Ballard Power Financials
Ballard Power (BLDP) reported $99.4M in revenue for fiscal year 2025, up 42.5% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Ballard is still being funded by earlier equity capital, with cash reserves absorbing operating losses instead of debt.
FY2025 earnings quality looked better than headline profit suggests: free cash outflow was-$66.0M versus a net loss of-$90.9M , so this year's accounting loss did not fully translate into cash drain. The same pattern mattered even more in FY2024, when a-$324.2M loss arrived as goodwill fell to$0 , implying part of that earnings damage was non-cash rather than a collapse in day-to-day cash use.
Liquidity remains the clearest balance-sheet feature: cash of
Capital intensity eased in FY2025 because capital spending fell to
Financial Health Signals
Ballard Power does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Ballard Power passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
Ballard Power reported a net loss of $90.9M while operations used $56.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Ballard Power generated $99.4M in revenue in fiscal year 2025. This represents an increase of 42.5% from the prior year.
Ballard Power reported -$90.9M in net income in fiscal year 2025. This represents an increase of 72.0% from the prior year.
Ballard Power earned -$0.30 per diluted share (EPS) in fiscal year 2025. This represents an increase of 72.2% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Ballard Power recorded an outflow of $66.0M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 50.7% from the prior year.
Ballard Power held $527.1M in cash against $18.7M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Ballard Power's net profit margin was -91.5% in fiscal year 2025, showing the share of revenue converted to profit. No change is given against fiscal year 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Ballard Power's ROE was -15.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 32.8 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Ballard Power invested $9.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 61.9% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
BLDP Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'25 | Q4'24 | Q4'23 | Q4'22 | Q4'21 | Q4'20 | Q4'19 | Q4'18 |
|---|
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, Interest Expense, Income Tax, Net Income, EPS (Diluted).
BLDP Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'25 | Q4'24 | Q4'23 | Q4'22 | Q4'21 | Q4'20 | Q4'19 | Q4'18 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $682.4M-12.2% | $777.3M-27.9% | $1.1B-13.6% | $1.2B-13.5% | $1.4B+47.7% | $975.6M+186.7% | $340.3M-1.7% | $346.1M |
| Current Assets | $601.4M-13.9% | $698.9M-19.2% | $864.7M-15.9% | $1.0B-16.3% | $1.2B+43.9% | $854.3M+272.2% | $229.5M-12.3% | $261.6M |
| Cash & Equivalents | $527.1M-12.7% | $603.9M-19.6% | $751.1M-17.8% | $913.7M-18.7% | $1.1B+47.2% | $763.4M+416.6% | $147.8M-23.1% | $192.2M |
| Inventory | $43.8M-22.4% | $56.4M+23.0% | $45.9M-21.0% | $58.0M+12.7% | $51.5M+80.6% | $28.5M-5.2% | $30.1M+2.7% | $29.3M |
| Accounts Receivable | $24.2M-24.3% | $32.0M-45.4% | $58.6M+20.3% | $48.7M+5.0% | $46.4M-18.3% | $56.8M+15.2% | $49.3M+28.0% | $38.5M |
| Goodwill | N/A | $0-100.0% | $40.3M-37.3% | $64.3M0.0% | $64.3M+59.6% | $40.3M0.0% | $40.3M0.0% | $40.3M |
| Total Liabilities | $92.5M-11.4% | $104.3M+20.8% | $86.3M-2.1% | $88.2M-21.8% | $112.7M+50.9% | $74.7M-17.0% | $90.1M+41.8% | $63.5M |
| Current Liabilities | $61.0M-19.3% | $75.6M+7.1% | $70.6M-3.5% | $73.2M-12.0% | $83.2M+59.6% | $52.1M-19.3% | $64.5M+35.2% | $47.7M |
| Long-Term Debt | $18.7M-10.8% | $21.0M+56.8% | $13.4M+13.2% | $11.8M-14.7% | $13.9M-8.6% | $15.2M-12.3% | $17.3M | N/A |
| Total Equity | $589.9M-12.3% | $673.0M-32.1% | $991.2M-14.5% | $1.2B-12.7% | $1.3B+47.3% | $900.9M+260.0% | $250.3M-11.4% | $282.6M |
| Retained Earnings | -$2.2B-4.4% | -$2.1B-18.6% | -$1.7B-11.3% | -$1.6B-12.5% | -$1.4B-8.8% | -$1.3B-4.2% | -$1.2B-3.3% | -$1.2B |
BLDP Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'25 | Q4'24 | Q4'23 | Q4'22 | Q4'21 | Q4'20 | Q4'19 | Q4'18 |
|---|
Not reported in any period shown, so not listed: Operating Cash Flow, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
BLDP Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q4'25 | Q4'24 | Q4'23 | Q4'22 | Q4'21 | Q4'20 | Q4'19 | Q4'18 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 9.86+0.6x | 9.25-3.0x | 12.25-1.8x | 14.06-0.7x | 14.78-1.6x | 16.40+12.8x | 3.56-1.9x | 5.48 |
| Debt-to-Equity | 0.030.0x | 0.030.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.02-0.1x | 0.07-0.2x | 0.22 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, FCF Margin.
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Where Ballard Power Ranks
Frequently Asked Questions
What is Ballard Power's annual revenue?
Ballard Power (BLDP) reported $99.4M in total revenue for fiscal year 2025. This represents a 42.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Ballard Power's revenue growing?
Ballard Power (BLDP) revenue grew by 42.5% year-over-year, from $69.7M to $99.4M in fiscal year 2025.
Is Ballard Power profitable?
No, Ballard Power (BLDP) reported a net income of -$90.9M in fiscal year 2025, with a net profit margin of -91.5%.
How much debt does Ballard Power have?
As of fiscal year 2025, Ballard Power (BLDP) had $527.1M in cash and equivalents against $18.7M in long-term debt.
What is Ballard Power's net profit margin?
Ballard Power (BLDP) had a net profit margin of -91.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Ballard Power's return on equity (ROE)?
Ballard Power (BLDP) has a return on equity of -15.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Ballard Power's free cash flow?
Ballard Power (BLDP) recorded an outflow of $66.0M in free cash flow during fiscal year 2025. This represents a 50.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Ballard Power's operating cash flow?
Ballard Power (BLDP) recorded an outflow of $56.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Ballard Power's total assets?
Ballard Power (BLDP) had $682.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Ballard Power's capital expenditures?
Ballard Power (BLDP) invested $9.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Ballard Power's current ratio?
Ballard Power (BLDP) had a current ratio of 9.86 as of fiscal year 2025, which is generally considered healthy.
What is Ballard Power's debt-to-equity ratio?
Ballard Power (BLDP) had a debt-to-equity ratio of 0.03 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Ballard Power's return on assets (ROA)?
Ballard Power (BLDP) had a return on assets of -13.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Ballard Power's Piotroski F-Score?
Ballard Power (BLDP) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Ballard Power's earnings high quality?
Ballard Power (BLDP) reported a net loss of $90.9M while operations used $56.2M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.