Ballard Power Systems 2025 Q3 Earnings Revenue Surges 120% as Losses Narrow

Ballard Power Systems (BLDP) reported fiscal 2025 Q3 earnings on Nov 13, 2025, with revenue more than doubling year-over-year and a significant reduction in net losses. The results exceeded market expectations, though the stock faced post-earnings volatility.

Revenue

Ballard’s total revenue surged 120.3% to $32.50 million in Q3 2025, driven by robust performance across key segments. The Bus segment led with $15.58 million in revenue, reflecting strong demand for hydrogen fuel cell solutions. Rail revenue jumped to $7.39 million, a 533% increase from $1.2 million in Q3 2024. Emerging Markets and Other segments also contributed meaningfully, generating $5.27 million. Stationary revenue rose 651% to $3.82 million, while Marine revenue climbed 184% to $423,000. Truck segment revenue remained minimal at $25,000.

Earnings/Net Income

The company narrowed its per-share loss to $0.09 from $0.68 in the prior year, an 86.8% improvement. Net losses contracted to $28.07 million in Q3 2025, down 86.3% from $205.02 million in Q3 2024. While the reduction in losses signals progress, Ballard has sustained quarterly losses for nine consecutive years, underscoring ongoing operational challenges.

Post-Earnings Price Action Review

The strategy of buying BLDP shares on revenue announcement dates and holding for 30 days yielded a 20.7% return over 36 months, with a 14.5% annualized return. Despite volatility—including a -20.9% drawdown in the first year—the approach showed resilience, driven by revenue growth. For example, Q3 2025’s revenue beat spurred a stock price increase, though shares fell 7% post-earnings. This underscores the market’s mixed reaction to earnings events, balancing optimism over revenue inflection with caution over profitability.

CEO Commentary

CEO Marty Neese emphasized strategic progress, stating, “We are taking the right steps to grow our business in areas that make strategic sense.” The company highlighted cost-cutting measures, including a 36% year-over-year reduction in operating expenses, and plans to maintain operating costs below $120 million in 2026.

Guidance

Ballard expects 2026 gross margins to stabilize in the low to mid-single digits and anticipates revenue to be back-half weighted. The company aims to reduce capital expenditures to $8–$12 million and achieve cash flow positivity.

Additional News

1. Texas Gigafactory Decision: Ballard opted against pursuing the Texas Gigafactory, citing manufacturing capacity constraints and shifting focus to automation and materials efficiency in Canada.

2. Product Launch: The FC Move SC hydrogen fuel cell system debuted at Bus World, praised for its higher power density and integration, signaling a competitive edge in the bus market.

3. Marine Market Expansion: The company secured its largest marine order to date—6.4 megawatts—highlighting growing demand for hydrogen solutions in maritime applications.