Ballard Power Systems (BLDP) Q2 2026 earnings summary

Executive summary

• Announced a definitive agreement to acquire GeoPura Limited for £275 million, aiming to expand into energy-as-a-service and recurring revenue streams, with the acquisition expected to close later in 2026 and accelerate profitability by the end of 2027.

• Revenue grew 15% year-over-year to $20.6 million in Q2 2026, with growth in bus, stationary, and other markets.

• GeoPura’s high-growth, energy-as-a-service model and established customer base are expected to drive significant revenue and value capture.

• Order intake reached $64 million, increasing the order backlog to $156.6 million, up 38.8% sequentially.

• Ended the quarter with over $502 million in cash and cash equivalents.

Financial highlights

• Bus revenue rose 9% to $9.7 million; stationary revenue surged 230% to $1.8 million; other markets revenue jumped 290% to $5.1 million; rail revenue declined 43% to $4.1 million.

• Gross margin improved to 20% from -8% in the prior year, a 28-point increase, driven by cost reductions, restructuring, and warranty provision reversals.

• Operating expenses were $20.9 million, down 34% year-over-year.

• Adjusted EBITDA loss narrowed to ($9.8) million from ($30.6) million in Q2 2025.

• Cash used in operations was $11.4 million, with net loss from continuing operations at $20.3 million and loss per share at $0.07.

Outlook and guidance

• No specific revenue or net income guidance for 2026; revenue expected to be weighted toward the second half of the year.

• Operating expenses projected between $65 million and $75 million; capital expenditures between $5 million and $10 million.

• Profitability targeted by end of 2027, supported by the GeoPura acquisition and recurring revenue growth.

• Guidance will be updated post-GeoPura acquisition close, anticipated later in the year.