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Ballard PowerF
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2026-07-07
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Earnings documents stored for BLDP.

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Investor releaseQuarter not tagged2026-07-07

Ballard Announces Q2 2026 Results Conference Call

PR Newswire

VANCOUVER, BC, July 6, 2026 /CNW/ - Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) will hold a conference call on Friday, July 31st, 2026 at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) to review second quarter 2026 operating results. The live call can be accessed by dialing +1-833-821-2814 (Canada/US toll free). Alternatively, a live webcast can be accessed through a link on Ballard's homepage (www.ballard.com), in the 'Latest News' section or by clicking here: Q2 Webcast. Following the call, a link to the webcast will be available in the 'Investor Hub' area of the 'Investors' section of Ballard's website (www.ballard.com/investors). About Ballard Power Systems Ballard Power Systems' (NASDAQ: BLDP; TSX: BLDP) vision is to deliver fuel cell power for a sustainable planet. Ballard zero-emission PEM fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels, and stationary power. To learn more about Ballard, please visit www.ballard.com. Further InformationSumit Kundu –Investor Relations +1.604.360.9714 or [email protected] View original content to download multimedia:https://www.prnewswire.com/news-releases/ballard-announces-q2-2026-results-conference-call-302818943.html

Investor releaseQuarter not tagged2026-06-05

FuelCell Energy Earnings Due After 137% AI-Fueled Run

Investor's Business Daily

What to expect from Fuel Cell Energy's earnings report. AI data centers drove huge gains for FCEL stock and its peers.

Investor releaseQuarter not tagged2026-06-04

Ballard Power announces results of 2026 Annual General Meeting of Shareholders

CNW Group

VANCOUVER, BC, June 4, 2026 /CNW/ - Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) today announced results of its 2026 Annual General Meeting, which was held on June 3rd. Each of the Ballard directors was re-elected by a majority of the votes cast by shareholders present or represented by proxy. Ballard notes that Janet Woodruff resigned from her board seat effective June 2, 2026. Additionally, Weichai Nominees, Michael Chen and Huajie Wang, resigned their seats effective May 13, 2026. Director biographies are available in the "Our Leadership" section of the Company's website. In addition, KPMG LLP, Chartered Accountants, was re-appointed as auditor for the Company, and an advisory vote approved the approach to executive compensation. Details of each of these resolutions are included in the Company's Management Proxy Circular. About Ballard Power Systems Ballard Power Systems' (NASDAQ: BLDP; TSX: BLDP) vision is to deliver fuel cell power for a sustainable planet. Ballard zero-emission PEM fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels, and stationary power. To learn more about Ballard, please visit www.ballard.com. Further Information Ballard Power Systems:Sumit Kundu –Investor Relations, +1.604.453.3517 or [email protected] View original content to download multimedia:https://www.prnewswire.com/news-releases/ballard-power-announces-results-of-2026-annual-general-meeting-of-shareholders-302791049.html View original content to download multimedia: http://www.newswire.ca/en/releases/archive/June2026/04/c3260.html

Investor releaseQuarter not tagged2026-06-01

Ballard Power (BLDP) Posts Revenue Growth and Third Straight Positive Gross Margin Quarter

Insider Monkey

Ballard Power Systems Inc. (NASDAQ:BLDP) ranks among the top hydrogen stocks to buy now. Ballard Power Systems Inc. (NASDAQ:BLDP) released earnings for the first quarter of 2026 on May 5, with an EPS of -0.04, which exceeded the expectations of -0.06, representing a 33.33% positive surprise. Despite marginally missing revenue estimates, the company achieved a 26% year-over-year revenue growth, totaling CAD 19.4 million. Additionally, Ballard Power’s gross margin improved by 14% from a significantly negative level a year ago, marking the company’s third consecutive positive quarter. Operating expenses fell 36%, while operating cash burn was reduced by around 65%. Management followed this up with tight 2026 guidance, with capex of $5M–$10M and total operating expense of $65M–$75M. On the commercial front, Ballard Power Systems Inc. (NASDAQ:BLDP) secured multi‑year FCmove‑SC fuel‑cell engine partnerships with New Flyer, Wrightbus, and Solaris. The Solaris agreement grows the company’s relationship until 2029 and ties Ballard Power directly to next‑gen hydrogen bus fleets throughout Europe. Ballard Power Systems Inc. (NASDAQ:BLDP) designs, develops, manufactures, sells, and services fuel cell products. It specializes in power products for bus, truck, rail, marine, stationary, and developing-market applications, as well as service delivery, including technical solutions, after-sales services, and training. While we acknowledge the potential of BLDP as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years Disclosure: None. Follow Insider Monkey on Google News.

