Ballard Power (TSE:BLDP)
NASDAQ:BLDP
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Ballard Power Systems
(NASDAQ:BLDP)
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Rating:61Neutral
Price Target:
C$6.00
▲(48.51% Upside)
Action:Reiterated
Date:05/09/26
The score reflects improving operating trends and a very conservatively levered balance sheet, supported by a strong technical uptrend. However, persistently large losses and negative free cash flow keep the financial foundation weak, and valuation support is limited due to negative earnings and no dividend.
Positive Factors
Conservative balance sheet & cash runway
A very large cash balance and near-zero financial leverage materially reduce solvency and refinancing risk for 2–6 months. This gives management flexibility to fund the Project Forge ramp, endure lumpy fleet order timing, invest in commercialization, and avoid forced capital raises while pursuing commercialization.
Negative Factors
Sustained negative profitability and cash burn
Despite improvements, the company remains deeply loss-making with consistently negative operating and free cash flow. Continued cash consumption requires funding capacity or sustained margin/volume improvement; persistent losses constrain reinvestment and increase execution pressure over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet & cash runway
A very large cash balance and near-zero financial leverage materially reduce solvency and refinancing risk for 2–6 months. This gives management flexibility to fund the Project Forge ramp, endure lumpy fleet order timing, invest in commercialization, and avoid forced capital raises while pursuing commercialization.
Read all positive factors
Ballard Power Systems (BLDP) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.83B
Dividend YieldN/A
Average Volume (3M)1.22M
Price to Earnings (P/E)―
Beta (1Y)1.33
Revenue Growth45.35%
EPS Growth73.20%
CountryCA
Employees887
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)-0.27
Shares Outstanding300,913,450
10 Day Avg. Volume2,118,827
30 Day Avg. Volume1,222,212
Financial Highlights & Ratios
PEG Ratio0.12
Price to Book (P/B)1.31
Price to Sales (P/S)7.64
P/FCF Ratio-11.50
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$4.70Price Target Upside16.26% Upside
Rating ConsensusHold
Number of Analyst Covering8
EPS Forecast (FY)-0.21
Revenue Forecast (FY)C$161.31M
Ballard Power Systems Business Overview & Revenue Model
Company Description
Ballard Power Systems Inc. engages in the design, development, manufacture, sale, and service of proton exchange membrane (PEM) fuel cell products. The company offers its products for power product markets, consisting of heavy-duty motives, such a...
How the Company Makes Money
Ballard primarily makes money by selling PEM fuel cell products and by monetizing its fuel cell technology through services and partnerships. Key revenue streams include: (1) Product revenue from the sale of fuel cell stacks, engines/modules, and ...
Ballard Power Systems Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call conveyed meaningful operational and financial progress: double-digit revenue growth (26%), materially improved margins (14%, up 37% YoY), substantial reductions in operating expenses (36%), strong cash reserves ($516.8M) and major multiyear commercial wins in the bus market. Those positives are tempered by remaining profitability and cash‑flow gaps (adjusted EBITDA still negative $11.4M; operating cash use of $7.8M), a lumpier bus revenue profile due to timing and EU funding friction, and execution risk tied to ramping Project Forge and hydrogen supply economics. On balance, the transcript emphasizes clear momentum in the company’s transformation with manageable near-term risks.Positive Updates
Revenue Growth
Total revenue of $19.4 million in Q1 2026, representing 26% growth year-over-year, driven by deliveries into the rail and bus verticals.
Negative Updates
Profitability Still Not Achieved
Adjusted EBITDA remains negative at $-11.4 million in Q1 2026, indicating the company is not yet profitable despite significant improvement from prior year.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue Growth
Total revenue of $19.4 million in Q1 2026, representing 26% growth year-over-year, driven by deliveries into the rail and bus verticals.
