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Ballard Power Systems (BLDP) investor relations material
Ballard Power Systems Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary11 Aug, 2025
Executive summary
Strategic realignment and restructuring launched to achieve positive cash flow by year-end 2027, targeting a 30% reduction in annualized operating costs from H1 2025 levels.
Q2 revenue rose 11% year-over-year to $17.8 million, with growth driven by bus and rail shipments.
Gross margin improved by 24 points to negative 8%, reflecting cost efficiencies and reduced onerous contract provisions.
Company ended Q2 with $550 million in cash and no bank debt, ensuring strong liquidity.
New CEO and board changes announced to support strategic direction.
Financial highlights
Heavy-duty mobility revenue reached $16.1 million, up 22% year-over-year, led by bus and rail deliveries.
Operating expenses were $31.7 million, down 12% year-over-year; excluding restructuring charges, OpEx decreased 28–30%.
Adjusted EBITDA was negative $30.6 million, a 13% improvement from last year.
Cash used by operating activities was $20.3 million, a 42% improvement year-over-year.
Cash operating costs fell 27% year-over-year to $22.7 million.
Outlook and guidance
Targeting sustainable cash flow positivity exiting 2027, with a ten-quarter plan to expand gross margins and reduce costs.
Total operating expense (excluding restructuring) and capital expenditure expected at low end of guidance; with restructuring, OpEx at high end.
2025 guidance: total operating expense $100–$120 million, capital expenditure $15–$25 million.
Restructuring charges to be recognized mainly in Q3, with full benefit of cost reductions in 2026.
Revenue for 2025 expected to be back-half weighted; no specific revenue or net income guidance provided.
How does reduced truck focus impact future tech readiness?
What financial parameters drive 2027 cash flow positive?
What is the rationale for the China market pause?
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Next Ballard Power Systems earnings date
Q3 202513 Nov, 2025
Next Ballard Power Systems earnings date
Q3 202513 Nov, 2025
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Frequently asked questions
Ballard Power Systems Inc. engages in the design, development, manufacture, sale, and service of proton exchange membrane (PEM) fuel cell products. It offers products for power product markets, such as bus, truck, rail, and marine applications; and material handling and backup power applications. The company's products includes PEM fuel cells and stacks; integrated PEM power plants; Ballard-branded fuel cell engines for buses; uninterruptible power supplies; hydrogen refueling stations; balance of plant hardware and services; Ballard Live product data system software; membrane electrode assemblies; and hydrogen compressors and dispensers.
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