Ballard Power Lifts Q1 Sales 26% and Posts Third Straight Positive Margin

Overview

• Ballard reported Q1 revenue of $19.4 million, up 26% year over year, and a 14% gross margin that marked a third consecutive quarter in the black.
• Multi‑year supply deals with bus makers New Flyer, Wrightbus, and Solaris expand Ballard’s role in hydrogen buses and deepen its fleet service support for operators.
• Project Forge, an automated manufacturing line slated for full production in the second half of 2026, targets lower unit costs and tighter quality control to aid scale‑up.
• The company ended the quarter with $516.8 million in cash and said it has no immediate need to raise money.
• Leaders declined to issue specific revenue or net‑income guidance but said sales should skew to the back half of 2026 as Ballard pursues rail and stationary power uses and benefits from wider green hydrogen supply.