Ballard Keys on Service Revenue as Installed Fuel-Cell Base Grows -- Market Talk

Dow Jones03-12

1137 ET - Ballard Power Systems is accelerating its focus on service-based revenue. With thousands of fuel-cell units now operating in the field and more than 250 million kilometers of real-world runtime, the foundation has reached a scale where long-term support--such as training, operations monitoring and parts supply--is becoming increasingly lucrative. This growing aftermarket opportunity gives Ballard a steadier, recurring revenue stream and provides higher margins that complements new engine sales and reduces reliance on customer orders. The service supported a 37% rise in revenue in 4Q, with a strong performance in its heavy-duty segment, topping expectations. Shares are up over 12% to C$3.27. (adriano.marchese@wsj.com)

(END) Dow Jones Newswires

March 12, 2026 11:37 ET (15:37 GMT)

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