NASDAQ : BLDP
Ballard Power Systems Inc. — Financial statements
Industrials · Electrical Equipment & Parts · Canada
Last price 1.6 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 560.83M
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Financial statements
Ballard Power Systems Inc. (BLDP) reported revenue of 106.16M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 106.16M | 99.37M | 69.73M | 102.37M | 81.86M | 104.50M |
| Cost of Revenue | 88.75M | 93.91M | 91.71M | 124.20M | 95.17M | 90.49M |
| Gross Profit | 17.41M | 5.46M | -21.98M | -21.83M | -13.31M | 14.01M |
| Selling, General & Admin | 25.07M | 26.52M | 37.04M | 38.98M | 39.08M | 37.88M |
| Research & Development | 42.19M | 58.74M | 94.49M | 98.31M | 89.72M | 62.16M |
| Other Operating Expenses | 336.00K | 720.00K | 12.76M | 1.50M | 73.00K | 54.00K |
| Operating Expenses | 67.59M | 85.98M | 144.29M | 138.79M | 128.87M | 100.10M |
| Operating Income | -50.19M | -80.52M | -166.27M | -160.62M | -142.18M | -86.08M |
| Interest Expense | -1.77M | -1.91M | -2.15M | -1.10M | -1.26M | -1.29M |
| Interest & Investment Income | 21.45M | 24.53M | 36.88M | 43.34M | 19.61M | 3.74M |
| Earnings From Equity Investments | -3.46M | -4.73M | -4.94M | -10.13M | -11.62M | -16.14M |
| Currency Exchange Gain (Loss) | -1.24M | 427.00K | -3.14M | 821.00K | -4.55M | -1.34M |
| Other Non Operating Income (Expenses) | 520.00K | 700.00K | -209.00K | -100.00K | -1.95M | |
| EBT Excluding Unusual Items | -34.68M | -61.49M | -139.62M | -127.90M | -140.11M | -103.06M |
| Merger & Restructuring Charges | -21.52M | -22.96M | -17.05M | -2.29M | -3.34M | -2.27M |
| Impairment of Goodwill | -40.28M | |||||
| Gain (Loss) on Sale of Investments | -20.32M | -2.89M | -14.79M | -12.90M | -16.88M | -9.02M |
| Gain (Loss) on Sale of Assets | 73.00K | |||||
| Asset Writedown | -690.00K | -3.60M | -111.68M | -967.00K | -7.00K | -263.00K |
| Pretax Income | -77.22M | -90.86M | -323.41M | -144.05M | -160.33M | -114.61M |
| Income Tax Expense | 50.00K | 51.00K | 121.00K | 158.00K | 42.00K | -216.00K |
| Earnings From Continuing Operations | -77.27M | -90.91M | -323.53M | -144.21M | -160.37M | -114.40M |
| Earnings From Discontinued Operations | -715.00K | -33.51M | -13.12M | 164.00K | ||
| Net Income to Company | -77.27M | -90.91M | -324.25M | -177.72M | -173.49M | -114.23M |
| Net Income | -77.27M | -90.91M | -324.25M | -177.72M | -173.49M | -114.23M |
| Net Income to Common | -77.27M | -90.91M | -324.25M | -177.72M | -173.49M | -114.23M |
| Shares Outstanding (Basic) | 300.92M | 300.16M | 299.31M | 298.66M | 298.09M | 295.29M |
| Shares Outstanding (Diluted) | 300.92M | 300.16M | 299.31M | 298.66M | 298.09M | 295.29M |
| EPS (Basic) | -0.26 | -0.30 | -1.08 | -0.60 | -0.58 | -0.39 |
| EPS (Diluted) | -0.26 | -0.30 | -1.08 | -0.60 | -0.58 | -0.39 |
| Free Cash Flow | -37.24M | -66.01M | -133.95M | -145.78M | -166.10M | -93.63M |
| Free Cash Flow Per Share | -0.12 | -0.22 | -0.45 | -0.49 | -0.56 | -0.32 |
