Revenue accelerated 45% YoY to $20.1M in 2026Q2, yet gross margin of 19.8% and operating margin of -62.0% reveal that profitability remains elusive despite volume growth.
Ballard Power Systems Inc. (BLDP) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 105.63M | 101.14M | 69.73M | 102.37M | 83.8M | 104.5M | 103.88M | 105.72M | 96.59M | 121.29M | 85.27M | 56.46M | 68.72M | 61.25M | 43.69M | 76.01M | 65.02M | 46.72M | 59.58M | 65.53M | 49.82M | 53.73M | 81.37M | 119.57M | 90.94M | 60.73M | 27.4M | 22.89M | 16.2M | 16.9M | 18.8M |
| Revenue Growth % | 45.69% | 45.04% | -31.88% | 22.16% | -19.81% | 0.6% | -1.75% | 9.46% | -20.37% | 42.24% | 51.02% | -17.84% | 12.2% | 40.19% | -42.52% | 16.9% | 39.16% | -21.58% | -9.08% | 31.53% | -7.28% | -33.97% | -31.94% | 31.48% | 49.73% | 121.66% | 19.71% | 41.28% | -4.14% | -10.11% | 22.08% |
| Cost of Goods Sold | 88.33M | 98.71M | 91.71M | 124.2M | 96.88M | 90.49M | 82.89M | 83.39M | 66.91M | 79.69M | 61.09M | 46.49M | 58.48M | 44.49M | 36.32M | 62.12M | 54.81M | 40.8M | 47.4M | 25.05M | 21.21M | 31.29M | 59.59M | 76.06M | 67.11M | 33.41M | 30.21M | 16.05M | 10M | 13.7M | 15.4M |
| COGS % of Revenue | - | 97.6% | 131.52% | 121.33% | 115.61% | 86.59% | 79.8% | 78.87% | 69.28% | 65.7% | 71.64% | 82.34% | 85.09% | 72.64% | 83.13% | 81.73% | 84.3% | 87.31% | 79.56% | 38.23% | 42.56% | 58.24% | 73.24% | 63.62% | 73.8% | 55.02% | 110.24% | 70.1% | 61.73% | 81.07% | 81.91% |
| Gross Profit | 17.3M | 2.4M | -21.98M | -21.83M | -13.08M | 14.01M | 20.98M | 22.34M | 29.67M | 41.6M | 24.18M | 9.97M | 10.25M | 16.76M | 7.37M | 13.88M | 10.21M | 5.93M | 12.18M | 40.48M | 28.62M | 22.44M | 21.78M | 43.5M | 23.82M | 27.32M | -2.81M | 6.84M | 6.2M | 3.2M | 3.4M |
| Gross Margin % | 16.38% | 2.37% | -31.52% | -21.33% | -15.61% | 13.41% | 20.2% | 21.13% | 30.72% | 34.3% | 28.36% | 17.66% | 14.91% | 27.36% | 16.87% | 18.27% | 15.7% | 12.69% | 20.44% | 61.77% | 57.44% | 41.76% | 26.76% | 36.38% | 26.2% | 44.98% | -10.24% | 29.9% | 38.27% | 18.93% | 18.09% |
| Gross Profit Growth % | - | 110.92% | -0.69% | -66.89% | -193.35% | -33.22% | -6.06% | -24.72% | -28.67% | 72.01% | 142.47% | -2.65% | -38.86% | 127.43% | -46.93% | 35.98% | 72.28% | -51.33% | -69.91% | 41.45% | 27.52% | 3.04% | -49.94% | 82.61% | -12.79% | 1073.43% | -141.01% | 10.36% | 93.75% | -5.88% | -50% |
| Operating Expenses | 84.57M | 83.91M | 161.32M | 141.07M | 145.8M | 101.99M | 60.74M | 47.78M | 50.21M | 45.92M | 40.32M | 34.62M | 32.29M | 36.47M | 38.51M | 47.47M | 52.44M | 51.21M | 63.28M | 102.26M | 89.15M | 127.14M | 157.53M | 177.44M | 190.4M | 106.18M | 78.97M | 60.25M | 36.1M | 21.6M | 17M |
| OpEx % of Revenue | - | 82.97% | 231.34% | 137.81% | 173.99% | 97.59% | 58.48% | 45.2% | 51.98% | 37.86% | 47.29% | 61.32% | 46.99% | 59.55% | 88.14% | 62.45% | 80.66% | 109.61% | 106.21% | 156.04% | 178.94% | 236.62% | 193.59% | 148.4% | 209.37% | 174.82% | 288.24% | 263.23% | 222.84% | 127.81% | 90.43% |
