Welcome to our dedicated page for Ballard Power SEC filings (Ticker: BLDP), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Ballard Power Systems Inc. filings document a Canadian foreign private issuer that reports to the SEC through Form 6-K submissions and related registration statements. Recent reports furnish IFRS interim financial statements, management's discussion and analysis, operating results, revenue by market activity, cash, working capital, inventories, deferred revenue, provisions, investments and other balance-sheet items.
The filing record also includes proxy materials for the annual meeting, covering director elections, auditor appointment, executive compensation, equity-based compensation plans, voting procedures, corporate governance and the board mandate. Other 6-K exhibits record product and customer announcements, conference-call notices, senior operating leadership changes and risk-factor references tied to Ballard's PEM fuel cell business.
Ballard Power Systems' major shareholder Weichai, through Weichai Hong Kong, now beneficially owns 31,102,826 common shares, representing 10.32% of Ballard’s outstanding stock. The shares are owned by Weichai Hong Kong, with shared voting and disposal power by Weichai Power and Shandong Heavy Industry Group.
This amendment reports additional open-market sales, including 3,897,000 shares sold on May 15, 2026 under Rule 144, which contributed to a reduction of over one percentage point in the group’s aggregate beneficial ownership. Over the past sixty days, Weichai Hong Kong sold a total of 15,028,886 Ballard shares in open-market trades at prices slightly above $4 per share.
Weichai-affiliated shareholders have updated their ownership in Ballard Power Systems following significant open-market sales of common shares. Weichai Hong Kong, Weichai Power and Shandong Heavy Industry Group now beneficially own 34,999,826 common shares, representing 11.61% of Ballard’s outstanding 301,475,849 shares.
The amendment reports additional open-market sales by Weichai Hong Kong of 4,253,000 shares under Rule 144 that reduced their beneficial ownership by more than one percentage point. Over the past 60 days, Weichai Hong Kong sold 11,131,886 shares in multiple trades at prices around $4.17–$4.27 per share.
Because Weichai Hong Kong beneficially owned less than 15% of Ballard’s common shares as of May 8, 2026, its contractual right to designate two directors ended. As a result, Weichai-appointed directors Michael Chen and Huajie Wang resigned from Ballard’s board, leaving no current directors appointed by Weichai Hong Kong.
Ballard Power Systems reported that Weichai Power’s two nominee directors, Michael Chen and Huajie Wang, have resigned from Ballard’s board, effective May 13. The change follows Weichai’s sale of approximately 6.9 million Ballard common shares through its subsidiary Weichai Power Hong Kong International Development.
After this sale, Weichai now holds less than 15% of Ballard’s outstanding shares. Under the investor rights agreement between the companies, this lower ownership level means Weichai is no longer entitled to appoint directors, ending its formal board representation. Ballard emphasized its ongoing focus on fuel cell commercialization and zero-emission solutions.
Weichai-affiliated entities report an updated stake in Ballard Power Systems Inc. following recent share sales. Weichai Power Hong Kong International Development Co., Limited, together with Weichai Power Co., Ltd. and Shandong Heavy Industry Group Co., Ltd., now beneficially own 39,252,826 Ballard common shares, representing 13.02% of the company’s 301,475,849 shares outstanding.
During the sixty days before this amendment, Weichai Hong Kong sold 6,878,886 shares in open-market trades on May 8, 11, and 12, 2026. Falling below the 15% ownership threshold means Weichai’s two designated directors, Michael Chen and Huajie Wang, will resign from Ballard’s board within 10 business days after May 8, 2026, ending Weichai’s direct board representation.
Ballard Power Systems reported that UK bus manufacturer Wrightbus has formally nominated Ballard as fuel cell supplier for its next-generation StreetDeck Hydroliner Gen 3.0 hydrogen bus platform. The buses will integrate Ballard's new FCmove®-SC hydrogen fuel cell engine, with series production planned to begin in 2027.
The FCmove®-SC engine is described as delivering higher efficiency, extended durability and a simplified system architecture aimed at lowering total cost of ownership for long-range, high-utilization bus operations. Ballard notes that more than 2,200 fuel cell buses worldwide currently use its technology, having logged over 300 million kilometers with 98% availability and no reported safety incidents.
Ballard Power Systems filed a report describing a new step in its partnership with European bus maker Solaris Bus & Coach. Solaris has formally selected Ballard as the fuel cell supplier for its next-generation hydrogen bus platform, integrating Ballard's FCmove®-SC hydrogen fuel cell engine into the Solaris Generation 2 FCEV bus.
The sale of engines is incorporated into an update of the existing long-term service agreement, which is extended to 2029 to align with next-generation bus deliveries and newly adjusted commercial terms. Ballard highlights the FCmove®-SC engine's higher efficiency, extended durability, and simplified system architecture, aimed at lowering total cost of ownership for transit operators, especially on long-range, high-utilization routes.
