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					</table>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.
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.
Net loss came in at $17.5 million, improving 62% from a loss of $46.5 million in the same quarter last year.
Earnings per share came in at a negative $0.06, beating analysts&#8217; expectations by $0.05.
The company attributed its performance to an increase in deliveries, driven by its power products portfolio, and an enhanced cost structure.
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.
Full Year 2025
Ballard earned revenues of $99.4 million in 2025, rising 43% YoY from $69.7 million.
EBITDA for the year stood at a negative $84.9 million, down 72.6% from a negative $309.7 million.
Net loss came in at $90 million, an improvement of 72% from a loss of $323.5 million in the previous year.
Operational Highlights 
Ballard delivered nearly 800 fuel cell engines in 2025.
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.
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.
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,
Ballard’s cash and cash equivalents were $527.1 million at the end of 2025, declining 12.7% YoY from $603.9 million.
Ballard stated that its Power Products portfolio represents over 99% of its order backlog.
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.
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.
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. “
Neese added that Ballard is focusing on reducing product costs through three key levers: negotiations, execution, and innovation.
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.
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.
The company generated $11 million in operating cash flow in Q4.
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.
Outlook
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.
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).
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.
Neese stated that the company’s portfolio already includes products, such as hydrogen fuel cells, that can meet the power needs of data centers.
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.
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.
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.

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

<a href="https://www.plugpower.com/" target="_blank" rel="noopener">Plug Power</a>, a U.S.-based hydrogen fuel cell (HFC) turnkey solutions company, recorded a revenue of $140.8 million in the first quarter (Q1) of 2022, a 96% year-over-year (YoY) growth compared to $72 million in Q1 2021.
The revenue, however, decreased by 13% quarter-over-quarter (QoQ) compared to $162 million <a href="https://mercomindia.com/hydrogen-solutions-provider-plug-power-revenue/" target="_blank" rel="noopener">registered</a> in Q4, 2021.
The company also saw its net loss increase to $156 million in Q1 2022 from $61 million during the same period last year. The net loss decreased by 19% QoQ, compared to $193 million in the previous quarter.
Plug Power attributed these losses to the increased hydrogen molecule cost associated with higher natural gas prices. The company expects the margins to be under pressure going into Q2 2022 by the continued increase in these prices.
Out of the total reported, material handling represented approximately $96 million in revenue in the quarter, with other product offerings representing approximately $44.8 million in Q1  2022, including electrolyzer solutions and recent acquisitions.
In January 2022, Plug acquired Joule Processing, now called Plug Process Systems, a process solution and engineered equipment provider with a strong track record of execution among the largest EPC (engineering, procurement, and construction) and oil and gas midstream companies.
Plug Power had also announced a collaboration agreement with Atlas Copco MafiTrench Company, the turboexpander technology center within the Gas and Process division of Atlas Copco, and Fives, a global leader in brazed heat exchangers and cryogenic cold boxes, to develop hydrogen liquefaction plants jointly.
The company had previously announced the world&#8217;s first and largest fuel cell and electrolyzer manufacturing gigafactory in Rochester, New York. The facility will have an annual run rate of 2.5 GW for polymer electrolyte membrane (PEM) stacks for fuel cells and electrolyzers by the second half of 2022.
Andy Marsh, Chief Executive Officer, Plug Power, said, “Our GenDrive product gross margins are over 30%. The cost of our new products will continue to come down as we experience our traditional 25% learning curve for fuel cells and electrolyzers. All our present proxy at today&#8217;s volumes will have a minimum of 30% gross margins. Our service and learnings are being implemented and demonstrated now and will cut our service costs ultimately by 45%. With the deployment of our green hydrogen network, 70 tons which will be available by year&#8217;s end, our cost will be one-third today&#8217;s cost. And our power purchase agreement (PPA), which includes assets we can ultimately own, will be a net positive. These numbers align with our 2025 goal of $3 billion in revenue, 20% EBITDA, and 17% operating income.”
In April, Plug Power <a href="https://mercomindia.com/daily-news-wrap-up-atco-groups-solar-project/" target="_blank" rel="noopener">announced</a> an agreement with Walmart for an option to deliver up to 20 tons per day of liquid green hydrogen to power material handling lift trucks across Walmart distribution and fulfillment centers in the U.S. The liquid green hydrogen produced will fuel up to 9,500 lift trucks and support the retailer’s goal of a zero-emissions future by 2040.
Previously, MOL Group, an integrated oil, gas, petrochemicals, and consumer retail company, <a href="https://mercomindia.com/daily-news-wrap-up-ntpc-signs-mou-energy-storage/" target="_blank" rel="noopener">partnered</a> with Plug Power to build one of Europe’s largest-capacity green hydrogen production facilities at MOL’s Danube Refinery in Százhalombatta, Hungary. Utilizing a 10 MW electrolysis unit from Plug Power, MOL’s €22 million (~$22.95 million) facility would produce approximately 1,600 tons of clean, carbon-neutral, green hydrogen annually.

Plug Power Posts $156 Million Loss in Q1 2022, Pins it on Rising Natural Gas Prices

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