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					</table><p>Fuel cell manufacturer <a href="https://www.ballard.com/" target="_blank" rel="noopener">Ballard Power Systems</a>’ fourth quarter (Q4) 2025 revenue rose 37% year-over-year (YoY) to $33.6 million from $24.5 million.</p>
<p>Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at a negative $15.9 million, down 64.6% YoY from a negative $44.92 million.</p>
<p>Net loss came in at $17.5 million, improving 62% from a loss of $46.5 million in the same quarter last year.</p>
<p>Earnings per share came in at a negative $0.06, beating analysts&#8217; expectations by $0.05.</p>
<p>The company attributed its performance to an increase in deliveries, driven by its power products portfolio, and an enhanced cost structure.</p>
<p>Ballard’s revenue <a href="https://www.mercomindia.com/deliveries-to-bus-rail-segments-help-ballards-revenue-growth-in-q3" target="_blank" rel="noopener">surged</a> 120% YoY to $32.5 million in Q3 2025, from $14.8 million on the back of higher deliveries to its bus and rail customers in America and Europe.</p>
<p><strong>Full Year 2025</strong></p>
<p>Ballard earned revenues of $99.4 million in 2025, rising 43% YoY from $69.7 million.</p>
<p>EBITDA for the year stood at a negative $84.9 million, down 72.6% from a negative $309.7 million.</p>
<p>Net loss came in at $90 million, an improvement of 72% from a loss of $323.5 million in the previous year.</p>
<p><strong>Operational Highlights </strong></p>
<p>Ballard delivered nearly 800 fuel cell engines in 2025.</p>
<p>The company’s 12-month orderbook stood at $53.9 million at the end of Q4, declining $17.7 million, or roughly 25%, from the end of Q3. This decline represented the significant delivery volumes of fuel cell products in Q4. Its deliveries in Q4 grew 37% YoY.</p>
<p>Ballard’s order backlog at the end of 2025 stood at $119.3 million, due to strong shipment activity in Q4 and new order intake of $20.1 million.</p>
<p>Cash used in Ballard’s operating activities in Q4 was $11.4 million, up 146.7% from a negative $24.4 million in the previous quarter. The company’s cash and cash equivalents stood at $527.1 million at the end of 2025,</p>
<p>Ballard’s cash and cash equivalents were $527.1 million at the end of 2025, declining 12.7% YoY from $603.9 million.</p>
<p>Ballard stated that its Power Products portfolio represents over 99% of its order backlog.</p>
<p>The company earned a revenue of $28.6 million in Q4 from its heavy duty mobility products, increasing 70% from the previous year. This growth was supported by revenue from the bus and rail segment, with rail revenue growing 892% to $10.8 million.</p>
<p>Ballard’s revenue from its stationary products, which include fuel cell power systems that generate electricity at a fixed location, was $3.2 million in Q4, down 54% YoY. Its revenue from the emerging and other markets stood at $1.8 million, up at least 138% from the same quarter of the previous year.</p>
<p>Marty Neese, CEO, President, and Independent Director at Ballard Power Systems, said, “Throughout 2025, we strengthened our commercial foundation. Our newer agreements reflect more comprehensive pricing structures and balanced commercial terms, including protections against tariff exposure, exchange rates, inflation, and precious metal volatility. These changes improve transparency with our customers, enhance margin visibility, reduce earnings variability, and support stronger long-term partnerships. “</p>
<p>Neese added that Ballard is focusing on reducing product costs through three key levers: negotiations, execution, and innovation.</p>
<p>The company’s supply chain teams are securing new alternative suppliers, and the operations team is working on improving productivity and manufacturing process yields. Ballard is working on innovation initiatives to improve performance, simplify products, and design products with more durable components.</p>
<p>Ballard cut cash operating costs by 41% YoY in Q4, helping it achieve a 17% gross margin for Q4 and 5% for the full year 2025.</p>
<p>The company generated $11 million in operating cash flow in Q4.</p>
<p>During 2025, Ballard secured an order from bus manufacturer New Flyer to supply 500 FCmove HD+ hydrogen fuel cell engines, with a total capacity of 50 MW.</p>
<p><strong>Outlook</strong></p>
<p>Ballard expects its total operating expenses in 2026 to range from $65 million to $75 million and its capital expenditure to fall between $5 million and $10 million.</p>
<p>The company considers Europe and Canada as important markets for hydrogen products going forward. This is because many hydrogen projects in these markets are moving toward final investment decisions (FID).</p>
<p>Ballard highlighted that hydrogen projects worth approximately $35 billion advanced to FID in the previous year. Developers are looking for new offtake partners for the hydrogen they generate. Ballard has identified data centers as a potential customer for such energy.</p>
<p>Neese stated that the company’s portfolio already includes products, such as hydrogen fuel cells, that can meet the power needs of data centers.</p>
<p>He said Ballard’s fuel cells can provide immediate power to the data centers. However, they are expected to become fully connected to the grid in seven to 10 years once the grid capacity and infrastructure improve.</p>
<p>Apart from lowering product costs, Ballard plans to increase its revenue and margins by improving commercial terms, expanding service offerings, entering new markets, and introducing new business models.</p>
<p>Commenting on Ballard’s improved commercial terms, Neese said the new contracts include protections against tariffs, currency changes, inflation, and metal price volatility to ensure more stable and transparent long-term partnerships.</p>


