VANCOUVER – Ballard Power Systems (TSX:BLD) has narrowed its net loss in the first quarter as the fuel cell developer reported a 22 per cent increase in quarterly revenue.
Ballard reported after markets closed Monday that its net loss in the three months ended march 31 was US$7.9 million or nine cents per share, down from US$8.7 million or 10 cents per share in the same 2012 period.
Fuel cell product and service revenue rose to US$12.3 million from US$10.1 million.
“Q1 results reflect a positive start to the year for Ballard, with a markedly stronger balance sheet and improvements in all key financial performance metrics,” president and CEO John Sheridan said.
“Further, these improving trends are expected to strengthen starting in Q2, with the beginning of the full run-rate impact of the multi-year VW engineering services contract.”
As a result, Sheridan said Ballard was confirming full-year guidance for revenue growth in excess of 30 per cent and improvement in adjusted earnings before taxes, interest, depreciation and amortization, or EBITDA, in excess of 50 per cent.