Quarterly Report: Ballard Power Sees Revenue Growth and Cost-Cutting Program in Q2 2025 – Investors React Cautiously
Vancouver (Canada) – Canadian fuel cell manufacturer Ballard Power Systems increased its revenue by 11% in the second quarter of 2025 to USD 17.8 million (Q2 2024: USD 16.0 million). Despite this positive development, investor reaction remained muted – mainly due to a decline in incoming orders and continued high losses.
“We have made progress with respect to improving our financial performance and with our recently announced strategic realignment we have established a core goal to achieve positive cash flow by year-end 2027,” said Marty Neese, the newly appointed President and CEO of Ballard. As part of this realignment, Ballard plans to reduce annual operating costs by around 30% through a cost-cutting program – mainly via workforce reductions and a focus on higher-margin products.
The order backlog declined by 7% compared to the previous quarter, down to USD 146.2 million – potentially signaling a weakening in market momentum. However, Ballard highlighted progress on key projects such as the high-volume production of bipolar plates and significant new orders in the maritime sector.
“We continue to believe in the necessary role of hydrogen and fuel cells to decarbonize select heavy mobility and stationary power applications and we have taken action to continue our leadership position in this space. With $550 million in cash, no bank debt and no financing requirement for the foreseeable future, we are well positioned to reliably serve our customers over the long term as we move forward on our mission,” Neese added.
Ballard Power’s stock showed little movement on Monday following the release of the quarterly figures, closing at the previous day’s level. Likewise, there was barely any change in trading yesterday, with the stock dipping slightly by 0.6% to EUR 1.55 (closing price on August 12, 2025, Stuttgart Stock Exchange).
Source: IWR Online, 13 Aug 2025
