$0.9<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$1.9<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-51%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$5.3<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$10.8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-51%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Backup Power<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$2.1<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$2.0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$5.6<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$3.0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">88%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>Sub-Total<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i><br \/>\n                    <b>$15.0<\/b><br \/>\n                  <\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>$25.4<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>-41%<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i><br \/>\n                    <b>$58.6<\/b><br \/>\n                  <\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>$49.1<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>19%<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Technology Solutions<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$13.6<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$16.4<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-17%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$45.3<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$56.6<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-20%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total Fuel Cell Products &amp; Services Revenue <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$28.6<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$41.8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-32%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$103.9<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$105.7<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-2%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <i>PROFITABILITY<\/i><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Gross Margin $<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$5.6<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$8.6<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-34%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$21.0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$22.3<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-6%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Gross Margin %<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>20%<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-1-points<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>20%<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen16 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-1-point<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Operating Expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$19.6<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$15.6<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">26%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$60.7<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prnsbts prnsbr1 prnvab prnsbbs prntar prnpl6 prnsbl1 prnpr14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$47.8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prnsbts prnsbr1 prnvab prnsbbs prntar prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">27%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Cash Operating Costs<sup>3<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$16.4<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$13.1<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">25%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$50.0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$38.8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">29%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Equity gain (loss) in JV &amp; Associates<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>($4.3)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">($3.0)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-43%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>($12.6)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">($11.1)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-14%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Adjusted EBITDA<sup>3<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>($14.5)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">($7.0)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-105%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>($38.9)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">($26.6)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-46%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net Income (Loss) from continuing operations<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>($14.4)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">($9.8)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-47%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>($49.5)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">($35.3)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-40%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Earnings Per Share from continuing operations<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>($0.05)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">($0.04)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-28%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>($0.20)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">($0.15)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-31%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <i>CASH<\/i><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Cash provided by (used in) Operating <br \/>Activities:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Cash Operating Income (Loss)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>($6.7)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">($3.9)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-72%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>($25.8)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">($14.1)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-83%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Working Capital Changes<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$8.0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-100%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>($17.1)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">($0.1)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-17,000%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Cash provided by (used in)<br \/><\/span><br \/>\n                <span class=\"prnews_span\">Operating Activities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>($6.7)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$4.1<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-262%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>($42.9)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">($14.2)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">-202%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Cash Reserves<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$763.4<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$147.8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">417%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p>For a more detailed discussion of Ballard Power Systems Q4 and full year 2020 results, please see the Company&#8217;s financial statements and management&#8217;s discussion &amp; analysis, which are available at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3093320-1&amp;h=406543489&amp;u=http%3A%2F%2Fwww.ballard.com%2Finvestors&amp;a=www.ballard.com%2Finvestors\" rel=\"nofollow noopener noreferrer\">www.ballard.com\/investors<\/a>, <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3093320-1&amp;h=346285014&amp;u=http%3A%2F%2Fwww.sedar.com%2F&amp;a=www.sedar.com\" rel=\"nofollow noopener noreferrer\">www.sedar.com<\/a> and <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3093320-1&amp;h=3174612633&amp;u=http%3A%2F%2Fwww.sec.gov%2Fedgar.shtml&amp;a=www.sec.gov%2Fedgar.shtml\" rel=\"nofollow noopener noreferrer\">www.sec.gov\/edgar.shtml<\/a>.