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Ballard Power Systems Inc. Message Board

  • misiu_md misiu_md Dec 4, 2013 11:09 AM Flag

    Don't we need additional $3M in revenue to be EBITDA break ever? I wonder hoe much of PLUG tickles down to BLDP?

    The adjusted EBITDA loss in Q3, specifically now to talk to the quarter, was $900,000, close to an inflection point. This was underpinned by revenue of $17 million, gross margin of 28% and cash OpEx of $6.6 million. So what does this Q3 EBITDA result mean going forward? While we believe there's a potential in coming quarters for further improvements in both gross margin, as well as cash OpEx, but even if you model 0 improvement in gross margin and cash OpEx from these Q3 levels, then a quarterly run rate in revenue of approximately $20 million would generate breakeven adjusted EBITDA. And $20 million in quarterly revenue would be an increase of only $3 million a quarter from the Q3 level.

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    • Turning now to Material Handling. We saw a significant increase in shipments in the quarter with revenue up 51% to $2.1 million. Now this partially offset the slow first half of the year and brings year-to-date revenue to $4.5 million, down 4% from the same period last year. We were also pleased to see that Plug Power successfully completed an equity transaction in the quarter, adding $10.5 million to their cash reserves and enabling the company to put its full focus back on customers and orders. And related to this development, Andy Marsh, CEO of Plug Power, stated on an update call earlier in October that Plug's order book is robust and the company anticipates shipping 3,000 GenDrive systems in 2014. Now that would translate into a more than a 50% year-over-year increase in Ballard's stack shipments to Plug

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