Ballard Power Systems revenue rises 26% on increased engine shipments
The company ended the first quarter with $516.8 million in cash and cash equivalents.
Ballard Power Systems Inc. (BLDP), a hydrogen fuel cell developer, reported revenue of $19.4 million for the first quarter ended March 31, 2026. This represented a 26% increase year over year, which the company attributed to higher engine shipments during the period.
Profitability metrics improved alongside the revenue growth. Gross margin rose to 14%, a 37-point increase compared to the first quarter of 2025. The company said disciplined cost management contributed to this margin expansion. Total operating expenses fell 36% over the same period.
Commercial activity centered on the fuel cell bus market in North America and Europe. The company entered a multi-year 50 MW agreement with New Flyer to support fleet adoption in North America. In the U.K. and E.U., two additional bus original equipment manufacturers are developing hydrogen bus platforms using the company's FCmove-SC engine.
Ballard stated that its engines have surpassed 300 million kilometers of real-world fleet operation. The company said the FCmove-SC engine is designed to lower the total cost of ownership through simplified installation, enhanced durability, and higher power density.
Ballard ended the quarter with $516.8 million in cash and cash equivalents. The company said it has no near- or mid-term financing requirements.