Ballard posts first-half loss before GeoPura acquisition

The Tip Desk · November 13, 2026 · 3 min read

Ballard recorded US$40 million in revenue in the six months through June, with a US$55.7 million net loss on a pro forma combined basis.

Ballard Power Systems Inc. (BLDP), the fuel cell module maker, reported a net loss of US$31.7 million, or US$0.11 a share, for the six months ended June 30. Revenue on a pro forma basis with GeoPura was US$81.6 million, assuming Ballard’s subsequent acquisition of the hydrogen power provider had taken place on Jan. 1, 2025.

Ballard’s standalone operating loss for the six months was US$30.5 million. Its product and service costs totaled US$33.2 million, leaving gross margin of US$6.8 million; operating expenses were US$37.3 million.

For the year ended Dec. 31, 2025, Ballard recorded revenue of US$99.4 million and a net loss of US$90.9 million, or US$0.30 a share. Those historical results appeared alongside the unaudited pro forma figures prepared for the GeoPura acquisition.

The combined figures illustrate the effect of adding a business that had grown revenue but was also loss-making. For the six months ended June 30, the pro forma combined loss was US$0.16 a share. The calculation eliminated US$3.1 million of sales between Ballard and GeoPura and reduced finance expense to reflect the conversion of GeoPura’s debt into shares before the acquisition.

The annual pro forma figures put combined revenue at US$103 million and the net loss at US$143 million. They combined Ballard’s calendar-year 2025 results with GeoPura’s results for the year ended March 31, 2026. GeoPura’s results for the three months ended March 31 appeared in both the annual and six-month pro forma statements.

Ballard said the pro forma statements were based on preliminary estimates and did not project future results. They excluded potential revenue enhancements, cost savings and some restructuring, integration and transaction costs. The final purchase price allocation could differ materially as valuations were completed.

GeoPura’s own results showed a sharp increase in sales before the acquisition closed. Revenue for the three months ended June 30 rose to £29.6 million from £957,000 a year earlier, largely reflecting £27.4 million from the supply and transfer of a hydrogen production plant to its HyMarnham Power joint venture. GeoPura said the equipment was supplied at a loss, and consideration was settled through loans and an investment in the venture.

GeoPura’s net loss for the quarter widened to £16.1 million from £8.5 million. Its operating loss rose to £11.4 million from £5.5 million, and finance expense increased to £4.7 million from £3.1 million.

Ballard completed the acquisition on Aug. 28. The adjusted upfront consideration was £269.6 million, including £77.1 million in cash, Ballard shares and restricted share units. Additional consideration of up to £27.5 million depends on specified financial milestones; Ballard can pay it in cash, shares or a combination. For accounting purposes, the total preliminary consideration, including the estimated fair value of the contingent amount, was approximately US$230.7 million.

GeoPura had an estimated £100 million minimum commitment under its hydrogen purchase arrangements with HyMarnham at June 30, with none payable within one year. Its forecasts for at least 12 months from approval depended on Ballard funding for capital expenditure and working capital; Ballard confirmed it would provide the support needed for GeoPura to meet its liabilities as they fall due.