| Gross Margin | 16.40% | 5.50% | -31.52% | -21.33% | -16.26% | 13.41% |
| Operating Margin | -47.27% | -81.03% | -238.45% | -156.90% | -173.68% | -82.37% |
| Profit Margin | -72.78% | -91.49% | -464.99% | -173.61% | -211.94% | -109.31% |
| Free Cash Flow Margin | -35.08% | -66.43% | -192.09% | -142.41% | -202.91% | -89.60% |
| EBITDA | -49.86M | -80.34M | -158.95M | -152.28M | -131.59M | -79.05M |
| EBITDA Margin | -46.97% | -80.85% | -227.95% | -148.75% | -160.75% | -75.64% |
| D&A For EBITDA | 326.00K | 171.00K | 7.32M | 8.34M | 10.59M | 7.04M |
| EBIT | -50.19M | -80.52M | -166.27M | -160.62M | -142.18M | -86.08M |
| EBIT Margin | -47.27% | -81.03% | -238.45% | -156.90% | -173.68% | -82.37% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 502.10M | 527.05M | 603.95M | 751.13M | 913.73M | 1.12B |
| Short-Term Investments | 3.05M | 4.20M | 2.10M | 2.11M | 2.01M | 3.00M |
| Cash & Short-Term Investments | 505.15M | 531.25M | 606.05M | 753.24M | 915.74M | 1.13B |
| Accounts Receivable | 16.84M | 20.77M | 27.33M | 50.76M | 38.59M | 39.81M |
| Other Receivables | 3.61M | 3.44M | 4.65M | 7.81M | 10.10M | 6.59M |
| Receivables | 20.44M | 24.20M | 31.98M | 58.56M | 48.70M | 46.40M |
| Inventory | 42.34M | 43.77M | 56.42M | 45.87M | 58.05M | 51.52M |
| Prepaid Expenses | 1.82M | 2.21M | 3.74M | 6.52M | 7.22M | 4.34M |
| Other Current Assets | 685.00K | 542.00K | -1.20M | 33.00K | ||
| Total Current Assets | 569.75M | 601.43M | 698.88M | 864.74M | 1.03B | 1.23B |
| Property, Plant & Equipment | 31.59M | 32.20M | 30.42M | 116.33M | 82.36M | 56.06M |
| Long-Term Investments | 42.03M | 48.01M | 45.75M | 54.25M | 66.36M | 70.29M |
| Goodwill | 40.28M | 64.27M | 64.27M | |||
| Other Intangible Assets | 33.00K | 248.00K | 1.76M | 1.41M | 5.21M | 20.79M |
| Other Long-Term Assets | 489.00K | 506.00K | 495.00K | 547.00K | 370.00K | 348.00K |
| Total Assets | 643.89M | 682.39M | 777.31M | 1.08B | 1.25B | 1.44B |
| Accounts Payable | 16.08M | 12.01M | 12.30M | 13.72M | 20.44M | 13.69M |
| Accrued Expenses | 6.94M | 11.79M | 17.11M | 19.23M | 13.25M | 15.83M |
| Current Portion of Leases | 3.40M | 3.41M | 2.90M | 4.50M | 3.90M | 3.24M |
| Current Income Taxes Payable | 30.00K | 200.00K | 647.00K | 1.11M | 586.00K | 906.00K |
| Current Unearned Revenue | 6.01M | 8.41M | 6.64M | 4.59M | 8.03M | 12.11M |
| Other Current Liabilities | 18.45M | 25.18M | 35.99M | 27.43M | 26.97M | 37.39M |
| Total Current Liabilities | 50.92M | 60.99M | 75.59M | 70.59M | 73.17M | 83.16M |
| Long-Term Leases | 16.29M | 18.73M | 21.00M | 13.39M | 11.84M | 13.88M |
| Long-Term Unearned Revenue | 14.24M | 9.92M | 5.06M | 485.00K | 902.00K | 1.32M |
| Pension & Post-Retirement Benefits | 84.00K | 86.00K | 98.00K | -475.00K | 455.00K | 1.89M |
| Long-Term Deferred Tax Liabilities | 3.58M | |||||
| Other Long-Term Liabilities | 2.63M | 2.73M | 2.58M | 2.34M | 1.80M | 8.89M |
| Total Liabilities | 84.16M | 92.46M | 104.32M | 86.33M | 88.17M | 112.73M |
| Common Stock | 2.44B | 2.43B | 2.43B | 2.43B | 2.42B | 2.42B |