Ballard notes that its fuel cells now power more than 2,200 buses worldwide, which have collectively logged over 300 million kilometers with 98% availability, supported by its Fleet Services offering.
Ballard Power Systems reported stronger Q1 2026 results, with total fuel cell products and services revenue of $19.4 million, up 26% from Q1 2025, driven mainly by higher rail and stationary shipments.
Gross margin improved to 14%, or $2.8 million, compared with a negative margin a year ago, while total operating expenses fell to $16.4 million. Adjusted EBITDA loss narrowed to -$11.4 million and net loss from continuing operations also improved to -$11.4 million, or -$0.04 per share.
The company ended the quarter with $516.8 million in cash and an order backlog of $112.9 million. For 2026, it guides total operating expenses of $65–$75 million and capital expenditures of $5–$10 million, and expects revenue to be weighted toward the second half of the year.
Ballard Power Systems reported stronger Q1 2026 results, with total fuel cell products and services revenue of $19.4 million, up 26% from Q1 2025, driven mainly by higher rail and stationary shipments.
Gross margin improved to 14%, or $2.8 million, compared with a negative margin a year ago, while total operating expenses fell to $16.4 million. Adjusted EBITDA loss narrowed to -$11.4 million and net loss from continuing operations also improved to -$11.4 million, or -$0.04 per share.
The company ended the quarter with $516.8 million in cash and an order backlog of $112.9 million. For 2026, it guides total operating expenses of $65–$75 million and capital expenditures of $5–$10 million, and expects revenue to be weighted toward the second half of the year.
Ballard Power Systems reported first quarter 2026 revenue of $19.4 million, up 26% year over year, driven by stronger rail and stationary sales partially offset by lower bus revenue. Gross margin improved to $2.8 million, or 14% of revenue, from a negative margin a year earlier as product cost reductions and prior restructuring lowered manufacturing overhead.
Operating expenses excluding other items fell 37% to $15.8 million, mainly from reduced research and product development and sales and marketing spending following 2024–2025 restructurings. Adjusted EBITDA loss narrowed to ($11.4) million from ($27.5) million, and net loss improved to ($11.4) million, or ($0.04) per share, from ($21.0) million, or ($0.07) per share.
Ballard ended the quarter with $516.8 million of cash and cash equivalents and total liquidity of about $520.9 million, after using $7.8 million in operating cash. For 2026, management expects total operating expenses of $65–$75 million and capital expenditures of $5–$10 million, supported by an order backlog of approximately $112.9 million and a 12‑month order book of about $52.8 million. The company also announced a commercial agreement with New Flyer for 500 FCmove-HD+ fuel cell engines totaling 50 MW for hydrogen buses in North America.
Ballard Power Systems reported first quarter 2026 revenue of $19.4 million, up 26% year over year, driven by stronger rail and stationary sales partially offset by lower bus revenue. Gross margin improved to $2.8 million, or 14% of revenue, from a negative margin a year earlier as product cost reductions and prior restructuring lowered manufacturing overhead.
Operating expenses excluding other items fell 37% to $15.8 million, mainly from reduced research and product development and sales and marketing spending following 2024–2025 restructurings. Adjusted EBITDA loss narrowed to ($11.4) million from ($27.5) million, and net loss improved to ($11.4) million, or ($0.04) per share, from ($21.0) million, or ($0.07) per share.
Ballard ended the quarter with $516.8 million of cash and cash equivalents and total liquidity of about $520.9 million, after using $7.8 million in operating cash. For 2026, management expects total operating expenses of $65–$75 million and capital expenditures of $5–$10 million, supported by an order backlog of approximately $112.9 million and a 12‑month order book of about $52.8 million. The company also announced a commercial agreement with New Flyer for 500 FCmove-HD+ fuel cell engines totaling 50 MW for hydrogen buses in North America.
Ballard Power Systems Inc. has called a fully virtual 2026 annual meeting for June 3, 2026, at 1:00 p.m. PDT. Shareholders will vote on electing eight directors, re-appointing KPMG LLP as external auditor, and approving an advisory “say‑on‑pay” resolution on executive compensation.
The circular details a largely independent board, majority voting for directors, and a target of 30% women directors versus 25% currently. It outlines director fees paid mostly in DSUs, strong board and committee attendance, and extensive governance practices, including annual board evaluations and an updated executive clawback and anti‑hedging framework.
Executive pay remains heavily performance-based. A new CEO, Marty Neese, was appointed in 2025, with reduced ongoing target pay versus his predecessor but additional one‑time recruitment incentives and PSUs tied to transformation goals. The 2025 corporate scorecard paid at 104% of target, reflecting revenue, margin, and cost achievements.