Ballard targets positive adjusted EBITDA by end-2027

Ballard frames the objective in adjusted EBITDA terms, with a stated timeline spanning the end of 2027 and full-year 2028.

Rhea-AI Filing Summary

Ballard Power Systems (BLDP) held the Ballard Forum and said it is targeting adjusted EBITDA positivity “by the end of 2027 and full year 2028.”

Ballard says the target reflects current expectations and assumptions about financial forecasts, product development, manufacturing capacity and market demand. It identifies risks that could cause actual results to differ materially, including economic and regulatory changes, reliance on third parties, execution of business plans, and achieving and sustaining profitability.

Key Figures

Adjusted EBITDA target: Positive by the end of 2027 and full year 2028

1 metrics

Adjusted EBITDA target Positive by the end of 2027 and full year 2028 Target stated at the Ballard Forum

Key Terms

adjusted EBITDA, Energy-as-a-Service (EaaS), Hydrogen Power Units

3 terms

adjusted EBITDA financial

"targeting to become adj. EBITDA positive"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Energy-as-a-Service (EaaS) technical

"an integrated Energy-as-a-Service (EaaS) provider"

Energy-as-a-service (EaaS) is a business model where a provider installs, operates and maintains a customer's energy systems—like rooftop solar, batteries, or efficiency upgrades—and the customer pays a predictable fee or shares the savings instead of buying equipment outright. For investors it matters because EaaS turns one-time sales into ongoing, contract-based revenue and shifts performance and maintenance risk to the provider, creating potential for steady cash flow and scalable growth similar to a subscription business.

Hydrogen Power Units technical

"stationary Hydrogen Power Units"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When is Ballard (BLDP) targeting adjusted EBITDA positivity?

Ballard is targeting adjusted EBITDA positivity “by the end of 2027 and full year 2028.”

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/22/2026 - 08:39 AM EDT Accepted by SEC EDGAR 10/22/2026 - 08:38 AM EDT Learn about SEC filing dates

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of October 2026

Commission File Number: 000-53543

Ballard Power Systems Inc.
———————————————————————————————————

(Translation of registrant’s name into English)

9000 Glenlyon Parkway
Burnaby, BC
V5J 5J8
Canada

———————————————————————————————————
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:  
☐  Form 20-F   ☒  Form 40-F

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		Ballard Power Systems Inc.
Date: October 22, 2026	By:	/s/ Kate Igbalode
	Name:	Kate Igbalode
	Title:	Chief Financial Officer

EXHIBIT INDEX

Exhibit No.		Description
99.1		News Release Dated October 22, 2026 - Review of the Ballard Forum

Exhibit 99.1

 

Review of the Ballard Forum

Ballard is targeting to become adj. EBITDA positive by the end of 2027 and full year 2028.

VANCOUVER, BC, Oct. 22, 2026 /CNW/ - Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) today held the Ballard Forum. Notable highlights included:

• Expanded Business Model: Ballard's business model has grown to add Energy-as-a-Service to existing equipment sales and services. 

• Accelerating Revenue Growth: Ballard is targeting a 30% Compound Annual Growth Rate (CAGR) in corporate revenue over the next two fiscal years.

• Expanding Margin Profile: The Company anticipates gross margins exceeding 20% in 2027, scaling to greater than 25% by 2028.

• Strategic Fleet Expansion: Ballard plans to allocate $80 million to $120 million in capital expenditures to expand its Hydrogen Power Unit (HPU) fleet, with optionality in pace of investment. This investment is expected to be financed through asset-backed finance at greater than 80% loan to value, minimizing the cash outlay.

• Prudent Capital Allocation and Cash Management: There is no immediate need to invest in manufacturing expansion or hydrogen production. Cash use for operating costs is expected to decrease over time as margins and revenue grow.

• Path to Profitability: Ballard is targeting Adjusted EBITDA profitability by the end of 2027, sustaining full-year profitability throughout 2028.

About Ballard Power Systems
Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) is a global leader in zero-emission hydrogen energy solutions and an integrated Energy-as-a-Service (EaaS) provider. Together, with its wholly owned subsidiary, GeoPura Ltd., Ballard delivers turnkey, vertically integrated hydrogen ecosystem solutions spanning hydrogen production, logistics, refueling, zero-emission fuel cell engines, and stationary Hydrogen Power Units.

Ballard powers critical off-grid, stationary applications - including construction, events, film sets, healthcare, defense, temporary power infrastructure, and supplies fuel cell engines for heavy-duty mobility applications such as bus, rail, and marine. With an EaaS model, combined with cutting-edge technology across the hydrogen value chain, Ballard decarbonizes mission-critical operations worldwide. To learn more about Ballard, visit www.ballard.com.

This release contains forward-looking statements concerning anticipated product and service attributes, product deliveries, and deployments. These forward-looking statements reflect Ballard's current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such forward-looking statements are based on Ballard's assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand.

These statements involve risks and uncertainties that may cause Ballard's actual results to be materially different, including general economic and regulatory changes, detrimental reliance on third parties, successfully achieving our business plans and achieving and sustaining profitability. For a detailed discussion of these and other risk factors that could affect Ballard's future performance, please refer to Ballard's most recent Annual Information Form. Readers should not place undue reliance on Ballard's forward-looking statements and Ballard assumes no obligation to update or release any revisions to these forward-looking statements, other than as required under applicable legislation.

Further Information
Sumit Kundu -Investor Relations +1.604.360.9714 or investors@ballard.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/review-of-the-ballard-forum-302916655.html

SOURCE Ballard Power Systems Inc.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/October2026/22/c3463.html

%CIK: 0001453015

CO: Ballard Power Systems Inc.

CNW 07:30e 22-OCT-26

Filing Exhibits & Attachments

1 document

Press Releases

• EX-991 NEWS RELEASE DATED OCTOBER 22, 2026 7.8 KB