| Selling, General & Admin | 25.05M | 26.5M | 37.02M | 38.98M | 41.79M | 37.88M | 24.85M | 20.64M | 23.17M | 20.9M | 20.49M | 18.42M | 18M | 19.36M | 19.24M | 21.99M | 22.18M | 18M | 20.08M | 28.05M | 20.49M | 25.55M | 25.7M | 27.16M | 32.02M | 18.5M | 11.6M | 10.05M | 6.9M | 5.8M | 15.5M |
| SG&A % of Revenue | - | 26.2% | 53.09% | 38.08% | 49.87% | 36.25% | 23.92% | 19.52% | 23.99% | 17.23% | 24.03% | 32.62% | 26.19% | 31.6% | 44.03% | 28.93% | 34.11% | 38.53% | 33.7% | 42.8% | 41.12% | 47.56% | 31.58% | 22.72% | 35.21% | 30.45% | 42.35% | 43.92% | 42.59% | 34.32% | 82.45% |
| Research & Development | 41.93M | 57.47M | 94.49M | 98.31M | 95.95M | 62.16M | 35.52M | 25.26M | 27.04M | 25.02M | 19.83M | 16.21M | 14.29M | 17.12M | 19.27M | 25.48M | 23.81M | 26.63M | 37.17M | 58.48M | 52.27M | 75.49M | 91.74M | 103.86M | 113.74M | 82.69M | 57.69M | 42.83M | 23.5M | 12.7M | 0 |
| R&D % of Revenue | - | 56.82% | 135.51% | 96.03% | 114.5% | 59.48% | 34.19% | 23.89% | 27.99% | 20.63% | 23.25% | 28.7% | 20.8% | 27.95% | 44.11% | 33.52% | 36.62% | 56.99% | 62.39% | 89.24% | 104.92% | 140.49% | 112.74% | 86.87% | 125.07% | 136.15% | 210.55% | 187.11% | 145.06% | 75.15% | - |
| Other Operating Expenses | 936.27K | -56.12K | 29.81M | 3.78M | 8.05M | 1.95M | 376K | 1.89M | -62K | 19K | -52K | -103K | -100K | 0 | -11K | 0 | 6.45M | 6.58M | 6.03M | 15.73M | 16.39M | 26.09M | 40.09M | 46.41M | 44.64M | 4.99M | 9.68M | 7.37M | 5.7M | 3.1M | 1.5M |
| Operating Income | -67.26M | -81.51M | -183.3M | -162.9M | -158.9M | -87.97M | -39.76M | -25.45M | -20.8M | -4.88M | -18.07M | -24.88M | -28.05M | -19.43M | -31.11M | -33.58M | -42.76M | -52.04M | -51.1M | -61.78M | -60.54M | -104.7M | -135.75M | -142.77M | -194.11M | -82.56M | -81.78M | -53.41M | -29.9M | -18.4M | -13.6M |
| Operating Margin % | -63.68% | -80.59% | -262.87% | -159.14% | -189.62% | -84.18% | -38.28% | -24.07% | -21.53% | -4.02% | -21.19% | -44.07% | -40.82% | -31.73% | -71.21% | -44.18% | -65.76% | -111.39% | -85.77% | -94.27% | -121.5% | -194.85% | -166.83% | -119.41% | -213.45% | -135.94% | -298.49% | -233.33% | -184.57% | -108.88% | -72.34% |
| Operating Income Growth % | - | 55.53% | -12.52% | -2.52% | -80.62% | -121.26% | -56.26% | -22.35% | -326.45% | 73.01% | 27.39% | 11.3% | -44.37% | 37.54% | 7.36% | 21.46% | 17.84% | -1.84% | 17.28% | -2.05% | 42.18% | 22.87% | 4.92% | 26.45% | -135.12% | -0.95% | -53.13% | -78.61% | -62.5% | -35.29% | -76.62% |
| EBITDA | -63.12M | -77.38M | -171.33M | -149.38M | -147.71M | -78.31M | -32.2M | -17.93M | -16.04M | 369.12K | -13.58M | -20.51M | -22.44M | -13.7M | -24.93M | -27.68M | -34.2M | -42.54M | -43.08M | -43.7M | -37.41M | -75.47M | -90.44M | -88.35M | -143.51M | -67.92M | -72.82M | -46.36M | -24.4M | -15.3M | -12.1M |
| EBITDA Margin % | -59.75% | -76.51% | -245.7% | -145.92% | -176.26% | -74.93% | -31% | -16.96% | -16.61% | 0.3% | -15.93% | -36.32% | -32.66% | -22.37% | -57.05% | -36.41% | -52.59% | -91.05% | -72.31% | -66.68% | -75.08% | -140.45% | -111.14% | -73.89% | -157.81% | -111.83% | -265.77% | -202.57% | -150.62% | -90.53% | -64.36% |