Higher Deliveries Help Drive Ballard’s Revenue Up 37% YoY in Q4 2025


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					</table><p>Fuel cell manufacturer <a href="https://www.ballard.com/" target="_blank" rel="noopener">Ballard Power Systems</a> reported a revenue of $17.8 million in the second quarter (Q2) of 2025, an 11% year-over-year (YoY) increase, supported by growth in the heavy-duty mobility segment. The revenue, however, fell short of analysts’ expectations by $230,000.</p>
<p>The company’s heavy-duty mobility revenue was $16.1 million, 22% <a href="https://www.mercomindia.com/ballard-powers-on-higher-fuel-cell-product-sales" target="_blank" rel="noopener">higher</a> YoY, driven by rail deliveries to North American and European customers. However, this was slightly offset by weaker sales in the bus, truck, and marine verticals.</p>
<p>Revenue from the stationary segment declined 67% YoY to just $0.5 million, while the emerging and other markets category jumped 2% YoY to $1.2 million.</p>
<p>Ballard reported adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) loss of $30.6 million, narrowing from a loss of $35.4 million in Q2 2024. The improvement in adjusted EBITDA was driven primarily by higher gross margins and operating cost improvements.</p>
<p>Net loss stood at $24.2 million, decreasing from $31.5 million in the same quarter last year.</p>
<p>The company reported a loss per share of $0.08, beating analysts’ expectations by  $0.01.</p>
<p>The 12-month orderbook was $84.3 million at the end of Q2, a decrease of $8 million or 9% from the end of Q1 2025. Order backlog at the end of Q2 2025 was $146.2 million, a decrease of 7% compared to the end of Q1 2025. This decline resulted from soft order intakes of $8.3 million and the removal of certain high-risk orders.</p>
<p>Ballard has maintained its 2025 guidance ranges for total operating expenses at $100 million to $120 million and capital expenditures at $15 to $25 million, with expectations for back-half-weighted revenue performance as the hydrogen and fuel cell markets gradually recover.</p>
<p>In July 2025, Ballard initiated a strategic realignment to cut annualized operating costs by approximately 30% from the levels recorded in the first half of 2025. The plan includes workforce reductions, product portfolio simplification, continued product cost reduction initiatives, and stricter value-based pricing strategies, with the goal of achieving positive cash flow by year-end 2027.</p>
<p>Marty T. Neese, President and CEO at Ballard Power Systems, emphasized that the company is prioritizing markets where the company sees clear product market fit and margin improvement potential that offer strong near-term commercial traction.</p>
<p>“We are seeing really good traction and a value proposition of significance in the bus market, both in North America and in Europe,” noting that hydrogen wins on total cost of ownership for larger fleet operators when compared to battery-electric alternatives. He highlighted that in these larger deployments, the infrastructure and cost challenges of battery charging systems make hydrogen a more favored solution as fleets scale.</p>
<p>Alongside buses, Neese pointed to rail as another stable growth area with deliveries remaining on pace and to the marine segment, where the company recently secured one of the largest marine orders in Ballard’s history with eCap and Samskip, a 6.3 MW FCwave project that took roughly two years to close. While acknowledging the marine sales cycle is long, he believes the segment offers strong potential because it has the right kind of range requirements, route requirements, and fueling infrastructure for hydrogen adoption. In addition, Neese mentioned “green shoots” emerging in the material handling market, particularly in stack replacements, where original equipment manufacturers and integrators seek longer-lasting, higher-performance stacks to lower lifetime service costs, an area where Ballard plays extraordinarily well given its proven stack lifetimes.</p>
<p>On the operational and product strategy side, Neese stressed that ongoing investment in Ballard’s core stack technology remains critical, as improvements in durability, lifetime, and efficiency translate across all the verticals the company serves. He sees this cross-platform technology development as a way to remain future-ready for slower-moving markets like heavy-duty trucks. According to Neese, this approach gives the company plenty of time to adapt when market signals shift.</p>
<p>Turning to China, Neese said, “We are on a material pause in China. We have not invested in any way, shape, or form over the last quarter.” Looking ahead, Ballard plans to determine where it does not fit in the company’s portfolio. He noted that the company continues to purchase components from China, calling it a critical supply chain node for Ballard, but said the demand environment remains uncertain.</p>
<p>Ballard <a href="https://www.mercomindia.com/ballard-misses-revenue-expectations-q1-2025" target="_blank" rel="noopener">reported</a> a revenue of $15.4 million in Q1 2025, a 6% YoY increase, supported by growth in the bus segment of the heavy-duty mobility market. The revenue, however, fell short of analysts’ expectations by $1.33 million.</p>


