Ballard Power Systems (BLDP) revenue breakdown
By product, Bus is the largest at 50% of fiscal 2025 revenue; Rail grew fastest, 71% a year over 3 years.
By region, United States is the largest at 32% of fiscal 2025 revenue; Poland grew fastest, 151% a year over 4 years.
Revenue by product
Fiscal years, as Ballard Power Systems reports them in its 10-K filings; fiscal 2025 total $99M.
| Products | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Share |
|---|---|---|---|---|---|---|---|---|---|---|
| Bus | — | — | — | — | — | $25M | $29M | $44M | $50M | 50% |
| Rail | — | — | — | — | — | $5M | $19M | $3M | $25M | 26% |
| Emerging Markets and Other | — | — | — | — | — | $19M | $14M | $4M | $10M | 10% |
| Stationary | — | — | — | — | — | $19M | $22M | $13M | $8M | 8% |
| Marine | — | — | — | — | — | $2M | $7M | $3M | $4M | 4% |
| Truck | — | — | — | — | — | $11M | $11M | $4M | $2M | 2% |
| Heavy Duty Motive | $64M | $39M | $35M | $48M | $52M | — | — | — | — | — |
| Technology Solutions | $44M | $40M | $57M | $45M | $36M | — | — | — | — | — |
| Stationary Power Generation | $2M | $2M | $3M | $6M | $8M | — | — | — | — | — |
| Material Handling | $8M | $8M | $11M | $5M | $8M | — | — | — | — | — |
| Portable Power | $4M | $7M | — | — | — | — | — | — | — | — |
Revenue by region
Fiscal years, as Ballard Power Systems reports them in its 10-K filings; fiscal 2025 total $99M.
| Regions | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Share |
|---|---|---|---|---|---|---|---|---|---|---|
| United States | $15M | $24M | $13M | $8M | $18M | $24M | $26M | $15M | $32M | 32% |
| Poland | — | — | — | — | $541,000 | $2M | $11M | $22M | $22M | 22% |
| Canada | $551,000 | $366,000 | $441,000 | $1M | $3M | $5M | $12M | $3M | $18M | 18% |
| Germany | $19M | $29M | $31M | $23M | $22M | $14M | $14M | $4M | $8M | 8% |
| United Kingdom | $943,000 | $1M | $3M | $8M | $9M | $8M | $8M | $13M | $8M | 8% |
| Egypt | — | — | — | — | — | — | — | $154,000 | $4M | 4% |
| Other countries | $188,000 | $479,000 | $132,000 | $232,000 | $754,000 | $873,000 | $987,000 | $3M | $2M | 2% |
| Spain | $5,000 | $168,000 | $20,000 | $128,000 | $926,000 | $763,000 | $857,000 | $260,000 | $2M | 2% |
| China | $77M | $31M | $47M | $54M | $39M | $9M | $12M | $3M | $2M | 2% |
| Netherlands | — | — | — | — | — | $103,000 | $5M | $668,000 | $1M | 1% |
| Denmark | $808,000 | $2M | $2M | $1M | $3M | $3M | $2M | $2M | $342,000 | 0% |
| France | $2M | $276,000 | $287,000 | $1M | $2M | $7M | $3M | $4M | $317,000 | 0% |
| Poland | $2M | — | — | — | — | — | — | — | — | — |
| Belgium | $308,000 | $4M | $5M | $3M | $2M | $3M | $2M | — | — | — |
| India | — | — | — | — | $439,000 | $656,000 | $2M | — | — | — |
| Taiwan | $483,000 | $287,000 | $216,000 | $1M | $912,000 | $640,000 | $1M | — | — | — |
| Norway | $37,000 | $187,000 | $478,000 | $436,000 | $3M | $591,000 | $779,000 | — | — | — |
| Switzerland | — | — | $359,000 | — | — | — | — | — | — | — |
| Netherlands | $374,000 | $892,000 | $115,000 | — | — | — | — | — | — | — |
| Korea | — | — | — | — | — | — | $109,000 | — | — | — |
| Japan | $3M | $4M | $3M | $3M | $954,000 | $541,000 | $76,000 | — | — | — |
| Finland | $379,000 | $198,000 | $65,000 | — | — | — | — | — | — | — |
| Australia | — | — | — | — | $36,000 | $4M | $51,000 | — | — | — |
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Where does Ballard Power Systems make its money?
In fiscal 2025, by product: Bus $50M, Rail $25M, Emerging Markets and Other $10M, Stationary $8M, Marine $4M.
From Ballard Power Systems's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.