Ballard Reports Q3 2025 Results

Executive Summary

• Ballard Power Systems reported Q3 2025 revenue of $32.5 M, a 120% YoY increase, driven by strong bus and rail deliveries.
• Gross margin expanded to 15% (up 71‑points YoY) and Adjusted EBITDA improved to $(31.2) M from $(60.1) M a year earlier.
• Cash on hand stands at $525.7 M with no bank debt; capital expenditure guidance lowered to $8–$12 M for 2025 (previously $15–$25 M).

Key Details

• Revenue & Segments
• Total Q3 2025 revenue: $32.5 M (up 120% YoY).
• Heavy‑Duty Mobility revenue: $23.4 M (+83% YoY) – bus $15.6 M, rail $7.4 M, marine $0.4 M, stationary $3.8 M.
• Order Intake & Backlog
• Net order intake Q3 2025: $19.1 M (incl. largest marine order to eCap & Samskip).
• Order backlog end‑Q3 2025: $132.8 M, down 9% QoQ; 12‑month orderbook at $71.6 M (down 15%).
• Profitability
• Gross margin: 15% (up 71 pts YoY).
• Adjusted EBITDA: $(31.2) M, improvement of $28.9 M vs. Q3 2024.
• Net loss from continuing operations: $(28.1) M, an 86% reduction YoY.
• Cost Reductions
• Cash operating costs down 40% YoY (restructuring actions).
• Total Operating Expenses reduced 36% YoY; 55% reduction when excluding restructuring charges.
• Cash Position
• Cash & cash equivalents: $525.7 M (down 17% YoY).
• No bank debt, no near‑term financing requirements.
• Capital Expenditure Guidance
• Revised 2025 CapEx range: $8–$12 M (previously $15–$25 M).
• Product Launch
• Introduced FCmove®‑SC, ninth‑generation fuel‑cell engine, with 25% higher power density, smaller footprint, and higher operating temperature; received positive OEM feedback.
• Strategic Updates
• Abandoned planned Texas Gigafactory expansion due to changes in U.S. federal funding; will meet volume needs with existing capacity.
• Emphasis on after‑sales services as a new revenue source beginning 2027.
• Outlook & Guidance
• No specific 2025 revenue or net income guidance provided; expects back‑half weighted revenue.
• Total Operating Expense (excluding restructuring) expected to be at the lower end of $100–$120 M range; with restructuring, at the higher end.

Notable Quotes

• “Overall, we had a positive quarter…gross margin expansion, significant progress in our cost reduction activities, and positive reception of our newest product…” – Marty Neese, President & CEO
• “The restructuring actions we initiated … are delivering tangible results.” – Kate Igbalode, Senior VP & CFO

Conference call scheduled for Thursday, November 13, 2025 at 8:00 a.m. PT.