Ballard Misses Revenue Expectations Despite 11% YoY Uptick in Q1 2025


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					</table><p>Fuel cell manufacturer <a href="https://www.ballard.com/" target="_blank" rel="noopener">Ballard Power Systems</a> reported a revenue of $15.4 million in the first quarter (Q1) of 2025, a 6% year-over-year (YoY) increase, supported by growth in the bus segment of the heavy-duty mobility market. The revenue, however, fell short of analysts’ expectations by $1.33 million.</p>
<p>Ballard’s bus-related revenue surged 41% YoY to $12.5 million, driving a 22% increase in the revenue of the heavy-duty mobility segment to $12.9 million. However, this was offset by weaker sales in truck, rail, and marine verticals.</p>
<p>Revenue from the stationary segment declined 84% YoY to just $0.6 million, while the emerging and other markets category jumped 757% YoY to $1.9 million.</p>
<p>The company reported adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) loss of $27.5 million, improving from a loss of $36.6 million in Q1 2024. The improvement in adjusted EBITDA was driven primarily by margin and operating cost improvements, as well as certain changes in mark-to-market gains on financial assets.</p>
<p>Net loss stood at $21 million, decreasing from $41.3 million in the same quarter last year.</p>
<p>The company reported a loss per share of $0.07, beating analysts’ expectations by  $0.03.</p>
<p>Ballard’s total operating expenses fell 31% YoY to $25.5 million, driven by reductions across research and development (28%), general and administrative (32%), and sales and marketing (23%). Cash operating costs decreased 22% YoY to $23.2 million. These cost cuts stemmed from corporate restructuring efforts initiated in September 2024.</p>
<p>Cash used in operating activities totaled $24.4 million, up from $20 million in Q1 2024, as Ballard continues to invest in operations amid the ongoing industry transition. The company ended the quarter with $576.7 million in cash and cash equivalents, eliminating the need for near- or mid-term financing.</p>
<p>The order backlog at the end of Q1 2025 was $158 million, a decrease of 9% compared to the end of Q4 2024, because of delivering more revenue in Q1 than new orders received in Q1. The 12-month order book was $92.4 million at the end of Q1, a decrease of $6.6 million or 7% from the end of Q4 2024.</p>
<p>President and CEO Randy MacEwen acknowledged the industry’s current challenges. “While we saw soft order intake in Q1 due to market rationalization and tariff uncertainties, we remain optimistic about receiving significant orders in the coming quarters. Our restructuring efforts are showing early financial benefits, and we will continue to focus on disciplined execution.”</p>
<p>On the macroeconomic and geopolitical context affecting operations, he said, “In the first quarter, amidst an uncertain macroeconomic and geopolitical industry context, we made important progress against our controllables, including customer deliveries, operating costs, and product development programs. We expect to realize further reductions to our operating costs and reduce cash utilization over the remainder of the year from this restructuring.”</p>
<p>“While uncertainties around evolving global tariff policies remain, expected policy changes are not likely to materially impact our business in 2025. We’ve reviewed the bills of materials for each of our fuel cell engines and assessed the potential tariff impact based on the country of origin of each BOM component. We expect sales in the U.S. to represent roughly 20% of our 2025 revenue. Based on current information and following certain mitigation actions, we expect an increased tariff cost of about 20% on products being sold into the U.S. market, for which we expect to fully pass the incremental costs on to our customers,” MacEwen said.</p>
<p>He added that Ballard had already taken steps to mitigate these impacts, such as accelerating the movement of some materials into the U.S. before the tariffs took effect and evaluating supplier transitions. However, these come with some complexity and timing challenges.</p>
<p>MacEwen acknowledged ongoing pricing pressures, “There’s a lot of pressure on the selling price in China. In Europe and North America, we’re seeing pressure there as well — both from a value proposition for the customer and competitive pressures.”</p>
<p>On the cost side, Ballard continues to focus on reducing fuel cell stack costs and balance-of-plant component costs. He reiterated, “The key is the whole market understanding that there will be some pass-through of tariff costs through the value chain. I don’t expect to have any major update on this front later this year.”</p>
<p>Ballard has maintained its 2025 guidance ranges for total operating expenses at $100–$120 million and capital expenditures at $15–$25 million, with expectations for back-half-weighted revenue performance as the hydrogen and fuel cell markets gradually recover.</p>
<p>Ballard <a href="https://www.mercomindia.com/ballard-q4-revenue-falls-misses-expectations/" target="_blank" rel="noopener">reported</a> a revenue of $24.5 million, a 48% YoY decline, in the fourth quarter of 2024, reaching $24.5 million.</p>


