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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.
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.
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