Ballard Power Systems Inc. (NASDAQ:BLDP) Q1 2023 Results Conference Call May 10, 2023 11:00 AM ET

Company Participants

Kate Charlton - VP, IR

Randy MacEwen - CEO

Paul Dobson - CFO

Conference Call Participants

Aaron MacNeil - TD Cowen

Michael Glen - Raymond James

Rob Brown - Lake Street Capital Markets

Rupert Merer - National Bank

Mac Whale - Cormark Securities

Ameet Thakkar - BMO Capital Markets

Chris Souther - B. Riley

Craig Shere - Tuohy Brothers

Kashy Harrison - Piper Sandler

Jordan Levy - Truist Securities

Greg Wasikowski - Webber Research

Operator

Operator

Thank you, for standing by. This is the conference operator. Welcome to the Ballard Power Systems First Quarter 2023 Results Conference Call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. [Operator Instructions]

I would now like to turn the conference over to Kate Charlton, Vice President, Investor Relations. Please go ahead.

Kate Charlton

Thank you, operator, and good morning. Welcome to Ballard's first quarter 2023 financial and operating results conference call. With us on today's call are Randy MacEwen, Ballard's CEO; and Paul Dobson, Chief Financial Officer.

We will be making forward-looking statements that are based on management's current expectations, beliefs and assumptions concerning future events. Actual results could be materially different. Please refer to our most recent annual information form and other public filings for our complete disclaimer and related information.

As discuss in our prior earnings call, we are excited to welcome to our analyst and investor communities or capital market's day on June 13, 2023. We will be providing an update on our long-term business plan, incoming revenue growth by vertical, gross margin progression, our technology and product roadmap, product cost reduction, capital expenditures and ESG initiatives

I'll now turn the call over to Randy.

Randy MacEwen

Thank you, Kate and welcome everyone to today's conference call. We started 2023 on a strong footing in our core mobility markets in Europe and North America. We reported combined revenues and our bus, truck, rail and green segments up almost 20% compared to the same period in 2022 when excluding revenue from China, we've consistently seen increased revenue diversification throughout 2022 and into 2023 across our verticals, regions and customers, highlighting the resilience of our business model.

Order intake momentum continued in Q1 with order backlog of almost $138 million as we ended the quarter. Our power products business is unfolding with power products representing over $100 million of our total order backlog, a figure that's double the amount one year ago.