Ballard Power Systems Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	103.4	99.37	69.73	102.37	81.86	104.51
Revenue Growth (YoY)	46.32%	42.50%	-31.88%	25.05%	-21.67%	0.60%
Cost of Revenue	91.57	93.91	91.71	124.2	95.17	90.49
Gross Profit	11.83	5.46	-21.98	-21.83	-13.31	14.01
Selling, General & Admin	25.85	26.5	37.02	38.98	38.89	37.63
Research & Development	50	58.74	94.49	98.31	89.72	62.16
Other Operating Expenses	24.04	23.68	29.81	3.78	3.41	2.33
Total Operating Expenses	99.88	108.92	161.32	141.07	132.02	102.12
Operating Income	-88.05	-103.46	-183.3	-162.9	-145.33	-88.1
Interest Income	18.84	27.38	18.93	31.06	-2.11	-
Interest Expense	-1.84	-1.91	-2.15	-1.11	-1.27	-1.29
Other Non-Operating Income (Expense)	-2.85	-12.88	-156.9	-11.1	-11.62	-35.32
Total Non-Operating Income (Expense)	14.15	12.6	-140.11	18.85	-15	-36.62
Pretax Income	-81.22	-90.86	-323.41	-144.05	-160.33	-114.61
Provision for Income Taxes	0.05	0.05	0.12	0.16	0.04	0.22
Net Income	-81.27	-90.91	-324.25	-177.72	-173.49	-114.23
Earnings From Discontinued Operations	-	-	-0.72	-33.51	-13.12	0.16
Net Income to Common	-81.27	-90.91	-324.25	-177.72	-173.49	-114.23
Shares Outstanding (Basic)	301	300	299	299	321	295
Shares Outstanding (Diluted)	301	300	299	299	321	295
Shares Change (YoY)	0.36%	0.28%	0.22%	-7.04%	8.80%	18.84%
EPS (Basic)	-0.27	-0.30	-1.08	-0.59	-0.54	-0.39
EPS (Diluted)	-0.27	-0.30	-1.08	-0.59	-0.54	-0.39
Shares Outstanding	301.48	300.79	299.44	298.94	298.39	297.7
Free Cash Flow	-47.58	-66.01	-133.95	-145.78	-166.1	-93.63
Free Cash Flow Per Share	-0.16	-0.22	-0.45	-0.49	-0.52	-0.32
Gross Margin	11.44%	5.50%	-31.52%	-21.33%	-16.26%	13.41%
Operating Margin	-85.15%	-104.11%	-262.87%	-159.14%	-177.53%	-84.31%
Profit Margin	-78.60%	-91.49%	-463.97%	-140.87%	-195.91%	-109.47%
FCF Margin	-46.01%	-66.43%	-192.09%	-142.41%	-202.91%	-89.60%
EBITDA	-83.92	-99.33	-171.33	-149.38	-131.56	-78.35
EBITDA Margin	-81.16%	-99.96%	-245.70%	-145.92%	-160.71%	-74.97%
EBIT	-88.05	-103.46	-183.3	-162.9	-145.33	-88.1
EBIT Margin	-85.15%	-104.11%	-262.87%	-159.14%	-177.53%	-84.31%
Effective Tax Rate	-0.06%	-0.06%	-0.04%	-0.11%	-0.03%	-0.19%

Updated May 5, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.