Canada's Ballard Power Q1 revenue rises 26%

Ballard Power Systems

05/05/2026 12:44

Overview

Canada fuel cell tech firm's Q1 revenue rose 26% but missed analyst expectations

Adjusted EBITDA loss narrowed, driven by margin and operating cost improvements

Gross margin improved to 14% and operating expenses fell by 36%

Outlook

Ballard expects 2026 revenue will be back-half weighted

Company guides 2026 total operating expense to $65-$75 mln

Company expects 2026 capital expenditure of $5-$10 mln

Result Drivers

ENGINE SHIPMENTS - Revenue growth was driven by increased engine shipments, according to CEO Marty Neese

RAIL AND STATIONARY GROWTH - Significant revenue increases in rail and stationary markets contributed to overall growth

Company press release: ID:nCNW4b5y8a

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Miss
$19.40 mln
$20.23 mln (8 Analysts)
Q1 Adjusted EBITDA
-$11.40 mln
Q1 EPS continuing operations
-$0.04
Q1 Operating Expenses
$16.40 mln


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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)