Ballard Power (NASDAQ: BLDP) reported Q4 EPS of ($0.01), $0.02 better than the analyst estimate of ($0.03). Revenue for the quarter came in at $20 million versus the consensus estimate of $20.82 million.

2016 Outlook

Given the early stage of fuel cell market development and adoption rate, and consistent with 2015, the Company has decided not to provide specific revenue and Adjusted EBITDA guidance for 2016. The Company provides the following 2016 Outlook:

Power ProductsThe Company anticipates growth in Power Products in 2016 supported by sales and shipments of Heavy Duty Motive products, particularly for use in China bus and tram applications, and a full year of operating results for Portable Power –

• Key initiatives in 2015 in China are expected to drive record shipments of Heavy Duty Motive products in 2016, specifically FCvelocity® modules, parts kits as well as fuel cell stacks. In addition, discussions are currently ongoing with respect to incremental orders to support bus and tram deployments in various Chinese cities;
• In 2016 the Company expects to ship FCvelocity® modules to bus OEM partner Van Hool in Belgium for deployment in European buses under the 3Emotion program as well as to the U.S. market for deployment in buses under the LoNo program; and
• Protonex is expected to generate full-year revenue in 2016 in the range of $20 million.

As part of the Company's rationalization and renewal initiatives, Ballard announces that three executives – Paul Cass, COO, Dr. Christopher Guzy, CTO, and Steve Karaffa, CCO – will be departing from the Company by March 31, 2016. Responsibilities of the departing executives have now been assumed by internal personnel: David Whyte has been promoted from Director, Operations to VP, Operations, flattening and eliminating duplication in the Operations reporting structure; Dr. Kevin Colbow is now VP, Technology and Product Development, also retaining his current responsibility for Technology Solutions; and Karim Kassam is now VP, Commercial, also retaining his current responsibility for Business and Corporate Development.

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