Investor releaseQuarter not tagged2026-05-06

Ballard Power Systems Q1 Earnings Call Highlights

MarketBeat

Financial momentum: Q1 revenue rose 26% YoY to $19.4 million, gross margin improved to 14% (the third consecutive quarter of positive gross margin), cash used in operations fell to $7.8 million, adjusted EBITDA narrowed to -$11.4 million, and the company holds $516.8 million in cash with no bank debt. Commercial traction and Fleet Services shift: Ballard secured multi-year bus engine deals (including ~50 MW with New Flyer and wins with Wrightbus and Solaris on the FCmove‑SC) and is positioning Ballard Fleet Services as a data-driven partner offering an "industry‑first" uptime standard to drive recurring service revenue. Operations and cost reduction push: New COO Ralph Robinett is prioritizing automation and closed‑loop improvements, with Project Forge — a high‑volume automated bipolar plate line — slated for full production in H2 to lower unit costs, improve quality, and support margin expansion. Interested in Ballard Power Systems, Inc.? Here are five stocks we like better. 6 Ways to Invest in Hydrogen Fuel Cells: 4 Are Worth A Nibble Ballard Power Systems (NASDAQ:BLDP) reported first-quarter 2026 results highlighting year-over-year revenue growth, a third consecutive quarter of positive gross margin, and lower cash use from operations as the company continues its transformation toward cash flow positivity. President and CEO Marty Neese said the company had a “solid start to the year,” with deliveries into the bus and rail markets driving revenue growth versus the prior year. Neese also pointed to Ballard’s continued gross margin progress, noting the quarter marked the company’s “third consecutive quarter of positive gross margin,” which he said reflected “disciplined cost and commercial management” and represented “an important step in our transformation toward becoming cash flow positive.” → Roblox Stock Slides to New Low as Safety Changes Weigh on Outlook 3 Hydrogen Fuel Cell Stocks for Investors to Watch Neese outlined several near-term focus areas to build on that momentum, including: Deepening partnerships with bus OEMs in key geographies Improving and expanding Ballard Fleet Services capabilities and offerings Lowering costs through automation and intelligence Neese detailed several recent bus-market announcements across major regions. In North America, Ballard signed a multi-year agreement with New Flyer representing approximately 50 MW of fuel cel...

Investor releaseQuarter not tagged2026-05-06

Ballard Power Systems Inc. Q1 2026 Earnings Call Summary

Moby

Achieved a third consecutive quarter of positive gross margin, driven by disciplined cost management and a shift toward higher-value commercial structures. Secured major multiyear supply agreements with leading bus OEMs Wrightbus and Solaris, alongside a multiyear agreement with New Flyer representing approximately 50 megawatts of fuel cell engine supply for next-generation platforms. Transitioning from a module supplier to a data-driven fleet partner, utilizing 300 million kilometers of operating data to offer an industry-first 98% fleet availability standard. Implementing Project Forge to deploy high-volume automated bipolar plate manufacturing, which is expected to reduce unit costs and material waste through AI-assisted vision systems. Leveraging real-time performance data from intelligent fuel cell engines to create a closed-loop system that informs manufacturing, supply chain, and product development. Expanding into stationary power markets with a focus on diesel genset replacement and grid resilience, including potential defense applications for NATO nations. Project Forge is expected to enter full production in the second half of 2026, serving as a critical driver for product margin expansion and improved throughput. Revenue for 2026 is projected to be weighted toward the second half of the year, though management declined to provide specific revenue or net income targets. Anticipates a long-term recurring revenue tail from fleet services, as buses typically remain in operation for 8 to 16 years. Guidance for 2026 includes total operating expenses between $65 million and $75 million and capital expenditures of $5 million to $10 million. Management expects the rail segment to evolve into an annuity-style business as customers move from large-scale deployments to consistent diesel-to-fuel-cell fleet replacements. Operating expenses were reduced by 36% year-over-year, reflecting the full benefit of restructuring actions completed in 2025. Management noted temporary 'slowness' in EU funding support which impacted demand flow in the bus segment during the quarter. Maintains a strong liquidity position with $516.8 million in cash and no bank debt, providing flexibility to reach cash flow positivity without near-term financing. The new ninth-generation FCmove SC platform reduces component count by more than 40%, specifically designed to simplify maintenance...

