good results from peer, Hydrogenics8 Mar 2018 11:53
MISSISSAUGA, Ontario, March 08, 2018 (GLOBE NEWSWIRE) -- Hydrogenics Corporation (NASDAQ:HYGS) (TSX:HYG) ("Hydrogenics" or "the Company"), a leading developer and manufacturer of hydrogen generation and hydrogen-based power modules, today reported fourth quarter and full year 2017 financial results. Results are reported in US dollars and are prepared in accordance with International Financial Reporting Standards (IFRS).
2017 Highlights
Record fourth quarter and full year 2017 revenue of $19.5 million and $48.1 million, respectively, up 124 percent and 66 percent, respectively, compared to the prior-year periods
Fourth quarter 2017 gross margin of 28.6% compared to 22.5% in the fourth quarter of 2016
Breakeven Adjusted EBITDA 2 in the 2017 fourth quarter versus a loss of $1.7 million in the prior-year period
Increase in total cash to $22.4 million as of December 31, 2017, reflecting $6.5 million in positive cash flow from operations during the fourth quarter
�I am pleased to announce record results for both the fourth quarter and 2017 as a whole,� said Daryl Wilson, President and Chief Executive Officer. �We posted revenue of $19.5 million in the final three months of 2017, driving top line performance up 66% to over $48 million for the year. This clearly illustrates the increasing demand for our proprietary applications, the breadth of our product portfolio, and the desire of many nations � particularly China � to move towards hydrogen-based energy solutions. Our Chinese revenue was strong last year, as we continued expanding our presence and the customers we serve across this robust market. Going forward, we remain bullish on the fuel cell mobility space, whether for buses in China, trains in Europe, or trucks in North America.
�At the same time, our gross margin rebounded by over 6% to close to 29% in the fourth quarter, benefiting from product mix as well as higher economies of scale, which we expect to continue given the strength of our backlog and current trends within the industry. In addition, our total cash balance rose to $22.4 million at year-end due to improved financial results and resulting positive cash flow from operations. We believe 2018 will be a year of strong growth and improving performance, which should leave the Company well positioned for higher shareholder returns going forward.