Hydrogenics Corporation (NASDAQ: HYGS) shares slouch on first-quarter results.
The company, based in Mississauga, Ontario, claiming to be a leading developer and manufacturer of hydrogen generation and hydrogen-based power modules, nevertheless reported in U.S. dollars and are prepared its figures in accordance with International Financial Reporting Standards.
Company revenue was $8.1 million for the first quarter of 2019, comparable to the prior-year period.
What’s more, Hydrogenics secured $26.5 million of orders for renewable energy storage, industrial gas and power system applications during the quarter, resulting in an order backlog of $150.0 million as of March 31, 2019.
Gross profit was $3.9 million (47.9% of revenue) in 2019 compared to $3.2 million (39.7% of revenue) in the first quarter of 2018. The increase in gross profit and gross margin was attributable to higher profitability on license and support services revenue in the Company’s Power Systems business.
Adjusted EBITDA loss improved $0.6 million, to $1.0 million, for the first quarter of 2019 compared to a loss of $1.6 million in the first quarter of 2018. This improvement reflects the higher gross margin noted above.
The net loss for the quarter was $2.6 million, or $(0.15) per share, versus $2.0 million, or $(0.13) per share, in the first quarter of 2018.
CEO Daryl Wilson said "Our partnership with this key industry player globally continues to develop, positioning us for more growth opportunities than ever before. At the same time, we recently announced an award from Halcyon Power to supply a carbon-free hydrogen production facility in New Zealand."
Shares lost 23 cents, or 2.7%, to $8.18