Investor releaseQuarter not tagged2026-05-05

Ballard: Q1 Earnings Snapshot

Associated Press

BURNABY, British Columbia (AP) — BURNABY, British Columbia (AP) — Ballard Power Systems Inc. (BLDP) on Tuesday reported a loss of $11.4 million in its first quarter. On a per-share basis, the Burnaby, British Columbia-based company said it had a loss of 4 cents. The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 6 cents per share. The fuel cell technology company posted revenue of $19.4 million in the period, which missed Street forecasts. Three analysts surveyed by Zacks expected $21.5 million. The company's shares closed at $3.29. A year ago, they were trading at $1.25. _____ This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BLDP at https://www.zacks.com/ap/BLDP

Investor releaseQuarter not tagged2026-05-05

Ballard Reports Q1 2026 Results

PR Newswire

VANCOUVER, BC, May 5, 2026 /CNW/ - Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) today announced consolidated financial results for the first quarter ended March 31, 2026. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS). Highlights (comparisons are to Q1 2025): Revenue of $19.4 million, up 26% year over year ("YoY"). 14% gross margin a 37-point improvement from Q1 2025. 36% reductions in Total Operating Expenses2. Q1 ended with $516.8 million in cash and cash equivalents. Positive momentum in bus market with New Flyer commercial agreement and strong traction with European OEM's "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®‑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 Mr. Neese. Mr. Neese continued, "Ballard maintains a leading position in the North American and European fuel cell bus markets, built on sustained commercial execution and technical leadership. Our engines have surpassed 300 million kilometers of real-world fleet operation, underscoring their durability and reliability in demanding applications." He concluded, "We ended Q1 with $516.8 million in cash and no near- or mid-term financing requirements, providing a strong foundation to execute our strategy. This financial strength enables us to continue investing in product maturity, cost reducti...

TranscriptFY2026 Q12026-05-05

FY2026 Q1 earnings call transcript

Earnings source - 39 paragraphs
Operator

Thank you for standing by. This is the conference operator. Welcome to the Ballard Power Systems first quarter 2026 results conference call. As a reminder, all participants are in a listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press Star, then one on your telephone keypad. Should you need assistance during the conference call, you may reach an operator by pressing Star, then zero. I would now like to turn the conference over to Sumit Kundu, Investor Relations. Please go ahead.

Sumit Kundu

Thank you, operator. Good morning. Welcome to Ballard's first quarter financial and operating results conference call. With us today on the call are Marty Neese, Ballard's President and CEO, Kate Igbalode, Chief Financial Officer, and Ralph Robinett, Ballard's new Chief Operating Officer. We will be making forward-looking statements based on management's current expectations, beliefs, and assumptions concerning future events. Actual results could differ materially. Please refer to our most recent annual information form and other public filings for our complete disclaimer and related information. I'll now turn the call over to Marty.

Marty Neese

Thank you, Sumit, and welcome everyone to today's conference call. This morning, I will give an overview of our Q1 2026 performance and provide a commercial update. I will focus on the progress we are seeing in the bus market. We are also joined by our new Chief Operating Officer, Ralph Robinett. He will introduce himself and share updates on our operations. Kate will then review our financial results in more detail. We had a solid start to the year. Deliveries into the bus and rail markets drove revenue growth compared to last year. We also delivered another quarter of positive gross margins. This is our 3rd consecutive quarter of positive gross margin. It reflects disciplined cost and commercial management and marks an important step in our transformation toward becoming cash flow positive.

