04/28/2014 06:30 EDT | Updated 06/28/2014 05:59 EDT

Ballard Power reduces Q1 loss to US$3.8 million, consistent with 2014 outlook

VANCOUVER - Ballard Power Systems (TSX:BLD) says it had a US$3.8-million net loss in the first quarter, an improvement on a year earlier when the fuel cell developer had a net loss of US$7.9 million, and that it is on track to meet its key financial objectives for 2014.

The loss for the three months ended March 31, reported in U.S. currency, amounted to three cents per share, the company reported after markets closed Monday. A year earlier, Ballard had a first-quarter net loss of nine cents per share under standard accounting and seven cents per share after adjustments.

Revenue from Ballard's various lines of business was $14 million, up 13 per cent from $12.3 million a year earlier but down from the fourth quarter of 2013 — following a trend experienced in past years.

Ballard said it is maintaining its 2014 guidance calling for about 30 per cent more revenue this year than in 2013, with growth picking up in the second half. It also expects to be about break even this year in terms of adjusted earnings before interest, taxes, depreciation and amortization.

Adjusted EBITDA in the first quarter was $1.8 million below break-even, compared with $4.6 million below break-even in the first quarter of 2013.

The company also increased its cash reserves in the quarter to $41.1 million, primarily due to an exercise of warrants related to equity financings.