COMPANY PROFILE / HYDROGEN ENERGY
Ballard Power Systems
A PEM fuel cell specialist for buses, rail and ships that has shrunk sharply and, in 2026, stepped into supplying hydrogen as well
Ballard features in hydrogen because it is a specialist that sells proton exchange membrane (PEM) fuel cell stacks and modules to customers in buses, rail, marine and stationary power. Revenue for 2025 was US$99.4 million (up 43%), but the net loss was US$90.9 million, and between 2024 and 2025 the company cut back sharply: it dropped a planned new factory in Texas, stopped further investment in its China joint venture and reduced headcount. In June 2026 it announced the acquisition of GeoPura, a UK company that leases hydrogen power units and supplies the hydrogen, and it closed on 28 August. This profile uses the Form 40-F for 2025 filed with the U.S. SEC and the 2026 results and releases as its primary sources, to set out what the company has committed, with whom it works and where it has changed course.
- Ballard in 30 seconds, and where it stands in hydrogen energy
- The logo and how the name is written
- Where the company sits in the field
- Scale
- Resources committed to hydrogen energy
- What it has done so far
- What comes next
- What the company is aiming for in hydrogen energy
- Map of partnerships in hydrogen energy
- Technologies, products and services
- The risks this company carries
- Glossary, references and claim-to-source audit
1. Ballard in 30 seconds, and where it stands in hydrogen energy
TSX: BLDPFiles Form 40-F with the SEC as a foreign private issuer
Ballard is not a company that makes hydrogen but a specialist in the equipment that uses it (PEM fuel cells) Sourced. It sells three product classes (MEAs, stacks and modules) and two services (technology solutions and after-sales service), and reports them as a single segment. Between 2024 and 2025 it dropped a planned new factory in Texas, stopped further investment in its China joint venture and cut headcount sharply Sourced. Through the June 2026 acquisition of GeoPura in the UK, the company says it will extend into hydrogen production, distribution and leasing as "energy-as-a-service" Not yet confirmed. The timing of its profitability target is stated two different ways in its own documents ("end of 2027" and "by 2028"), and both are company targets, not things that have happened.
2. The logo and how the name is written
A note on names: the legal entity is Ballard Power Systems Inc., usually called Ballard. FCgen (stacks), FCmove (modules for buses, trucks, rail and stationary use) and FCwave (modules for marine, rail and stationary use) are the company's product brands. Weichai Ballard Hy-Energy Technologies in China is a joint venture in which Ballard holds 49%, and its carrying value was fully written off in the fourth quarter of 2025. GeoPura in the UK became a subsidiary when the acquisition closed on 28 August 2026. The logo is the SVG published on the company's official website (ballard.com).
Official site: https://www.ballard.com/3. Where the company sits in the field
4. Scale
Ballard is listed and reports in U.S. dollars under IFRS (its annual report is the Form 40-F). The figures below are for its single segment, Fuel Cell Products and Services Sourced.
| Indicator (US$ thousand) | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 102,368 | 69,731 | 99,370 |
| Gross margin (rate) | -21,831 (-21%) | -21,982 (-32%) | 5,462 (5%) |
| Total operating expenses | 141,073 | 161,318 | 108,920 |
| Net loss from continuing operations | -144,210 | -323,530 | -90,914 |
| Cash and short-term investments (year-end) | 753,243 | 606,052 | 531,254 |
| Revenue by market (US$ thousand) | 2025 | 2024 | By region | 2025 |
|---|---|---|---|---|
| Bus | 50,000 | 44,163 | Europe | 43,629 |
| Truck | 1,684 | 3,714 | North America | 50,167 |
| Rail | 25,467 | 2,647 | China | 1,545 |
| Marine | 3,889 | 2,866 | Rest of world | 4,029 |
| Stationary | 8,142 | 12,757 | n/a | |
| Emerging and other (material handling, off-road and others) | 10,188 | 3,584 | n/a | |
In 2026, first-quarter revenue was US$19.4 million (gross margin 14%) and second-quarter revenue was US$20.6 million (gross margin 20%, adjusted EBITDA of -US$9.8 million). Cash and equivalents at the end of June 2026 were US$502.1 million. The company gives no revenue outlook and says revenue will be weighted to the second half Sourced.