Ballard Misses Revenue Expectations in Q1 2025 Despite 6% YoY Uptick


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					</table><p>Fuel cell maker <a href="https://www.ballard.com/" target="_blank" rel="noopener">Ballard Power Systems</a><u>’</u> revenue in the first quarter (Q1) of the financial year 2023 amounted to $13.3 million, a 37% decline YoY.</p>
<p>Heavy Duty Mobility revenue totaled $8.7 million, reflecting an 11% decrease, primarily driven by lower revenues from technology services contracts relating to the company&#8217;s truck vertical in China. However, this decrease was partially offset by higher rail and marine revenue.</p>
<p>Further, stationary fuel cell revenue amounted to $2.5 million, marking a significant 58% decrease due to reduced sales of stationary power generation fuel cell modules, stacks, products, and services in Australia.</p>
<p>Moreover, emerging and other market revenue reached $2.1 million, experiencing a notable 61% decrease. This decline was mainly due to the completion of the Audi Technology Services program and lower shipments in the company&#8217;s materials handling segment.</p>
<p>It is worth noting that power products revenue accounted for more than 70% of the company&#8217;s total revenue in the quarter.</p>
<p>However, the company’s net loss narrowed to $33.9 million for the January-March quarter compared to a loss of $40.4 million year-on-year (YoY) because of lower non-operational costs.</p>
<p>Total operating expenses and cash operating costs amounted to $37.5 million and $32.0 million, respectively, representing a 24% and 23% increase compared to Q1 2022.</p>
<p>Higher expenditures on research, technology, product development, sales, and marketing primarily drove these increases.</p>
<p>Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for the quarter was $38.3 million, in contrast to $27.5 million in Q1 2022. This change was primarily influenced by the decrease in gross margin and increased cash operating costs.</p>
<p>In the first quarter, Ballard received new orders totaling approximately $17.6 million and delivered orders valued at $13.3 million.</p>
<p>The company reported an order backlog of around $137.7 million by the end of the quarter.</p>
<p>The growth in the order backlog was primarily driven by increased orders from Europe and North America, particularly in the bus and stationary power markets. Together, these regions now account for approximately 76% of the total order backlog, compared to around 39% in the same period of the previous year.</p>
<p>President and CEO Randy MacEwen said, “With an increasingly positive policy landscape, we see growing customer interest in our core mobility markets of bus, truck, rail, and marine in Europe and North America. We believe our $137.7 million Order Backlog reflects continued customer platform wins, including a record Power Products Order Backlog that has doubled from one year ago and now exceeds $100 million.”</p>
<p>The company announced that they are on track with their first-quarter expenses and are successfully progressing towards achieving their full-year operating and capital expenses targets.</p>
