National Bank Calls Ballard Power's New Flyer Deal a Positive Development
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 23 hours ago
0mins
Should l Buy BLDP?
National Bank views Ballard Power's agreement with New Flyer as a "positive development." The deal could bring Ballard $35M-$50M of revenue, the analyst tells investors in a research note. The firm views Ballard's bus segment as its "most commercially advanced end market." It has a Sector Perform rating on the shares with a $3.15 price target.
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Analyst Views on BLDP
Wall Street analysts forecast BLDP stock price to rise
4 Analyst Rating
0 Buy
4 Hold
0 Sell
Hold
Current: 1.970
Low
2.50
Averages
2.93
High
3.30
Current: 1.970
Low
2.50
Averages
2.93
High
3.30
About BLDP
Ballard Power Systems Inc. is engaged in the design, development, manufacture, sale and service of proton exchange membrane (PEM) fuel cell products for a variety of applications, focusing on power products for bus, truck, rail, marine, stationary and emerging market (material handling, off-road and other) applications, as well as the delivery of services, including technology solutions, after sales services and training. The Company operates through fuel cell products and services segment. Embedded in each Ballard fuel cell product lies a stack of unit cells designed with its PEM fuel cell technology that includes membrane electrode assemblies, catalysts, plates, and other key components, and draw on intellectual property from its patent portfolio, together with its experience and know-how, in key areas of PEM fuel cell stack design, operation, production processes and systems integration.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Ballard Power Systems to Announce Q4 Earnings on March 12
- Earnings Announcement: Ballard Power Systems is set to release its Q4 2023 earnings on March 12 before market open, with consensus EPS estimate at -$0.08 and revenue forecast at $32.24 million, reflecting a 31.6% year-over-year growth.
- Performance Expectations: Over the past year, Ballard has only beaten EPS estimates 25% of the time, while achieving revenue beats 50% of the time, indicating uncertainty in its profitability trajectory.
- Estimate Revision Trends: In the last three months, EPS estimates have seen no upward revisions and two downward adjustments, while revenue estimates experienced two upward revisions and one downward, suggesting a cautious market outlook on the company's performance.
- Commercial Agreement Impact: The agreement with New Flyer for 50 MW of fuel cell bus engines is expected to enhance Ballard's market share and brand presence in the clean energy sector, potentially driving future growth opportunities.
See More
Ballard Power Secures Agreement with New Flyer for Fuel Cell Bus Engines
- Commercial Agreement: Ballard Power Systems has signed an agreement with New Flyer to supply 50 MW of fuel cell bus engines, which is expected to enhance the company's market share in the clean energy transportation sector.
- Financial Outlook: With the implementation of this new agreement, Ballard Power anticipates revenue growth in the coming quarters, strengthening its competitive position in the renewable energy market.
- Historical Performance Review: Historical financial data indicates that Ballard Power has maintained stable performance over recent quarters, showcasing its ongoing innovation in fuel cell technology.
- Industry Impact Analysis: This collaboration not only boosts Ballard Power's brand influence but may also stimulate growth across the fuel cell industry, encouraging more companies to focus on clean energy solutions.
See More
Ballard Power Q4 Earnings Beat Expectations with Heavy Duty Mobility Revenue Surge
- Significant Revenue Growth: Ballard Power Systems reported Q4 revenue of $33.6 million, a 37.1% year-over-year increase that exceeded expectations by $1.36 million, indicating strong performance in the heavy-duty mobility sector.
- Heavy Duty Mobility Surge: Heavy-duty mobility revenue reached $28.6 million, up 70% year-over-year, with bus and rail revenues particularly notable, the latter soaring 892% to $10.8 million, reflecting sustained market demand.
- Robust Order Backlog: As of the end of 2025, the order backlog stood at $119.3 million, reflecting strong Q4 shipment activity and solid new order intake of $20.1 million, showcasing the company's growth potential.
- Operating Expense Guidance: For 2026, total operating expenses are projected to be between $65 million and $75 million, with capital expenditures between $5 million and $10 million, indicating a cautious financial management approach as the company expands its operations.
