NASDAQ$BLDP
Ballard Power Systems Inc. · Q2 2026 earnings
Q2 2026 earnings · · Before market open · Investor relations
Briefing
Ballard Power Systems reported Q2 2026 results with revenue growth and improved gross margins.
Ballard Power Systems Inc. announced consolidated financial results for the second quarter ended June 30, 2026. Revenue reached $20.6 million, up 15% year-over-year, with gross margin improving to 20% from negative territory. The company also announced a definitive agreement to acquire GeoPura Limited.
- Revenue of $20.6 million, representing 15% YoY growth driven by bus, stationary, and other markets.
- Gross margin expanded to 20%, a 28-point improvement from Q2 2025 due to cost reductions and restructuring.
- Adjusted EBITDA loss narrowed to $9.8 million from $30.6 million in the prior year.
- Order backlog grew to $156.6 million, with 12-month order book at $74.4 million.
Headline financials
Revenue & EPS history
Ballard Power · Revenue · Quarterly
$20.6M
Revenue by segment
Ballard Power · $20.7M total across 3 segments · Q2 2026
- Heavy-Duty Mobility$13.8M—66.7%
- Other Markets$5.1M—24.6%
- Stationary$1.8M—8.7%
Forward guidance
No specific revenue or net income guidance provided for 2026; revenue expected to be back-half weighted. Operating expense and capex guidance ranges noted in MD&A.
Tailwinds
- Continued gross margin improvement expected from cost initiatives and mix shift.
- Acquisition of GeoPura expected to support recurring revenues and path to profitability by end of 2027.
Headwinds
- 2026 revenue back-half weighted.
- Acquisition closing subject to regulatory approvals and conditions.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports
-1.3%
Avg return
Earnings day
-0.2%
Avg return
5 days after
+3.1%
Avg return
30 days after
38%
23 / 61 earnings
Positive
+32.0%
Q1 2026
Best reaction
-25.7%
Q1 2021
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2026 | — | — | — | |
| Q1 2026 | +32.0% | +25.9% | +84.8% | |
| Q4 2025 | +12.6% | +24.7% | +30.7% | |
| Q3 2025 | -7.0% | -15.7% | -20.7% | |
| Q2 2025 | -0.6% | +11.1% | +7.2% | |
| Q1 2025 | +4.1% | +7.1% | +12.7% | |
| Q4 2023 | -13.0% | -16.0% | -4.8% | |
| Q3 2023 | -4.5% | -6.7% | +2.8% | |
| Q2 2023 | -2.1% | -0.4% | -14.3% | |
| Q1 2023 | -0.2% | +2.5% | -2.3% | |
| Q4 2022 | -1.4% | +1.4% | -2.9% | |
| Q3 2022 | -0.6% | +17.5% | +1.7% | |
| Q2 2022 | +2.9% | +4.3% | -3.9% | |
| Q1 2022 | -14.9% | -12.3% | -4.9% | |
| Q4 2021 | -12.5% | -4.8% | -7.6% | |
| Q3 2021 | -4.7% | +3.0% | -18.5% | |
| Q2 2021 | +1.8% | +8.6% | +7.8% | |
| Q1 2021 | -25.7% | -29.6% | -21.3% | |
| Q4 2020 | +11.2% | +13.7% | -0.8% | |
| Q3 2020 | -1.5% | -4.8% | +21.5% | |
| Q2 2020 | -2.7% | -8.8% | -9.5% | |
| Q1 2020 | +3.8% | +0.7% | +21.4% | |
| Q4 2019 | +3.8% | -17.1% | -26.0% | |
| Q3 2019 | -2.8% | -0.9% | +14.3% | |
| Q2 2019 | +0.0% | +3.9% | +8.4% | |
| Q1 2019 | +2.1% | -0.3% | +15.7% | |
| Q4 2018 | -8.6% | -8.0% | -0.3% | |
| Q3 2018 | -18.3% | -20.2% | -18.6% | |
| Q2 2018 | +1.6% | +2.6% | +16.1% | |
| Q1 2018 | -1.2% | +2.1% | +8.5% | |
| Q4 2017 | -9.0% | -10.9% | -0.6% | |
| Q3 2017 | +12.0% | +17.2% | -3.8% | |
| Q2 2017 | +3.5% | +5.4% | +17.5% | |
| Q1 2017 | -10.6% | -13.8% | -15.3% | |
| Q4 2016 | +4.7% | +10.5% | +16.2% | |
| Q3 2016 | +2.3% | -5.1% | -10.2% | |
| Q2 2016 | +11.5% | +5.5% | +12.0% | |
| Q1 2016 | +5.0% | — | — | |
| Q4 2015 | +2.3% | — | — | |
| Q3 2015 | -2.6% | — | — | |
| Q2 2015 | +7.5% | — | — | |
| Q1 2015 | +5.0% | — | — | |
| Q4 2014 | -12.8% | — | — | |
| Q3 2014 | -2.8% | — | — | |
| Q2 2014 | -1.6% | — | — | |
| Q1 2014 | -1.6% | — | — | |
| Q4 2013 | +12.5% | — | — | |
| Q3 2013 | -9.9% | — | — | |
| Q2 2013 | -1.6% | — | — | |
| Q4 2012 | -5.6% | — | — | |
| Q1 2013 | -5.6% | — | — | |
| Q3 2012 | -12.8% | — | — | |
| Q2 2012 | +1.0% | — | — | |
| Q1 2012 | +0.0% | — | — | |
| Q4 2011 | -0.9% | — | — | |
| Q3 2011 | +2.3% | — | — | |
| Q2 2011 | -8.8% | — | — | |
| Q1 2011 | -8.8% | — | — | |
| Q4 2010 | -0.6% | — | — | |
| Q3 2010 | -1.7% | — | — | |
| Q2 2010 | +4.7% | — | — | |
| Q1 2010 | -7.1% | — | — | |
| Q3 2009 | — | — | — | |
| Q2 2009 | — | — | — | |
| Q1 2009 | — | — | — |
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