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Ballard Power Systems (BLDP) investor relations material
Ballard Power Systems Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Q3 2025 revenue reached $32.5 million, a 120% year-over-year increase, driven by bus and rail deliveries and supported by the launch of the FCmove®-SC product.
Gross margin improved to 15%, up 71 points year-over-year, reflecting product cost improvements and reduced onerous contract provisions.
Restructuring actions led to a 40% reduction in cash operating costs and a 36% decrease in total operating expenses year-over-year.
Largest-ever marine order (6.4 MW) recorded, and hydrogen-powered train entered service in California.
Ended Q3 with $525.7 million in cash and cash equivalents, no bank debt, and no near-term financing needs.
Financial highlights
Heavy Duty Mobility revenue was $23.4 million, up 83% year-over-year, with strong bus and rail contributions.
Stationary revenue grew 651% to $3.8 million; Emerging and Other Markets revenue rose 269% to $5.3 million.
Adjusted EBITDA improved to ($31.2) million from ($60.1) million in Q3 2024, driven by margin gains and lower costs.
Net loss from continuing operations was ($28.1) million, a significant improvement from ($204.5) million a year ago.
Cash used by operations: $22.9 million, improved from $28.6 million in Q3 2024.
Outlook and guidance
2025 revenue expected to be back-half weighted; no specific revenue or net income guidance provided due to early market stage.
Total operating expense (excluding restructuring) expected below the lower end of the $100–$120 million range; with restructuring, at the higher end.
Capital expenditure guidance lowered to $8–$12 million from $15–$25 million.
Gross margin (excluding one-time items) expected to be slightly negative in Q4, with low to mid-single digit improvement in 2026.
Focus on aftersales services and new revenue streams into 2027.
Future demand met by existing capacity?
What are the "sustainable terms" delaying orders?
Quantify FCmove®-SC's gross margin impact
Specific drivers for 2026 gross margin growth
Impact of capital discipline on market focus
Details on material handling re-entry strategy
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Next Ballard Power Systems earnings date
Q4 202513 Mar, 2026
Next Ballard Power Systems earnings date
Q4 202513 Mar, 2026
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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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