Highlights (comparisons are to Q1 2025):
Revenue of $19.4 million, up 26% year over year ("YoY").
14% gross margin a 37-point improvement from Q1 2025.
36% reductions in Total Operating Expenses2.
Q1 ended with $516.8 million in cash and cash equivalents.
Positive momentum in bus market with New Flyer commercial agreement and strong traction with European OEM's
"In Q1, we made continued progress toward positive cash flow. Quarterly revenue grew 26% year over year, driven by increased engine shipments during the period. Disciplined cost management also contributed to an improvement in gross margins, which rose to 14%," said Marty Neese, Ballard's President and CEO. "These results build on the momentum established in 2025 and reinforce that we are on the right path."
"We continue to see strong momentum in the fuel cell bus market, supported by increasing long-term customer commitments. New Flyer's multi-year 50 MW agreement highlights accelerating fleet adoption in North America. In the U.K. and E.U., we are seeing strong traction with two additional bus OEMs that are advancing next‑generation hydrogen bus platforms powered by our FCmove®‑SC engine. They recognize the benefit of the FCmove®-SC engine to lower total cost of ownership through higher power density, enhanced durability, and simplified installation and maintenance. Together, these advancements support improved customer economics and position us for stronger margin performance over time," added Mr. Neese.
Mr. Neese continued, "Ballard maintains a leading position in the North American and European fuel cell bus markets, built on sustained commercial execution and technical leadership. Our engines have surpassed 300 million kilometers of real-world fleet operation, underscoring their durability and reliability in demanding applications."
He concluded, "We ended Q1 with $516.8 million in cash and no near- or mid-term financing requirements, providing a strong foundation to execute our strategy. This financial strength enables us to continue investing in product maturity, cost reduction, and customer success—key drivers of scalable growth and long-term value creation in hydrogen mobility."
Q1 2026 Financial Highlights(all comparisons are to Q1 2025 unless otherwise noted)
Total revenue was $19.4 million in the quarter, representing 26 % year‑over‑year growth, reflecting continued momentum across multiple end‑markets.
Bus revenue was $6.8 million, down 46% from Q1 2025, while Rail revenue increased to $5.1 million, a 4472% increase YoY.
Stationary revenue increased to $5.2 million, up 775% YoY, while Other Markets revenue grew to $2.4 million, up 6% YoY.
Gross margin was 14% in the quarter, an improvement of 37-points.
Total Operating Expenses2 were $16.4 million, a decrease of 36%.
Total Cash Used by Operating Activities was $7.8 million, compared to $24.4 million in the prior year, an improvement of 68 % YoY.
Cash and cash equivalents were $516.8 million at the end of Q1 2026, compared to $576.7 million in the prior year.
Adjusted EBITDA1 was ($11.4) million, compared to ($27.5) million in Q1 2025. The improvement in Adjusted EBITDA was driven primarily by margin and operating cost improvements.
Order Backlog at the end of Q1 2026 was $112.9 million, a decrease of 5% compared to the end of Q4 2025.
The 12-month Orderbook was $52.8 million at end of Q1, a decrease of $1.1 million or 2% from the end of Q4 2025.
Order Backlog ($M)
Order Backlog at End-Q4 2025
Orders Received in Q1 2026
Orders Delivered in Q1 2026
Order Backlog at End-Q1 2026
Total Fuel Cell Products & Services
$119.3
$12.9
$19.4
$112.9
2026 Outlook
Consistent with our ...