Rail revenue rose to about ten times its 2024 level in 2025, but in the second quarter of 2026 it was 43% lower than a year earlier. The company itself says revenue, costs and cash flow can vary significantly from quarter to quarter and that quarterly comparisons may not be meaningful. Of the 2025 revenue increase (about US$29.6 million), the rise in rail accounts for about US$22.8 million Our calculation (rail revenue of US$25,467 thousand less US$2,647 thousand). So revenue is sensitive to delivery timing in particular uses. Do not mix annual and quarterly figures when judging the business.
5. Resources committed to hydrogen energy
| Resource | What primary sources confirm | Category |
|---|---|---|
| People | 492 employees (31 December 2025, including temporary staff). A modest reduction in 2023, a sizeable one in September 2024, and a further restructuring with job cuts in July 2025. R&D headcount is not disclosed | Sourced / not disclosed |
| Money (R&D and capital expenditure) | R&D expenses of US$58.7 million (2025, down 38%). Capital expenditure of US$10.2 million (2025). 2026 outlook: operating expenses of US$65-75 million and capital expenditure of US$5-10 million. Restructuring-related expenses of US$23.0 million in 2025 | Sourced / outlook |
| Investments, acquisitions and joint ventures | GeoPura (UK): acquisition announced June 2026 and closed 28 August (see below). Weichai: invested in Ballard in 2018 (19.9% then; the company estimates about 15.3% now) and formed a China joint venture (Ballard 49%); the JV's carrying value of US$4.6 million was fully written off in the fourth quarter of 2025, and the company does not intend to make further significant investments in China. Forsee Power (4.5%), Wisdom (6.7%; fully written off for US$1.9 million in 2025), and investments in Quantron, HyCap, Clean H2 and Templewater | Sourced |
| Public funding | EU Innovation Fund: a grant agreement of up to €113 million for a European plant (5 March 2025). It is conditional, with the first milestone being a final investment decision planned for the third quarter of 2027. U.S. Department of Energy (DOE): in 2024 it obtained awards of about US$40 million and up to US$54 million in investment tax credits, but the awards were terminated in 2025 and, with the Texas plant cancelled, the company does not expect the tax credits | Sourced |
| Universities and research bodies | The company's materials name no university collaborations that we could confirm | None confirmed |
Status of main orders and projects (company releases)
| Order or project | Use | Scale | Stage | Dates and notes |
|---|---|---|---|---|
| New Flyer (NFI) | Buses, North America | 500 FCmove-HD+ engines, 50 MW | Commercial agreement (Not yet confirmed) | Announced 10 March 2026, deliveries from 2026. The largest single commitment from New Flyer. Earlier orders in 2024 of at least 100 and then 200 engines |
| Solaris | Buses, Europe | 177 engines | Delivered | Ordered October 2023; deliveries began in 2023-2024 and the remainder shipped in 2025 |
| Two European bus makers | Buses, Europe and UK | Over 90 engines, about 6.4 MW | Ordered | Announced 20 December 2024 |
| Manufacturing Commercial Vehicles | Buses | 50 FCmove-HD+ engines, about 5 MW | Multi-year supply agreement | Announced 4 March 2025 |
| Sierra Northern Railway | Rail (three switching locomotives) | 12 FCmove-XD engines, 1.5 MW | Ordered | Announced 5 June 2025 |
| eCap Marine (Samskip vessels) | Marine (two ships between Norway and the Netherlands) | FCwave, 6.4 MW | Ordered | Announced 22 July 2025 |
| An off-grid power company (name not disclosed) | Stationary (hydrogen gensets) | 150 FCmove-HD+ modules of 100 kW, 15 MW | Ordered (deliveries from the second half of 2026) | Announced 15 June 2026; the second order of this scale after one in 2024 |
| GeoPura | Stationary (hydrogen power units) | 154 modules (multi-year) | Ordered (before the acquisition) | The company says it is included in second-quarter 2026 order intake |
| European plant (new) | Manufacturing | n/a | Planned (Not yet confirmed) | Final investment decision planned for the third quarter of 2027, depending on market adoption, demand and economics |
