Ballard Power Systems Inc. (TSX:BLDP)

Revenue by Segment

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016
Fuel Cell Products and Services	99.37M	69.73M	102.37M	81.86M	104.51M
Fuel Cell Products and Services Growth	42.50%	-31.88%	25.05%	-21.67%	0.60%
Total	99.37M	69.73M	102.37M	81.86M	104.51M
Total Growth	42.50%	-31.88%	25.05%	-21.67%	0.60%

Revenue by Geography

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016
United States	32.28M	15.00M	25.70M	24.05M	17.54M
United States Growth	115.28%	-41.66%	6.86%	37.16%	118.93%
Poland	21.57M	21.66M	11.26M	1.77M	541.00K
Poland Growth	-0.38%	92.28%	536.63%	226.99%	-
Canada	17.89M	3.00M	12.03M	4.52M	3.06M
Canada Growth	495.77%	-75.05%	166.24%	47.57%	143.29%
Germany	8.41M	4.18M	14.49M	13.69M	22.06M
Germany Growth	101.00%	-71.12%	5.88%	-37.97%	-4.21%
United Kingdom	8.20M	12.77M	8.18M	7.97M	8.97M
United Kingdom Growth	-35.78%	56.20%	2.65%	-11.16%	13.86%
Egypt	3.51M	154.00K	-	-	-
Egypt Growth	2180.52%	-	-	-	-
Spain	1.88M	260.00K	857.00K	763.00K	926.00K
Spain Growth	621.54%	-69.66%	12.32%	-17.60%	623.44%
China	1.55M	2.63M	11.98M	9.13M	38.82M
China Growth	-41.28%	-78.04%	31.26%	-76.49%	-28.47%
Netherlands	1.19M	668.00K	4.81M	103.00K	-
Netherlands Growth	77.40%	-86.12%	4571.84%	-	-
Denmark	342.00K	2.16M	2.24M	2.53M	3.03M
Denmark Growth	-84.14%	-3.71%	-11.43%	-16.42%	158.41%
France	317.00K	4.02M	3.31M	6.90M	1.83M
France Growth	-92.12%	21.65%	-52.09%	277.83%	67.61%
Rest of World	2.24M	3.23M	987.00K	873.00K	754.00K
Rest of World Growth	-30.58%	227.05%	13.06%	15.78%	225.00%
Taiwan	-	-	1.38M	640.00K	912.00K
Taiwan Growth	-	-	115.78%	-29.82%	-9.52%
Belgium	-	-	2.09M	3.43M	2.12M
Belgium Growth	-	-	-39.10%	61.72%	-20.65%
Korea	-	-	109.00K	-	-
Norway	-	-	779.00K	591.00K	2.52M
Norway Growth	-	-	31.81%	-76.56%	478.21%
Japan	-	-	76.00K	541.00K	954.00K
Japan Growth	-	-	-85.95%	-43.29%	-64.60%
India	-	-	2.03M	656.00K	439.00K
India Growth	-	-	210.06%	49.43%	-
Australia	-	-	51.00K	3.71M	36.00K
Australia Growth	-	-	-98.63%	10208.33%	-
Total	99.37M	69.73M	102.37M	81.86M	104.51M
Total Growth	42.50%	-31.88%	25.05%	-21.67%	0.60%

Source: S&P Global Market Intelligence.