| EBITDA Growth % | 59.32% | 54.83% | -14.69% | -1.13% | -88.63% | -143.17% | -79.58% | -11.8% | -4445.17% | 102.72% | 33.79% | 8.62% | -63.81% | 45.04% | 9.94% | 19.06% | 19.61% | 1.26% | 1.41% | -16.83% | 50.43% | 16.55% | -2.36% | 38.43% | -111.29% | 6.72% | -57.06% | -90.02% | -59.48% | -26.45% | -80.6% |
| D&A (Non-Cash Add-back) | 4.14M | 4.13M | 11.97M | 13.53M | 11.19M | 9.67M | 7.56M | 7.51M | 4.76M | 5.25M | 4.49M | 4.38M | 5.61M | 5.73M | 6.18M | 5.91M | 8.56M | 9.5M | 8.02M | 18.08M | 23.13M | 29.23M | 45.31M | 54.42M | 50.6M | 14.64M | 8.96M | 7.04M | 5.5M | 3.1M | 1.5M |
| EBIT | -68.07M | -81.51M | -321.26M | -135.25M | -158.88M | -96.32M | -47.76M | -33.51M | -25.1M | -5.95M | -20.37M | -5.23M | -28.15M | -19.75M | -41.97M | -38.38M | -34.58M | -3.54M | -51.04M | -61.78M | -60.54M | -88.33M | -135.75M | -133.93M | -166.58M | -103.39M | -77M | -53.41M | -30.08M | -18.38M | -13.6M |
| Net Interest Income | 2.98M | 23.03M | -2.15M | -1.21M | 17.61M | 2.43M | -128.44K | 2.02M | -503K | -732K | -686K | -794K | -942K | -1.49M | -1.69M | -1.39M | -861K | 0 | 0 | 0 | 0 | 0 | 0 | 28.57M | 16.54M | 24.53M | 29.63M | 0 | 0 | 0 | 0 |
| Interest Income | 4.74M | 24.96M | 0 | 0 | 18.83M | 3.71M | 1.24M | 3.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 28.57M | 16.54M | 24.53M | 29.63M | 0 | 0 | 0 | 0 |
| Interest Expense | 1.76M | 1.94M | 2.15M | 1.21M | 1.21M | 1.28M | 1.37M | 1.47M | 503K | 732K | 686K | 794K | 942K | 1.49M | 1.69M | 1.39M | 974K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -9.44M | -10.94M | -140.11M | 18.85M | -15M | -26.51M | -9.58M | -9.82M | -6.16M | -1.6M | -3.24M | 18.52M | -1.28M | -1.87M | -12.3M | -1.06M | 5.77M | 48.78M | 85.14M | 4.92M | 2.13M | 30.37M | -39.23M | 18.43M | 47.57M | 11.78M | 24.36M | 2.71M | 31.21M | 20.28M | 9.3M |
| Pretax Income | -76.7M | -92.45M | -323.41M | -144.05M | -177.03M | -114.61M | -49.34M | -35.27M | -26.95M | -6.48M | -21.31M | -6.36M | -29.33M | -21.24M | -43.41M | -35.77M | -38.84M | -3.27M | 34.09M | -56.86M | -58.41M | -86.78M | -174.99M | -124.34M | -146.54M | -95.3M | -55.91M | -50.7M | 1.3M | 1.9M | -4.3M |
| Pretax Margin % | -72.61% | -91.41% | -463.8% | -140.72% | -211.25% | -109.67% | -47.5% | -33.36% | -27.91% | -5.34% | -24.99% | -11.27% | -42.68% | -34.68% | -99.36% | -47.06% | -59.74% | -6.99% | 57.23% | -86.77% | -117.24% | -161.5% | -215.04% | -104% | -161.14% | -156.92% | -204.08% | -221.49% | 8.02% | 11.24% | -22.87% |
| Income Tax | 49.41K | 51.89K | 121K | 158K | -3.54M | -216K | 130K | 20K | 370K | 1.57M | 381K | 211K | 417K | 485K | 10.99M | 383K | 3K | -7K | 16K | -53K | -1.42M | 205K | 422K | 749K | 1.19M | 858K | 1.26M | 528.43K | 800K | 500K | 200K |
| Effective Tax Rate % | -0.06% | -0.06% | -0.04% | -0.11% | 2% | 0.19% | -0.26% | -0.06% | -1.37% | -24.26% | -1.79% | -3.32% | -1.42% | -2.28% | -25.33% | -1.07% | -0.01% | 0.21% | 0.05% | 0.09% | 2.43% | -0.24% | -0.24% | -0.6% | -0.81% | -0.9% | -2.25% | -1.04% | 61.54% | 26.32% | -4.65% |
