Ballard Power Systems Inc. (BLDP) Revenue History
Annual and quarterly revenue from 1993 to present
BLDP Revenue Over Time (1993–2025)
BLDP Revenue Growth History
19 of 32 years with positive growth- FY1993 revenue growth
- N/A
- FY1994 revenue growth
- +26.3%
- FY1995 revenue growth
- +12.4%
- FY1996 revenue growth
- +22.1%
- FY1997 revenue growth
- -10.1%
- FY1998 revenue growth
- -4.1%
- FY1999 revenue growth
- +41.3%
- FY2000 revenue growth
- +19.7%
- FY2001 revenue growth
- +121.7%
- FY2002 revenue growth
- +49.7%
- FY2003 revenue growth
- +31.5%
- FY2004 revenue growth
- -31.9%
- FY2005 revenue growth
- -34.0%
- FY2006 revenue growth
- -7.3%
- FY2007 revenue growth
- +31.5%
- FY2008 revenue growth
- -9.1%
- FY2009 revenue growth
- -21.6%
- FY2010 revenue growth
- +39.2%
- FY2011 revenue growth
- +16.9%
- FY2012 revenue growth
- -42.5%
- FY2013 revenue growth
- +40.2%
- FY2014 revenue growth
- +12.2%
- FY2015 revenue growth
- -17.8%
- FY2016 revenue growth
- +51.0%
- FY2017 revenue growth
- +42.2%
- FY2018 revenue growth
- -20.4%
- FY2019 revenue growth
- +9.5%
- FY2020 revenue growth
- -1.7%
- FY2021 revenue growth
- +0.6%
- FY2022 revenue growth
- -19.8%
- FY2023 revenue growth
- +22.2%
- FY2024 revenue growth
- -31.9%
- FY2025 revenue growth
- +45.0%
| Quarter | Revenue | YoY |
|---|---|---|
| Q4 2025 | $33.6M | +37.2% |
| Q3 2025 | $32.5M | +120.3% |
| Q2 2025 | $17.8M | +11.5% |
| Q1 2025 | $15.4M | +6.5% |
| Q4 2024 | $24.5M | -48.3% |
| Q3 2024 | $14.8M | -45.5% |
| Q2 2024 | $16.0M | +4.5% |
| Q1 2024 | $14.5M | +9.1% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2022)
BLDP's revenue distribution by segment and geography for fiscal year 2022
By Product/Segment
By Geography
BLDP Revenue Analysis (1993–2025)
Current Revenue & Growth
As of June 21, 2026, Ballard Power Systems Inc. (BLDP) generated trailing twelve-month (TTM) revenue of $99.4 million, reflecting explosive growth of +37.2% year-over-year. The most recent quarter (Q4 2025) recorded $33.6 million in revenue, up 3.5% sequentially.
Historical Growth Trajectory
BLDP's 5-year compound annual growth rate (CAGR) stands at -0.5%, indicating revenue contraction over this period. The 3-year CAGR of +6.5% exceeds the 5-year average, indicating an acceleration in the most recent period. Ballard Power Systems Inc.'s highest annual revenue of $121.3 million was recorded in 2017.
Revenue by Segment
BLDP's revenue 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 has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Industrials sector peers — including PLUG (+15.2% YoY), FCEL (+29.7% YoY), and BE (+56.5% YoY) — BLDP has outperformed the peer group in 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 | $99M | +37.2% | -0.5% | -80.6% | |
 PLUG | $710M | +15.2% | - | -95.7% | |
 FCEL | $158M | +29.7% | +17.4% | -76.6% | |
 BE | $2.0B | +56.5% | +20.6% | 3.6% | |
 HTOO | $14M | - | - | -64.2% |
BLDP Historical Revenue Data (1993–2025)
| 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% |
| 2015 | $56.5M | -17.8% | $10.0M | 17.7% | $-24,884,000 | -44.1% |
| 2014 | $68.7M | +12.2% | $10.2M | 14.9% | $-28,054,000 | -40.8% |
| 2013 | $61.3M | +40.2% | $16.8M | 27.4% | $-19,432,000 | -31.7% |
| 2012 | $43.7M | -42.5% | $7.4M | 16.9% | $-31,111,000 | -71.2% |
| 2011 | $76.0M | +16.9% | $13.9M | 18.3% | $-33,583,000 | -44.2% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
33+ years return with dividends reinvested.
DCA Calculator
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Peer Comparison
Compare growth, multiples, and margins vs sector.
BLDP — Frequently Asked Questions
Quick answers to the most common questions about buying BLDP stock.
Is BLDP's revenue growth accelerating or slowing?
BLDP revenue growth is accelerating. TTM revenue reached $99M, up +37.2% year-over-year — ahead of the 5-year CAGR of -0.5%. This indicates the business is expanding faster than its historical baseline.
What is BLDP's revenue history from 1993 to 2026?
Ballard Power Systems Inc. (BLDP) revenue history spans 1993 to 2026. TTM revenue as of 2026 is $99M, growing at +37.2% YoY. The 5-year CAGR is -0.5%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is BLDP's long-term revenue growth rate (CAGR)?
Ballard Power Systems Inc.'s 5-year revenue CAGR of -0.5% reflects the sustained nature of its business expansion. As of 2026, the current YoY growth rate of +37.2% is above this long-term average. CAGR is the most reliable measure of sustained revenue momentum for BLDP.
Why does BLDP's quarterly revenue fluctuate?
BLDP quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Ballard Power Systems Inc.'s revenue data from 1993 to 2026 shows full historical quarterly detail on this page.
How is BLDP's revenue distributed by segment?
BLDP reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does BLDP's revenue compare to industry peers?
Ballard Power Systems Inc. (BLDP) with TTM revenue of $99M and +37.2% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.