Marty Neese

To build on this progress, we have set a few near-term focus areas, including deepening our partnerships with bus OEMs in key geographies, improving and expanding our Ballard Fleet Services capabilities and offerings, lowering costs through automation and intelligence. I'll spend a few minutes on these and provide some additional color. Turning to buses. We have made several important announcements in the bus market this year. In North America, we signed a multi-year agreement with New Flyer, representing approximately 50 MW of fuel cell engine supply. This strengthens our position as fleets continue to scale in the U.S. bus market. In the U.K., Wrightbus selected Ballard to power its next-generation hydrogen bus platform using our newest FCmove-SC engine. In the EU, Solaris also selected Ballard as the fuel cell supplier for its next-generation hydrogen bus platform, including the FCmove-SC for its 12-meter bus.

Marty Neese

These announcements matter for several reasons. First, these new agreements are multi-year partnerships with leading bus OEMs in major markets. They include both engine sales and long-term service support. This strengthens our position as fleets scale and as our fleet services business continues to grow. Our intelligent fuel cell engines help us deliver better service. They provide real-time performance data that allows us and our OEM partners to respond faster and keep buses on the road. Our remote operations center adds another layer of support by improving parts planning, logistics, and predictive insights. Combined with our industry-leading durability, these capabilities position our engines as a zero-emission solution that can match or even exceed battery, electric, and diesel alternatives on uptime and total cost of ownership. Ballard Fleet Services plays a key role in this strategy.

Marty Neese

We are moving from being only a module supplier to becoming a proactive, data-driven fleet partner. Our approach is built on more than 300 million kilometers of real-world operating data. Using this experience, we created the industry-first uptime standard, which brings together predictive maintenance, training, service support, and parts assurance. These offerings are designed to deliver up to 98% fleet availability. This creates real value for OEMs by reducing after-sales friction and lowering risk. It also gives operators more predictable life cycle costs and stronger protection against budget swings. As our installed base grows, these services expand our recurring revenue and turn our fleet into a long-term strategic asset. Second, these long-term agreements support our product cost reduction goals. Both Wrightbus and Solaris have committed to our ninth generation FCmove-SC platform. This engine was designed to reduce cost and simplify installation and maintenance.

Marty Neese

We cut the number of components by more than 40% while improving power density and durability. Each new bus we deploy also creates a long tail of service opportunities. Buses stay in service for 8, 12, and even 16 years. Our growing fleet gives us a multi-year runway for operations, maintenance, and training services. Through Ballard Academy, we continue to support operators and technicians with the skills they need to run these fleets effectively. Taken together, these agreements and deep relationships reinforce our long-term market position. Ballard holds a leading share of the fuel cell bus market in North America, the U.K., and Europe. Being selected for next generation platforms positions us to maintain that leadership as adoption accelerates and total cost of ownership continues to improve. Delivering industry-leading fleet services throughout the life of the bus is a major opportunity, and we are only getting started.

Marty Neese

We will now move to operations, which are central to delivering scalable, cost-competitive, and commercially ready products. For that, I will hand it over to our new Chief Operating Officer, Ralph Robinett.

Ralph Robinett

Thank you, Marty. Good morning, everyone. I'm pleased to join Ballard at this pivotal stage in our transformation. By way of background, I bring more than 25 years of experience in operations, manufacturing, and supply chain across advanced technology and clean energy companies. My career has been defined by a focus on implementing the operational frameworks necessary to move advanced technologies from lab to high volume manufacturing, scaling production, launching new products, and using automation to improve productivity and reduce costs. Most recently, I served as Chief Operating Officer and a leader in the residential solar manufacturing and service space. I led manufacturing, supply chain, fulfillment, and factory expansion. This included the launch of an automated production facility built around a closed loop learning process where field performance data from tens of thousands of homes fed directly back into the product design and process improvement.

