BLDP on Nasdaq

Ballard Power Systems

Logo: Unknown author Unknown author, Public domain, via Wikimedia Commons⁵

Hydrogen fuel cells for heavy-duty transportation

Ballard Power Systems Inc. is a developer and manufacturer of proton exchange membrane (PEM) fuel cell products for markets such as heavy-duty motive (consisting of bus and tram applications), portable power, material handling as well as engineering services.³ From Wikipedia, CC BY-SA 4.0

$1.64 down 0.06 (3.53%)Price as of Oct 15, 2026 at 17:33 UTC

Last updated Oct 16, 2026.

Overview

-$90.9MNet income, fiscal 2025⁶

1979Founded¹

Compare with FuelCell Energy, GrafTech or Plug Power, or pick any stock.

TickerBLDP on Nasdaq¹
Industryrenewable energy¹
HeadquartersBurnaby¹
Websitewww.ballard.com
Legal formbusiness corporation¹
Listed onNasdaq (BLDP), Toronto Stock Exchange (BLDP)¹
Business address9000 Glenlyon Parkway, Burnaby, V5J 5J8⁷

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-15.4%Return on equity⁶

-$66.0MFree cash flow⁶

Financial statements

Gross profit⁸⁹¹⁰¹¹¹²¹³⁶$5.5M in 2025−82% since 2018

Operating income⁸⁹¹⁰¹¹¹²¹³⁶-$103.5M in 2025+397% since 2018

Net income⁸⁹¹⁰¹¹¹²¹³⁶-$90.9M in 2025+233% since 2018

Every line of the income statement in the latest annual report, as filed.⁶

Period ending	2025-12-31	2024-12-31
Product and service revenues	$99.4M	$69.7M
Cost of product and service revenues	$93.9M	$91.7M
Gross margin	$5.5M	-$22.0M
Research and product development	$58.7M	$94.5M
General and administrative	$18.4M	$23.5M
Sales and marketing	$8.0M	$13.5M
Other expense	$23.7M	$29.8M
Total operating expenses	$108.9M	$161.3M
Results from operating activities	-$103.5M	-$183.3M
Finance income and other	$27.4M	$18.9M
Finance expense	-$1.9M	-$2.1M
Net finance income	$25.5M	$16.8M
Equity in loss of investment in joint venture and associates	-$4.7M	-$4.9M
Impairment charges on property, plant and equipment	-$2.5M	-$111.0M
Impairment charges on intangible assets	-$1.1M	-$658.0K
Impairment charges on goodwill	$0	-$40.3M
Impairment charges on equity-accounted investment	-$4.6M	$0
Gain on sale of assets	$73.0K	$0
Loss before income taxes	-$90.9M	-$323.4M
Income tax expense	-$51.0K	-$121.0K
Net loss from continued operations	-$90.9M	-$323.5M
Net loss from discontinued operations	$0	-$715.0K
Net loss	-$90.9M	-$324.2M
Actuarial gain on defined benefit plans	$0	$913.0K
Foreign currency translation differences	$3.2M	-$1.8M
Other comprehensive income (loss), net of tax	$3.2M	-$890.0K
Total comprehensive loss	-$87.8M	-$325.1M
Continued operations, basic (in USD per share)	-$0.30	-$1.08
Continued operations, diluted (in USD per share)	-$0.30	-$1.08
Discontinued operations, basic (in USD per share)	$0.00	$0.00
Discontinued operations, diluted (in USD per share)	$0.00	$0.00
Loss per share for the period, basic (in USD per share)	-$0.30	-$1.08
Loss per share for the period, diluted (in USD per share)	-$0.30	-$1.08
Weighted average number of common shares outstanding (in shares)	300.2M shares	299.3M shares

Total assets⁸⁹¹⁰¹¹¹²¹³⁶$682.4M in 2025+97% since 2018

Total liabilities⁸⁹¹⁰¹¹¹²¹³⁶$92.5M in 2025+46% since 2018

Shareholders’ equity⁹¹⁰¹¹¹²¹³⁶$589.9M in 2025+109% since 2018

Cash⁹¹⁰¹¹¹²¹³⁶$527.1M in 2025+174% since 2018

Every line of the balance sheet in the latest annual report, as filed.⁶

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	$527.1M	$603.9M	$751.1M
Short-term investments	$4.2M	$2.1M
Trade and other receivables	$24.2M	$32.0M
Inventories	$43.8M	$56.4M
Prepaid expenses and other current assets	$2.2M	$4.4M
Total current assets	$601.4M	$698.9M
Property, plant and equipment	$32.2M	$30.4M
Intangible assets	$248.0K	$1.8M	$1.4M
Equity-accounted investment	$0	$8.2M
Long-term financial investments	$48.0M	$37.5M
Other long-term assets	$506.0K	$495.0K
Total assets	$682.4M	$777.3M
Trade and other payables	$28.8M	$35.6M
Deferred revenue	$8.4M	$6.6M
Provisions and other current liabilities	$20.4M	$30.4M
Current lease liabilities	$3.4M	$2.9M
Total current liabilities	$61.0M	$75.6M
Non-current lease liabilities	$18.7M	$21.0M
Deferred gain on finance lease liability	$0	$69.0K
Non-current deferred revenue	$9.9M	$5.0M
Other non-current liabilities and employee future benefits	$2.8M	$2.7M
Total liabilities	$92.5M	$104.3M
Share capital	$2.4B	$2.4B
Contributed surplus	$310.0M	$310.0M
Accumulated deficit	-$2.2B	-$2.1B
Foreign currency reserve	-$1.6M	-$4.8M
Total equity	$589.9M	$673.0M	$991.2M
Total liabilities and equity	$682.4M	$777.3M

