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Research Alert: Bldp Posts Mixed Q1 Performance, Though Margins Improved

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-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

BLDP delivered mixed Q1 2026 results with revenue up 26% Y/Y to $19.4M, missing consensus by $0.83M, while GAAP EPS of -$0.04 beat estimates by $0.02. Growth was supported by rail revenue surging to $5.1M from $0.1M and stationary power rising to $5.2M from $0.6M, though bus revenue declined 46% to $6.8M, reflecting ongoing market challenges. The most notable improvement was gross margins turning positive at 14% vs. -23% in Q1 2025, reflecting $6.4M improvement from cost reduction initiatives and global restructuring programs initiated in 2024-2025. Management provided 2026 guidance of $65M-$75M in operating expenses and $5M-$10M in capital expenditures, demonstrating continued cost discipline. We view the operational improvements positively, with operating cash usage improving significantly to $7.8M from $24.4M and operating expenses declining 37% Y/Y. The company maintains strong liquidity at $516.8M in cash, while backlog of $112.9M with 12-month book of $52.8M provides revenue visibility.

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