Canadian hydrogen fuel cell maker Ballard has cut its losses by 72% year-on-year while increasing revenues to almost $100m, after management changes and a focus on efficiency.

The company’s losses narrowed to $90.9m for the 12 months ended 31 December 2025, from $323.5m in 2024 after cash operating costs were cut by 32%.

The gains were primarily made in the fourth quarter, where Ballard logged $33.6m in revenues with a gross margin of 17%.

Fuel cell deliveries also grew 40% year-on-year, with almost 800 units.