Cash from operations⁸⁹¹⁰¹¹¹²¹³⁶-$56.2M in 2025+77% since 2018

Capital spending⁸⁹¹⁰¹¹¹²¹³⁶$9.8M in 2025−0% since 2018

Free cash flow⁸⁹¹⁰¹¹¹²¹³⁶-$66.0M in 2025+59% since 2018

Every line of the cash flow in the latest annual report, as filed.⁶

Period ending	2025-12-31	2024-12-31
Net loss for the year	-$90.9M	-$324.2M
Depreciation and amortization	$4.1M	$12.0M
Deferred gain amortization	-$69.0K	-$416.0K
Impairment loss on trade receivables	$972.0K	$13.4M
Inventory (reversal) impairment and onerous contracts provision adjustments	-$6.0M	$5.7M
Unrealized (gain) loss on forward contracts	-$685.0K	$1.1M
Equity in loss of investment in joint venture and associates	$4.7M	$4.9M
Net (increase) decrease in fair value of investments	-$1.7M	$14.8M
Gain on sale of assets	-$73.0K	$0
De-recognition of lease	$0	-$190.0K
Impairment charges on property, plant and equipment	$3.2M	$111.0M
Impairment charges on intangible assets	$1.1M	$658.0K
Impairment charges on goodwill	$0	$40.3M
Impairment charges on equity-accounted investment	$4.6M	$0
Accretion on decommissioning liabilities	$153.0K	$243.0K
Employee future benefits and plan contributions	-$12.0K	-$3.0K
Share-based compensation	$6.3M	$7.5M
Total adjustments	-$74.2M	-$113.3M
Trade and other receivables	$6.0M	$13.3M
Inventories	$10.1M	-$16.9M
Prepaid expenses and other current assets	$2.9M	$2.7M
Trade and other payables	-$8.3M	$1.2M
Deferred revenue	$6.7M	$7.0M
Warranty provision	$673.0K	-$2.1M
Changes in non-cash working capital:	$18.0M	$5.2M
Cash used in operating activities	-$56.2M	-$108.1M
Net increase in short-term investments	-$2.1M	$0
Contributions to long-term investments	-$8.7M	-$12.0M
Additions to property, plant and equipment	-$9.8M	-$25.8M
Investment in intangible assets	-$337.0K	-$1.8M
Proceeds on sale of assets	$80.0K	$3.2M
Consideration paid related to acquisition	$0	-$100.0K
Cash used in investing activities	-$20.9M	-$36.5M
Principal payments of lease liabilities	-$3.0M	-$3.3M
Net proceeds on issuance of share capital from share option exercises	$459.0K	$308.0K
Net proceeds on defined benefit obligation settlement	$0	$1.5M
Cash used in financing activities	-$2.6M	-$1.5M
Effect of exchange rate fluctuations on cash and cash equivalents held	$2.8M	-$1.0M
Decrease in cash and cash equivalents	-$76.9M	-$147.2M

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How it started

History

Ballard was founded in 1979 by geophysicist Geoffrey Ballard, Keith Prater, and Paul Howard, under the name Ballard Research Inc. to conduct research and development on high-energy lithium batteries. Since committing to the development of PEM fuel cell technology in 1989, Ballard has delivered PEM fuel cell products worldwide to a number of leading product manufacturers.

Ballard went public in 1993 on the Toronto Stock Exchange (TSE), and in 1995 was listed on the NASDAQ. Ballard Power Systems opened a fuel cell manufacturing facility in 2000 in Burnaby, B.C.

From Wikipedia’s article on Ballard Power Systems, shared under CC BY-SA 4.0.³

Subsidiaries and ownership

Subsidiaries

Ballard Power Systems (Germany)
Ballard Power Systems (United States)

From Wikidata.¹

Former names

7076991 Canada Inc.Jan 2, 2009 to Jan 2, 2009⁷

Timeline

1979Founded Founded¹

Recent filings

Oct 7, 20266-K
Oct 2, 20266-K
Aug 28, 20266-K
Jul 31, 20266-K
Jul 31, 20266-K
Jul 7, 20266-K
Jul 7, 20266-K REPORT OF FOREIGN PRIVATE ISSUER
Jul 6, 2026144
Jun 23, 20266-K
Jun 16, 20266-K
Jun 4, 20266-K
May 28, 2026SD
May 19, 2026SCHEDULE 13D/A
May 15, 20266-K
May 15, 2026SCHEDULE 13D/A

Every filing from the last three years, summarized. The full record is on SEC EDGAR.²

Sources

The numbers on this page point here. Each one links to the record it came from.

1
WikidataBallard Power Systems on Wikidata
2
SEC EDGARBallard Power Systems filings on SEC EDGAR
3
WikipediaBallard Power Systems on Wikipedia
4
Yahoo FinanceBLDP quote
5
Wikimedia CommonsBallard Power Systems logo by Unknown author Unknown author, Public domain
6
SEC EDGARBallard Power Systems 10-K for fiscal 2025
7
SEC EDGARBallard Power Systems filings on SEC EDGAR
8
SEC EDGARBallard Power Systems 10-K for fiscal 2018
9
SEC EDGARBallard Power Systems 10-K for fiscal 2019
10
SEC EDGARBallard Power Systems 10-K for fiscal 2020
11
SEC EDGARBallard Power Systems 10-K for fiscal 2021
12
SEC EDGARBallard Power Systems 10-K for fiscal 2022
13
SEC EDGARBallard Power Systems 10-K for fiscal 2023