Cash and cash equivalents ended June 2026 at USD 502.1 million, down USD 25 million year-to-date, with USD 19.2 million used in operating activities.
Q2 revenue rises, gross margin turns positive
Ballard posted Q2 2026 revenue of USD 20.6 million, up 15%, driven by higher bus, stationary, and other-market sales, partly offset by weaker rail.
Gross margin swung to USD 4.1 million, or 20%, from a loss, reflecting product cost cuts, lower overhead from restructuring, and warranty and inventory provision adjustments.
Operating expenses fall on restructuring actions
Operating expenses fell 34% to USD 16.8 million, led by lower R&D and sales and marketing spending tied to workforce reductions and program rationalization.
Net loss narrowed to USD 20.3 million from USD 24.3 million, despite USD 3.9 million of acquisition-related costs and weaker investment mark-to-market results.
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