Ballard Power Systems (Toronto:BLD.TO; NasdaqGM:BLDP), a leader in the development of hydrogen fuel cells, announced increased revenue, but continuing losses, for FY07 and Q407.
Revenue was $65.5 million in 2007, a 32% growth over 2006, exceeding the high end of the guidance range of $55-65 million, the company said.
However, loss from continuing operations was $56.8 million in 2007, compared to $57.0 million in 2006. This equates to a loss of $0.50 per share.
In Q4, loss from continuing operations increased 13% to $15.9 million.
Quarterly revenue grew 22% to $20.1 million, compared to $16.5 million in Q406, and operating cash consumption declined 41% to $12.2 million.
Ballard said cash reserves were $145.6 million on December 31, 2007, down from $161.4 million at the end of Q307.
"2007 was a building year in which we established early stage traction in our priority growth markets while delivering strongly on our operational and financial goals," said John Sheridan, Ballard’s President and CEO.
He added, "On November 7 we signed the agreement with Daimler and Ford for the sale of automotive fuel cell assets, which closed as planned on January 31, 2008. Our company is now positioned with a strong foundation on which to pursue key initiatives that will accelerate market adoption of our fuel cell products and drive Ballard to profitability."
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