Ralph Robinett

Proactively taking action to prevent performance issues further differentiated our products, services, and solutions in the eyes of the customers. In short, I bring a track record of scaling technology and building efficient, high-quality manufacturing and service systems. This aligns directly with Ballard's goal of reducing costs as we move towards cash flow positivity. What excites me about Ballard is the combination of strong technology and a market that is now scaling. As Marty noted, this shift requires a sharp focus on execution. My team and I are prioritizing what matters most to our customers. Quality, cost reduction, improved throughput, consistent delivery at scale, and closed loop issue resolution. Relentless customer collaboration used to drive product and process improvements directly from customer field data and performance is critical. A key part of our process improvement work is Project Forge, our high volume automated bipolar plate manufacturing line.

Ralph Robinett

At Ballard, we already use AI-assisted vision systems to detect defects in our MEAs. With Project Forge, we are deploying the same methodology to detect defects in our plates. By moving to higher volume with significantly more automation, we expect lower unit cost, reduced material waste, and improved quality, consistency, and scalability. We continue to expect Project Forge to enter full production in the second half of the year. Delivering that ramp successfully is a top priority. As mentioned, we are increasingly focused on optimizing the value of the intelligence of our engines. While the first order of business is to maximize uptime for our customers, there is even more we can do with these data-driven insights. As our deployed fleet continues to grow, we are increasingly leveraging the engine performance data from the field, creating insights to feed back to our manufacturing, supply chain, and product development teams.

Ralph Robinett

Ultimately, this work is about serving our customers by driving efficiency, simplifying our processes, improving quality, lowering costs, and ensuring we can deliver high performance products at scale. Much of this happens behind the scenes, but I expect we will see the impact in product margin expansion and improved working capital management as these changes take hold. Marty, back to you.

Marty Neese

Thanks, Ralph. Before I turn the call over to Kate, I will close with a few brief thoughts. Across the business, we remain focused on balancing cost discipline with growth. We are reducing product costs, improving commercial structures, and expanding our service offerings. We are also moving into new applications where our technology provides a clear advantage. Today, we highlighted progress in commercial terms and product cost reductions through our work in the bus market and through our operational initiatives. We also have additional business development activities underway in rail, material handling, and stationary power. In stationary power specifically, we continue to see green shoots of opportunities to improve grid stability and energy resilience, including in defense applications with NATO nations. These collective efforts are important building blocks for long-term growth. We will continue to update you as these programs advance.

Marty Neese

Stepping back, we are encouraged by the progress we are making. We are seeing stronger gross margins, better commercial agreements, and continued cost reduction. These are clear signs that our transformation is taking hold. There is more work ahead, but we believe we are building a stronger, more scalable business. As a final note, we will be hosting our capital markets day event, called the Ballard Forum, on October 22nd of this year. This will be an opportunity to get an up close look at our work and discuss in depth our path to profitability. With that, I will turn the call over to Kate.

Kate Igbalode

Thanks, Marty. As Marty mentioned earlier, we continue to make progress toward positive cash flow in Q1. These results reflect the early impact of the transformation initiatives underway across the business. Total revenue for the quarter was $19.4 million, which represents a 26% growth compared to last year and is driven by our rail and bus verticals. Gross margin improved to 14%. This is a 37 point increase compared to Q1 2025. It also marked our third straight quarter of positive growth margin. The improvement was driven by higher revenue and lower manufacturing overhead. Turning to operating expenses and cash. Our total operating expenses were $16.4 million, which is a 36% reduction compared to last year. The decrease reflects disciplined cost control across R&D, SG&A, and commercial activities.

Kate Igbalode

It also reflects the benefit of restructuring actions completed in 2025. Cash used in operating activities was CAD 7.8 million. This compares to CAD 24.4 million in the prior year, a 65% improvement. The change reflects the impact of restructuring actions and stronger operating performance as the business continues to scale. Adjusted EBITDA improved to negative CAD 11.4 million compared to negative CAD 27.5 million in Q1 of 2025. The improvement was driven by stronger margins and lower operating expenses. We ended the quarter with CAD 516.8 million in cash and cash equivalents. This is a decrease of about 2% from the prior quarter, and we have no bank debt and no near or midterm financing needs.

