Nov 9, 2012 - Canadian fuel cell and hydrogen generation specialist Hydrogenics Corp (TSE:HYG) today posted a 60% year-on-year surge in third-quarter revenue to USD 7.9 million (EUR 6.2m).
The company attributed revenue growth to higher sales in its on-site generation business unit thanks to increased demand in industrial markets and growth in energy storage.
Third-quarter order intake totalled USD 42.3 million, including a USD-36-million design and manufacturing contract as part of a larger USD-90-million order for hydrogen-based propulsion systems and related services received during the quarter. Order backlog rose 147% on the year to USD 61.4 million as of September 30.
Hydrogenics expects full-year revenue growth of 45% to 55% on the year, taking into account the strong order backlog.
Yet, the company's adjusted loss before interest, taxes, depreciation and amortisation expanded to USD 3.2 million from USD 1.9 million a year ago as operating costs increased. Net loss widened to USD 2.9 million from USD 2.6 million a year ago.