Ballard Power Systems Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

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

Updated Mar 12, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q