| Texas plant | Manufacturing | n/a | Cancelled | The company switched to improving utilization of its existing plants |
The company's Annual Information Form says materials and components of PEM fuel cells, including the membrane electrode assembly (MEA), use PFAS (per- and polyfluoroalkyl substances), and lists as a business risk a proposed ban on PFAS for fuel cells in Europe by 2031 Sourced. It says it is working with its supply base to eliminate PFAS in its products, including the MEAs, but that there is no assurance its suppliers will succeed. In general, the electrolyte membrane of a PEM fuel cell is a fluorinated polymer, and fluorinated binders are also used in the catalyst layer (see our explainers on fluoropolymers and PFAS, and on fuel cell vehicles and PEM fuel cells). However, the official materials we checked do not say which maker's membrane Ballard uses or how far it has progressed towards non-fluorinated alternatives Not yet confirmed. Another material factor is platinum and palladium, which the company calls key components of its fuel cell products, with prices affecting its costs; it says it occasionally hedges.
6. What it has done so far
| When | What happened | Why it matters |
|---|---|---|
| November 2018 | Weichai invested (19.9% at the time) and a joint venture was set up in China (Weichai 51%, Ballard 49%). Total technology-transfer value of US$90 million | The entry to the China market, later wound back |
| October 2020 | Expanded a patent licence agreement with AUDI (FCgen-HPS, all applications) | Rights extending to passenger cars |
| September 2022 | A "local for local" strategy, including a planned site of about US$130 million in Shanghai (MEA plant and R&D) | The China investment was suspended in 2023 |
| 2023 | A modest headcount reduction, a leaner product range, fewer development programs. Ordered 177 engines by Solaris (October) | The start of the cutbacks |
| 2024 | January: long-term supply agreement with NFI (at least 100 engines). U.S. DOE awards (about US$40 million). 12 September: a sweeping restructuring (job cuts, consolidation of sites, a target of cutting annualized operating costs by about 30%). Wrote off US$40.3 million of goodwill and US$111.0 million of property, plant and equipment | A year with a net loss of US$323.5 million |
| 2025 | March: EU Innovation Fund grant agreement. DOE awards terminated and the Texas plant dropped. June: CEO change (Marty Neese from 7 July). 31 July: strategic realignment. September: unveiled the FCmove-SC. Fourth quarter: fully wrote off the China JV | A shift from investing for scale to cost cutting and commercial focus |
| 2026 | March: 50 MW commercial agreement with New Flyer. 15 June: 15 MW stationary order. 23 June: announced the GeoPura acquisition. 28 August: acquisition closed. 1 October: launched the Fleet360 service program for North America | A move towards hydrogen power units and service revenue |
7. What comes next
/ by 2028 (GeoPura release)Company targets; the two statements do not match
All of these are company plans and targets, not things that have happened Not yet confirmed. The company gives no revenue or net income outlook and says 2026 revenue will be weighted to the second half.
| When announced | What the company said (the timing of profitability) |
|---|---|
| 31 July 2025 | The strategic realignment set out a plan to reach positive cash flow by the end of 2027, and to cut annualized operating costs in 2026 by about 30% against the first half of 2025 |
| 23 June 2026 (GeoPura announcement) | Said it "maintains the path to profitability by 2028" and expects US$25 million of annual run-rate EBITDA synergies |
| 31 July 2026 (second-quarter results) | The CEO said the objective is profitability by the end of 2027 |
The combined revenue and profit outlook including GeoPura (the company states that GeoPura expects 2026 revenue of about £38 million); whether profitability is meant for the end of 2027 or 2028; specific orders for the FCmove-SC and any measured lifetime against its roughly 25,000 hours; the state of development of PFAS-free MEAs; delivery progress on New Flyer's 50 MW; and the prices of the orders.
