Ballard Power Shifts to Revenue Ramp After Structural Reset -- Market Talk

Dow Jones03-13

0935 ET - Ballard Power Systems has finished its structural reset and is now in the revenue ramp-up phase. Jefferies analyst Dushyant Ailani says in a report that with 4Q gross margin turning positive and cash operating expenses down 41% year-over-year, the cost-base is largely right-sized, making 2026 a "run the playbook" year. The focus shifts to revenue growth across bus, stationary, rail, and material handling, supported by tighter commercial terms and systematic product cost-downs. The New Flyer contract is an example of "improved commercial discipline," but Ailani notes that revenue timing remains unclear, with some announcements pushed into 2026. Guidance for a 40/60 revenue split in 1H/2H suggests a back-half weighed ramp. (adriano.marchese@wsj.com)

(END) Dow Jones Newswires

March 13, 2026 09:35 ET (13:35 GMT)

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