08:36 AM EDT, 03/12/2026 (MT Newswires) -- Ballard Power Systems ( BLDP ) said Thursday that fourth-quarter net loss improved as revenue jumped.

The company said net loss contracted 62% to US$17.5 million, or US$0.06 per share, from a loss of US$46.5 million, or US$0.16 per share, in the prior year period. Analysts polled by FactSet had expected a loss of US$0.08 per share.

Revenue jumped 37% to $33.6 million, beating the US$32.6 million forecast. Ballard said fourth-quarter deliveries grew 37% driven by continued demand for the company's power products portfolio, which now represents more than 99% of backlog.

For 2026, Ballard is guiding to operating expenses of between US$65 million to US$75 million, with capital expenditures to range between US$5 million to US$10 million.

"We exited the year with strong operational execution, improved financial performance, and a more commercially disciplined foundation that positions us for sustainable growth," said chief executive Marty Neese. "Q4 revenue reached $33.6 million, bringing our full year total to $99.4 million. We saw gross margins improve to 17% for the quarter and achieved positive 5% for the full year, marking significant improvements from 2024. This result was driven by nearly 40% year-over-year growth in megawatts delivered, reaching almost 800 engines, continuing our upward delivery growth trajectory and setting a new production record for Ballard."