See More
Ballard Reports Significant Revenue Growth in 2025 Financial Results
- Revenue Growth: Ballard's Q4 revenue reached $33.6 million, totaling $99.4 million for 2025, reflecting a 37% increase from 2024, indicating strong demand and growth potential in the hydrogen fuel cell market.
- Margin Improvement: The gross margin improved to 17% in Q4 and 5% for the full year, marking increases of 30 and 37 percentage points from 2024, respectively, showcasing significant progress in cost control and operational efficiency.
- Cost Structure Optimization: Cash operating costs decreased by 41% year-over-year in Q4 and 32% for the full year, demonstrating Ballard's success in optimizing its cost structure, laying the groundwork for future profitability.
- Increased Order Backlog: The order backlog reached $132.8 million by the end of Q4 2025, reflecting strong market demand for Ballard's products and enhancing the predictability and stability of future revenues.
See More
Ballard Power Reports Strong Q4 and 2025 Financial Results
- Significant Revenue Growth: In Q4 2025, Ballard Power reported revenue of $33.6 million, bringing the total for the year to $99.4 million, a 37% increase from 2024, indicating strong demand and sustained growth potential in the hydrogen fuel cell market.
- Improved Gross Margins: The gross margin for Q4 improved to 17%, with an annual margin of 5%, reflecting a 30 and 37 percentage point increase from 2024, respectively, showcasing significant progress in cost control and operational efficiency.
- Dramatic Reduction in Cash Operating Costs: Cash operating costs decreased by 41% year-over-year in Q4 and by 32% for the full year, demonstrating effective measures in optimizing the cost structure and laying a foundation for future profitability.
- Growing Order Backlog: As of Q4 2025, the order backlog reached $132.8 million, indicating increasing competitiveness and customer trust in the company, which is expected to lead to higher future revenues and profits.
See More
Major Earnings Reports Expected Thursday After the Bell
- Earnings Report Preview: Major companies including Li Auto (LI), SNDL, and Dollar General (DG) are set to release earnings after the bell on Thursday, with market participants keenly observing their performance and potential stock price impacts.
- Diverse Company Participation: In addition to Li Auto and Dollar General, Ballard Power Systems (BLDP) and DICK'S Sporting Goods (DKS) are also on the earnings release list, indicating a diverse range of industry involvement.
- Market Reaction Expectations: Investors will closely monitor these earnings reports to assess company performance in the current economic climate, particularly in light of shifts in consumer behavior and energy sectors.
- Comprehensive Earnings Calendar: Seeking Alpha provides a full earnings season calendar, assisting investors in tracking upcoming earnings information to optimize their investment decisions.
See More
Ballard Power Systems to Announce Q4 Earnings on March 12
- Earnings Announcement: Ballard Power Systems is set to release its Q4 2023 earnings on March 12 before market open, with consensus EPS estimate at -$0.08 and revenue forecast at $32.24 million, reflecting a 31.6% year-over-year growth.
- Performance Expectations: Over the past year, Ballard has only beaten EPS estimates 25% of the time, while achieving revenue beats 50% of the time, indicating uncertainty in its profitability trajectory.
- Estimate Revision Trends: In the last three months, EPS estimates have seen no upward revisions and two downward adjustments, while revenue estimates experienced two upward revisions and one downward, suggesting a cautious market outlook on the company's performance.
- Commercial Agreement Impact: The agreement with New Flyer for 50 MW of fuel cell bus engines is expected to enhance Ballard's market share and brand presence in the clean energy sector, potentially driving future growth opportunities.
See More
Ballard Power Secures Agreement with New Flyer for Fuel Cell Bus Engines
- Commercial Agreement: Ballard Power Systems has signed an agreement with New Flyer to supply 50 MW of fuel cell bus engines, which is expected to enhance the company's market share in the clean energy transportation sector.
- Financial Outlook: With the implementation of this new agreement, Ballard Power anticipates revenue growth in the coming quarters, strengthening its competitive position in the renewable energy market.