| Net Income | -76.75M | -92.49M | -324.25M | -177.72M | -173.49M | -114.4M | -51.38M | -39.05M | -27.32M | -8.05M | -21.69M | -5.82M | -27.87M | -19.96M | -42.13M | -33.42M | -34.94M | -3.26M | 34.08M | -57.3M | -181.14M | -86.98M | -175.41M | -125.09M | -147.73M | -96.16M | -57.17M | -51.22M | 500K | 1.4M | -4.5M |
| Net Margin % | -72.66% | -91.45% | -464.99% | -173.61% | -207.03% | -109.47% | -49.46% | -36.94% | -28.29% | -6.64% | -25.43% | -10.3% | -40.55% | -32.59% | -96.44% | -43.97% | -53.73% | -6.97% | 57.2% | -87.44% | -363.56% | -161.88% | -215.56% | -104.62% | -162.45% | -158.33% | -208.68% | -223.8% | 3.09% | 8.28% | -23.94% |
| Net Income Growth % | 74.14% | 71.47% | -82.45% | -2.43% | -51.66% | -122.66% | -31.57% | -42.92% | -239.5% | 62.89% | -272.95% | 79.13% | -39.59% | 52.62% | -26.08% | 4.34% | -972.31% | -109.56% | 159.47% | 68.37% | -108.24% | 50.41% | -40.22% | 15.32% | -53.63% | -68.19% | -11.62% | -10344.88% | -64.29% | 131.11% | 16.67% |
| Net Income (Continuing) | -76.75M | -92.51M | -323.53M | -144.21M | -160.37M | -114.4M | -49.47M | -35.29M | -27.32M | -8.05M | -21.69M | -6.57M | -29.75M | -21.72M | -43.66M | -39.91M | -36.74M | -3.26M | 31.46M | -56.81M | -55.55M | -62.99M | -175.41M | -125.09M | -147.73M | -96.16M | -53.83M | -51.22M | 503.02K | 1.4M | -4.5M |
| Discontinued Operations | 0 | 0 | -715K | -33.51M | -13.12M | 164K | -1.91M | -3.76M | 0 | 0 | 0 | 0 | -72.45K | 24K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.3M | -2.84M | -2.69M | -1.39M | -4.41M | -2.98M | -413K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.73M | 36.52M | 10.93M | 7.94M | 11.1M | 400K | 400K |
| EPS (Diluted) | -0.25 | -0.30 | -1.08 | -0.61 | -0.58 | -0.39 | -0.20 | -0.17 | -0.15 | -0.05 | -0.13 | -0.04 | -0.22 | -0.20 | -0.48 | -0.40 | -0.42 | -0.04 | 0.37 | -0.50 | -1.60 | -0.71 | -1.48 | -1.07 | -1.40 | -1.05 | -0.65 | -0.62 | -0.00 | 0.03 | -0.10 |
| EPS Growth % | 73.89% | 72.22% | -77.05% | -5.17% | -48.72% | -95% | -17.65% | -13.33% | -228.23% | 64.85% | -214.01% | 81.18% | -10% | 58.33% | -20% | 4.76% | -976.92% | -110.54% | 174% | 68.75% | -125.35% | 52.03% | -38.32% | 23.57% | -33.33% | -61.54% | -4.84% | - | -114% | 130% | 41.18% |
| EPS (Basic) | - | -0.31 | -1.08 | -0.61 | -0.58 | -0.39 | -0.20 | -0.17 | -0.15 | -0.05 | -0.13 | -0.04 | -0.22 | -0.20 | -0.48 | -0.40 | -0.42 | -0.04 | 0.37 | -0.50 | -1.60 | -0.73 | -1.48 | -1.07 | -1.40 | -1.05 | -0.65 | -0.62 | -0.00 | 0.03 | -0.10 |
| Diluted Shares Outstanding | 301.49M | 302.99M | 299.31M | 298.66M | 298.09M | 295.29M | 248.48M | 232.82M | 185.84M | 176.27M | 163.45M | 140.39M | 127.39M | 100.03M | 87.59M | 84.44M | 84.1M | 83.64M | 85.76M | 114.58M | 113.39M | 122.05M | 118.46M | 117.44M | 105.39M | 91.38M | 88.25M | 82.5M | 70M | 40M | 45M |
| Basic Shares Outstanding | 301.49M | 302.99M | 299.31M | 298.66M | 298.09M | 295.29M | 248.48M | 232.82M | 185.84M | 176.27M | 163.45M | 140.39M | 127.39M | 100.03M | 87.59M | 84.44M | 84.1M | 83.64M | 84.92M | 114.58M | 113.39M | 119.7M | 118.46M | 117.44M | 105.39M | 91.38M | 88.25M | 82.5M | 70M | 40M | 45M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying BLDP stock.