Kate Igbalode

This strong balance sheet gives us the flexibility to deploy capital in support of our goal of becoming cash flow positive. Consistent with past practice and given the early stage of the hydrogen fuel cell market, we are not providing specific revenue or net income guidance for 2026. We do expect revenue to be weighted towards the second half of the year. Our 2026 guidance ranges are as follows: total operating expense of CAD 65 million-CAD 75 million and capital expenditures of CAD 5 million-CAD 10 million. With that, I'll turn the call over to the operator for questions.

Operator

Thank you. We will now begin the question-and-answer session. To join the question queue, you may press star, then one on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. We ask callers to kindly limit themselves to one question and one supplemental. We will pause for a moment as callers join the queue. The first question today comes from Baltej Sidhu with National Bank. Please go ahead.

Baltej Sidhu

Good morning. Could you elaborate on the drivers behind the strong growth in stationary revenues? Specifically, how much was supported by one-time deliveries and the extent to which demand is coming from data center customers versus traditional verticals?

Marty Neese

I'll start. The stationary power business that we're seeing growth in year over year is largely diesel gen set replacement business, not necessarily tied to data centers. The data center opportunity is an area of deep exploration for the company, and we expect that to materially change as we go forward. Right now, the increase that you're seeing is more what I would call diesel gen set replacement business in the stationary power market.

Baltej Sidhu

All right. That's great. Just on the bus segment, what were the key drivers of the decline this quarter? Was it largely delivery timing related, or are there any changes in customer ordering patterns or funding dynamics that we should be aware of?

Marty Neese

Sorry, what was the first part of the question?

Baltej Sidhu

Just on the bus segment, the key drivers of the decline this quarter for the year-on-year.

Marty Neese

It's just timing. More than anything else, it's the amount of inventory they have in the channels already and their build out, if you will. Additionally, in the EU, there was some slowness in some of the funding support, and that translated into year-over-year changes in the demand flow. We expect that to change going forward as the friction is reduced. More importantly, though, is the Wrightbus and Solaris announcements are huge wins for the company. Those are major design wins for next generation buses.

Marty Neese

No matter of the lumpiness of the 2025 to 2026 epoch, if you will, we see that as being really strong indications of the value of our new product, and that will translate materially into significant demand in our order book over the protracted period of multi-year agreements, if you will.

Operator

The next question comes from Rob Brown with Lake Street Capital Markets. Please go ahead.

Rob Brown

Hi, good morning. First question's on the fleet services business model that you're developing. How do you see that playing out? Do the new sales kind of come with a service contract element as well? What's your sort of vision on how the service business develops?

Marty Neese

Yeah. That's a great question, Rob. Yes, for sure, each new sale does come with a service level agreement accompanying it. That's a matter of basic warranty, extended warranty, parts packages, training. We have just an entire suite of value-added activities and services that we've been complementing our initial CapEx sales with. What that translates into with the long asset life is an extended service tail. You could think of that as like you get the one-time sale of the CapEx, but then you get an annuity of the service for the duration of the extended asset.

Rob Brown

Thank you. Then on the rail business was strong in the quarter, and I think you have some kind of contracts you're delivering, but how's the rail business sort of play out over the next few years? Is it or a few quarters, I should say. Is it delivering your current contracts or just a sense of how the cadence of that flows?

Marty Neese

We're expecting that the prior work done in the rail business is now opening up future opportunities for us. What I mean by that, to be more specific, is we did very large-scale deployments with rail customers, and they've had the products in their hands for some period of time. As they're starting to see the value proposition come into starker relief and getting more and more comfortable and familiar with a fuel cell locomotive, if you will, they're starting to be more bullish on their future, which bodes well for us. We think that could be a really exciting piece of business for us.

Marty Neese

It could end up being one of those kind of annuity type accounts, where every year there's a capability to replace diesel engines with fuel cells and do that year after year after year until they materially decarbonize fleets. That's early days for us, but the product is performing well, the team is happy, the customers are happy, and we expect that there will be further advancements in that market over time.

Operator

The next question comes from Michael Glen with Raymond James. Please go ahead.

Michael Glen

Hey, good morning. Can you maybe just discuss how has the infrastructure and hydrogen availability changed? Do you see any meaningful investments taking place behind the scenes to improve hydrogen availability or distribution of hydrogen?

