Ballard Power Systems Inc
TSX:BLDP
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Ballard Power Systems Inc
TSX:BLDP
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Ballard Power Systems Inc
Ballard Power Systems, Inc. engages in the design, development, manufacture, sale, and service of fuel cell products for a variety of applications. The company is headquartered in Burnaby, British Columbia and currently employs 1,367 full-time employees. The firm is focused on the power product markets of Heavy-Duty Motive (consisting of bus, truck, rail and marine applications), Material Handling and Backup Power, as well as the delivery of Technology Solutions, including engineering services, technology transfer, and the license and sale of the Company’s intellectual property portfolio and fundamental knowledge for a variety of PEM fuel cell applications. The Company’s fuel cell is an environmentally clean electrochemical device that combines hydrogen fuel with oxygen (from the air) to produce electricity.
Ballard Power Systems, Inc. engages in the design, development, manufacture, sale, and service of fuel cell products for a variety of applications. The company is headquartered in Burnaby, British Columbia and currently employs 1,367 full-time employees. The firm is focused on the power product markets of Heavy-Duty Motive (consisting of bus, truck, rail and marine applications), Material Handling and Backup Power, as well as the delivery of Technology Solutions, including engineering services, technology transfer, and the license and sale of the Company’s intellectual property portfolio and fundamental knowledge for a variety of PEM fuel cell applications. The Company’s fuel cell is an environmentally clean electrochemical device that combines hydrogen fuel with oxygen (from the air) to produce electricity.
Revenue: Q4 revenue was approximately $34 million and full year revenue exceeded $99 million, up 43% year‑over‑year.
Shipments: Record shipments approaching 800 engines (more than 75 megawatts), a 38% increase in megawatts vs 2024.
Margins: Q4 gross margin improved to 17% (up 30 points YoY) and full year gross margin was positive 5% (up 37 points YoY).
Cash flow: Generated $11 million of cash flow from operating activities in Q4; full‑year cash usage was down nearly 50% vs 2024 and year‑end cash was nearly $530 million.
Cost action: Cash operating costs in Q4 were reduced 41% vs prior year and total operating expenses for 2025 were approximately $109 million (or ~$86 million excluding $23 million of restructuring-related items).
Guidance: 2026 operating expense guidance of $65 million–$75 million and capex guidance of $5 million–$10 million; 2026 expected H1/H2 split roughly 40/60.
Commercials & product: Announced largest commercial agreement with New Flyer (500 units / 50 megawatts) and secured a 6.4 megawatt marine order; management emphasized improved commercial terms and product cost reduction programs (e.g., FCmove‑SC and Project Forge).
