Ballard Power Systems Inc
TSX:BLDP
Ballard Power Systems Inc
Ballard Power Systems, Inc. engages in the design, development, manufacture, sale, and service of fuel cell products for a variety of applications. The company is headquartered in Burnaby, British Columbia and currently employs 1,367 full-time employees. The firm is focused on the power product markets of Heavy-Duty Motive (consisting of bus, truck, rail and marine applications), Material Handling and Backup Power, as well as the delivery of Technology Solutions, including engineering services, technology transfer, and the license and sale of the Company’s intellectual property portfolio and fundamental knowledge for a variety of PEM fuel cell applications. The Company’s fuel cell is an environmentally clean electrochemical device that combines hydrogen fuel with oxygen (from the air) to produce electricity.
Revenue Growth: Ballard delivered Q2 revenue of $17.8 million, up 11% year-over-year, with strong growth in the rail segment.
Margin Improvement: Gross margin improved by 24 points versus last year, reaching negative 8%, supported by cost efficiencies and reduced contract provisions.
Cost Reduction: Operating expenses fell 12% YoY, and recent restructuring is expected to further lower operating costs by 30%, mostly realized in 2026.
Cash Position: The company ended Q2 with $550 million in cash and no debt, and does not foresee near-term capital needs.
Strategic Refocus: Ballard is prioritizing markets with clearer near-term opportunities (bus, rail, marine, material handling) and scaling back investment in slower-moving sectors like heavy-duty trucks.
Profitability Target: Ballard aims to become cash flow positive exiting 2027, with a detailed plan to expand gross margins and reduce costs over the next 10 quarters.
Guidance Update: 2025 capex and opex (excluding restructuring) expected at the low end of guidance; restructuring charges put opex at the high end. Updates will come with Q3 results.
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