Ballard Power lowers 2014 revenue target
Clean-tech developer expects revenue growth of 20% this year, rather than an earlier estimate of 30%.
VANCOUVER — Ballard Power Systems Inc. says its revenue so far this year is 21% below management estimates and, and a result, the Vancouver-based company is adjusting its 2014 guidance.
It now estimates full-year revenue growth of 20%, rather than 30%.
Ballard Power develops fuel cell technology, an alternative energy source that doesn’t rely on internal combustion.
Its revenue was $20.6 million in the third quarter and $53.1 million in the nine months ended Sept. 30, up 21% on both counts.
Ballard’s net loss was reduced by 47% to $2.4 million in the third quarter and by 39% to $10.7 million or eight cents per share in the nine months ended Sept. 30.
A year earlier, Ballard lost $4.6 million in the third quarter with $17 million of revenue. Over the first nine months of 2014, Ballard lost $17.7 million with $43.9 million of revenue.
© 2014 The Canadian Press