Ballard Power Systems 2025 Q3 Earnings Net Loss Narrows 86.3% as Revenue Jumps 120%

Ballard Power Systems (BLDP) reported Q3 2025 earnings on Nov 13, 2025, with revenue soaring 120.3% to $32.50 million, far exceeding the $24.14 million forecast. The company narrowed its net loss to $28.07 million (vs. $205.02 million in 2024) and reduced EPS to -$0.09 from -$0.68. Despite these improvements, shares fell 7% pre-market, closing at $3.34.

Revenue

Bus segment drove growth with $15.58 million in revenue, while rail saw a significant increase to $7.39 million, up from $1.2 million. Emerging markets and other segments surged to $5.27 million, reflecting a 269% year-over-year jump. Stationary revenue rose 651% to $3.82 million, and marine sales hit $423,000. Truck revenue, however, declined sharply to $25,000.

Earnings/Net Income

The EPS improved from -$0.68 to -$0.09, reflecting a significant reduction in losses.

Post-Earnings Price Action Review

The strategy of buying BLDP shares on the earnings release date and holding for 30 days showed poor performance, with the stock dropping 7% pre-market to $3.34. Over the following 30 days, the price trended downward, failing to recover despite a 34.63% revenue beat. Market skepticism persisted, influenced by the abandonment of the Texas Gigafactory project and concerns about long-term viability. The fluctuating trend underscored that short-term gains did not offset broader market dynamics or strategic uncertainties.

CEO Commentary

CEO Marty Neese emphasized strategic focus on innovation and market adaptation, noting, “We are taking the right steps to grow our business in areas that make strategic sense.” The company highlighted progress in cost-cutting, with operating expenses dropping 36% year-over-year to $34.9 million, and gross margin turning positive at 15%.

Guidance

Ballard expects 2026 gross margins to remain in the low to mid-single digits, with revenue anticipated to be back-half weighted. Operating expenses will stay below $100-$120 million, and capital expenditures will reduce to $8-$12 million.

Additional News

The company abandoned plans for a Texas Gigafactory, citing updated federal funding and existing capacity. Cash reserves reached $525.7 million, and the FCmove-SC product launch gained traction. No dividend or buyback announcements were made.