Oct 31, 2012 - Canadian fuel cell maker Ballard Power Systems (TSE:BLD) said today its net loss had widened to USD 9 million (EUR 7m) in the third quarter from USD 7 million a year ago due to weak sales blamed on the overall economic downturn.
Loss per share was USD 0.10, compared with USD 0.08 in the third quarter of 2011.
The company said its gross margin contracted by five percentage points to 14% from 19% in the third quarter of 2011. Ballard also saw its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) loss widen to USD 5.5 million from USD 5 million a year ago.
Total revenue declined by 31% year-on-year to USD 14.2 million due to a 13% year-on-year decline in fuel cell stack shipments.
In the first nine months of the year, the company’s net loss amounted to USD 24 million on revenue of USD 38 million, compared to a net loss of USD 26.1 million on revenues of USD 55 million in the same period of 2011.