Ballard Power Systems (BLDP) Q4 2025 earnings summary

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.