Ballard Power reports Q1 ContOps EPS (4c), consensus (6c)

Reports Q1 revenue $19.4M, consensus $20.23M. Order Backlog at the end of Q1 was $112.9M, a decrease of 5% compared to the end of Q4 2025. “In Q1, we made continued progress toward positive cash flow. Quarterly revenue grew 26% year over year, driven by increased engine shipments during the period. Disciplined cost management also contributed to an improvement in gross margins, which rose to 14%,” said Marty Neese, Ballard’s President and CEO. “These results build on the momentum established in 2025 and reinforce that we are on the right path.” “We continue to see strong momentum in the fuel cell bus market, supported by increasing long-term customer commitments. New Flyer’s multi-year 50 MW agreement highlights accelerating fleet adoption in North America. In the U.K. and E.U., we are seeing strong traction with two additional bus OEMs that are advancing next-generation hydrogen bus platforms powered by our FCmove(R)-SC engine. They recognize the benefit of the FCmove-SC engine to lower total cost of ownership through higher power density, enhanced durability, and simplified installation and maintenance. Together, these advancements support improved customer economics and position us for stronger margin performance over time,” added Neese.