8. What the company is aiming for in hydrogen energy
We separate what the company says from what we read into it. Inference marks our own interpretation of primary sources.
| What can be read | Primary evidence | Category |
|---|---|---|
| It targets uses that need few refuelling sites (buses, rail, ships, stationary) | The company says it selects use cases, such as vehicles returning to a depot for central refuelling, where the barriers to hydrogen refuelling infrastructure are lowest | Sourced (company statement) |
| Its main markets are Europe and North America, and it will not add to its China investment | It names Europe and North America as key target regions; it has stopped further investment in the China JV and written it off | Sourced |
| It is trying to cut cost by sharing platforms (FCmove, FCwave) | It says that using the same core PEM technology and similar derivative products across applications will bring volume and lower product and production cost | Sourced (company statement) |
| With GeoPura it is trying to widen from equipment sales to recurring revenue from leasing and fuel | The acquisition announcement describes "energy-as-a-service" and a shift towards recurring, higher-margin revenue | Sourced (company statement) / Inference (the aim of reducing dependence on equipment sales) |
| It expects industry rationalization and consolidation and aims to stay strong enough to survive | The Annual Information Form says it expects further industry rationalization, failures, restructurings and consolidation, and stresses disciplined capital allocation | Sourced (company statement) |
Our reading that GeoPura is meant to reduce dependence on equipment sales rests on the structure of revenue and margin. Ballard's gross margin was -32% in 2024 and 5% in 2025, and still only 14% and 20% in the first two quarters of 2026, while most revenue comes from equipment deliveries to a small number of customers Sourced. GeoPura's business, by contrast, is recurring revenue from leasing hydrogen power units and supplying hydrogen, and Ballard says the acquisition will increase recurring, higher-margin revenue Sourced. Because reaching profitability from equipment sales alone would take time, we read an intent to make up the difference with recurring revenue. However, the company does not say it wants to reduce dependence on equipment sales, so this is our interpretation Not yet confirmed.
9. Map of partnerships in hydrogen energy
10. Technologies, products and services
Product figures are the company's stated values (including targets and expectations), given with their conditions and scale. They are not set against other makers' values.
| Product | What official materials say | Note |
|---|---|---|
| MEA | Membrane electrode assembly. Supplied to selected customers who build their own stacks, and to the China JV | Made in Burnaby |
| FCgen (stacks) | For OEMs and system integrators. FCgen-LCS (buses, commercial vehicles, rail, material handling), FCgen-HPS (light- to heavy-duty commercial vehicles) and FCgen-1020ACS (material handling and backup power) | Bipolar plates are also made in Burnaby |
| FCmove (modules) | For buses, commercial vehicles, rail and stationary use. FCmove-HD+ (100 kW in a stationary order) and FCmove-XD (rail; 12 units make 1.5 MW) | The core of 2025 bus revenue |
| FCmove-SC (new generation for city buses) | Targets a peak power of at least 75 kW. By the company's account, compared with earlier products: 30% more end-of-life system power, 25% higher volumetric power density, a maximum radiator outlet temperature up from 60 °C to 75 °C and 40% fewer parts. Expected service life of about 25,000 operating hours in standard transit duty | "Expected" and "targets", not measured. Unveiled September 2025 |
| FCwave (modules) | For marine, rail (freight locomotives) and stationary use | For example eCap Marine's 6.4 MW |
| Services | Technology solutions and after-sales service (warranty, service contracts, spare parts, fleet monitoring, training). In October 2026 it launched Fleet360 for North America, whose FCcare+ package guarantees power output for up to 250,000 miles of fuel cell operation | The guarantee is a product of the company; terms need checking case by case |
| Hydrogen power units (GeoPura) | HPU: an off-grid power source using hydrogen fuel cells. The HPU-2 is a 500 kW-class system. Hydrogen production (three sites), distribution and leasing | A subsidiary from 28 August 2026 |
The FCmove-SC's expected life of about 25,000 operating hours is based on standard transit duty cycles, while Fleet360's FCcare+ guarantees output for up to 250,000 miles of operation Sourced. Fuel cell life depends strongly on operating conditions such as the number of start-stops, load swings, humidity, temperature and fuel purity, and the conversion between hours and miles depends on the duty (we do not convert). Degradation of an MEA is commonly attributed to agglomeration and dissolution of platinum catalyst particles and to chemical and mechanical degradation of the membrane. Raising the radiator outlet temperature or changing the stack enclosure geometry reads as an effort to widen the operating window while limiting degradation Not yet confirmed. But the materials-level measures against specific degradation mechanisms are not stated in the official materials we checked.
