Ballard Power Systems Inc (BLDP)

[XenaLives]

Very impressive - I thought NASDAQ's institutional interest seemed low.

Ballard will also benefit from Broad-Ocean’s demand pull-through of FCEVs for views and their new energy vehicle leasing business. As a reminder since August 2016, Broad-Ocean has owned approximately 9% of Ballard's outstanding shares strongly aligning its interest with those of Ballard shareholders.

Also found this interesting -

In terms of soft directional outlook for 2018, we expect top-line revenue to be relatively flat on a year-over-year basis, coincident with the strengthening of our underlying business mix for long-term growth prospects.

We believe this outlook represents a conservative and responsible view based in part on the $91.4 million of orders in hand for expected delivery in 2018, which is harder than it was at this time last year. We also have a robust sales pipeline and expect to close important new bookings throughout 2018. These factors give me personal confidence, but there's upside to our conservative outlook.

As I look beyond 2018, now, we believe our fuel cell value proposition is gaining traction across a broadening array of FCEV in the key geographic markets of China, Europe, and the United States. We believe that FCEVs will become a meaningful portion of the heavy, medium and light-duty transport market, with long range heavy payload, rapidly fueling and roof flexibility our customer requirements and define key target markets for our products.

Later emphasis in a response to an analyst's question:

Tony Guglielmin

Sure, happy to answer that. In fact -- let me -- we can go a little bit further there. We talked about two -- really what I would describe is two big China items in the year. One is the Technology Solutions on the China joint venture. We booked $16 million last year specifically related to the completion of that joint venture TS program. The other significant item in China last year of course was the delivery of 1,600 modules and components to Broad-Ocean. That itself was $28 million over the course of the year.

So when you look at the contribution from those two items alone, that would have been $44 million. So if you kind of just look at those from an apples-to-apples and just take our 2017 revenue, let’s shall we say take that out, fundamentally we’d be looking at over 50% growth in the balance of the business just to remain flat. So whilst we’ve talked about relatively flat. If you put those aside, we are looking for some very significant growth in the rest of the business just to get -- to fill that gap for lack of a better term.

Relatively flat just means 2018 he won't promise another 31% jump in revenue, but this is not really that negative.