| Additional Paid-In Capital | 309.80M | 310.04M | 309.97M | 306.04M | 300.76M | 297.82M |
| Retained Earnings | -2.18B | -2.15B | -2.06B | -1.74B | -1.56B | -1.39B |
| Comprehensive Income & Other | -1.89M | -1.60M | -4.76M | -2.96M | -1.49M | 1.72M |
| Total Common Equity | 559.74M | 589.93M | 672.99M | 991.22M | 1.16B | 1.33B |
| Shareholders' Equity | 559.74M | 589.93M | 672.99M | 991.22M | 1.16B | 1.33B |
| Total Liabilities & Equity | 643.89M | 682.39M | 777.31M | 1.08B | 1.25B | 1.44B |
| Total Debt | 19.69M | 22.14M | 23.89M | 17.90M | 15.73M | 17.12M |
| Net Cash (Debt) | 485.46M | 509.11M | 582.16M | 735.35M | 900.01M | 1.11B |
| Net Cash Per Share | 1.61 | 1.70 | 1.95 | 2.46 | 3.02 | 3.76 |
| Filing Date Shares Outstanding | 301.51M | 300.91M | 299.66M | 299.04M | 298.44M | 297.81M |
| Total Common Shares Outstanding | 301.51M | 300.78M | 299.44M | 298.94M | 298.39M | 297.70M |
| Working Capital | 518.83M | 540.44M | 623.29M | 794.15M | 955.34M | 1.15B |
| Book Value Per Share | 1.86 | 1.96 | 2.25 | 3.32 | 3.88 | 4.46 |
| Tangible Book Value | 559.70M | 589.68M | 671.23M | 949.53M | 1.09B | 1.24B |
| Tangible Book Value Per Share | 1.86 | 1.96 | 2.24 | 3.18 | 3.65 | 4.18 |
| Machinery | 184.12M | 176.62M | 156.22M | 118.35M | 86.41M | |
| Leasehold Improvements | 15.05M | 14.35M | 10.78M | 9.65M | 9.45M | |
| Order Backlog | 119.30M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -77.27M | -90.91M | -324.25M | -177.72M | -173.49M | -114.23M |
| Depreciation & Amortization | 3.58M | 3.42M | 11.27M | 11.87M | 13.82M | 9.75M |
| Other Amortization | 612.00K | 726.00K | 759.00K | 1.70M | ||
| Loss (Gain) From Sale of Assets | -142.00K | -416.00K | -417.00K | -416.00K | ||
| Asset Writedown & Restructuring Costs | 3.16M | 111.02M | 967.00K | 7.00K | 263.00K | |
| Loss (Gain) From Sale of Investments | 20.32M | 2.89M | 14.79M | 12.90M | 16.88M | 9.02M |
| Loss (Gain) on Equity Investments | 3.46M | 4.73M | 4.94M | 10.13M | 11.62M | 16.14M |
| Stock-Based Compensation | 3.04M | 6.34M | 7.46M | 10.96M | 9.41M | 9.67M |
| Provision & Write-off of Bad Debts | 365.00K | 972.00K | 13.41M | 1.54M | 73.00K | 54.00K |
| Other Operating Activities | -5.09M | -6.52M | 6.74M | 14.33M | 4.75M | 455.00K |
| Change in Accounts Receivable | 1.96M | 6.05M | 13.35M | -12.91M | -2.94M | 9.64M |
| Change in Inventory | 26.19M | 10.07M | -16.95M | -898.00K | -11.14M | -23.00M |
| Change in Accounts Payable | -12.93M | -8.33M | 1.20M | -3.58M | -718.00K | 1.41M |
| Change in Unearned Revenue | 4.62M | 6.69M | 7.04M | -3.44M | -4.08M | 2.22M |
| Change in Other Net Operating Assets | -613.00K | 3.57M | 585.00K | 3.75M | 946.00K | -1.87M |
| Operating Cash Flow | -30.63M | -56.17M | -108.10M | -104.57M | -132.17M | -80.48M |
| Capital Expenditures | -6.60M | -9.84M | -25.85M | -41.21M | -33.93M | -13.16M |
| Sale of Property, Plant & Equipment | 80.00K | 3.17M | ||||
| Cash Acquisitions | -100.00K | -2.00M | -14.90M | -7.16M | ||
