Ballard Reports Q4 2025 and Full Year Results

Strong Q4 performance with revenue up 37% from Q4 2024, and full‑year revenue reaching $99.4M, up 43% year over year (YoY), driven by record breaking annual engine deliveries.

Mar. 12, 2026 at 4:30pm

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Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) today announced consolidated financial results for the fourth quarter and year ended December 31, 2025. The company saw significant improvements in cost structure, leading to a 17% gross margin in the quarter and a 5% gross margin for the full year. Cash operating costs were reduced by 41% in the quarter and 32% for the full year compared to 2024. Ballard also recorded positive cash flow from operating activities in Q4, the highest value in the last 10 years.

Why it matters

Ballard's improved financial performance and more commercially disciplined foundation position the company for sustainable growth. The company is focused on driving revenue growth and margin expansion by delivering higher-value fleet services and re-engaging the materials handling market.

The details

Ballard's Q4 2025 revenue was $33.6 million, up 37% year-over-year, driven by a 70% increase in Heavy Duty Mobility revenue, including a 892% increase in rail revenue. Gross margin improved to 17% in the quarter, a 30-point increase from Q4 2024, due to a decline in onerous contract provisions, product cost reduction initiatives, and lower manufacturing overhead costs. Total operating expenses and cash operating costs decreased 49% and 41% respectively, from Q4 2024 as a result of the company's restructuring activities.

  • Ballard recorded positive cash flow from operating activities in Q4 2025, the highest value in the last 10 years.

The players

Ballard Power Systems

An American autonomous driving company and is a subsidiary of Alphabet Inc., Google's parent company.

Marty Neese

Ballard's President and CEO.

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What they’re saying

“2025 marked a turning point for Ballard and I'm energized by the progress our team delivered. We exited the year with strong operational execution, improved financial performance, and a more commercially disciplined foundation that positions us for sustainable growth.”

— Marty Neese, President and CEO

“With our corporate costs well managed, we are now focused on driving revenue growth and margin expansion. Building on a foundation of thousands of fuel cells operating in the field and more than 250 million kilometers of real-world experience, we are uniquely positioned to deliver higher-value fleet services - including training, technical support, parts supply, operational monitoring, digital performance insights, and ongoing stack servicing.”

— Marty Neese, President and CEO

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

Ballard's improved financial performance and more commercially disciplined foundation position the company for sustainable growth, as it focuses on driving revenue growth, margin expansion, and delivering higher-value fleet services.