Ballard Power Systems (BLDP) financial statements
Ballard Power Systems reported revenue of $99M in fiscal 2025, up 1.7% a year over 9 years.
Net income was -$91M and the operating margin -104.1%, against -21.2% in 2016.
Free cash flow was -$66M.
The diluted share count rose 84% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Ballard Power Systems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $85M | $121M | $97M | $106M | $104M | $105M | $82M | $102M | $70M | $99M |
| Cost of revenue | $61M | $80M | $67M | $83M | $83M | $90M | $95M | $124M | $92M | $94M |
| Gross profit | $24M | $42M | $30M | $22M | $21M | $14M | -$13M | -$22M | -$22M | $5M |
| Research and development | $20M | $25M | $27M | $25M | $36M | $62M | $90M | $98M | $94M | $59M |
| Selling, general and admin | $13M | $13M | $15M | $13M | $16M | $25M | $26M | $24M | $24M | $18M |
| Operating income | -$18M | -$5M | -$21M | -$25M | -$40M | -$88M | -$145M | -$163M | -$183M | -$103M |
| Interest expense | $686,000 | $732,000 | $503,000 | $1M | $1M | $1M | $1M | $1M | $2M | $2M |
| Pre-tax income | -$21M | -$6M | -$27M | -$35M | -$49M | -$115M | -$160M | -$144M | -$323M | -$91M |
| Income tax | $381,000 | $2M | $370,000 | $20,000 | $130,000 | -$216,000 | $42,000 | $158,000 | $121,000 | $51,000 |
| Net income | -$21M | -$8M | -$27M | -$39M | -$51M | -$114M | -$173M | -$178M | -$324M | -$91M |
| EPS (diluted) | — | — | — | — | -$0.21 | -$0.39 | -$0.58 | -$0.59 | -$1.08 | -$0.30 |
| Diluted shares | 163M | 176M | 186M | 233M | 248M | 295M | 298M | 299M | 299M | 300M |
| Gross margin | 28.4% | 34.3% | 30.7% | 21.1% | 20.2% | 13.4% | -16.3% | -21.3% | -31.5% | 5.5% |
| Operating margin | -21.2% | -4.0% | -21.5% | -24.1% | -38.3% | -84.3% | -177.5% | -159.1% | -262.9% | -104.1% |
| Net margin | -24.8% | -6.6% | -28.3% | -36.9% | -49.5% | -109.3% | -211.9% | -173.6% | -465.0% | -91.5% |
Balance sheet
Fiscal years, from Ballard Power Systems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $73M | $60M | $192M | $148M | $763M | $1.1B | $914M | $751M | $604M | $527M |
| Receivables | $15M | $23M | $39M | $49M | $57M | $46M | $49M | $59M | $32M | $24M |
| Inventory | $17M | $17M | $29M | $30M | $29M | $52M | $58M | $46M | $56M | $44M |
| Total current assets | $108M | $103M | $262M | $230M | $854M | $1.2B | $1.0B | $865M | $699M | $601M |
| Property, plant and equipment | $16M | $15M | $22M | $43M | $49M | $56M | $82M | $116M | $30M | $32M |
| Goodwill | $41M | $41M | $40M | $40M | $40M | $64M | $64M | $40M | $0 | — |
| Total assets | $183M | $178M | $346M | $340M | $976M | $1.4B | $1.2B | $1.1B | $777M | $682M |
| Total current liabilities | $43M | $39M | $48M | $65M | $52M | $83M | $73M | $71M | $76M | $61M |
| Total liabilities | $62M | $58M | $64M | $90M | $75M | $113M | $88M | $86M | $104M | $92M |
| Shareholders' equity | $125M | $120M | $283M | $250M | $901M | $1.3B | $1.2B | $991M | $673M | $590M |
| Net debt | -$73M | -$60M | -$192M | -$148M | -$763M | -$1.1B | -$914M | -$751M | -$604M | -$527M |
Cash flow
Fiscal years, from Ballard Power Systems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$4M | -$10M | -$32M | -$14M | -$43M | -$80M | -$132M | -$105M | -$108M | -$56M |
| Capital spending | $7M | $6M | $10M | $14M | $13M | $15M | $34M | $41M | $28M | $10M |
| Free cash flow | -$11M | -$16M | -$42M | -$28M | -$56M | -$95M | -$167M | -$146M | -$136M | -$66M |
| Stock-based compensation | $3M | $3M | $3M | $4M | $6M | $10M | $9M | $11M | $7M | $6M |
| Dividends paid | $3M | — | — | — | — | — | — | — | — | — |
| Share buybacks (net) | — | — | — | $0 | — | — | — | — | — | — |
| Free cash flow margin | -12.6% | -13.4% | -43.0% | -26.6% | -53.7% | -91.1% | -203.6% | -142.6% | -194.6% | -66.8% |
| Dividends per share | $0.02 | — | — | — | — | — | — | — | — | — |
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Open BLDP in InvestinglyQuestions
What was Ballard Power Systems's revenue in 2025?
$99M in fiscal 2025, from its 10-K filing.
How much free cash flow does Ballard Power Systems generate?
-$66M in fiscal 2025 (operating cash flow minus capital spending).
From Ballard Power Systems's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.