Revenue growth remains highly volatile, swinging from a 48.3% contraction in 2024Q4 to a 120.3% expansion in 2025Q3, while operating margins remain deeply negative at -67.3% as of 2026Q1.
| 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 | 103.4M | 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 % | 46.32% | 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 | 91.57M | 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 | 11.83M | 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 % | 11.44% | 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 | 99.84M | 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 | 25.85M | 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 | 49.99M | 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 | 2M | -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 | -88.01M | -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 % | -85.12% | -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 | -83.88M | -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 % | -81.12% | -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 % | 47.87% | 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) | 4.13M | 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 | -79.38M | -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 | -1.84M | 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 | 0 | 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 | 1.84M | 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 | 6.79M | -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 | -81.22M | -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 % | -78.55% | -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 | 51K | 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 | -81.27M | -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 % | -78.6% | -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 % | 73.27% | 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) | -81.27M | -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) | -0.27 | -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 % | 73.1% | 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 | 300.93M | 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 | 300.93M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
High cash burn rate
According to recent quarterly filings, Ballard's revenue trajectory remains highly volatile, with growth rates swinging from a 48.3% contraction in 2024Q4 to a 120.3% expansion in 2025Q3, reflecting the company's reliance on lumpy, project-based procurement cycles rather than a consistent, recurring revenue stream.
The extreme variance in quarterly revenue suggests that Ballard's business model is currently tethered to the timing of specific municipal and industrial pilot programs. This lack of predictable, recurring demand makes it difficult to forecast long-term growth durability and highlights the company's vulnerability to project delays.
As reported in financial statements, Ballard's gross margins have fluctuated significantly, ranging from a low of -55.7% in 2024Q3 to a positive 16.7% in 2025Q4, indicating that the company has yet to achieve the consistent economies of scale required for sustainable unit-level profitability.
The inability to maintain positive gross margins consistently suggests that Ballard is struggling with high variable costs and potential pricing pressure in its core heavy-duty mobility markets. Investors should monitor whether recent improvements in margin are structural or merely a byproduct of favorable product mix shifts in specific quarters.
Based on the provided income statement data, Ballard's operating expenses continue to dwarf gross profit, with operating margins reaching as low as -188.8% in 2025Q1, demonstrating a persistent failure to scale operating income in alignment with the company's current revenue generation capacity.
The decoupling of R&D and SG&A from revenue suggests that the company is maintaining a high fixed-cost base in anticipation of future market adoption that has not yet materialized. This structure implies that significant revenue growth is required just to reach an operating break-even point, leaving little room for error.
Financial disclosures reveal that Ballard's R&D spending remains a dominant cost driver, frequently exceeding $20 million per quarter during 2024, which underscores management's commitment to technological development at the expense of near-term bottom-line performance and overall expense discipline.
While heavy R&D investment is necessary for maintaining a competitive edge in PEM stack technology, the current level of expenditure appears to be a significant drag on the income statement. The lack of a clear downward trend in these costs suggests that the company is still in a high-intensity development phase rather than a commercialization phase.
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.