Ballard Power Systems Inc. (BLDP) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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BLDP Revenue Growth
Revenue Breakdown (FY 2022)
BLDP's revenue distribution by segment and geography for fiscal year 2022
By Product/Segment
By Geography
BLDP Revenue Analysis (2014–2025)
As of May 6, 2026, Ballard Power Systems Inc. (BLDP) generated trailing twelve-month (TTM) revenue of $99.9 million, reflecting explosive growth of +39.3% year-over-year. The most recent quarter (Q4 2025) recorded $34.2 million in revenue, up 5.1% sequentially.
Looking at the longer-term picture, BLDP's 5-year compound annual growth rate (CAGR) stands at -0.5%, indicating revenue contraction over this period. The company achieved its highest annual revenue of $121.3 million in 2017.
Revenue diversification analysis shows BLDP's business is primarily driven by Heavy Duty Motive (53%), Technology Solutions (38%), and Material Handling (9%). With over half of revenue concentrated in Heavy Duty Motive, the company maintains significant focus in this area while developing other growth vectors.
When compared to Industrials sector peers including PLUG (+12.9% YoY), FCEL (+48.3% YoY), and BE (+56.5% YoY), BLDP has underperformed the peer group in terms of revenue growth. Compare BLDP vs PLUG →
BLDP Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| BLDPCurrent | $100M | +39.3% | -0.5% | -80.6% | |
 PLUG | $710M | +12.9% | - | 38.1% | |
 FCEL | $158M | +48.3% | +17.4% | -76.6% | |
 BE | $2.0B | +56.5% | +20.6% | 3.6% | |
 HTOO | $2M | - | - | -1070.5% |
BLDP Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $101.1M | +45.0% | $2.4M | 2.4% | $-81,512,368 | -80.6% |
| 2024 | $69.7M | -31.9% | $-21,982,000 | -31.5% | $-183,300,000 | -262.9% |
| 2023 | $102.4M | +22.2% | $-21,831,000 | -21.3% | $-162,904,000 | -159.1% |
| 2022 | $83.8M | -19.8% | $-13,081,000 | -15.6% | $-158,899,000 | -189.6% |
| 2021 | $104.5M | +0.6% | $14.0M | 13.4% | $-87,974,000 | -84.2% |
| 2020 | $103.9M | -1.7% | $21.0M | 20.2% | $-39,761,000 | -38.3% |
| 2019 | $105.7M | +9.5% | $22.3M | 21.1% | $-25,446,000 | -24.1% |
| 2018 | $96.6M | -20.4% | $29.7M | 30.7% | $-20,798,000 | -21.5% |
| 2017 | $121.3M | +42.2% | $41.6M | 34.3% | $-4,877,000 | -4.0% |
| 2016 | $85.3M | +51.0% | $24.2M | 28.4% | $-18,069,000 | -21.2% |
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Start ComparisonBLDP — Frequently Asked Questions
Quick answers to the most common questions about buying BLDP stock.
Is BLDP's revenue growth accelerating or slowing?
BLDP revenue is accelerating at +39.3% year-over-year, exceeding the 5-year CAGR of -0.5%. TTM revenue reached $100M. Growth momentum has increased versus prior periods.
What is BLDP's long-term revenue growth rate?
Ballard Power Systems Inc.'s 5-year revenue CAGR of -0.5% reflects the sustained expansion pattern. Current YoY growth of +39.3% is above this long-term average.
How is BLDP's revenue distributed by segment?
BLDP reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.