For fiscal year 2025, Ballard Power Systems Inc. (BLDP) reported total revenue of $101.1M. This represents a 438.0% increase compared to $18.8M in 1996.
Ballard Power Systems Inc. (BLDP) reported a net loss of $92.5M for the fiscal year ending 2025.
Ballard Power Systems Inc. (BLDP) reported an operating income of $-81.5M, resulting in an operating profit margin of -80.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Ballard Power Systems Inc. (BLDP) generated $2.4M in gross profit for the year, representing a gross profit margin of 2.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent negative operating margins
Revenue Surge Masks Structural Challenges
Ballard's revenue jumped 45% year-over-year in 2026Q2, reaching $20.1M, according to the latest quarterly report, yet this acceleration appears driven by project timing rather than sustainable demand, given the lumpy nature of transit contracts.
The 45% YoY growth in 2026Q2 follows a 120% surge in 2025Q3, indicating significant volatility. While the company is scaling volumes, the growth is not consistent, with quarters like 2024Q4 showing a 48% decline. This suggests that revenue is heavily dependent on discrete orders, and investors should monitor whether the recent uptick can be sustained without a recurring revenue base.
Gross Margin Inflection Remains Elusive
Gross margin improved to 19.8% in 2026Q2 from negative levels in 2025, but at 2.4% for the latest quarter, it remains critically thin, as reported in financial statements, indicating that scale has not yet translated into profitability.
The gross margin turned positive in 2025Q4 and has improved sequentially, but the absolute level is far below what is needed to cover operating expenses. The improvement suggests some cost efficiencies, but the company is still absorbing production inefficiencies and likely facing pricing pressure. Without significant volume increases or cost reductions, gross margin expansion may be limited.
Operating Leverage Absent Despite Revenue Growth
Operating margin improved to -62.0% in 2026Q2 from -186.1% a year earlier, but operating losses remain substantial, indicating that fixed costs are not yet leveraging with revenue, as per the income statement data.
Despite a 45% revenue increase, operating income improved only modestly, with R&D and SG&A expenses still high relative to revenue. The company's cost structure is heavily fixed, and while revenue growth helps, it is insufficient to achieve operating leverage. This suggests that significant cost cuts or a much larger revenue base are needed to approach breakeven.
Net Losses Persist with Non-Operating Distortions
Net margin was -98.4% in 2026Q2, with a net loss of $19.8M, and the company recorded a $2.1M stock-based compensation expense, which, according to the latest financials, continues to weigh on reported earnings.
The net loss is larger than operating loss, indicating non-operating items such as interest expense or equity losses from joint ventures. The SBC expense, while not cash, dilutes shareholders and adds to the loss. The quality of earnings is low, as the company is not generating profits and relies on external funding to sustain operations.
R&D and SG&A Outpace Revenue
R&D and SG&A combined totaled $16.5M in 2026Q2, exceeding gross profit of $4.0M, as reported in the income statement, highlighting a cost structure that is not yet aligned with revenue scale.
The company's R&D spending remains high, reflecting its focus on technology development, but it is not generating sufficient returns. SG&A is also elevated, indicating overhead costs that are not scaling down. Management's expense discipline appears limited, as costs have not been cut proportionally to revenue fluctuations. This suggests a need for strategic cost management to improve profitability.
Volume Growth Without Profitability
Despite a 45% revenue surge, gross margin remains at 2.4%, and operating margin is -62%, suggesting that the company is sacrificing profitability for volume, a trend that short-sellers may highlight as unsustainable.
The revenue growth is not translating into meaningful margin expansion, indicating that the company may be underpricing its products or facing high production costs. If this trend continues, the company may require additional capital raises, diluting existing shareholders. The lack of a clear path to profitability is a significant risk, especially as competition from battery-electric vehicles intensifies.