<\/p>\n<p>\n        <b>Conference Call <br \/><\/b><br \/>\n        <span class=\"xn-location\">Ballard<\/span> will hold a conference call on <span class=\"xn-chron\">Thursday, March 11, 2021<\/span> at <span class=\"xn-chron\">8:00 a.m. PT<\/span> (<span class=\"xn-chron\">11:00 a.m. ET<\/span>) to review Q4 and full year 2020 operating results and Outlook for 2021. The live call can be accessed by dialing +1.604.638.5340. Alternatively, a live audio and PowerPoint slide webcast can be accessed through a link on <span class=\"xn-location\">Ballard&#8217;s<\/span> homepage (<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3093320-1&amp;h=3394626865&amp;u=http%3A%2F%2Fwww.ballard.com%2F&amp;a=www.ballard.com\" rel=\"nofollow noopener noreferrer\">www.ballard.com<\/a>). Following the call, the audio webcast will be archived in the &#8216;Earnings, Interviews and Presentations&#8217; area of the &#8216;Investors&#8217; section of <span class=\"xn-location\">Ballard&#8217;s<\/span> website (<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3093320-1&amp;h=406543489&amp;u=http%3A%2F%2Fwww.ballard.com%2Finvestors&amp;a=www.ballard.com%2Finvestors\" rel=\"nofollow noopener noreferrer\">www.ballard.com\/investors<\/a>).<\/p>\n<p>\n        <b>About Ballard Power Systems <br \/><\/b>Ballard Power Systems&#8217; (NASDAQ: BLDP; TSX: BLDP) vision is to deliver fuel cell power for a sustainable planet. <span class=\"xn-location\">Ballard<\/span> zero-emission PEM fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels, passenger cars and forklift trucks. To learn more about <span class=\"xn-location\">Ballard<\/span>, please visit <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3093320-1&amp;h=3394626865&amp;u=http%3A%2F%2Fwww.ballard.com%2F&amp;a=www.ballard.com\" rel=\"nofollow noopener noreferrer\">www.ballard.com<\/a>.<\/p>\n<p>\n        <b>Important Cautions Regarding Forward-Looking Statements <br \/><\/b>This release contains forward-looking statements concerning projected revenue growth, product shipments, gross margin, Adjusted EBITDA, cash operating expenses product sales and market adoption of fuel cell electric vehicles. These forward-looking statements reflect <span class=\"xn-location\">Ballard&#8217;s<\/span> 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. Any such statements are based on <span class=\"xn-location\">Ballard&#8217;s<\/span> assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand. 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,\u00a0please refer to <span class=\"xn-location\">Ballard&#8217;s<\/span> most recent management discussion &amp; analysis. Other risks and uncertainties that may cause <span class=\"xn-location\">Ballard&#8217;s<\/span> actual results to be materially different include general economic and regulatory changes, detrimental reliance on third parties, successfully achieving our business plans and achieving and sustaining profitability. For a detailed discussion of these and other risk factors that could affect <span class=\"xn-location\">Ballard&#8217;s<\/span> future performance, please refer to <span class=\"xn-location\">Ballard&#8217;s<\/span> most recent Annual Information Form. These forward-looking statements are provided to enable external stakeholders to understand <span class=\"xn-location\">Ballard&#8217;s<\/span> expectations\u00a0as at the date of this release and may not be appropriate for other purposes. Readers should not place undue reliance on these statements and <span class=\"xn-location\">Ballard<\/span> assumes no obligation to update or release any revisions to them, other than as required under applicable legislation.<\/p>\n<div>\n<table id=\"convertedTablebf62\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prnsbt0 prnsbr0 prnbcc prnsbb0 prnsbl0\">\n<tr>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <u>Endnotes<\/u><br \/>\n                  <\/b><br \/>\n                  <b>: <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <sup>1 <\/sup>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 and service of PEM fuel cell products for our power product markets of Heavy Duty Motive (consisting of bus, truck, rail and marine applications), Material Handling and Backup Power, as well as the delivery of Technology Solutions, including engineering services, technology transfer and the license and sale of our extensive intellectual property portfolio and fundamental knowledge for a variety of fuel cell applications. <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <sup>2<\/sup>\u00a0The UAV market has been classified as a discontinued operation in our third quarter of 2020 consolidated condensed financial statements. As such, the assets of the UAV market have been classified as assets held for sale as of September 30, 2020. Furthermore, the historic operating results of the UAV market for both 2020 and 2019 have been removed from continuing operating results and are instead presented separately in the statement of comprehensive income as income from discontinued operations.\u00a0 <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <sup>3<\/sup>\u00a0Note that Cash Operating Costs, EBITDA, Adjusted EBITDA and Adjusted Net Income (Loss), 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, Adjusted EBITDA and Adjusted Net Income (Loss) assist investors in assessing Ballard&#8217;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, Adjusted EBITDA and Adjusted Net Income (Loss) to the Consolidated Financial Statements, please refer to Ballard&#8217;s Management&#8217;s Discussion &amp; Analysis. <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Cash Operating Costs measures operating expenses excluding stock-based compensation expense, depreciation and amortization, impairment losses or recoveries on trade receivables, restructuring charges, acquisition costs, the impact of unrealized gains or losses on foreign exchange contracts, and financing charges. EBITDA measures net loss from continuing operations 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, asset impairment charges, finance and other income, the impact of unrealized gains or losses on foreign exchange contracts, and acquisition costs. Adjusted Net Income (Loss) measures net income (loss) from continuing operations excluding transactional gains and losses, asset impairment charges, and acquisition costs.<b>\u00a0<\/b><\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder0\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/1454056\/Ballard_Power_Systems_Inc__Ballard_Reports_Q4_and_Full_Year_2020.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/1454056\/Ballard_Power_Systems_Inc__Ballard_Reports_Q4_and_Full_Year_2020.jpg\" title=\"Ballard Power Systems Logo (CNW Group\/Ballard Power Systems Inc.)\" alt=\"Ballard Power Systems Logo (CNW Group\/Ballard Power Systems Inc.)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=VA05838&amp;sd=2021-03-10\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/ballard-reports-q4-and-full-year-2020-results-301245084.html\">http:\/\/www.prnewswire.com\/news-releases\/ballard-reports-q4-and-full-year-2020-results-301245084.html<\/a><\/p>\n<p>SOURCE  Ballard Power Systems Inc.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=VA05838&amp;Transmission_Id=202103102000PR_NEWS_USPR_____VA05838&amp;DateId=20210310\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire Q4 revenue of $28.6m, full year revenue of $103.9m Year-end cash reserves of $763.4m Important progress achieved in execution of corporate growth strategy VANCOUVER, BC, March 10, 2021 \/PRNewswire\/ &#8211;\u00a0Ballard Power Systems\u00a0(NASDAQ: BLDP) (TSX: BLDP) today announced consolidated financial results for the fourth quarter and full year ended December 31, 2020. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS). Randy MacEwen, President and CEO said, &#8220;Our Q4 and full year 2020 results were consistent with management&#8217;s internal projections based on expected impacts from COVID-19. In Q4 and throughout 2020, COVID-19 created uncertainty and adversely impacted operations for certain customers along with order intake, although we &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ballard-reports-q4-and-full-year-2020-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Ballard Reports Q4 and Full Year 2020 Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-455413","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ballard Reports Q4 and Full Year 2020 Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ballard-reports-q4-and-full-year-2020-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ballard Reports Q4 and Full Year 2020 Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire Q4 revenue of $28.6m, full year revenue of $103.9m Year-end cash reserves of $763.4m Important progress achieved in execution of corporate growth strategy VANCOUVER, BC, March 10, 2021 \/PRNewswire\/ &#8211;\u00a0Ballard Power Systems\u00a0(NASDAQ: BLDP) (TSX: BLDP) today announced consolidated financial results for the fourth quarter and full year ended December 31, 2020. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS). Randy MacEwen, President and CEO said, &#8220;Our Q4 and full year 2020 results were consistent with management&#8217;s internal projections based on expected impacts from COVID-19. 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