Fuel cell manufacturer Ballard Power Systems’ fourth quarter (Q4) 2025 revenue rose 37% year-over-year (YoY) to $33.6 million from $24.5 million.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at a negative $15.9 million, down 64.6% YoY from a negative $44.92 million.

Net loss came in at $17.5 million, improving 62% from a loss of $46.5 million in the same quarter last year.

Earnings per share came in at a negative $0.06, beating analysts’ expectations by $0.05.

The company attributed its performance to an increase in deliveries, driven by its power products portfolio, and an enhanced cost structure.

Ballard’s revenue surged 120% YoY to $32.5 million in Q3 2025, from $14.8 million on the back of higher deliveries to its bus and rail customers in America and Europe.

Full Year 2025

Ballard earned revenues of $99.4 million in 2025, rising 43% YoY from $69.7 million.

EBITDA for the year stood at a negative $84.9 million, down 72.6% from a negative $309.7 million.

Net loss came in at $90 million, an improvement of 72% from a loss of $323.5 million in the previous year.

Operational Highlights

Ballard delivered nearly 800 fuel cell engines in 2025.

The company’s 12-month orderbook stood at $53.9 million at the end of Q4, declining $17.7 million, or roughly 25%, from the end of Q3. This decline represented the significant delivery volumes of fuel cell products in Q4. Its deliveries in Q4 grew 37% YoY.

Ballard’s order backlog at the end of 2025 stood at $119.3 million, due to strong shipment activity in Q4 and new order intake of $20.1 million.

Cash used in Ballard’s operating activities in Q4 was $11.4 million, up 146.7% from a negative $24.4 million in the previous quarter. The company’s cash and cash equivalents stood at $527.1 million at the end of 2025,

Ballard’s cash and cash equivalents were $527.1 million at the end of 2025, declining 12.7% YoY from $603.9 million.

Ballard stated that its Power Products portfolio represents over 99% of its order backlog.

The company earned a revenue of $28.6 million in Q4 from its heavy duty mobility products, increasing 70% from the previous year. This growth was supported by revenue from the bus and rail segment, with rail revenue growing 892% to $10.8 million.

Ballard’s revenue from its stationary products, which include fuel cell power systems that generate electricity at a fixed location, was $3.2 million in Q4, down 54% YoY. Its revenue from the emerging and other markets stood at $1.8 million, up at least 138% from the same quarter of the previous year.

Marty Neese, CEO, President, and Independent Director at Ballard Power Systems, said, “Throughout 2025, we strengthened our commercial foundation. Our newer agreements reflect more comprehensive pricing structures and balanced commercial terms, including protections against tariff exposure, exchange rates, inflation, and precious metal volatility. These changes improve transparency with our customers, enhance margin visibility, reduce earnings variability, and support stronger long-term partnerships. “

Neese added that Ballard is focusing on reducing product costs through three key levers: negotiations, execution, and innovation.

The company’s supply chain teams are securing new alternative suppliers, and the operations team is working on improving productivity and manufacturing process yields. Ballard is working on innovation initiatives to improve performance, simplify products, and design products with more durable components.

Ballard cut cash operating costs by 41% YoY in Q4, helping it achieve a 17% gross margin for Q4 and 5% for the full year 2025.

The company generated $11 million in operating cash flow in Q4.

During 2025, Ballard secured an order from bus manufacturer New Flyer to supply 500 FCmove HD+ hydrogen fuel cell engines, with a total capacity of 50 MW.

Outlook

Ballard expects its total operating expenses in 2026 to range from $65 million to $75 million and its capital expenditure to fall between $5 million and $10 million.

The company considers Europe and Canada as important markets for hydrogen products going forward. This is because many hydrogen projects in these markets are moving toward final investment decisions (FID).

Ballard highlighted that hydrogen projects worth approximately $35 billion advanced to FID in the previous year. Developers are looking for new offtake partners for the hydrogen they generate. Ballard has identified data centers as a potential customer for such energy.

Neese stated that the company’s portfolio already includes products, such as hydrogen fuel cells, that can meet the power needs of data centers.

He said Ballard’s fuel cells can provide immediate power to the data centers. However, they are expected to become fully connected to the grid in seven to 10 years once the grid capacity and infrastructure improve.

Apart from lowering product costs, Ballard plans to increase its revenue and margins by improving commercial terms, expanding service offerings, entering new markets, and introducing new business models.

Commenting on Ballard’s improved commercial terms, Neese said the new contracts include protections against tariffs, currency changes, inflation, and metal price volatility to ensure more stable and transparent long-term partnerships.