Ballard Power Systems 4Q Loss Narrows, Revenue Rises on Rail

Dow Jones03-12

By Adriano Marchese

Ballard Power Systems logged a narrowed loss in the fourth quarter as rail performance drove revenue growth.

The fuel-cell technology company on Thursday posted a net loss from continuing operations of $17.5 million, or 6 cents a share, compared with a loss of $46.5 million, or 16 cents a share, in the comparable quarter a year earlier.

Adjusted loss before interest, taxes, depreciation and amortization from continuing operations was $11.6 million, compared with $36 million a year earlier. Analysts on FactSet expected the figure to reflect a loss of $23.4 million.

Total revenue rose 37% to $33.6 million, ahead of the $32.6 million expected by analysts.

Heavy-duty mobility revenue rose 70% in the quarter to $28.6 million, driven primarily by a jump in rail revenue.

Stationary revenue fell by more than half to $3.2 million.

Order backlog at the end of 2025 was $119.3 million.

Looking ahead to 2026, Ballard expects total operating expenses in a range of $65 million to $75 million, and capital expenditures of $5 million to $10 million.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

March 12, 2026 08:07 ET (12:07 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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Analysts on FactSet expected the figure to reflect a loss of $23.4 million. \n\n\n  Total revenue rose 37% to $33.6 million, ahead of the $32.6 million expected by analysts. \n\n\n  Heavy-duty mobility revenue rose 70% in the quarter to $28.6 million, driven primarily by a jump in rail revenue. \n\n\n  Stationary revenue fell by more than half to $3.2 million. \n\n\n  Order backlog at the end of 2025 was $119.3 million. \n\n\n  Looking ahead to 2026, Ballard expects total operating expenses in a range of $65 million to $75 million, and capital expenditures of $5 million to $10 million. \n\n\n \n\n\n  Write to Adriano Marchese at adriano.marchese@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  March 12, 2026 08:07 ET (12:07 GMT)\n\n\n  Copyright (c) 2026 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2618310191","isCrawlerRequest":true}