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  "documentTitle": "Ballard Power Systems (BLDP)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2018-01-25 00:00:00",
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  "notes": "The slide uses a 'before-after' or 'promise-vs-reality' structure to undermine management credibility.",
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      "text": "Ballard has historically hyped segments or products/partnerships within segments only later to restructure, exit or change strategic direction. Will the China HDM 2.0 Strategy be the latest disappointment?",
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      "text": "\"So we will have some deployments in 2015, but I don't view them as scale deployments, they will position us for 2016 though in that market segment very strongly.\" — CEO MacEwen (Q1 2015 Earnings Call); \"We have added now, I think 10 to 12 new channel partners that are better positioned for higher volume sales as we move forward.\" — CEO MacEwen (Q2 2015 Earnings Call); \"We are working very hard as you know to achieve the program of record status. So we expect to see a very strong growth year for Protonex in 2016 in the $20 million revenue range and expect to see on the strength, particularly of the program of record achievement that we expect. We expect to see a very strong growth year in 2017 as well.\" — CEO MacEwen (Q4 2015 Earnings Call); \"In Q1, we experienced significant year-over-year growth in fuel cell stack shipments to Plug power for the material handling market. We continue to strengthen our collaboration with Plug as they secure repeat and new customer business.\" — CEO MacEwen (Q1 2015 Earnings Call)",
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      "text": "Ballard's History of Product Promotion and Disappointment",
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