巴拉德动力系统 2024年度报告

CAUTION REGARDING FORWARD LOOKINGSTATEMENTS This document contains forward-looking statementsconcerning anticipated markets for our products,implementation of government policy initiatives, plannedmanufacturing capacity expansion, product cost reductionactivities and planned investments. These forward-lookingstatements reflect Ballard’s current expectations ascontemplated under section 27A of the Securities Act of1933, as amended, and Section 21E of the SecuritiesExchange Act of 1934, as amended. Any such statements arebased on Ballard’s assumptions relating to its financialforecasts and expectations regarding its product developmentefforts, manufacturing capacity, and market demand. For adetailed discussion of the factors and assumptions that thesestatements are based upon, and factors that could cause ouractual results or outcomes to differ materially, please refer toBallard’s most recent management’s discussion & analysis.Other risks and uncertainties that may cause Ballard’s actualresults to be materially different include general economicand regulatory changes, detrimental reliance on third parties,successfully achieving our business plans and achieving andsustaining profitability. For a detailed discussion of these andother risk factors that could affect Ballard’s futureperformance, please refer to Ballard’s most recent AnnualInformation Form. These forward looking statements areprovided to enable external stakeholders to understandBallard’s expectations as at the date of this document andmay not be appropriate for other purposes. Readers shouldnot place undue reliance on these statements and Ballardassumes no obligation to update or release any revisions tothem, other than as required under applicable legislation. Message from the CEO4he CEO4 Our Financial Performance6rformance6 Responsible, Sustainable Business7stainable Business7 Management’s Discussion and AnalysisDiscussion and Analysis Financial Statements60ments60 MESSAGE FROM THE CEO2024 ANNUAL REPORTME02M20 Fellow shareholders, 2024 was a tough year for our industry. Amidst prolonged policy uncertainty, there was a multi-year push-out in the commercial adoption of clean hydrogen and PEM fuel cell applications. Withthis backdrop, compounded by a difficult funding environment, an industry rationalization isunderway. Ballard’s 2024 financial results reflected the industry challenges. 2024 revenue of $69.7 millionwas down 32% compared to 2023, and gross margin of (32%) was 11 points lower. Totaloperating expenses were $161.3 million, including $17.0 million in restructuring provisions.Cash usage was $147 million, a 10% improvement. Notwithstanding the industry headwinds and our disappointing financial results, Ballard madeimportant progress in 2024. Record Orders 2024 was a record-breaking year for new order intake for our Power Products. 2024 new orderintake totaled $113 million, punctuated by $75.4 million in Q4. Both were Ballard records. Weended 2024 with an Order Backlog of $173.5 million, up 41% compared to the prior quarter,including a 12-month Orderbook of $98.9 million, up 48% compared to the prior year.These outcomes are particularly noteworthy given the challenging industry dynamics and thecontrast with most competitors, underscoring Ballard’s technology and market position. Wewere front and center for most major commercial order announcements in our target markets in2024. Record Shipments Deliveries of fuel cell engines grew by approximately 30% to more than 660 engines in 2024,totaling 56 MW. This accounted for over 90% of 2024 revenue. These shipment milestonesrepresent new records for Ballard and are proof points of our manufacturing executioncapabilities. Bolstered by our 2024 shipments, we continue to grow our industry-leading field deployments inBus, with valuable real-world data on the performance of our engines in various operatingconditions. This rich field data is another Ballard differentiator and helps inform our next-generation product development programs, reliability and warranty models, and fieldmaintenance approach. We are pleased to report we had another successful year with ourengines deployed and monitored in the field, with zero reported safety incidents, and fuel cellengine availability around 99% in 2024. Operating Cost Reductions We initiated a global corporate restructuring to moderate our spend to better align with delayedmarket adoption. We expect our restructuring to reduce total annualized operating expenses bymore than 30%, with most of the savings realized in 2025. We reduced our planned capitalexpenditures, including pausing plans for US production capacity expansion. We reduced ourcost structure in China and halted any new investments in China, including in the WeichaiBallard JV. MESSAGE FROM THE CEO2024 ANNUAL REPORT Product Development Milestones 2024 was a banner year at Ballard for product innovation, including our programs on productcost reduction. We made important progress