Fuel cell manufacturer Ballard Power Systems’ revenue surged 26% year-over-year (YoY) to $19.4 million in the first quarter (Q1) of 2026, from $15.4 million on the back of higher deliveries to its rail and bus verticals. Marty Neese, Ballard’s President and CEO, said that increased engine shipments drove the company’s revenue growth in the quarter. Revenue from the rail segment increased to $5.1 million from $100,000 in the same quarter last year. Revenue from the stationary power business rose to $5.2 million from $600,000 last year.
