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 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 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.
Ballard Power Systems has appointed Ralph Robinett as Senior Vice President and Chief Operating Officer, effective April 13, 2026, replacing Lee Sweetland. Robinett brings more than 25 years of global operations, manufacturing, supply chain, and transformation leadership experience across advanced technology and clean energy businesses.
He previously served as Chief Operating Officer at GAF Energy, where he led manufacturing, supply chain, new product deployment, factory expansions, and automation design for a fast-growing solar roof business. Ballard’s CEO highlighted Robinett’s track record in scaling complex operations and improving productivity as the company continues executing its strategy and pursuing long-term growth in zero-emission PEM fuel cell solutions for mobility and stationary power.
Ballard Power Systems Inc. plans to hold a conference call on May 5, 2026 at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) to review its first quarter 2026 operating results. Investors can join via the toll-free number or through a live webcast on Ballard’s website.
Ballard Power Systems Inc. filed its Annual Report on Form 40-F, incorporating audited consolidated financial statements and Management’s Discussion and Analysis for the year ended December 31, 2025.
The filing states 300,784,816 common shares outstanding as of December 31, 2025, identifies KPMG LLP as the independent registered public accounting firm, notes the Company believes it was a PFIC for its most recently completed tax year, and discloses a revision to the Code of Ethics addressing conflicts of interest and a supplement for U.S. Department of Energy funded projects.