Ballard Power Systems Inc. is poised to report the first profit in its 21-year history as a public company, evidence the fuel cell maker isn’t heading for a repeat of the 2000 technology bust.

CEO John Sheridan, who retires at the end of 2014 after nine years in the top job, has focused on fuel cells for buses, forklifts and telecommunications towers, shifting away from car clients like Ford and Daimler.