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Sep 30
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.
Ballard Power
Ballard Power
Ballard Power Revenue by Segment
Revenue by Segment
Heavy-Duty Mobility Revenue
CapyFin.comStationary Revenue
CapyFin.comEmerging & Other Revenue
CapyFin.com 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.
- Market still in early stages with uncertain timing for hydrogen project investments.
Revenue & Expenses
Visualization of income flow from segment revenue to net income