Ballard Power Systems Inc. (NASDAQ:BLDP) Q4 2022 Results Conference Call March 17, 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

MacMurray Whale - Cormark Securities

Rob Brown - Lake Street Capital Markets

Justin Strong - Scotiabank

Manav Gupta - UBS

Greg Wasikowski - Webber Research

Kashy Harrison - Piper Sandler

Craig Shere - Tuohy Brothers

Brett Castelli - Morningstar

Operator

Thank you for standing by. This is the conference operator. Welcome to the Ballard Power Systems Fourth Quarter and Full Year 2022 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 fourth quarter and year-end 2022 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.

Before we discuss the quarter, I would like to provide an update on our Capital Markets Day. We are pleased to announce that our Capital Markets Day is scheduled for June 13, 2023 in Vancouver and will also be viewable online. We will be providing additional information over the coming months.

I’ll now turn the call over to Randy.

Randy MacEwen

Thank you, Kate, and welcome everyone to today’s conference call. With an increasingly constructive policy landscape for hydrogen globally, we are excited by the growing end customer interest to decarbonize mobility and stationary power applications with fuel cells.

2022 proved to be an important year of progress for Ballard, as we achieved key customer platform wins across our verticals of bus, truck, rail and marine, along with early traction in select stationary power applications.

This progress is starting to show up in our order backlog. In Q4, we secured new orders totaling $52.2 million. This activity improved our total order backlog, bringing it to approximately $133 million at the end of Q4. As we start 2023, we’re seeing continued momentum on customer order intake. We expect to see further growth in our order backlog at the end of Q1.