Ballard Power Systems Inc. (BLDP) Income Statement
BLDP 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsBLDP revenue and net income
Where BLDP's revenue goes
2025Each bar shows an amount and its share of revenue. BLDP kept −91.4% of revenue as net income.
BLDP profit margins
BLDP growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +45.0% | +7.3% | −0.5% | +6.0% |
| Gross profit | — | — | −35.2% | −13.3% |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
BLDP quarterly EPS vs estimates
Ballard Power Systems beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 12, 2026 (estimate $-0.04).
BLDP income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $101.1M | $69.7M | $102.4M | $81.9M | $104.5M | $103.9M | $105.7M | $96.6M | $121.3M | $85.3M |
| Cost of revenue | $98.7M | $91.7M | $124.2M | $95.2M | $90.5M | $82.9M | $83.4M | $66.9M | $79.7M | $61.1M |
| Gross profit | $2.4M | −$22.0M | −$21.8M | −$13.3M | $14.0M | $21.0M | $22.3M | $29.7M | $41.6M | $24.2M |
| Research & development | $57.5M | $94.5M | $98.3M | $89.7M | $62.2M | $35.5M | $25.3M | $27.0M | $25.0M | $19.8M |
| Sales, general & admin | $26.5M | $37.0M | $39.0M | $38.9M | $37.9M | $24.9M | $20.6M | $23.2M | $20.9M | $20.5M |
| Total operating expenses | $83.9M | $161.3M | $141.1M | $128.7M | $102.0M | $60.7M | $47.8M | $50.2M | $45.9M | $40.3M |
| Operating income | −$81.5M | −$183.3M | −$162.9M | −$142.0M | −$88.0M | −$39.8M | −$25.4M | −$20.8M | −$4.9M | −$18.1M |
| Interest expense | $1.9M | $2.1M | $1.2M | $1.2M | $1.3M | $1.4M | $1.5M | $503,000 | $732,000 | $686,000 |
| Income before taxes | −$92.5M | −$323.4M | −$144.1M | −$160.3M | −$114.6M | −$49.3M | −$35.3M | −$27.0M | −$6.5M | −$21.3M |
| Income taxes | $51,892 | $121,000 | $158,000 | $42,000 | −$216,000 | $130,000 | $20,000 | $370,000 | $1.6M | $381,000 |
| Net income | −$92.5M | −$324.2M | −$177.7M | −$173.5M | −$114.4M | −$51.4M | −$39.0M | −$27.3M | −$8.0M | −$21.7M |
| EBITDA | −$77.4M | −$309.3M | −$122.3M | −$145.3M | −$86.6M | −$40.2M | −$26.0M | −$20.1M | −$887,611 | −$15.8M |
| EPS (diluted) | −$0.34 | −$0.70 | −$0.49 | −$0.58 | −$0.38 | −$0.22 | −$0.16 | −$0.12 | −$0.06 | −$0.13 |
| Gross margin | 2.4% | −31.5% | −21.3% | −16.3% | 13.4% | 20.2% | 21.1% | 30.7% | 34.3% | 28.4% |
| Operating margin | −80.6% | −262.9% | −159.1% | −173.5% | −84.2% | −38.3% | −24.1% | −21.5% | −4.0% | −21.2% |
| Net margin | −91.4% | −465.0% | −173.6% | −211.9% | −109.5% | −49.5% | −36.9% | −28.3% | −6.6% | −25.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $20.1M | $19.4M | $33.6M | $32.5M | $17.8M | $15.4M | $24.5M | $14.8M | $16.0M | $14.5M | $46.1M | $27.1M |
| Cost of revenue | $16.1M | $16.7M | $28.0M | $27.5M | $19.3M | $19.0M | $27.7M | $23.0M | $21.1M | $19.9M | $56.4M | $29.9M |
| Gross profit | $4.0M | $2.8M | $5.6M | $5.0M | −$1.5M | −$3.6M | −$3.2M | −$8.2M | −$5.1M | −$5.4M | −$10.3M | −$2.9M |
| Research & development | $10.1M | $9.4M | $10.9M | $11.5M | $18.2M | $18.1M | $19.9M | $23.7M | $25.5M | $25.3M | $20.3M | $23.9M |
| Sales, general & admin | $6.4M | $6.5M | $6.5M | $5.7M | $7.2M | $7.1M | $9.3M | $7.1M | $10.5M | $10.1M | $7.3M | $10.5M |
| Total operating expenses | $16.4M | $15.8M | $17.4M | $34.9M | $31.7M | $25.5M | $33.2M | $54.9M | $36.2M | $37.1M | $29.8M | $34.7M |
