Ballard Power Systems (BLDP) Q4 2025 earnings summary

Executive summary

• Achieved record engine shipments in 2025, approaching 800 units and over 75 MW, with 38% growth in megawatts shipped year-over-year.

• Full-year revenue exceeded $99 million, up 43% year-over-year, driven by record engine deliveries and strong Heavy Duty Mobility growth in Europe and North America.

• 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.

• Secured largest marine and commercial agreements to date, including a 6.4-MW marine order and a 50 MW contract with New Flyer.

• Structural changes and cost reductions have reset the cost base, positioning for sustainable positive cash flow within two years.

Financial highlights

• Q4 revenue was approximately $34 million, up 37% year-over-year; full-year revenue reached $99.4 million, up 43% YoY.

• Heavy Duty Mobility revenue in Q4 was $28.6 million, up 70% YoY, led by bus and rail segments.

• Adjusted EBITDA loss narrowed to $(11.6) million in Q4 from $(36.0) million YoY; full-year Adjusted EBITDA loss was $(100.9) million, a 40% improvement.

• Cash usage for 2025 was down nearly 50% from 2024; ended the year with $530 million in cash and no bank debt.

• Order backlog at year-end was $119.3 million, with a 12-month orderbook of $53.9 million.

Outlook and guidance

• Targeting sustainable positive cash flow within the next two years.

• 2026 operating expenses expected between $65 million and $75 million; capital expenditures projected at $5 million to $10 million.

• 2026 revenue expected to be back-half weighted, with a 40-60 revenue split between H1 and H2.