Ballard Power Surges as Weichai's Exit Reshapes Board and Bus Order Book Swells

Ballard Power surged 8% after Weichai sold millions of shares, reducing board influence. Q1 revenue grew 25%, margins improved, stock up 65% YTD.

A curious dynamic played out at Ballard Power this week: the company’s largest shareholder dumped millions of shares, yet the stock vaulted 8.25 percent to close at €3.78 in Frankfurt on Friday. More than 32 million shares changed hands, a volume that reflects far more than routine churn. Investors appear to view the stake reduction by Chinese partner Weichai Power not as a vote of no confidence but as a catalyst for cleaner governance.

Weichai Power Hong Kong, a unit of the Chinese conglomerate, sold roughly 6.9 million Ballard shares ahead of the announcement, then shed another 8.15 million shares in the second half of the week at an average price of C$5.65. That wave of selling pushed Weichai’s holding below 15 percent, triggering the immediate resignation of two board representatives, Michael Chen and Huajie Wang, effective May 13. The departures were disclosed by Ballard on May 14.

Weichai now retains about 31.1 million shares, or a 10.32 percent stake. But the selling may not be over: a notice has been filed indicating the possibility of offloading up to another 15 million shares. Whether that potential supply overhang will dampen sentiment remains to be seen. For now, the market is cheering the reduction in Chinese board influence and the clearer ownership picture.

The rally extends a powerful run. Ballard has gained roughly 65 percent since the start of 2025, and over the past 30 days the stock is up 46.32 percent. Over a full year, the advance reaches a stunning 207.28 percent. Technical indicators underscore the momentum: at €3.78, the share price trades nearly 49 percent above its 50-day moving average of €2.54. That puts it within striking distance of its 52-week high of €4.07, just 7 percent away.

Supporting the price action is a sturdy operational backdrop. Ballard’s first-quarter results, released in early May, showed revenue climbing to $19.4 million, a gain of roughly 25 percent year-on-year. Gross margin improved to 14 percent, while operating expenses were slashed by 36 percent. The adjusted EBITDA loss narrowed to $11.4 million. The company ended the quarter with $516.8 million in cash.

“We are making progress toward positive cash flow,” said CEO Marty Neese, pointing to tighter cost controls. TD Cowen recently lifted its price target on the stock to $4.25, reflecting the improving margin trajectory. No formal annual guidance has been issued, consistent with the still-early stage of the hydrogen fuel cell market.

Commercial wins are providing tangible underpinning. The company signed an agreement with New Flyer to supply 500 FCmove HD+ fuel cell modules totaling 50 megawatts, destined for hydrogen buses in North America starting in 2026. Nominations from European bus builders Solaris and Wrightbus further bolster the pipeline. Ballard’s board chair Jim Roche emphasized that the company remains focused on global commercialization.

The next milestone for investors will be whether Weichai’s stake falls below 10 percent, which would trigger the expiry of anti-dilution rights held by the Chinese group. For now, the combination of a leaner board, stronger orders, and a healthier balance sheet has given the market a reason to look past the selling pressure.