| Operating income | −$12.5M | −$13.1M | −$11.8M | −$29.9M | −$33.2M | −$29.1M | −$36.4M | −$63.1M | −$41.4M | −$42.5M | −$40.0M | −$37.6M |
| Interest expense | $410,309 | $441,000 | $451,000 | $453,000 | $498,000 | $516,000 | $539,000 | $590,713 | $598,000 | $432,000 | $275,407 | $286,317 |
| Income before taxes | −$19.7M | −$11.4M | −$17.5M | −$28.1M | −$24.3M | −$21.0M | −$46.5M | −$205.1M | −$31.4M | −$41.0M | −$17.7M | −$34.7M |
| Income taxes | $22,415 | — | $27,000 | — | $24,000 | — | $18,000 | −$525,319 | $68,000 | $35,000 | $40,000 | $20,000 |
| Net income | −$19.8M | −$11.4M | −$17.5M | −$28.1M | −$24.3M | −$21.0M | −$46.5M | −$205.0M | −$31.5M | −$41.3M | −$51.2M | −$62.5M |
| EBITDA | −$11.4M | −$10.0M | −$16.0M | −$26.6M | −$22.8M | −$19.5M | −$44.8M | −$200.4M | −$37.3M | −$39.0M | −$14.3M | −$31.2M |
| EPS (diluted) | −$0.07 | −$0.04 | −$0.04 | −$0.09 | −$0.11 | −$0.10 | −$0.27 | −$0.19 | −$0.10 | −$0.14 | −$0.16 | −$0.12 |
| Gross margin | 19.8% | 14.2% | 16.7% | 15.3% | −8.4% | −23.4% | −13.2% | −55.7% | −32.0% | −37.5% | −22.3% | −10.6% |
| Operating margin | −62.0% | −67.3% | −35.1% | −92.1% | −186.1% | −188.8% | −148.4% | −427.5% | −258.4% | −293.9% | −86.8% | −138.8% |
| Net margin | −98.4% | −58.7% | −52.1% | −86.4% | −136.1% | −136.7% | −189.5% | −1,389.4% | −196.6% | −285.7% | −111.1% | −230.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in BLDP's financial statements (latest annual report filed March 12, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
BLDP financial results
In fiscal year 2025 (ended December 31, 2025), Ballard Power Systems reported revenue of $101.1 million, up 45.0% from the year before. It had a net loss of $92.5 million, a net profit margin of −91.4%. Diluted earnings per share came to −$0.34. Over five years revenue grew at an average rate of −0.5% a year.
See the BLDP stock overview for the latest quote and news, or the BLDP chart for price history and technical indicators.
BLDP income statement FAQ
What is Ballard Power Systems's annual revenue?
Ballard Power Systems reported total revenue of $101.1 million for fiscal year 2025, which ended on December 31, 2025. That was up 45.0% from $69.7 million the previous year.
Is Ballard Power Systems profitable?
No. Ballard Power Systems reported a net loss of $92.5 million in fiscal 2025, a net profit margin of −91.4%; its operating margin was −80.6%.
What is Ballard Power Systems's gross margin?
Ballard Power Systems's gross margin was 2.4% in fiscal 2025: for every $100 of revenue, Ballard Power Systems kept $2 after the direct cost of its products and services.
How much does Ballard Power Systems spend on research and development?
Ballard Power Systems spent $57.5 million on research and development in fiscal 2025, 56.8% of revenue.
How fast is Ballard Power Systems growing?
Revenue grew −0.5% a year on average over the last five fiscal years, from $103.9 million to $101.1 million.
What are Ballard Power Systems's earnings per share?
Ballard Power Systems earned $-0.34 per diluted share in fiscal 2025, compared with $-0.70 a year earlier.
When will Ballard Power Systems report its next earnings?
Ballard Power Systems is expected to report results for the quarter ending September 30, 2026 on November 12, 2026.
When does Ballard Power Systems's fiscal year end?
Ballard Power Systems's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 12, 2026.