Ballard Power Systems Targets Profitability with GeoPura Acquisition

The acquisition, expected to close later this year, combines Ballard’s fuel cell technology with GeoPura’s established leasing model for hydrogen generators. President and CEO Marty Neese stated the move is designed to boost recurring service revenues and improve long-term financial stability. Ballard aims to reach corporate profitability by the end of 2027, bolstered by this expanded market reach and a strengthened order backlog now totaling $157 million.

Financial performance in the quarter showed signs of operational discipline, with gross margins rising to 20%—a 28-point improvement over the previous year. This growth was driven by cost-reduction initiatives and a shift toward higher-margin service contracts. While the company reported an adjusted EBITDA loss of $9.8 million, this reflects a significant narrowing from the $30.6 million loss recorded in the same period of 2025. Ballard ended the quarter with $502 million in cash, providing the necessary liquidity to navigate its ongoing transition.