| Sale (Purchase) of Intangibles | -337.00K | -1.77M | -154.00K | -550.00K | -1.54M | |
| Investment in Securities | -8.50M | -10.84M | -11.96M | -10.91M | -26.18M | -63.77M |
| Investing Cash Flow | -15.10M | -20.94M | -36.51M | -54.28M | -75.56M | -85.63M |
| Long-Term Debt Repaid | -3.04M | -3.33M | -4.01M | -3.32M | -2.80M | |
| Lease Payments | -3.18M | -3.04M | -3.33M | -4.01M | -3.32M | -2.80M |
| Net Debt Issued (Repaid) | -3.18M | -3.04M | -3.33M | -4.01M | -3.32M | -2.80M |
| Issuance of Common Stock | 573.00K | 459.00K | 308.00K | 335.00K | 916.00K | 552.61M |
| Other Financing Activities | 1.49M | -22.90M | ||||
| Financing Cash Flow | -2.61M | -2.58M | -1.53M | -3.68M | -2.41M | 526.91M |
| Foreign Exchange Rate Adjustments | 415.00K | 2.80M | -1.05M | -73.00K | -31.00K | -337.00K |
| Net Cash Flow | -47.93M | -76.90M | -147.18M | -162.60M | -210.16M | 360.46M |
| Free Cash Flow | -37.24M | -66.01M | -133.95M | -145.78M | -166.10M | -93.63M |
| Free Cash Flow Margin | -35.08% | -66.43% | -192.09% | -142.41% | -202.91% | -89.60% |
| Free Cash Flow Per Share | -0.12 | -0.22 | -0.45 | -0.49 | -0.56 | -0.32 |
| Levered Free Cash Flow | -22.50M | -46.12M | -88.11M | -120.08M | -122.50M | -32.77M |
| Unlevered Free Cash Flow | -21.40M | -44.93M | -86.77M | -119.39M | -121.71M | -31.96M |
| Free Cash Flow After Leases | -40.42M | -69.05M | -137.28M | -149.80M | -169.43M | -96.43M |
| Change in Working Capital | 19.22M | 18.05M | 5.24M | -17.09M | -17.94M | -11.60M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 551.06M | 767.68M | 497.36M | 1.11B | 1.43B | 3.74B |
| Enterprise Value | 56.97M | 254.37M | -75.11M | 327.38M | 473.28M | 2.53B |
| Last Close Price | 1.57 | 2.54 | 1.66 | 3.70 | 4.79 | 12.56 |
| PS Ratio | 5.19 | 7.72 | 7.13 | 10.85 | 17.45 | 35.77 |
| PB Ratio | 0.98 | 1.30 | 0.74 | 1.12 | 1.23 | 2.81 |
| P/TBV Ratio | 0.98 | 1.30 | 0.74 | 1.17 | 1.31 | 3.01 |
| EV/Sales Ratio | 0.54 | 2.56 | 3.20 | 5.78 | 24.22 | |
| Debt / Equity Ratio | 0.04 | 0.04 | 0.04 | 0.02 | 0.01 | 0.01 |
| Net Debt / Equity Ratio | -0.87 | -0.86 | -0.86 | -0.74 | -0.78 | -0.84 |
| Net Debt / EBITDA Ratio | 9.74 | 6.34 | 3.66 | 4.83 | 6.84 | 14.04 |
| Net Debt / FCF Ratio | 13.04 | 7.71 | 4.35 | 5.04 | 5.42 | 11.85 |
| Asset Turnover | 0.15 | 0.14 | 0.07 | 0.09 | 0.06 | 0.09 |
| Inventory Turnover | 1.60 | 1.88 | 1.79 | 2.39 | 1.74 | 2.26 |
| Quick Ratio | 10.32 | 9.11 | 8.44 | 11.50 | 13.18 | 14.11 |
| Current Ratio | 11.19 | 9.86 | 9.25 | 12.25 | 14.06 | 14.78 |
| Return on Equity (ROE) | -12.92% | -14.40% | -38.88% | -13.41% | -12.90% | -10.26% |
| Return on Assets (ROA) | -4.55% | -6.89% | -11.21% | -8.64% | -6.61% | -4.45% |
| Return on Capital Employed (ROCE) | -8.50% | -13.00% | -23.70% | -16.00% | -12.10% | -6.30% |
| Earnings Yield | -16.61% | -11.84% | -65.19% | -16.00% | -12.14% | -3.06% |
| FCF Yield | -6.76% | -8.60% | -26.93% | -13.13% | -11.63% | -2.50% |
| Buyback Yield / Dilution | -0.46% | -0.28% | -0.22% | -0.19% | -0.95% | -18.84% |