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Ballard Power Systems
(TSX:BLDP)
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Rating:50Neutral
Price Target:
C$3.50
▲(9.03% Upside)
Action:Reiterated
Date:08/03/26
The score is held back primarily by persistent losses and negative cash flow despite improving revenue and gross margin trends. Technicals also detract, with the stock below major moving averages, signaling weak price trend. Offsetting factors include a strong, low-leverage balance sheet and a generally constructive earnings-call outlook highlighting operational improvement, strong liquidity, and strategic upside from the planned GeoPura acquisition—tempered by execution and integration risk.
Positive Factors
Strong Revenue Growth
Strong revenue growth indicates increasing demand across Ballard’s targeted mobility and stationary markets. If sustained, broader customer adoption and expanding deployments can improve operating leverage, support scale efficiencies, and strengthen the company’s competitive position over the next several quarters.
Negative Factors
Persistent Heavy Losses
Despite improving revenue and gross margin, Ballard remains far from breakeven, with substantial operating and net losses. Persistent unprofitability can weaken the equity base over time and means the company must deliver further scale, pricing, and cost improvements before its model becomes self-sustaining.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Growth
Strong revenue growth indicates increasing demand across Ballard’s targeted mobility and stationary markets. If sustained, broader customer adoption and expanding deployments can improve operating leverage, support scale efficiencies, and strengthen the company’s competitive position over the next several quarters.
Read all positive factors
Ballard Power Systems (BLDP) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$979.90M
Dividend YieldN/A
Average Volume (3M)933.66K
Price to Earnings (P/E)―
Beta (1Y)1.37
Revenue Growth45.07%
EPS Growth73.98%
CountryCA
Employees492
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-0.25
Shares Outstanding301,506,500
10 Day Avg. Volume877,598
30 Day Avg. Volume933,662
Financial Highlights & Ratios
PEG Ratio0.12
Price to Book (P/B)1.31
Price to Sales (P/S)7.64
P/FCF Ratio-11.50
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$5.08Price Target Upside58.20% Upside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)-0.23
Revenue Forecast (FY)C$155.31M
Ballard Power Systems Business Overview & Revenue Model
Company Description
Ballard Power Systems Inc. specializes in the complete lifecycle of proton exchange membrane (PEM) fuel cell technology, from initial concept and engineering to production, distribution, and maintenance. Their PEM fuel cell solutions power a diver...
How the Company Makes Money
Ballard makes money primarily by selling PEM fuel cell products and related components to customers and OEM partners that integrate them into vehicles and equipment. Its key revenue streams generally include: (1) Product revenue from fuel cell mod...
Ballard Power Systems Earnings Call Summary
Earnings Call Date:Jul 31, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
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.Positive Updates
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.
Negative Updates
Adjusted EBITDA Still Negative
Adjusted EBITDA remains a loss at negative $9.8 million for the quarter, indicating profitability has not yet been achieved despite significant improvement versus prior year.
Read all updates
Q2-2026 Updates
Positive
Negative
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.
Read all positive updates
Company Guidance
Ballard did not issue specific revenue, net income, or margin targets but provided forward-looking parameters: they expect revenue to be roughly 60% back‑half weighted for the year, total operating expenses of $65–$75 million, and capital expenditures of $5–$10 million (with guidance to be updated after the anticipated GeoPura close later this year, currently targeted for September/second half). Management reiterated the goal of becoming profitable by the end of 2027, highlighted expected annual run‑rate EBITDA synergies of approximately $25 million by 2028 from the GeoPura transaction (GBP 275 million upfront consideration), noted GeoPura’s ~GBP 38 million (~$50 million) revenue expected in 2026, and emphasized a strong balance sheet with over $502 million cash and no near‑term financing needs while exploring asset‑backed financing to support Energy‑as‑a‑Service deployments.Ballard Power Systems Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
72
Positive
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 106.14M | 101.14M | 69.73M | 102.37M | 83.80M | 104.50M |
| Gross Profit | 16.31M | 2.40M | -21.98M | -21.83M | -13.08M | 14.01M |
| EBITDA | -61.37M | -77.38M | -309.29M | -129.42M | -145.10M | -103.32M |
| Net Income | -76.82M | -92.49M | -324.25M | -177.72M | -173.49M | -114.40M |
Balance Sheet | ||||||
| Total Assets | 642.85M | 681.15M | 777.31M | 1.08B | 1.25B | 1.44B |
| Cash, Cash Equivalents and Short-Term Investments | 504.33M | 530.29M | 606.05M | 753.24M | 915.74M | 1.13B |
| Total Debt | 19.66M | 22.10M | 23.89M | 17.90M | 15.73M | 17.12M |
| Total Liabilities | 84.02M | 92.29M | 104.32M | 86.33M | 88.17M | 112.73M |
| Stockholders Equity | 558.83M | 588.86M | 672.99M | 991.22M | 1.16B | 1.33B |
Cash Flow | ||||||
| Free Cash Flow | -36.72M | -67.17M | -135.72M | -145.94M | -166.68M | -95.18M |
| Operating Cash Flow | -30.07M | -57.15M | -108.10M | -104.57M | -132.20M | -80.48M |
| Investing Cash Flow | -15.19M | -21.31M | -36.51M | -54.28M | -75.56M | -85.63M |
| Financing Cash Flow | -2.60M | -2.63M | -1.53M | -3.68M | -2.41M | 526.91M |
Ballard Power Systems Technical Analysis
Negative
3.21
Price Trends
3.92
Negative
5.01
Negative
4.23
Negative
Market Momentum
-0.24
Negative
39.90
Neutral
50.92
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BLDP, the sentiment is Negative. The current price of 3.21 is below the 20-day moving average (MA) of 3.36, below the 50-day MA of 3.92, and below the 200-day MA of 4.23, indicating a bearish trend. The MACD of -0.24 indicates Negative momentum. The RSI at 39.90 is Neutral, neither overbought nor oversold. The STOCH value of 50.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:BLDP.
Ballard Power Systems Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
50 Neutral | C$979.90M | -9.13 | -13.16% | ― | 45.07% | 73.98% | |
50 Neutral | C$47.54M | -4.28 | 112.32% | ― | 11.62% | 16.81% | |
45 Neutral | C$30.57M | -2.96 | -138.91% | ― | 374.59% | 74.40% | |
41 Neutral | C$55.91M | -5.70 | 718.52% | ― | -57.68% | 24.90% |
* Industrials Sector Average
TSE:BLDP
Ballard Power Systems
3.25
0.58
21.72%
TSE:DYA
dynaCERT
0.11
-0.03
-21.43%
TSE:PYR
PyroGenesis Canada
0.21
-0.05
-17.65%
TSE:NXH
Next Hydrogen Solutions Inc
0.45
-0.03
-6.25%
Ballard Power Systems Corporate Events
Business Operations and StrategyExecutive/Board ChangesM&A Transactions
Ballard acquires GeoPura to build integrated hydrogen energy platform
Positive
Aug 28, 2026
Ballard Power Systems has closed its acquisition of UK-based GeoPura, a specialist in zero-emission hydrogen power solutions that designs and operates Hydrogen Power Units using Ballard fuel cell modules, and produces and distributes green hydroge...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.