Ballard sales climb 15% to $20.6 million in latest quarter

• Ballard Power Systems reported second-quarter 2026 revenue of $20.6 million, up 15% year over year.
• Adjusted EBITDA loss narrowed to $9.8 million, while gross margin improved to 20%.
• The company agreed to acquire GeoPura for £275 million in upfront consideration.

Ballard Power Systems (NASDAQ:BLDP) reported second-quarter 2026 revenue of $20.6 million, up 15% year over year, as gross margin improved and order backlog increased.

Gross margin reached 20% compared with negative 8% in the prior-year quarter, while the company reported an adjusted EBITDA loss of $9.8 million.

Bus revenue increased 9% to $9.7 million, stationary revenue rose 230% to $1.8 million, and other markets revenue increased 290% to $5.1 million, while rail revenue declined 43% to $4.1 million.

Ballard signed an agreement to acquire GeoPura for £275 million in upfront consideration, increased its order backlog to $156.6 million.

The company received $64.4 million in order intake during the quarter, increasing its 12-month orderbook to $74.4 million, while operating expenses declined 34% to $20.9 million.

Ballard ended the quarter with $502.1 million in cash and equivalents and continues developing hydrogen fuel cell solutions for transportation, stationary power and other markets.