11. The risks this company carries
| Risk | Detail | Category |
|---|---|---|
| Continuing losses and falling cash | The net loss was US$90.9 million in 2025. Cash and equivalents fell from US$531.3 million at the end of 2025 to US$502.1 million at the end of June 2026. The company states that cash will fall with future operating losses and other uses | Sourced |
| Dependence on few customers | Most revenue comes from a limited number of customers. The backlog consists of relatively few contracts and is exposed to cancellation or deferral, the company says | Sourced |
| Hydrogen adoption and infrastructure | The company says refuelling infrastructure and hydrogen prices affect its customers' plans, and it expects industry rationalization | Sourced (company statement) |
| PFAS regulation | PFAS in components including the MEA. A ban on PFAS for fuel cells in Europe by 2031 is described as proposed. Suppliers' success is not assured | Sourced (the regulation is at proposal stage) |
| Subsidy and policy changes | The U.S. DOE awards were terminated in 2025 and the Texas plant was cancelled. The European grant is conditional on a final investment decision and other milestones | Sourced |
| Retreat from China | The JV was fully written off and further investment stopped. China revenue in 2025 was US$1.545 million | Sourced |
| Integrating an acquisition | The upfront consideration for GeoPura is £275 million (£82.5 million in cash and about 50.8 million new shares), plus up to £27.5 million contingent on milestones. We cannot assess the integration or the dilution from the new shares | Sourced / not confirmed |
| Inconsistent target dates | The timing of profitability is "end of 2027" in some documents and "2028" in another | Sourced |
12. Glossary
- PEM fuel cell (PEFC)
- A fuel cell with a polymer electrolyte membrane that makes electricity from hydrogen and oxygen from air. It runs at low temperature and starts quickly.
- MEA
- Membrane electrode assembly: the electrolyte membrane and catalyst layers joined together, the heart of a fuel cell.
- Stack / module
- A stack is cells stacked together. A module (engine) adds controls and auxiliaries and is the unit fitted to a vehicle or installation.
- Order backlog
- The estimated total value of orders that customers have committed to by contract. The "12-month order book" is the part expected to be delivered within 12 months.
- PFAS
- Per- and polyfluoroalkyl substances. Used in fuel cell membranes among other places, and under regulatory discussion in several countries.
- Form 40-F / 6-K
- The annual report (40-F) and the interim reports (6-K) that Canadian companies listed in the U.S. file with the SEC.
- EaaS
- Energy-as-a-service: contracting for power or fuel as a service rather than selling equipment.
- HPU
- Hydrogen power unit, GeoPura's hydrogen generator product.
- EBITDA
- Earnings before interest, taxes, depreciation and amortization. The company uses an adjusted measure.
