Ballard Power Systems Inc. (NASDAQ:BLDP) Q2 2022 Earnings Conference Call August 10, 2022 11:00 AM ET

Company Participants

Kate Charlton - Head of IR

Randy MacEwen - CEO

Paul Dobson - CFO

Conference Call Participants

Aaron MacNeil - TD Securities

Rupert Merer - National Bank

Jeff Osborne - Cowen & Company

Michael Glen - Raymond James

Craig Shere - Tuohy Brothers

Chris Souther - B. Riley Securities

Rob Brown - Lake Street Capital Markets

Greg Wasikowski - Webber Research

Operator

Thank you for standing by. This is the conference operator. Welcome to the Ballard Power Systems Second Quarter 2022 Results Conference Call. As a reminder all participants are in a 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 second quarter 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.

I'm also excited to announce we will be hosting our Investor Day this fall on November 22. We look forward to hosting you in Vancouver.

Today, 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.

I'll now turn the call over to Randy.

Randy MacEwen

Thank you, Kate, and welcome, everyone, to today's conference call. I'd like to first report that during Q2, we welcomed David Mucciacciaro as Ballard's new Chief Commercial Officer with global responsibility for sales, marketing, product line management and customer care. Prior to joining Ballard, David was most recently Vice President, Global Sales, M&A and Marketing of Magna Electronics. He brings a depth of expertise and strong track record in leading global commercial teams, with over 25 years of sales leadership experience from the automotive industry, including with ZF, Faurecia, Lear and TRW. His skill set will be highly valuable to Ballard as we grow sales and transition into commercial scale deployment. David is already having a positive impact on our commercial activities.

Now getting into the quarter. In Q2, Ballard delivered $20.9 million in revenue and secured new orders totaling $12.3 million. This activity translates to an order backlog of $91.2 million at the end of Q2. This is softer than planned, as a number of expected sizable orders have shifted out. We remain excited about our expanding opportunity set across our various applications and regions, as reflected in the significant growth of our sales pipeline. We're experiencing record levels of customer engagement, progressing through demonstration programs with multiple platform customers and fully expect to execute on important platform wins in the next 12 months.