Ballard Power Systems Narrows Net Loss as Revenues Rise
The fuel cell products and services provider reported a net loss of 11.39 million for the first quarter of 2026.
Ballard Power Systems Inc. (BLDP), a provider of PEM fuel cell products and services, reduced its quarterly net loss to 11.39 million for the three months ended March 31, 2026. This represents a decrease from the 21.04 million net loss reported during the same period in 2025.
Product and service revenues rose to 19.42 million, up from 15.39 million in the prior-year quarter. The company shifted to a positive gross margin of 2.76 million, compared to a gross margin loss of 3.61 million in the first quarter of 2025.
Operating expenses fell to 16.41 million from 25.45 million in the previous year. This decline was driven largely by a reduction in research and product development spending, which dropped to 9.36 million from 18.11 million. Sales and marketing expenses also decreased to 1.48 million from 2.46 million.
Results from operating activities improved to a loss of 13.65 million, compared to an operating loss of 29.06 million in the first quarter of 2025. Net finance income declined to 2.51 million from 11.00 million. This move was influenced by a mark-to-market and foreign exchange loss on financial assets of 1.88 million, whereas the company had recorded a gain of 4.45 million in the same period last year.
Loss per share for the period was 0.04 a share, compared to 0.07 a share in the first quarter of 2025.
As of March 31, 2026, the company held 516.77 million in cash and cash equivalents. Total assets stood at 663.10 million, down from 682.39 million at the end of 2025. Total equity was 577.95 million as of March 31, 2026.
Ballard is currently implementing restructuring initiatives and expects to realize associated cost savings and a reduction in planned capital expenditure.