Shares of Ballard Power Systems (NASDAQ: BLDP) closed the trading at a price of $4.08 with the change of +2.77. In the past session approximately 1.12M shares were exchanged against the average daily trading volume of 914.32K shares. The stock touched to the maximum level of $4.11, and it reached the lower level of $3.97 in past session. The stock’s market capitalization has now valued at $927.30M. The stock’s low price in its 52 week is $2.25 per share while $4.62 as the 52 week high price.

Ballard Power Systems (NASDAQ: BLDP) recently reported consolidated financial results for the first quarter ended March 31, 2019.

Q1 2019 Financial Highlights

• Total revenue was $16.0M in the quarter, a year-over-year decrease of 20% or $4.1M, primarily the result of lower shipments of membrane electrode assemblies (MEAs) to China and the divestiture of Power Manager assets in October 2018.
• The Power Products platform generated revenue of $6.4M in the quarter, a decrease of 49% or $6.0M:
• The Technology Solutions platform generated revenue of $9.7M in the quarter, a raise of 25% or $1.9M, due primarily to amounts earned from the Weichai-Ballard joint venture technology transfer program which over offset minor declines in other programs in the period.
• Cash operating costs² were $9.3M in the quarter, a 13% decrease primarily attributable to lower product development costs.
• Adjusted EBITDA² was ($8.6)M, contrast to ($3.8)M in Q1 2018, primarily as a result of lower gross margin Because of the decline in overall revenues.
• Net loss was $12.0M in the quarter, a decline of 119% and adjusted net loss was ($10.0), a decline of 82%.
• Cash used by operating activities was $10.5M, a decline of 45%, reflecting cash operating loss of $5.7M and use in working capital of $4.8M.
• Cash reserves were $165.0M at March 31, 2019, a raise of 214% from the end of Q1 2018 and a decrease of 14% from the end of the previous quarter.
• During Q1 Ballard received $9.6M in new orders and delivered orders valued at $16.0M, thereby lowering the Order Backlog by $6.4M from the previous quarter, ending Q1 at $188.4M. The 12-month Order Book increased $7.0M from the previous quarter, to $76.0M at end-Q1.