<p>The net loss of fuel cell and clean energy solutions provider Ballard Power Systems <a href="https://www.mercomindia.com/ballard-q4-net-loss-narrows-to-34-4-million" target="_blank" rel="noopener">narrowed</a> to $34.4 million in the fourth quarter (Q4) of the financial year (FY) 2022 from a net loss of $43.8 million in the same quarter of 2021.</p>
<p>The company <a href="https://www.mercomindia.com/higher-operating-costs-ballards-net-loss-up-39-yoy-in-q3" target="_blank" rel="noopener">posted</a> a net loss of $42.88 million in the third quarter of 2022, a YoY increase of 39%.</p>


Ballard Power’s Q1 Revenue Drops 37% Due to Weak Sales Across Segments

<p><a href="https://www.ballard.com/" target="_blank" rel="noopener">Ballard Power Systems</a>, a fuel cell, and clean energy solutions provider recorded a revenue of $21 million in the first quarter (Q1) of 2022, a year-over-year (YoY) surge of 19% from $17.6 million in Q1 2021.</p>
<p>The company attributed the growth in revenue to power product sales of $13.3 million in Q1. The revenue from technology solutions amounted to $7.8 million, a minor YoY decline of 5% from $8.2 million in Q1 2021.</p>
<p>Ballard Power System’s expenses were primarily focused on research, technology, and product development activities, including developing next-generation fuel cell stacks and engines for target markets.</p>
<p>The Canada-based company increased engineering investments in the existing fuel cell products leading to total operating expenses of $30.3 million, a 69% surge from $18 million in the same period a year ago.</p>
<p>Ballard stated that the operating costs also increased in Q1 2022 because of higher general and administrative expenses with sales and marketing expenses.</p>
<p>Ballard’s adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) amounted to $27.5 million in Q1, a 97% increase from $14 million last year. The company said that the difference was mainly due to the decrease in gross margin and surge in operating costs.</p>
<p>The company recorded a YoY increase of 127% in a net loss amounting to $40.4 million, compared to $17.8 million in the same period last year.</p>
<p>The company’s new orders in Q1 2022 amounted to ~$27.8 million, while it delivered orders worth $21 million. Ballard had an order backlog of ~$99.8 million in the first quarter.</p>
<p>Ballard Power’s revenue for the financial year 2021<a href="https://mercomindia.com/fuel-cell-manufacturer-ballards-revenue-28-yoy-q4-2021/" target="_blank" rel="noopener"> totaled</a> $104.5 million, a minor increase of 1% driven by the increase in power product sales, offsetting the fall in technology solutions revenue with an adjusted EBITDA of $82.2 million. The company’s revenue for the fourth quarter of 2021 amounted to $36.7 million, up 28% YoY.</p>
<p>Earlier this year, Ballard Power <a href="https://mercomindia.com/daily-news-wrap-up-azure-refinances-solar-project/" target="_blank" rel="noopener">signed</a> a non-binding memorandum of understanding with India-based Adani Group to evaluate a joint investment case for the commercialization of hydrogen fuel cells in various mobility and industrial applications in India.</p>


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