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# Ballard Targets Adjusted EBITDA Profit By End Of 2027 And Gross Margin Above 25% By 2028
- URL: https://www.bullished.co/ballard-targets-adjusted-ebitda-profit-by-end-of-2027-and-gross-margin-above-25-by-2028-bafe1db3/
- Published: 2026-10-22T12:41:48.000Z
- Updated: 2026-10-22T12:41:48.000Z
- Description: The hydrogen company also set a 30% revenue growth goal and plans $80 million to $120 million in fleet spending, mostly debt-funded.
- Author: Matteo Parrino
- Tags: SEC Filings, BLDP, Industry: Industrials

[Ballard Power Systems](https://www.bullished.co/tag/bldp/) said Thursday, after its Ballard Forum, that it aims to turn [adjusted EBITDA positive](https://www.sec.gov/Archives/edgar/data/1453015/000127956926000997/ex991.htm?ref=bullished.co) by the end of 2027 and stay there for the full year 2028\. The release was furnished to the SEC on Form 6-K.

## The targets Ballard set

The company wants corporate revenue to compound at 30% a year across the next two fiscal years.

It expects gross margins above 20% in 2027, rising to more than 25% by 2028.

The company said its business model now includes Energy-as-a-Service on top of equipment sales and services.

## How the fleet expansion would be paid for

Ballard plans to spend [$80 million to $120 million](https://www.sec.gov/Archives/edgar/data/1453015/000127956926000997/ex991.htm?ref=bullished.co) in capital spending to grow its Hydrogen Power Unit fleet, and said it has flexibility on the pace of that investment.

The company expects to fund it through asset-backed finance, meaning loans secured by the equipment, at a loan-to-value above 80%. Ballard said that keeps the cash outlay small.

Ballard said it does not need to put money into new factories or hydrogen production right now. It expects operating cash burn to shrink as margins and revenue improve.

## What it changes for holders

The release gives holders a dated profitability goal, which is adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, with company adjustments) positive by the end of 2027\. It then targets profit for all of 2028.

The release lists "achieving and sustaining profitability" among the risks that could make actual results differ. Ballard's market cap was $534 million as of 8:39 a.m. ET Thursday.

Ballard's release points readers to its most recent Annual Information Form for the full list of risks behind these targets.

### Sources

- [Form 6-K — Ballard is targeting to become adj. EBITDA positive by the end of 2027 and full year 2028.](https://www.sec.gov/Archives/edgar/data/1453015/000127956926000997/ex991.htm?ref=bullished.co) — SEC EDGAR
- [Ballard Power Systems Expects Gross Margins O...](https://www.benzinga.com/news/26/10/62521708/ballard-power-systems-expects-gross-margins-20-2027-scaling-25-2028-plans-allocate-80m-120m-capex-ex?ref=bullished.co) — benzinga.com
- [Ballard and GeoPura put clean energy center stage in a hydrogen-powered summer of music and sport](https://www.prnewswire.com/news-releases/ballard-and-geopura-put-clean-energy-center-stage-in-a-hydrogen-powered-summer-of-music-and-sport-302915027.html?ref=bullished.co) — prnewswire.com
- [Stocks in play: Ballard Power Systems](https://ca.finance.yahoo.com/news/stocks-play-ballard-power-systems-144000754.html?ref=bullished.co) — Yahoo Finance
- [Review of the Ballard Forum](https://www.prnewswire.com/news-releases/review-of-the-ballard-forum-302916655.html?ref=bullished.co) — prnewswire.com

### More on Ballard Power Systems

- [Ballard's GeoPura Ran Hydrogen Power At Boomtown, Edinburgh Summer Sessions And The Solheim Cup](https://www.bullished.co/ballards-geopura-ran-hydrogen-power-at-boomtown-edinburgh-summer-sessions-and-the-solheim-559d1e98/)
- [Siemens Mobility Orders 24 Ballard Fuel Cell Modules For 12 Romanian Hydrogen Trains](https://www.bullished.co/siemens-mobility-orders-24-ballard-fuel-cell-modules-for-12-romanian-hydrogen-trains/)

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