- Historical Performance Review: Historical financial data indicates that Ballard Power has maintained stable performance over recent quarters, showcasing its ongoing innovation in fuel cell technology.
- Industry Impact Analysis: This collaboration not only boosts Ballard Power's brand influence but may also stimulate growth across the fuel cell industry, encouraging more companies to focus on clean energy solutions.
See More
Ballard Power Q4 Earnings Beat Expectations with Heavy Duty Mobility Revenue Surge
- Significant Revenue Growth: Ballard Power Systems reported Q4 revenue of $33.6 million, a 37.1% year-over-year increase that exceeded expectations by $1.36 million, indicating strong performance in the heavy-duty mobility sector.
- Heavy Duty Mobility Surge: Heavy-duty mobility revenue reached $28.6 million, up 70% year-over-year, with bus and rail revenues particularly notable, the latter soaring 892% to $10.8 million, reflecting sustained market demand.
- Robust Order Backlog: As of the end of 2025, the order backlog stood at $119.3 million, reflecting strong Q4 shipment activity and solid new order intake of $20.1 million, showcasing the company's growth potential.
- Operating Expense Guidance: For 2026, total operating expenses are projected to be between $65 million and $75 million, with capital expenditures between $5 million and $10 million, indicating a cautious financial management approach as the company expands its operations.
See More
Ballard Reports Significant Revenue Growth in 2025 Financial Results
- Revenue Growth: Ballard's Q4 revenue reached $33.6 million, totaling $99.4 million for 2025, reflecting a 37% increase from 2024, indicating strong demand and growth potential in the hydrogen fuel cell market.
- Margin Improvement: The gross margin improved to 17% in Q4 and 5% for the full year, marking increases of 30 and 37 percentage points from 2024, respectively, showcasing significant progress in cost control and operational efficiency.
- Cost Structure Optimization: Cash operating costs decreased by 41% year-over-year in Q4 and 32% for the full year, demonstrating Ballard's success in optimizing its cost structure, laying the groundwork for future profitability.
- Increased Order Backlog: The order backlog reached $132.8 million by the end of Q4 2025, reflecting strong market demand for Ballard's products and enhancing the predictability and stability of future revenues.
See More
Ballard Power Reports Strong Q4 and 2025 Financial Results
- Significant Revenue Growth: In Q4 2025, Ballard Power reported revenue of $33.6 million, bringing the total for the year to $99.4 million, a 37% increase from 2024, indicating strong demand and sustained growth potential in the hydrogen fuel cell market.
- Improved Gross Margins: The gross margin for Q4 improved to 17%, with an annual margin of 5%, reflecting a 30 and 37 percentage point increase from 2024, respectively, showcasing significant progress in cost control and operational efficiency.
- Dramatic Reduction in Cash Operating Costs: Cash operating costs decreased by 41% year-over-year in Q4 and by 32% for the full year, demonstrating effective measures in optimizing the cost structure and laying a foundation for future profitability.
- Growing Order Backlog: As of Q4 2025, the order backlog reached $132.8 million, indicating increasing competitiveness and customer trust in the company, which is expected to lead to higher future revenues and profits.
See More
Major Earnings Reports Expected Thursday After the Bell
- Earnings Report Preview: Major companies including Li Auto (LI), SNDL, and Dollar General (DG) are set to release earnings after the bell on Thursday, with market participants keenly observing their performance and potential stock price impacts.
- Diverse Company Participation: In addition to Li Auto and Dollar General, Ballard Power Systems (BLDP) and DICK'S Sporting Goods (DKS) are also on the earnings release list, indicating a diverse range of industry involvement.
- Market Reaction Expectations: Investors will closely monitor these earnings reports to assess company performance in the current economic climate, particularly in light of shifts in consumer behavior and energy sectors.
- Comprehensive Earnings Calendar: Seeking Alpha provides a full earnings season calendar, assisting investors in tracking upcoming earnings information to optimize their investment decisions.
See More
