Ballard Power Systems Reduces Operating Loss as Revenues Rise
The fuel cell product maker reported a net loss of $31.7 million for the six months ended June 30, 2026, compared to $45.3 million in the prior-year period.
Ballard Power Systems Inc. (BLDP), a designer and manufacturer of proton exchange membrane fuel cell products, reduced its net loss to $31.7 million for the six months ended June 30, 2026. The company reported a net loss of $45.3 million for the same period in 2025.
Revenue for the six-month period rose to $40.0 million from $33.2 million. This growth coincided with a shift in gross margin, which moved from a loss of $5.1 million in the first half of 2025 to a gain of $6.8 million in the first half of 2026.
Operating expenses decreased to $37.3 million from $57.2 million. The reduction was driven largely by research and product development costs, which fell to $19.7 million from $36.3 million. Sales and marketing expenses also declined to $2.9 million from $4.9 million.
Cash used in operating activities fell to $19.2 million for the six months ended June 30, 2026, compared to $44.7 million in the prior-year period. The company ended the period with $502.1 million in cash and cash equivalents.
Ballard stated its liquidity objective is to maintain cash balances sufficient to fund at least six quarters of forecasted cash used by operating activities and contractual commitments. The company said its strategy to achieve sustainable profitable operations involves focusing on revenue growth, improving gross margins, and maintaining discipline over operating expenses.