13. References
- Ballard Power Systems Form 40-F management's discussion and analysis (MD&A), fiscal 2025 (filed 12 March 2026). Financials, revenue by market and region, outlook, recent developments, Weichai and restructuring. https://www.sec.gov/Archives/edgar/data/1453015/000162828026017045/ballard40-f992123125mda.htm
- Ballard Power Systems Form 40-F Annual Information Form (AIF), fiscal 2025. Business, products, sites, employees, restructuring, grants and risks such as PFAS. https://www.sec.gov/Archives/edgar/data/1453015/000162828026017045/ballard993123125annualinfo.htm
- Ballard Power Systems Form 40-F (fiscal 2025), main document. https://www.sec.gov/Archives/edgar/data/1453015/000162828026017045/bldp-20251231_d2.htm
- Ballard Power Systems Ballard Reports Q1 2026 Results (5 May 2026, Form 6-K). https://www.sec.gov/Archives/edgar/data/1453015/000127956926000371/ex991.htm
- Ballard Power Systems Ballard Reports Q2 2026 Results (31 July 2026, Form 6-K). Revenue, backlog, cash and the profitability target. https://www.sec.gov/Archives/edgar/data/1453015/000127956926000723/ex991.htm
- Ballard Power Systems Ballard announces acquisition of UK-based GeoPura (23 June 2026, Form 6-K). Consideration, terms and the 2028 profitability target. https://www.sec.gov/Archives/edgar/data/1453015/000127956926000579/ex991.htm
- Ballard Power Systems Ballard closes acquisition of GeoPura (28 August 2026, Form 6-K). https://www.sec.gov/Archives/edgar/data/1453015/000127956926000834/ex991.htm
- Ballard Power Systems Ballard announces order for 15 MW in the stationary power market (15 June 2026, Form 6-K). https://www.sec.gov/Archives/edgar/data/1453015/000127956926000549/ex991.htm
- Ballard Power Systems Ballard launches Fleet360 services (1 October 2026, Form 6-K). https://www.sec.gov/Archives/edgar/data/1453015/000127956926000942/ex991.htm
- Ballard Power Systems Official website (company information and logo). https://www.ballard.com/
14. Claim-to-source audit
| Claim in the article | Category | Source |
|---|---|---|
| Legal name, head office (Burnaby), incorporation in 2008, sites (two in Burnaby, Bend in the U.S., Hobro in Denmark) and 492 employees (31 December 2025) | Sourced | Reference 2 https://www.sec.gov/Archives/edgar/data/1453015/000162828026017045/ballard993123125annualinfo.htm |
| Listings (NASDAQ and TSX), as stated in the GeoPura announcement | Sourced | Reference 6 https://www.sec.gov/Archives/edgar/data/1453015/000127956926000579/ex991.htm |
| Revenue, gross margin, operating expenses, net loss and cash for 2023-2025; R&D expenses of US$58.7 million and capital expenditure of US$10.2 million | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1453015/000162828026017045/ballard40-f992123125mda.htm |
| 2025 revenue by market and region (bus US$50.0 million, rail US$25.5 million, stationary US$8.1 million, North America US$50.2 million, Europe US$43.6 million, China US$1.5 million and so on) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1453015/000162828026017045/ballard40-f992123125mda.htm |
| The 2026 outlook (operating expenses US$65-75 million, capital expenditure US$5-10 million, no revenue outlook, second-half weighting) and the backlog of US$119.3 million at the end of 2025 | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1453015/000162828026017045/ballard40-f992123125mda.htm |
| First-quarter 2026 revenue of US$19.4 million and 14% gross margin | Sourced | Reference 4 https://www.sec.gov/Archives/edgar/data/1453015/000127956926000371/ex991.htm |
| Second-quarter 2026 revenue of US$20.6 million, 20% gross margin, adjusted EBITDA of -US$9.8 million, backlog of US$156.6 million, cash of US$502.1 million, the 154-module GeoPura order and the target of profitability by the end of 2027 | Sourced | Reference 5 https://www.sec.gov/Archives/edgar/data/1453015/000127956926000723/ex991.htm |
| The GeoPura acquisition (£275 million upfront, £82.5 million in cash plus about 50.8 million shares, up to £27.5 million contingent, enterprise value £301.1 million, profitability by 2028, US$25 million of EBITDA synergies, 2026 revenue of about £38 million) | Sourced | Reference 6 https://www.sec.gov/Archives/edgar/data/1453015/000127956926000579/ex991.htm |
