For the second quarter of 2026, analysts anticipate Ballard Power Systems will report consensus revenue of $19.8 million and an EPS loss of $0.04, while the stock trades at $1.65 relative to a $2.85 average analyst price target.
Investors are primarily focused on the company’s total order backlog, specifically looking for growth in new hydrogen fuel cell contracts within the heavy-duty transit and rail sectors. Recent performance has been hampered by high operating expenses and delayed hydrogen infrastructure deployment, though increased subsidies in European markets offer a potential catalyst. Management's outlook on the trajectory of gross margins remains critical as the company works toward future profitability.