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Ballard Power Systems
Ballard Power Systems (BLDP) investor relations material
Ballard Power Systems Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Mar, 2026
Executive summary
Q4 2025 revenue rose 37% year-over-year to $33.6M; full-year revenue reached $99.4M, up 43% YoY, driven by record engine deliveries and strong Heavy Duty Mobility growth.
Gross margin improved to 17% in Q4 (up 30 points YoY) and 5% for the year (up 37 points), reflecting cost reductions and operational efficiencies.
Cash operating costs fell 41% in Q4 and 32% for the year, supporting positive Q4 operating cash flow, the highest in a decade.
Order backlog at year-end was $119.3M, with a 12-month orderbook of $53.9M after strong Q4 shipments.
Signed largest recorded commitment post-Q4: 50 MW fuel cell engine agreement with New Flyer.
Financial highlights
Heavy Duty Mobility revenue in Q4 was $28.6M, up 70% YoY, with rail revenue up 892% to $10.8M.
Stationary revenue declined 54% YoY to $3.2M; Emerging and Other Markets revenue rose 138% to $1.8M.
Adjusted EBITDA loss narrowed to $(11.6)M in Q4 from $(36.0)M YoY; full-year Adjusted EBITDA loss was $(100.9)M, a 40% improvement.
Net loss from continuing operations was $(17.5)M in Q4 and $(90.9)M for the year, both significantly improved YoY.
Cash and cash equivalents at year-end were $527.1M, down from $603.9M in 2024.
Outlook and guidance
2026 revenue expected to be back-half weighted; no specific revenue or net income guidance provided.
2026 total operating expense guidance: $65–$75M; capital expenditure guidance: $5–$10M.
Targeting sustainable positive cash flow within the next two years.
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Next Ballard Power Systems earnings date
Q1 20265 May, 2026
Ballard Power Systems
Next Ballard Power Systems earnings date
Q1 20265 May, 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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