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Sep 30, 2025
Ballard Power Q3 2025 Earnings Report
Ballard Power reported higher revenue and improved margins in Q3 2025, though it continued to post a net loss.
Key Takeaways
Ballard Power saw strong revenue growth driven by bus and rail deliveries, with significant cost reductions leading to improved gross margin. However, the company still reported a net loss.
Revenue increased 120% YoY to $32.5 million, driven by bus and rail shipments.
Gross margin turned positive at 15%, a 71-point improvement YoY.
Net loss narrowed to $28.1 million from $204.5 million in Q3 2024.
Cash and cash equivalents stood at $525.7 million by the end of the quarter.
Revenue by Segment
Forward Guidance
Ballard expects continued revenue growth weighted toward the back half of 2025, with lower operating expenses and reduced capital expenditure.
Positive Outlook
- Reduced operating expense guidance due to restructuring benefits.
- Capital expenditure outlook lowered to $8–12 million.
- Gross margin expected to improve further with product cost reductions.
- Sales of new FCmove®-SC engine expected to contribute positively.
- Aftersales services expected to generate new revenue streams by 2027.
Challenges Ahead
- Order delays anticipated into Q4 2025 and Q1 2026 due to contract renegotiations.
- Decline in 12-month orderbook from prior quarter.
- No specific revenue or income guidance provided for 2025.
- Termination of Texas Gigafactory expansion due to funding changes.
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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