Ballard Power Reports Quarterly Results: Ballard Power Increases Revenue and Reduces Losses in Q3 2025 – Stock Drops Double-Digits
Vancouver (Canada) – The Canadian fuel cell manufacturer Ballard Power Systems increased its revenue to USD 32.5 million in the third quarter of 2025, representing a 120 percent rise compared to the same period last year (Q3/2024: USD 14.8 million). Adjusted EBITDA remained negative at -USD 31.2 million but improved by approximately 48 percent compared to the previous year’s quarter (Q3/2024: -USD 60.1 million).
According to Ballard Power, the main growth drivers were deliveries to the bus and rail sectors in North America and Europe. The gross margin improved to 15 percent, supported by product cost reductions and the reduction of burdensome contract provisions (Q3/2024: -56%). “In the quarter, deliveries to our bus and rail customers drove gross margins of 15% due in part by product cost reduction efforts and a net reduction in onerous contract provisions,” explained Marty Neese, President and CEO of Ballard.
Net order intake amounted to USD 19.1 million, including the largest marine order to eCap & Samskip. These deliveries were valued at USD 32.5 million. Overall, this results in an order backlog of USD 132.8 million at the end of the quarter, representing a 9 percent decrease compared to the previous quarter.
Financially, progress is visible in cost reduction: Ballard Power emphasizes that cash operating expenses were reduced by 40 percent and total operating expenses by 36 percent, even by 55 percent excluding restructuring charges.
The company closed the quarter with USD 525.7 million in cash. For 2025, Ballard expects total operating expenses excluding restructuring charges to be below the lower end of the previous guidance range of USD 100 to 120 million. Including restructuring charges, Ballard Power expects these to be at the upper end of this range. Capital expenditures have been significantly reduced from the original USD 15 to 25 million to now USD 8 to 12 million.
Despite the overall positive results, analysts have mixed assessments of the company: Some see growth potential, while others caution about the still low profitability, a declining order book, and the conservative outlook. The stock came under pressure yesterday, falling double digits by 10.2 percent to EUR 2.65 (November 13, 2025, closing price, Stuttgart Stock Exchange).
Source: IWR Online, 14 Nov 2025
