"We are focused very sharply on positive margin revenue growth as we go forward," Sheridan told a conference call with analysts.

Sheridan said the cogeneration, forklift and backup power systems markets could be very large.

"We see significant potential," he said.

For years, Ballard has touted the use of fuel cells for cars and buses, but in recent months the company has reported success in sales of fuel cells for forklifts, cogeneration power systems and other applications.

In its most recent quarter, Ballard shipped 102 fuel cells for residential cogeneration and booked new orders for 94 units. The company also shipped 36 fuel cells for forklifts and booked orders for two units.