Marty Neese

We have been seeing meaningful progress in the availability of molecules. The supply is reasonable. The unit economics is what needs to continue to improve, and that's starting to also gain a bit more momentum. When you start being able to provide molecule suppliers with stronger and more predictable patterns of offtake, they can get more aggressive in their pricing depending on the tenor of the contracts that they are signing with different folks. Our job so far is to focus on creating the downstream demand and the offtake signal that allows the supply to keep being built and being consumed appropriately. So far, so good on that, and we're starting to see more and more interest outside of, like, the large scale industrial use cases, and that bodes well for applications such as mobility and stationary power.

Michael Glen

The Historically, I guess a lot of hydrogen has been generated from fossil fuel, like natural gas type sources. Have you seen any change to bring back renewables in terms of hydrogen generation or anything along those lines?

Marty Neese

Yeah. My prior comments were really focused more on green hydrogen. Green hydrogen is starting to see more and more penetration. The traditional gray hydrogen, methane-based gray hydrogen, is certainly going nowhere. It's there, it's incumbent. It is competing with other outlets for natural gas, if you will. Gray hydrogen has to have its own economic footing. But green hydrogen is starting to take more and more advantage of the penetration of renewables around the globe. The green hydrogen and to some degree blue hydrogen, will find their paths on an increasingly ambitious agenda, if you will, over the next few years.

Operator

This concludes our question and answer session. I would like to turn the conference back over to Marty Neese for any closing remarks.

Marty Neese

Thank you for joining us today. We look forward to speaking with you next quarter.

Operator

This brings to a close today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

Investor releaseQuarter not tagged2026-03-13

Assessing Ballard Power Systems (TSX:BLDP) Valuation After Strong Q4 2025 Results And Major New Flyer Deal

Simply Wall St.

Make better investment decisions with Simply Wall St's easy, visual tools that give you a competitive edge. Ballard Power Systems (TSX:BLDP) is back in focus after reporting Q4 2025 results with higher revenue, improved margins, and positive operating cash flow, alongside a 50 MW fuel cell engine deal with New Flyer. See our latest analysis for Ballard Power Systems. The latest earnings and New Flyer agreement have arrived alongside a sharp short term rebound, with a 13.4% 1 day and 12.24% 30 day share price return. This follows a 10.81% negative year to date share price return and an 81.32% 1 year total shareholder return, so momentum has recently picked up from a weak medium term base. If Ballard's recent move has you looking at other fuel cell and electrification picks, this is a good moment to scan 23 power grid technology and infrastructure stocks for more grid and infrastructure names catching attention. With revenue up, losses narrowing and a sizeable New Flyer order in hand, Ballard’s story looks much stronger than a year ago. The key question is whether the recent rally represents an early entry point or whether markets are already pricing in future growth. At a last close of CA$3.30 versus a narrative fair value of CA$2.30, the widely followed view is that the market price is running ahead of fundamentals, and that tension rests heavily on how quickly the fuel cell business can scale. Read the complete narrative. Want to see what is baked into that path to positive cash flow? The narrative leans heavily on rising revenue, better margins and a richer earnings multiple. The exact mix of those three levers might surprise you. Result: Fair Value of CA$2.30 (OVERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, there are still meaningful risks, including tougher hydrogen adoption than analysts model and the possibility that fuel cell cost cuts or margin gains will take longer than expected. Find out about the key risks to this Ballard Power Systems narrative. If this mix of caution and optimism feels familiar, now is a good time to look through the numbers yourself and decide where you stand, including the 1 key reward and 1 important warning sign that our work has surfaced. If this update has sharpened your thinking, do not stop here. Broaden your watchlist with a few targeted screens that can surface fre...

Investor releaseQuarter not tagged2026-03-13

A Look At NFI Group’s Valuation As Record 2025 Results And Hydrogen Deal Shape 2026 Outlook

Simply Wall St.

