Ballard Power Systems, Inc. (NASDAQ:BLDP) Q1 2022 Earnings Conference Call May 9, 2022 11:00 AM ET

Company Participants

Kate Charlton - VP, IR

Randall MacEwen - CEO, President & Non-Independent Director

Paul Dobson - SVP & CFO

Conference Call Participants

Rupert Merer - National Bank Financial

Aaron MacNeil - TD Securities

Craig Shere - Tuohy Brothers

Leo Mariani - KeyBanc Capital Markets

Robert Brown - Lake Street Capital Markets

Alexis Kania - Wolfe Research

Sameer Joshi - H.C. Wainwright & Co.

Jonathan Lamers - BMO Capital Markets

Michael Glen - Raymond James

Operator

Thank you for standing by. This is the conference operator. Welcome to the Ballard Power Systems First Quarter 2022 Results Conference Call. [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 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. We will keep our prepared remarks relatively brief to allow sufficient time for questions.

I'll now turn the call over to Randy.

Randall MacEwen

Thanks, Kate, and welcome, everyone, to today's conference call. We joined today's call with the continued confidence in our industry backdrop and a growing global commitment to the energy transition.

Our climate crisis, coupled with the recent reprioritization on energy security are forcing administrations into action. The European Commission is taking clear action to boost hydrogen technology scale up and deployment.

As a continuation to the repower EU announcement earlier this year, which outlined plans to quadruple the EU's previously planned hydrogen supply by 2030. The commission last week announced plans to increase its annual electrolyser manufacturing capabilities tenfold by 2025. This would increase annual green hydrogen production from 1.7 gigawatts to 17.5 gigawatts. We view this as an accelerant to support the adoption of fuel cell electric vehicles across Europe.

In the first quarter, Ballard delivered $21 million in revenue, a 19% increase from Q1 2021, while also securing new orders totaling $27.8 million. This activity reflects an increase in our order backlog to $99.8 million at the end of Q1.