# Ballard Targets Adjusted EBITDA Profitability by End of 2027 and for Full-Year 2028

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/38572
Published: 2026-10-23T01:58:06.000Z
Updated: 2026-10-23T01:58:06.000Z
Section: Business

> Ballard targets a 30% compound annual growth rate in corporate revenue over the next two fiscal years and plans $80 million to $120 million to expand its Hydrogen Power Unit fleet.

Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) is targeting positive adjusted EBITDA by the end of 2027 and targets full-year adjusted EBITDA profitability in 2028, alongside revenue and margin goals announced at an Oct. 22 forum.

The company targets a 30% compound annual growth rate in corporate revenue over the next two fiscal years. It also aims for gross margins above 20% in 2027 and above 25% in 2028.

Ballard plans to invest $80 million to $120 million to expand its Hydrogen Power Unit (HPU) fleet. It expects to finance the planned expansion through asset-backed financing at a loan-to-value ratio above 80%.

For the second quarter of 2026, which ended June 30, 2026, adjusted EBITDA loss was $9.8 million, compared with $30.6 million in the year-earlier quarter. Revenue was $20.6 million, and gross margin was 20%. Adjusted EBITDA is a non-GAAP measure; GAAP does not prescribe a standardized calculation for it.

Ballard completed its acquisition of UK-based GeoPura in August. The deal added hydrogen power units, fuel supply capabilities and an Energy-as-a-Service model.