Ballard Power Systems (BLDP) Company Report

Analyst Coverage

Research analysts who have asked questions during Ballard Power Systems earnings calls.

Craig Irwin

ROTH Capital Partners

5 questions for BLDP

Also covers: AMRC, ANDE, ASYS +26 more

Rupert Merer

National Bank Financial, Inc.

5 questions for BLDP

Also covers: AQN, BEP, BEPC +2 more

MacMurray Whale

Cormark Securities Inc.

4 questions for BLDP

Also covers: SGML

Jeffrey Osborne

TD Cowen

3 questions for BLDP

Also covers: ASPN, AUR, CRNC +14 more

Jordan Levy

Truist Securities

3 questions for BLDP

Also covers: AMTX, ARRY, ENPH +10 more

Aaron MacNeil

TD Cowen

2 questions for BLDP

Also covers: EFXT, ENB, NOA +3 more

Ameet Thakkar

BMO Capital Markets

2 questions for BLDP

Also covers: BE, FLNC, NOVA +6 more

Craig Gattari

Raymond James

2 questions for BLDP

Henry Roberts

Truist Securities

2 questions for BLDP

Also covers: AMTX, BE, CACI +5 more

Kashy Harrison

Piper Sandler

2 questions for BLDP

Also covers: AMRC, ARRY, BE +13 more

Rob Brown

Lake Street Capital Markets

2 questions for BLDP

Also covers: AGX, APLD, BW +13 more

Saumya Jain

UBS

2 questions for BLDP

Also covers: AMTX, CLMT, CLNE +8 more

Dushyant Ailani

Jefferies

1 question for BLDP

Also covers: ADM, BE, CLNE +4 more

Martin Malloy

Johnson Rice

1 question for BLDP

Also covers: BE, EOSE, GIFI +6 more

Latest news

Recent press releases and 8-K filings for BLDP.

Ballard Power Systems Reports Strong Q3 2025 Revenue Growth and Margin Improvement

BLDP

Earnings

Guidance Update

New Projects/Investments

Ballard Power Systems reported Q3 2025 revenue of $32.5 million, marking a 120% increase year-over-year, primarily driven by bus and rail deliveries.
The company achieved a gross margin of 15% in Q3 2025, a significant improvement from negative 56% in Q3 2024, though this included one-time benefits. Management expects low to mid-single digit gross margins in 2026.
Total operating expenses decreased 36% year-over-year to $34.9 million, or 55% lower excluding restructuring costs, contributing to an improved Adjusted EBITDA of negative $31.2 million.
Ballard ended the quarter with $525.7 million in cash and cash equivalents and revised its capital expenditure guidance for the year down to $8 million-$12 million.
Strategically, the company decided not to pursue the Texas Gigafactory development and is reducing its involvement in the Weichai Ballard joint venture in China.

Nov 13, 2025, 4:00 PM

Transcript

Ballard Power Systems Inc. Reports Q3 2025 Financial Results with Revenue Growth and Reduced Net Loss

BLDP

Earnings

Revenue Acceleration/Inflection

Layoffs

Ballard Power Systems Inc. reported a 120% increase in Fuel Cell Products and Services Revenues to $32.5 million for the third quarter of 2025 compared to the third quarter of 2024. For the first nine months of 2025, revenues increased 45% to $65.7 million.
The company's net loss from continuing operations significantly decreased to $(28.1) million, or $(0.09) per share, in Q3 2025, an improvement of $176.5 million compared to Q3 2024. This was primarily due to lower impairment charges on goodwill and property, plant and equipment in the prior year.
Gross margin improved to $4,962 thousand in Q3 2025, up from a $(8,216) thousand loss in Q3 2024. Year-to-date Q3 2025 gross margin was $(141) thousand, a substantial improvement from $(18,755) thousand in the same period of 2024.
Total Operating Expenses (excluding Other operating expenses) for the first nine months of 2025 decreased 34% to $67.8 million, primarily due to lower research and product development, sales and marketing, and general and administrative expenses. Cash Operating Costs also decreased 29% due to global corporate restructurings, which included a reduction in workforce.
The company noted a "multi-year push-out" of the hydrogen and fuel cell industry, impacting project development, hydrogen availability, and commercial adoption of PEM fuel cell applications.

Nov 13, 2025, 1:42 PM

6-K

Ballard Power Systems Announces Q3 2025 Results

BLDP

Earnings

Guidance Update

Product Launch

Ballard Power Systems reported Q3 2025 revenue of $32.5 million, representing a 120% increase year-over-year, primarily driven by bus and rail deliveries.
The company achieved a gross margin of 15%, an improvement of 71 points year-over-year, and reduced Total Operating Expenses by 36% to $34.9 million.
Net order intake for the quarter was $19.1 million, and Ballard ended Q3 2025 with $525.7 million in cash and cash equivalents.
Ballard launched its new FCmove®-SC fuel cell engine and revised its 2025 Capital Expenditure outlook to a lower range of $8 to $12 million.

Nov 13, 2025, 1:14 PM

6-K

Ballard Reports Q3 2025 Results

BLDP

Earnings

Guidance Update

Product Launch

Ballard Power Systems reported Q3 2025 revenue of $32.5 million, a 120% increase year-over-year, and achieved a gross margin of 15%, representing a 71-point improvement year-over-year.
The company significantly reduced costs, with Cash Operating Costs down 40% and Total Operating Expenses decreasing 36% year-over-year, contributing to an Adjusted EBITDA of ($31.2) million for Q3 2025, compared to ($60.1) million in Q3 2024.
Ballard ended Q3 2025 with $525.7 million in cash and cash equivalents and an Order Backlog of $132.8 million.
The 2025 Capital Expenditure outlook was revised downwards to a range of $8 to $12 million from the previous estimate of $15-$25 million.

Nov 13, 2025, 12:30 PM

Press Release

Ballard Power Systems to Launch New FCmove®-SC Fuel Cell Module

BLDP

Product Launch

New Projects/Investments

Ballard Power Systems Inc. will unveil its new-generation transit fuel cell module, the FCmove®-SC, at Busworld in Brussels from October 4-9, 2025.
The FCmove®-SC is engineered for city transit buses, aiming to deliver greater sustained power, simplified vehicle integration, improved in-service performance, and lower lifecycle cost to achieve parity with legacy diesel systems.
Key enhancements include a 30% increase in system power (end-of-life), a 25% increase in volumetric power density, and a 40% reduction in total part count.
The module targets a peak power capability of at least 75 kW and is designed for an expected service life of approximately 25,000 operating hours under standard transit duty cycles.