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE. NFI Group (TSX:NFI) just delivered record fourth quarter and full year 2025 results, paired with fresh 2026 guidance and a new supply agreement for 500 hydrogen fuel cell engines with Ballard Power Systems. See our latest analysis for NFI Group. Against this backdrop of record 2025 results, confident 2026 guidance and the 500 engine hydrogen deal with Ballard, NFI Group’s recent price action has been mixed. The company has seen a 6.61% 1 day share price return, a 28.92% 90 day share price return and a 52.48% 1 year total shareholder return, contrasting with a 37.45% total shareholder return decline over five years. This suggests momentum has picked up recently after a tougher multi year stretch. If this push into zero emission transit has caught your attention, it could be worth widening your watchlist with our screener of 23 power grid technology and infrastructure stocks, where electrification trends are also reshaping long term opportunities. With record 2025 results, confident 2026 revenue guidance of US$3.9b to US$4.2b, and a 52.48% 1 year total return already on the board, is NFI Group still underpriced, or is the market already baking in future growth? Against NFI Group’s last close of CA$16.94, the most followed narrative pegs fair value at CA$21.94, using a detailed cash flow based framework. Read the complete narrative. Want to see what sits behind that backlog story? The narrative ties projected revenue, margins and future earnings into one valuation roadmap. Curious which assumptions really move that CA$21.94 fair value? The full narrative lays out the financial bridge year by year. Result: Fair Value of CA$21.94 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, the story can shift quickly if high leverage puts pressure on NFI’s flexibility, or if U.K. competitive and restructuring issues drag on longer than expected. Find out about the key risks to this NFI Group narrative. With all this in mind, does the overall tone feel too upbeat or too cautious to you, and what do you think it really implies for NFI’s outlook? Act quickly and shape your own view by checking the 4 key rewards that investors are already watching closely. If NFI’s story has you thinking bigger about your portfo...

Investor releaseQuarter not tagged2026-03-13

Ballard Power Systems Inc (BLDP) Q4 2025 Earnings Call Highlights: Record Growth and Strategic ...

GuruFocus.com

This article first appeared on GuruFocus. Revenue: Full year revenue exceeded $99 million, up 43% year-over-year. Q4 Revenue: Approximately $34 million, up 37% year-over-year. Gross Margin: Q4 gross margin improved to 17%, full year gross margin was positive 5%. Operating Expenses: Total operating expenses for the full year were approximately $109 million, 32% lower than the previous year. Cash Flow from Operating Activities: Generated $11 million in Q4. Cash Usage: Full year cash usage down nearly 50% from 2024. Cash Position: Ended the year with nearly $530 million in cash. Capital Expenditures: Total capital expenditures in 2025 were $10.2 million. Engine Shipments: Record engine shipments approaching 800 units, more than 75 megawatts of power. Warning! GuruFocus has detected 4 Warning Signs with BLDP. Is BLDP fairly valued? Test your thesis with our free DCF calculator. Release Date: March 12, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Ballard Power Systems Inc (NASDAQ:BLDP) achieved record engine shipments in 2025, with nearly 800 engines and over 75 megawatts of power delivered, marking a 38% growth in megawatts shipped compared to 2024. The company reported a 43% year-over-year increase in full-year revenue, exceeding $99 million, driven by strong sales in Europe and North America. Ballard Power Systems Inc (NASDAQ:BLDP) secured its largest marine order to date and announced a significant commercial agreement with New Flyer for 50 megawatts. The company achieved a positive gross margin of 17% in Q4 and 5% for the full year, indicating a meaningful improvement year-over-year. Ballard Power Systems Inc (NASDAQ:BLDP) generated $11 million in cash flow from operating activities in Q4, demonstrating the effectiveness of its structural changes and cost reduction efforts. Despite improvements, Ballard Power Systems Inc (NASDAQ:BLDP) is not yet consistently profitable, with quarterly performance still affected by seasonality. The company had to shift certain order announcements into 2026 due to the finalization of improved commercial structures, which may impact short-term revenue visibility. Ballard Power Systems Inc (NASDAQ:BLDP) incurred restructuring and related expenses of $23 million in 2025, which affected its overall financial performance. The company faces challenges in expanding its mark...

As of 2026-07-11 • Updated weeklySource: Earnings sourceIngestion runbook