EarningsQ2 2026 Earnings Report
CH:BLD Q2 2026 EPS Results
Actual EPS-CHF0.06
Consensus EPS-CHF0.04
Beat/MissMissed by -CHF0.02
One Year Ago EPS-CHF0.06
CH:BLD Q2 2026 Revenue Results
Actual RevenueCHF16.60M
Expected RevenueCHF20.88M
Beat/MissMissed by -CHF4.27M
YoY Revenue Growth+15.42%
Earnings Announcement Details
QuarterQ2 2026
Date07/31/2026
TimeBefore Open
Conference CallFriday, July 31, 2026
CH:BLD Upcoming Earnings
Ballard Power Systems's next earnings date is estimated for November 10, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
CH:BLD Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveys a generally positive strategic and financial trajectory: solid quarter-over-quarter operational improvements (15% revenue growth, 28-point gross margin improvement, 34% reduction in operating expenses, narrower adjusted EBITDA loss), strong liquidity (> $502M), and meaningful commercial momentum (>$64M orders). The announced acquisition of GeoPura is presented as transformative—expanding the business model into Energy-as-a-Service, materially enlarging the addressable market, and targeting $25M of annual synergies—supporting the path to profitability by end of 2027. Key risks tempering the outlook include the fact adjusted EBITDA remains negative, continued operating cash use, parts of margin improvement being one-time, intercompany revenue impacts post-close, and integration/closing risk for the acquisition. Overall, the positive progress and strategic upside from the GeoPura acquisition outweigh the remaining execution and timing risks.Company Guidance
Strategic Acquisition of GeoPura
Definitive agreement to acquire GeoPura for GBP 275 million upfront (expected close in September, subject to approvals). GeoPura brings an integrated hydrogen value chain, >60 HPUs in operation, hundreds of tons of delivered green hydrogen, and established blue-chip customers, accelerating Ballard's move into Energy-as-a-Service and expanding addressable markets.
Revenue Growth
Total revenue for Q2 was $20.6 million, representing 15% growth versus Q2 2025, driven by increases in bus, stationary and materials handling markets.
Significant Gross Margin Improvement
Gross margin improved to 20% from negative 8% in the prior year period — a 28 percentage-point year-over-year improvement — driven by product cost reductions, lower manufacturing overhead and warranty/inventory provision adjustments.
Reduced Operating Expenses and Improved Adjusted EBITDA
Total operating expenses were $20.9 million, a 34% reduction year-over-year. Adjusted EBITDA loss narrowed to negative $9.8 million from negative $30.6 million in Q2 2025, a reduction in the loss of $20.8 million.
Stronger Cash Position and Lower Cash Burn
Ended the quarter with over $502 million in cash and cash equivalents. Cash used in operating activities was $11.4 million versus $20.3 million in the prior year, an $8.9 million (≈44%) reduction in cash use.
Order Intake and Commercial Momentum
Order intake in the quarter exceeded $64 million, including wins in transit (e.g., New Flyer) and a multiyear commitment for more than 150 fuel cell modules to GeoPura, illustrating commercial traction across fleets and stationary markets.
Projected Synergies and Market Expansion
Expect approximately $25 million of annual run-rate EBITDA synergies by 2028 from joint manufacturing, supply-chain integration and cross-selling. Management projects 3x revenue growth baseline from GeoPura, ~5x value capture per deployed MW by bundling the ecosystem, and a tenfold expansion of total addressable market into diesel genset replacement (~$300B installed base), data center backup (~$4B) and hydrogen fuel supply (~$20B).
CH:BLD Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed