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Jun 30, 2025
Ballard Power Q2 2025 Earnings Report
Ballard Power reported Q2 2025 results with $17.8M revenue, an improved gross margin of -8%, and reduced operating costs driven by prior restructuring actions.
Key Takeaways
Revenue reached $17.8M, up 11% YoY, led by heavy-duty mobility sales. Gross margin improved to -8% from -32% a year ago. Operating expenses decreased 12% to $31.7M, and adjusted EBITDA loss narrowed to $30.6M. Cash and cash equivalents stood at $550.0M.
Revenue grew 11% YoY to $17.8M, driven by heavy-duty mobility revenue growth of 22%.
Gross margin improved 24 points YoY to -8%, aided by lower manufacturing overhead and reduced onerous contract provisions.
Operating expenses fell 12% to $31.7M, with cash operating costs down 27% to $22.7M.
Adjusted EBITDA loss narrowed to $30.6M, supported by better gross margin and cost reductions.
Revenue by Segment
Forward Guidance
Ballard maintained its expectation for back-half weighted revenue in 2025, with total operating expenses (excluding restructuring) and capital expenditures expected at the low end of guidance ranges.
Positive Outlook
- Back-half weighted revenue expected for 2025.
- Total operating expenses excluding restructuring projected at low end of guidance.
- Capital expenditures projected at low end of guidance.
- Continued progress on Project Forge cost reduction initiative.
- Strong cash position with $550M and no bank debt.
Challenges Ahead
- Order backlog decreased 7% sequentially due to soft order intake.
- 12-month orderbook fell 9% sequentially.
- Ongoing restructuring costs expected in 2025.
- Challenging macroeconomic and market conditions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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