Ballard Power Systems Inc. BLDP
Annual
Quarterly
FY2025 · ended Dec 31, 2025 · Revenue $99.37M, +42.5% YoY · Filed Mar 12, 2026
Ballard Power Systems Inc. (BLDP) files with the SEC under industry code 3620, Electrical Industrial Apparatus. In fiscal 2025, which ended Dec 31, 2025, it reported revenue of $99.4 million and a net loss of $90.9 million. Free cash flow was -$66.0 million. As of Dec 31, 2025 it held $527.1 million in cash and investments and $22.1 million in total debt.
Revenue
$99.37M
+42.5% vs prior year
Net income
$-90.91M
+72.0% vs prior year
Operating cash flow
$-56.17M
+48.0% vs prior year
Free cash flow
$-66.01M
+50.7% vs prior year
EPS
$-0.30
+72.2% vs prior year
Dividend per share
None
Shares outstanding
300.78M
+0.6% vs prior year
Net cash
$504.91M
FY 2025
Operating margin
-104.1%
FY 2025
Company profile
- Industry
- Electrical Industrial Apparatus (SIC 3620)
- Listed as
- BLDP (Nasdaq)
- Fiscal year ends
- December 31
- Headquarters
- Burnaby
- SEC CIK
- 1453015
- Former names
- 7076991 Canada Inc. (until Jan 2, 2009)
Other Electrical Industrial Apparatus companies
- Bloom Energy Corp BE
- Woodward, Inc. WWD
- Forgent Power Solutions, Inc. FPS
- Accelevation Holdings Corp. ACCV
- Plug Power Inc PLUG
- Fuelcell Energy Inc FCEL
- ERock, Inc. EROC
- Graftech International Ltd EAF
Key figures
Fiscal-year totals from the annual reports. Balance sheet lines are as of each year end.
| Line | FY 2025 Dec 31, 2025 |
FY 2024 Dec 31, 2024 |
FY 2024 Dec 31, 2023 |
FY 2022 Dec 31, 2022 |
FY 2021 Dec 31, 2021 |
|---|---|---|---|---|---|
| Revenue | $99.4M | $69.7M | $102.4M | $81.9M | $104.5M |
| Operating income | -$103.5M | -$183.3M | -$162.9M | -$145.3M | -$88.1M |
| Net income | -$90.9M | -$324.2M | -$177.7M | -$173.5M | -$114.2M |
| Diluted EPS | -$0.30 | -$1.08 | -$0.59 | -$0.58 | -$0.39 |
| Operating cash flow | -$56.2M | -$108.1M | -$104.6M | -$132.2M | -$80.5M |
| Free cash flow | -$66.0M | -$133.9M | -$145.8M | -$166.1M | -$93.6M |
| Total assets | $682.4M | $777.3M | $1.1B | $1.2B | $1.4B |
| Total liabilities | $92.5M | $104.3M | $86.3M | $88.2M | $112.7M |
| Stockholders' equity | $589.9M | $673.0M | $991.2M | $1.2B | $1.3B |
| Cash and investments | $527.1M | $603.9M | $751.1M | $913.7M | $1.1B |
| Total debt | $22.1M | $23.9M | $17.9M | $15.7M | $17.1M |
Recent SEC filings
| Form | Description | Filed | Period |
|---|---|---|---|
| 6-K | Current report (foreign issuer) | Nov 5, 2026 | Nov 5, 2026 |
| 6-K | Current report (foreign issuer) | Oct 28, 2026 | Oct 28, 2026 |
| 6-K | Current report (foreign issuer) | Oct 22, 2026 | Oct 22, 2026 |
| 6-K | Current report (foreign issuer) | Oct 21, 2026 | Oct 21, 2026 |
| 6-K | Current report (foreign issuer) | Oct 20, 2026 | Oct 16, 2026 |
| 6-K | Current report (foreign issuer) | Oct 7, 2026 | Oct 6, 2026 |
All 868 Ballard Power Systems Inc. SEC filings
Source: SEC EDGAR filings. This is company-reported data, not investment advice.