Fuel cell manufacturer Ballard Power Systems posted revenue of $20.6 million in the second quarter (2Q) of 2026, an increase of 15.4% year-over-year (YoY) from $17.8 million.

The company attributed the growth to an increase in bus, stationary, and other markets, in particular materials handling.

The revenue, however, missed analysts’ expectations by over 18%.

The company’s loss narrowed by 16.3% to $20.3 million during the quarter, compared to $24.3 million during the same period a year ago.

The adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) were $9.8 million, compared to $30.6 million in Q2 2025. The improvement in adjusted EBITDA was driven primarily by margin and operating cost improvements.

Earnings per share for the quarter stood at a loss of $0.07, compared to $0.08 during the same period in 2025.

The total operating expenses were $20.9 million, a 34% YoY decrease, reflecting lower global operating costs.

The company’s backlog at the end of the quarter was $156.6 million, an increase of 38.8% compared to the end of Q1 2026.

The bus revenue for the quarter was $9.7 million, up 9% YoY, while rail revenue for the quarter stood at $4.1 million, down 43% YoY.

The stationary revenue was $1.8 million, up 230% from Q2 2025.

Commenting on the results, Marty Neese, President and Chief Executive Officer, said, “This quarter marks a transformative milestone for Ballard, highlighted by our announced agreement to acquire GeoPura. The acquisition is anticipated to be a significant step forward in our strategy, combining Ballard’s industry-leading fuel cell technology with GeoPura’s proven energy-as-a-service and hydrogen genset leasing model. Following the forecasted acquisition completion, the realization of strategic and commercial benefits is expected to support our objective of achieving profitability by the end of 2027.”

First Half (1H) 2026

Ballard posted revenue of $40 million in the first half (1H) of 2026, an increase of 20.4% compared to $33.2 million the year before.

The company posted a loss of $31.7 million, down 30.1% YoY from $45.3 million.

Earnings per share for the first half of 2026 stood at $0.11, down 26.7% from $0.15.

Outlook for 2026

The company expects revenue to be roughly 60% back-half weighted for the year. Total operating expenses are expected to be between $65 million and $75 million, and capital expenditure between $5 million and $10 million. Ballard expects to update this guidance after it closes the GeoPura acquisition, which it anticipates will be later this year.

Ballard’s revenue surged 26% YoY to $19.4 million in Q1 of 2026, from $15.4 million on the back of higher deliveries to its rail and bus verticals.