Ballard Power Systems Inc. (NASDAQ:BLDP) Q2 2020 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 11:00 am ET

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Ballard Power Systems Inc. (NASDAQ:BLDP) Q2 2020 Earnings Conference Call - Final Transcript

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Executive
Tony Guglielmin

earnings per share was negative $0.05 in Q2 compared to negative $0.03 in Q2 2019, and both the net loss and EPS numbers include the same Ballard share of losses from the Weichai-Ballard JV.

Cash used by operating activities was $14.8 million in Q2, consisting of cash operating losses of $5.3 million and working capital outflows of $9.5 million. The change in working capital was largely due to higher accounts receivable related to timing inventory and as Randy mentioned, higher inventories in anticipation of shipments in the second half of the year.

In terms of liquidity, during Q2, we generated additional net proceeds of $12.2 million from the ATM program we launched in Q1, ending Q2 with cash reserves of $170.3 million and no debt. We ended Q2 with an order backlog of $155.5 million and a 12-month order book of $101 million, down slightly from Q1 as a result of lower order intake in the quarter due to COVID 19. And lastly, I wanted to add that during the quarter, we rang the opening bell on the NASDAQ Stock Exchange, virtually of course to celebrate the company's 25th anniversary on NASDAQ.

And with that, let me turn the call back over to the operator for questions.