Fuel cell manufacturer Ballard Power Systems’ revenue surged 120% year-over-year (YoY) to $32.5 million in the third quarter (Q3) of 2025, from $14.8 million on the back of higher deliveries to its bus and rail customers in America and Europe.

Revenue from the rail segment increased by 509% YoY to $7.4 million from $1.2 million. Revenue from the bus segment rose 39% YoY to $15.6 million from $11.2 million in the same quarter last year.

Ballard’s net loss reduced by 86% to $28.1 million from $204.53 million in the same quarter of the previous year.

Adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) loss narrowed by 48% YoY to $31.2 million from $$60.1 million.

The loss per share came in $0.09 compared to a loss per share of $0.68 in Q3 2024.

In Q2, the company had posted a revenue of $17.8 million, an 11% YoY increase, supported by growth in the heavy-duty mobility segment.

9M Results

In the first nine months (9M) of 2025, Ballard’s revenue rose by 45% YoY to 65.73 million from $45.21 million.

It posted a net loss of $73.39 million, representing a 73.6% decrease from $277.77 million during the same period last year.

The loss per share was $0.24, compared to a loss per share of $0.93 in 9M 2024.

Business Highlights

Ballard had an order backlog of ₹132.8 million at the end of Q3 2025, and the 12-month order book stood at $71.6 million.

In its earnings call, Marty Neese, CEO at Ballard, noted that rapid growth and the need for data centers and related infrastructure are creating challenges for local power grids. It added that there is a shift to evaluate potential sources of off-grid power systems in many jurisdictions.

The company announced that it will re-enter the material handling market. It said customers are showing interest in its extended durability fuel cells.

Due to changes in funding options and updated capacity outlook, the company decided not to pursue the Texas gigafactory development. Ballard believes its existing global manufacturing capacity, with minor adjustments, is expected to meet forecasted volumes.

It is also noted that it will reduce its involvement in the Weichai Ballard joint venture in China, allowing it to concentrate its resources on North America and Europe.

Outlook

Ballard has revised its guidance for total operating expenses to $100 million to $120 million and for capital expenditure to $8 million to $12 million.

In Q2 of 2025, it reported a revenue of $17.8 million, an 11% YoY increase, supported by growth in the heavy-duty mobility segment.