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BLDP

Ballard Power Systems Inc.

BLDP

Ballard Power Systems Inc. • NASDAQ
$2.85 ▲ 2.70% (+0.07)
Market Cap $856.04 M
52w High $4.10
52w Low $1.00
Dividend Yield 0%
P/E -7.14
Volume 3.06M
Outstanding Shares 299.84M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $32.501M ▲ $34.898M ▲ $-28.07M ▼ -86.367% ▲ $-0.092 ▼ $-26.582M ▼
Q2-2025 $17.842M ▲ $31.705M ▲ $-24.28M ▼ -136.083% ▲ $-0.081 ▼ $-22.794M ▼
Q1-2025 $15.389M ▼ $25.452M ▼ $-21.036M ▲ -136.695% ▲ $-0.07 ▲ $-19.535M ▲
Q4-2024 $24.52M ▲ $33.163M ▼ $-46.471M ▲ -189.523% ▲ $-0.15 ▲ $-44.815M ▲
Q3-2024 $14.756M $54.867M $-205.018M -1.389K% $-0.68 $-201.007M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $527.852M ▼ $710.463M ▼ $103.639M ▲ $606.824M ▼
Q2-2025 $552.145M ▼ $735.856M ▼ $99.91M ▼ $635.946M ▼
Q1-2025 $578.802M ▼ $756.61M ▼ $102.789M ▼ $653.821M ▼
Q4-2024 $606.052M ▼ $777.307M ▼ $104.317M ▼ $672.99M ▼
Q3-2024 $637.224M $830.4M $110.889M $719.511M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-28.071M ▼ $-22.857M ▼ $-1.426M ▲ $-740K ▲ $-24.291M ▲ $-24.254M ▼
Q2-2025 $-24.28M ▼ $-20.335M ▲ $-7.051M ▼ $-797K ▼ $-26.663M ▲ $-22.675M ▲
Q1-2025 $-21.036M ▲ $-24.403M ▲ $-2.735M ▲ $-689K ▼ $-27.25M ▲ $-27.066M ▲
Q4-2024 $-46.471M ▲ $-24.405M ▲ $-6.103M ▲ $826K ▲ $-31.165M ▲ $-30.334M ▲
Q3-2024 $-206.176M $-28.599M $-14.331M $-865K $-42.919M $-40.219M

Five-Year Company Overview

Income Statement

Income Statement Ballard’s income statement shows a company still in the build‑out phase rather than a mature, profitable business. Revenue has stayed relatively small and hasn’t shown clear, sustained growth over the past several years. At the same time, the cost of producing and delivering its systems has risen to the point where gross margins have turned negative, meaning each unit sold is not yet covering its full direct costs. Operating losses have widened as the company spends heavily on research, engineering, and commercialization. Profitability metrics at all levels (operating, EBITDA, and net income) remain firmly in the red and have generally moved further away from breakeven over the last five years. The income statement overall reflects a “investing for the future” profile: modest sales, high development and overhead costs, and deepening losses as the company pushes toward scale.

Balance Sheet

Balance Sheet The balance sheet highlights a key strength and a key risk. On the positive side, Ballard holds a large cash position relative to its tiny debt load, giving it financial flexibility and a buffer to fund operations and growth plans. Leverage is very low, so the company is not constrained by interest costs or looming repayments. On the risk side, total assets and shareholders’ equity have been shrinking from earlier peaks, and cash has been drawn down over time. This signals that losses are being funded from the balance sheet rather than from internally generated profits. If this pattern continues without a turn toward stronger revenue and margins, the company will eventually face pressure to either raise additional capital or slow its growth plans.

Cash Flow

Cash Flow Cash flow tells a similar story of a company investing ahead of revenues. Operating cash flow has been consistently negative, meaning the core business consumes cash each year rather than generating it. Free cash flow is even more negative because of continued investment in equipment and facilities, though these capital spending levels are modest compared with many industrial peers. The trend over the last several years is one of gradually higher cash burn, reflecting increased spending on commercialization, manufacturing capacity, and technology. While the company still has a healthy cash cushion, its business model has not yet demonstrated self‑funding capability. Achieving a path from persistent negative cash flow toward at least break‑even will be a critical milestone for long‑term sustainability.

Competitive Edge

Competitive Edge Ballard occupies a specialized, leading position in proton exchange membrane fuel cells for heavy‑duty applications such as buses, trucks, trains, and marine vessels. Its decades of experience, extensive patent portfolio, and deep engineering know‑how give it a meaningful technological edge versus many newer entrants. The company is particularly well recognized in the fuel‑cell bus segment in Europe and the UK and has built credibility through real‑world deployments. Partnerships are a major pillar of its competitive stance. Collaborations with vehicle makers, integrators, and operators in North America, Europe, and China extend its reach and help embed its technology in customers’ platforms. Its presence across key segments of the fuel cell value chain (from critical components to modules and integration support) adds to its defensibility. However, the broader hydrogen and fuel cell market is still early and fragmented, with many global players, rapid technology evolution, and heavy dependence on policy support. Ballard’s competitive position is strong in its niche, but the ultimate size, structure, and profitability of the market remain uncertain.

Innovation and R&D

Innovation and R&D Innovation and R&D are at the heart of Ballard’s strategy and a major reason its financials look like an early‑stage growth company rather than a mature industrial. The company is pushing forward with new stack designs, better membranes, higher power density modules, and systems that are easier and cheaper for vehicle makers to integrate. Its FCmove family and marine‑focused FCwave modules are concrete examples of this product evolution. A key focus is cost reduction: redesigning components, improving manufacturing methods, and cutting expensive materials to move closer to diesel‑like economics. Plans for larger‑scale production, including a new U.S. manufacturing facility, aim to unlock economies of scale. R&D and commercialization spending are high relative to current revenue, which contributes directly to ongoing losses and cash burn. The bet is that these investments will secure technology leadership, enable entry into new verticals like rail, marine, and backup power for data centers, and ultimately support a shift toward profitability later in the decade. The main uncertainty is the timing and extent of market adoption needed to justify this heavy innovation spend.

Summary

Ballard Power Systems is a technology leader in a promising but still nascent market. Financially, it looks like a company in the middle of an ambitious transition: revenues are small and uneven, margins are negative, and losses have been growing as it invests in products, capacity, and markets. The balance sheet currently provides breathing room, with strong cash and minimal debt, but this cushion has been shrinking as operations and investments consume cash. Sustained negative free cash flow underscores the importance of eventually translating technical and commercial progress into a more self‑funding business. Strategically, Ballard’s strengths lie in its long history with PEM fuel cells, a robust patent base, deep specialization in heavy‑duty mobility, and a broad network of partners worldwide. Its innovation pipeline and cost‑reduction efforts position it well if hydrogen fuel cell adoption accelerates in buses, trucks, rail, marine, and stationary power. The key questions revolve around execution and timing: how quickly the company can grow revenue, improve unit economics, and narrow losses; how supportive policies and hydrogen infrastructure will be in its core regions; and whether its cash resources will comfortably bridge the period until operations move closer to break‑even. The company sits at the intersection of significant opportunity and meaningful financial and execution risk.

NEWS

November 13, 2025 · 7:30 AM UTC

Ballard Reports Q3 2025 Results

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October 15, 2025 · 7:30 AM UTC

Ballard Announces Change of Transfer Agent

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October 9, 2025 · 7:30 AM UTC

Ballard Announces Q3-2025 Results Conference Call

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September 17, 2025 · 5:30 PM UTC

Ballard to launch FCmove®-SC fuel cell at Busworld: improved performance and lifecycle cost on the road to diesel parity

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