NASDAQ · BLDP
Ballard Power Systems financials
$2.10+1.94%
Close Sep 29, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Fiscal year | FY25 Dec 31 | FY24 Dec 31 | FY23 Dec 31 | FY22 Dec 31 | FY21 Dec 31 | FY20 Dec 31 | FY19 Dec 31 | FY18 Dec 31 | FY17 Dec 31 | FY16 Dec 31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $99.4M | $69.7M | $102.4M | $81.9M | $104.5M | $103.9M | $105.7M | $96.6M | $121.3M | $85.3M |
| Gross profit | $5.5M | -$22.0M | -$21.8M | -$13.3M | $14.0M | $21.0M | $22.3M | $29.7M | $41.6M | $24.2M |
| Gross margin | 5.5% | −31.5% | −21.3% | −16.3% | 13.4% | 20.2% | 21.1% | 30.7% | 34.3% | 28.4% |
| Operating income | -$103.5M | -$183.3M | -$162.9M | -$145.3M | -$88.1M | -$39.8M | -$25.4M | -$20.8M | -$4.9M | -$18.1M |
| Net income | -$90.9M | -$324.2M | -$177.7M | -$173.5M | -$114.2M | -$51.4M | -$39.0M | -$27.3M | -$8.0M | -$21.7M |
| Net margin | −91.5% | −465.0% | −173.6% | −211.9% | −109.3% | −49.5% | −36.9% | −28.3% | −6.6% | −25.4% |
| Diluted EPS | $-0.30 | $-1.08 | $-0.59 | $-0.58 | $-0.39 | $-0.21 | $-0.17 | $-0.15 | $-0.05 | $-0.13 |
| EBITDA | -$99.3M | -$171.3M | -$149.4M | -$132.0M | -$78.4M | -$32.2M | -$17.9M | -$15.8M | $187.0K | -$13.5M |
| Operating cash flow | -$56.2M | -$108.1M | -$104.6M | -$132.2M | -$80.5M | -$42.9M | -$14.2M | -$31.7M | -$9.8M | -$3.9M |
| Free cash flow | -$66.0M | -$133.9M | -$145.8M | -$166.1M | -$93.6M | -$55.6M | -$28.2M | -$41.5M | -$12.8M | -$6.7M |
| Diluted shares | 300.2M | 299.3M | 298.7M | 298.1M | 295.3M | 248.5M | 232.8M | 185.8M | 176.3M | 163.4M |
Balance sheet
| Period end | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $527.1M | $603.9M | $751.1M | $913.7M | $1.12B | $763.4M |
| Short-term investments | $4.2M | $2.1M | $2.1M | $2.0M | $3.0M | $2.0M |
| Total debt | $0.00 | $0.00 | $0.00 | $902.0K | $17.1M | $17.9M |
| Total assets | $682.4M | $777.3M | $1.08B | $1.25B | $1.44B | $975.6M |
| Total liabilities | $92.5M | $104.3M | $86.3M | $88.2M | $112.7M | $74.7M |
| Shareholders' equity | $589.9M | $673.0M | $991.2M | $1.16B | $1.33B | $900.9M |
From SEC filings via Massive. Fiscal periods follow the company's own calendar; free cash flow is operating cash flow minus capital expenditure.
Sources: Massive / Polygon daily aggregates (split-adjusted) · SEC filings via Massive · FINRA settlements via Massive · Financial Modeling Prep. Figures are dated where shown; research is informational, not investment advice. Methodology