| Closing of the GeoPura acquisition (28 August 2026) and its HPU, hydrogen production, distribution and leasing | Sourced | Reference 7 https://www.sec.gov/Archives/edgar/data/1453015/000127956926000834/ex991.htm |
| The June 2026 stationary order (150 FCmove-HD+ modules of 100 kW; deliveries from the second half of 2026) | Sourced | Reference 8 https://www.sec.gov/Archives/edgar/data/1453015/000127956926000549/ex991.htm |
| Fleet360 (FCcare+ guarantees output for up to 250,000 miles), launched 1 October 2026 | Sourced | Reference 9 https://www.sec.gov/Archives/edgar/data/1453015/000127956926000942/ex991.htm |
| The 50 MW agreement with New Flyer (10 March 2026) and the FCmove-SC specifications (at least 75 kW, about 25,000 hours expected and so on) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1453015/000162828026017045/ballard40-f992123125mda.htm |
| The 31 July 2025 realignment (positive cash flow by the end of 2027, about 30% lower operating costs in 2026) | Sourced | References 1 and 2 https://www.sec.gov/Archives/edgar/data/1453015/000162828026017045/ballard40-f992123125mda.htm https://www.sec.gov/Archives/edgar/data/1453015/000162828026017045/ballard993123125annualinfo.htm |
| The cancelled Texas plant, termination of the DOE awards, the EU Innovation Fund grant (up to €113 million; final investment decision planned for the third quarter of 2027) | Sourced | Reference 2 https://www.sec.gov/Archives/edgar/data/1453015/000162828026017045/ballard993123125annualinfo.htm |
| Weichai (about 15.3% holding, 49% China JV, US$4.6 million write-off), Forsee Power, Wisdom and other investments | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1453015/000162828026017045/ballard40-f992123125mda.htm |
| The content and dates of orders from Solaris, Wrightbus, NFI, Sierra Northern and eCap Marine | Sourced | Reference 2 https://www.sec.gov/Archives/edgar/data/1453015/000162828026017045/ballard993123125annualinfo.htm |
| Product classes (MEA, FCgen, FCmove, FCwave), services and manufacturing sites (MEAs and bipolar plates made in Burnaby) | Sourced | Reference 2 https://www.sec.gov/Archives/edgar/data/1453015/000162828026017045/ballard993123125annualinfo.htm |
| PFAS in MEAs and other parts and the proposed European ban, platinum and palladium price effects, dependence on few customers and the expected industry consolidation | Sourced | Reference 2 https://www.sec.gov/Archives/edgar/data/1453015/000162828026017045/ballard993123125annualinfo.htm |
| The combined outlook including GeoPura, the state of PFAS-free MEA development and measured FCmove-SC life | Not yet confirmed | Not stated in the materials we checked; this article does not estimate them. https://www.sec.gov/Archives/edgar/data/1453015/000162828026017045/ballard40-f992123125mda.htm |
| The profitability target being stated as both end of 2027 and 2028 | Not yet confirmed | The inconsistency lies between company documents; we could not confirm which is correct. https://www.sec.gov/Archives/edgar/data/1453015/000127956926000723/ex991.htm https://www.sec.gov/Archives/edgar/data/1453015/000127956926000579/ex991.htm |
| The four-type classification of hydrogen companies (fuel cells and end-use equipment) | Our calculation | Our own classification. Company names are examples from this series |
| The reading that GeoPura aims to reduce dependence on equipment sales | Inference | Our own interpretation, based on the low gross margin and the acquisition announcement |
Last updated October 2026 / Troy Technical
Figures in this article come from Ballard Power Systems' Form 40-F for 2025 and its 2026 Form 6-K results and releases filed with the SEC. Amounts are kept in U.S. dollars (and pounds for GeoPura) and are not converted. No research-firm market estimates have been used. Product performance values are the company's stated values (including expectations and targets), and values on different conditions or scales are not set against one another. Company plans and targets are not yet confirmed and are not things that have happened. Passages marked "Inference" are this article's interpretation of primary sources. This article is not advice on handling hydrogen.