Read all positive updates
Company Guidance
Management did not give specific 2026 revenue or net income targets but said revenue will be weighted to the second half of the year and provided 2026 guidance ranges of total operating expenses of $65–$75 million and capital expenditures of $5–$10 million; they also said they delivered positive cash flow in Q1 and reported Q1 revenue of $19.4 million (up 26% year‑over‑year), gross margin of 14% (up 37% vs Q1 2025 and the third consecutive quarter of positive gross margin), total operating expenses of $16.4 million (down 36% YoY), cash used in operating activities of $7.8 million (vs $24.4M prior year, a 65% improvement), adjusted EBITDA of negative $11.4 million (improved from negative $27.5M), ending cash and equivalents of $516.8 million (down ~2% QoQ), and no bank debt or near‑/mid‑term financing needs; they also reiterated Project Forge is expected to enter full production in the second half of the year.Ballard Power Systems Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
78
Positive
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 103.92M | 101.14M | 69.73M | 102.37M | 83.80M | 104.50M |
| Gross Profit | 10.84M | 2.40M | -21.98M | -21.83M | -13.08M | 14.01M |
| EBITDA | -72.69M | -77.38M | -309.29M | -129.42M | -145.10M | -103.32M |
| Net Income | -81.35M | -92.49M | -324.25M | -177.72M | -173.49M | -114.40M |
Balance Sheet | ||||||
| Total Assets | 663.56M | 681.15M | 777.31M | 1.08B | 1.25B | 1.44B |
| Cash, Cash Equivalents and Short-Term Investments | 521.23M | 530.29M | 606.05M | 753.24M | 915.74M | 1.13B |
| Total Debt | 20.94M | 22.10M | 23.89M | 17.90M | 15.73M | 17.12M |
| Total Liabilities | 85.15M | 92.29M | 104.32M | 86.33M | 88.17M | 112.73M |
| Stockholders Equity | 578.36M | 588.86M | 672.99M | 991.22M | 1.16B | 1.33B |
Cash Flow | ||||||
| Free Cash Flow | -47.50M | -67.17M | -135.72M | -145.94M | -166.68M | -95.18M |
| Operating Cash Flow | -39.33M | -57.15M | -108.10M | -104.57M | -132.20M | -80.48M |
| Investing Cash Flow | -19.76M | -21.31M | -36.51M | -54.28M | -75.56M | -85.63M |
| Financing Cash Flow | -2.73M | -2.63M | -1.53M | -3.68M | -2.41M | 526.91M |
Ballard Power Systems Technical Analysis
Positive
4.04
Price Trends
4.12
Positive
3.73
Positive
3.75
Positive
Market Momentum
0.55
Negative
68.26
Neutral
63.73
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BLDP, the sentiment is Positive. The current price of 4.04 is below the 20-day moving average (MA) of 5.14, below the 50-day MA of 4.12, and above the 200-day MA of 3.75, indicating a bullish trend. The MACD of 0.55 indicates Negative momentum. The RSI at 68.26 is Neutral, neither overbought nor oversold. The STOCH value of 63.73 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:BLDP.
Ballard Power Systems Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | C$1.83B | -16.17 | -13.49% | ― | 45.35% | 73.20% | |
48 Neutral | C$76.24M | -7.30 | 6908.84% | ― | -79.89% | 25.57% | |
43 Neutral | C$84.80M | -26.63 | 117.66% | ― | -4.59% | -68.97% | |
42 Neutral | C$37.37M | -2.29 | ― | ― | 151.13% | 48.52% |
* Industrials Sector Average
TSE:BLDP
Ballard Power Systems
6.09
4.18
218.85%
TSE:DYA
dynaCERT
0.15
-0.01
-6.25%
TSE:PYR
PyroGenesis Canada
0.41
-0.08
-15.46%
TSE:NXH
Next Hydrogen Solutions Inc
0.55
0.00
0.00%
Ballard Power Systems Corporate Events
Business Operations and StrategyExecutive/Board Changes
Ballard Names Operations Veteran Ralph Robinett as New COO to Drive Growth
Positive
Apr 13, 2026
Ballard Power Systems has appointed Ralph Robinett as Senior Vice President and Chief Operating Officer, succeeding Lee Sweetland effective April 13, 2026. Robinett brings more than 25 years of global operations and manufacturing leadership from a...
Business Operations and StrategyFinancial Disclosures
Ballard Power Systems Sets Date for Q1 2026 Results Call
Neutral
Apr 8, 2026
Ballard Power Systems announced it will hold a conference call on May 5, 2026, to review its first-quarter 2026 operating results. The call will be accessible via telephone and live webcast, with a replay link available afterward on the company...
Business Operations and StrategyFinancial Disclosures
Ballard Turns Corner With Strong 2025 Growth and Margin Rebound
Positive
Mar 12, 2026
Ballard Power Systems reported a strong finish to 2025, with fourth-quarter revenue rising 37% year over year to $33.6 million and full-year revenue climbing 43% to $99.4 million, driven by record engine deliveries of nearly 800 units. The company...
Business Operations and StrategyProduct-Related Announcements
Ballard Secures 50 MW Fuel Cell Engine Deal With New Flyer
Positive
Mar 11, 2026
Ballard Power Systems has signed a commercial agreement with New Flyer, a subsidiary of NFI Group, to supply 500 FCmove-HD+ fuel cell engines totaling 50 MW for use in New Flyer’s Xcelsior CHARGE FC hydrogen buses across North America starti...
Business Operations and StrategyFinancial Disclosures
Ballard Sets March Call to Review 2025 Results
Neutral
Feb 12, 2026
Ballard Power Systems has scheduled a conference call on March 12, 2026, to discuss its fourth quarter and full-year 2025 operating results with investors and analysts. The event, accessible via phone and webcast through the company’s websit...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.