Ballard Power Systems
Supplies PEM fuel-cell products for heavy-duty mobility and stationary power.
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Profile
PEM fuel-cell products and services are sold for heavy-duty mobility, stationary power, and emerging markets. One operating segment spans buses, trucks, rail, marine, material handling, and off-road applications, while China investment has contracted.
PEM fuel-cell products and services serve heavy-duty mobility and stationary-power applications. The mobility scope covers buses, trucks, rail, and marine; emerging markets include material handling and off-road uses.
One Fuel Cell Products and Services segment sells products and related services rather than pursuing direct automotive development. FCgen-LCS stacks, FCmove mobility products, and FCwave marine products frame the current product and market mix.
The China strategy has contracted: no additional significant China or joint-venture investment is planned for the foreseeable future, and the remaining Weichai-Ballard joint-venture investment was fully impaired at year-end 2025. Restructuring actions have included workforce, operations, facility, and capital-project changes.
Company facts
Categories
Key statistics
Year to date −15.9% · Average volume (30d) 5.0M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 10, 2026 | Susquehanna | Reiterate | Neutral | $3.50 | $3 | |
| Jul 10, 2026 | Susquehanna | Reiterate | Neutral | $4.25 | $3.50 | |
| May 20, 2026 | Susquehanna | Reiterate | Neutral | $3.30 | $4.25 | |
| May 5, 2026 | Lake Street | Upgrade | Hold | Buy | $5 | |
| Mar 27, 2026 | Wells Fargo | Reiterate | Underweight | $1 | $2 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 31, 2026Q2 FY26 | −$0.04 | −$0.07 | −75.0% | $25.2M | $20.3M | −19.4% | −4.30% |
| May 5, 2026Q1 FY26 | −$0.06 | −$0.04 | +33.3% | $19.9M | $19.0M | −4.5% | +10.39% |
| Mar 12, 2026Q4 FY25 | −$0.07 | −$0.06 | +14.3% | $32.2M | $33.3M | +3.6% | −1.24% |
| Nov 13, 2025Q3 FY25 | −$0.11 | −$0.09 | +18.2% | $32.1M | $32.5M | +1.3% | −5.02% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $15.4M | $17.8M | $32.5M | $33.6M | $19.4M | $20.1M | |
| Gross profit | −$3.6M | −$1.5M | $5.0M | $5.6M | $2.8M | $4.0M | |
| Operating income | −$29.1M | −$33.2M | −$29.9M | −$11.8M | −$13.1M | −$12.5M | |
| Net income | −$21.0M | −$24.3M | −$28.1M | −$17.5M | −$11.4M | −$19.8M | |
| Diluted EPS | −$0.07 | −$0.08 | −$0.09 | −$0.06 | −$0.04 | −$0.07 | |
| Gross margin | -23.4% | -8.4% | 15.3% | 16.7% | 14.2% | 19.8% | |
| Operating margin | -188.8% | -186.1% | -92.1% | -35.1% | -67.3% | -62.0% |
Fiscal years (4-quarter sums)FY21 $104.5M · FY22 $83.8M · FY23 $101.8M · FY24 $69.7M · FY25 $99.4M
Balance sheet, Jun 30, 2026Cash & short-term investments $504.5M · Total debt $19.7M · Total assets $643.1M · Shareholders' equity $559.1M
Dividends
No dividends on record.
Ownership
Shares outstanding 301.48M · Float 266.46M · 88.4% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Weichai Power Hong Kong International Development Co., Limited | 31.10M | 10.32% | 13D | May 19, 2026 |
| Morgan Stanley | 12.39M | 4.11% | 13F | Aug 13, 2026 |
| Two Sigma Investments, LP | 10.83M | 3.59% | 13F | Aug 14, 2026 |
| D. E. Shaw & Co., Inc. | 9.80M | 3.25% | 13F | Aug 14, 2026 |
| Legal & General Group PLC | 7.22M | 2.40% | 13F | Aug 14, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
View detailsPeers
- Cummins
Heavy-duty fuel-cell systems backed by industrial powertrain scale
- Plug Power
Fuel-cell systems for material handling and stationary backup power
- Toyota Motor (ADR)
Fuel-cell modules for commercial mobility and stationary generation
- Honda (ADR)
Fuel-cell modules for commercial vehicles and stationary backup power
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Ballard Power Systems | $2.28 | +1.10% | $678.3M | — | — | 6.4 | +14.0% |
| Cummins | $564.40 | −0.03% | $77.94B | 28.9 | 17.0 | 2.2 | +9.4% |
| Plug Power | $2.20 | +0.46% | $3.06B | — | — | 4.1 | +2.5% |
| Toyota Motor (ADR) | $194.76 | +0.09% | $230.30B | 8.7 | 13.7 | 0.7 | +0.1% |
| Honda (ADR) | $31.80 | −0.16% | $41.34B | — | 18.1 | 0.3 | +3.9% |
| Median | 18.8 | 17.0 | 1.5 | +3.2% |