02/25/2015 11:35 EST | Updated 04/27/2015 05:59 EDT

Ballard Power Systems sees $17.5 million net loss in fourth quarter of 2014

VANCOUVER - Ballard Power Systems (TSX:BLD) says it recorded a net loss of $17.5 million in the fourth quarter of 2014, or 13 cents per share.

The Vancouver company had lost $2.3 million, or two cents per share, in the same period a year before.

For all of 2014, Ballard says it lost $28.2 million, or 22 cents per share, although annual revenue grew 12 per cent to $68.7 million.

Ballard's says its 2014 performance was impacted by lower-than-expected sales in the Telecom Backup Power market.

In addition, it says, fourth quarter results were adversely impacted by the termination of licensing contracts in China and product warranty provisions.

"While Ballard's financial performance in 2014 was disappointing, we have started 2015 with clear momentum in most of our target markets," said president and CEO Randy MacEwen.

"With the implementation of key growth initiatives, we are poised for an improvement in financial performance in 2015."