Ballard Power reports 26% revenue growth and improved margins in Q1 2026, driven by fuel cell engine sales.

Ballard Power Systems announced a 26% year-over-year revenue increase to $19.4 million in Q1 2026, with a gross margin improvement to 14% and a 36% reduction in operating expenses. Growth was driven by strong fuel cell engine shipments, especially in rail and stationary markets, despite a decline in bus revenue. The company ended the quarter with $516.8 million in cash and no near-term financing needs, positioning it well for continued investment and growth in hydrogen fuel cell technology. Ballard expects 2026 revenue to be weighted toward the second half of the year and continues to focus on cost control and product development.