NASDAQ$BLDP
Ballard Power Systems Inc. · Q1 2025 earnings
Q1 2025 earnings · · Before market open · Investor relations
Briefing
Ballard Q1 loss narrows as R&D spend falls and finance income rises
Ballard Power Systems reported Q1 2025 product and service revenue of $15.4 million, up 6.5% from $14.5 million a year ago, while the gross margin remained negative at $(3.6) million. The net loss from continuing operations narrowed to $21.0 million from $41.1 million, reflecting lower research and development spending, reduced operating expenses, and $11.0 million of net finance income including fair-value gains on long-term investments. Loss per share improved to $(0.07) from $(0.14). Cash and equivalents ended the quarter at $576.7 million. Management maintained its 2025 outlook for operating expenses of $100–120 million and capital expenditures of $15–25 million.
- Product and service revenue of $15.4M (+6.5% YoY) with gross margin still negative at $(3.6)M
- Net loss narrowed to $21.0M from $41.1M; EPS improved to $(0.07) from $(0.14)
- R&D expenses fell to $18.1M from $25.3M as restructuring actions take hold
- Net finance income of $11.0M driven by fair-value gains on hydrogen fund investments
- Cash position of $576.7M; 12-month order book approximately $92.4M
Headline financials
Revenue & EPS history
Ballard Power · Revenue · Quarterly
$15.4M
Forward guidance
Ballard expects 2025 operating expenses of $100–120 million and capital expenditures of $15–25 million, with revenue weighted to the second half. No specific revenue or net income guidance provided.
Tailwinds
- Restructuring reduced Q1 operating expenses meaningfully versus prior year
- Strong cash balance provides runway amid delayed hydrogen market adoption
Headwinds
- Gross margin remains negative on product and service revenue
- Hydrogen and fuel cell market adoption continues to face policy and funding headwinds
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2025
-1.3%
Avg return
Earnings day
-0.2%
Avg return
5 days after
+3.1%
Avg return
30 days after
38%
23 / 61 earnings
Positive
+32.0%
Q1 2026
Best reaction
-25.7%
Q1 2021
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +32.0% | +25.9% | +84.8% | |
| Q4 2025 | +12.6% | +24.7% | +30.7% | |
| Q3 2025 | -7.0% | -15.7% | -20.7% | |
| Q2 2025 | -0.6% | +11.1% | +7.2% | |
| Q1 2025 | +4.1% | +7.1% | +12.7% | |
| Q4 2023 | -13.0% | -16.0% | -4.8% | |
| Q3 2023 | -4.5% | -6.7% | +2.8% | |
| Q2 2023 | -2.1% | -0.4% | -14.3% | |
| Q1 2023 | -0.2% | +2.5% | -2.3% | |
| Q4 2022 | -1.4% | +1.4% | -2.9% | |
| Q3 2022 | -0.6% | +17.5% | +1.7% | |
| Q2 2022 | +2.9% | +4.3% | -3.9% | |
| Q1 2022 | -14.9% | -12.3% | -4.9% | |
| Q4 2021 | -12.5% | -4.8% | -7.6% | |
| Q3 2021 | -4.7% | +3.0% | -18.5% | |
| Q2 2021 | +1.8% | +8.6% | +7.8% | |
| Q1 2021 | -25.7% | -29.6% | -21.3% | |
| Q4 2020 | +11.2% | +13.7% | -0.8% | |
| Q3 2020 | -1.5% | -4.8% | +21.5% | |
| Q2 2020 | -2.7% | -8.8% | -9.5% | |
| Q1 2020 | +3.8% | +0.7% | +21.4% | |
| Q4 2019 | +3.8% | -17.1% | -26.0% | |
| Q3 2019 | -2.8% | -0.9% | +14.3% | |
| Q2 2019 | +0.0% | +3.9% | +8.4% | |
| Q1 2019 | +2.1% | -0.3% | +15.7% | |
| Q4 2018 | -8.6% | -8.0% | -0.3% | |
| Q3 2018 | -18.3% | -20.2% | -18.6% | |
| Q2 2018 | +1.6% | +2.6% | +16.1% | |
| Q1 2018 | -1.2% | +2.1% | +8.5% | |
| Q4 2017 | -9.0% | -10.9% | -0.6% | |
| Q3 2017 | +12.0% | +17.2% | -3.8% | |
| Q2 2017 | +3.5% | +5.4% | +17.5% | |
| Q1 2017 | -10.6% | -13.8% | -15.3% | |
| Q4 2016 | +4.7% | +10.5% | +16.2% | |
| Q3 2016 | +2.3% | -5.1% | -10.2% | |
| Q2 2016 | +11.5% | +5.5% | +12.0% | |
| Q1 2016 | +5.0% | — | — | |
| Q4 2015 | +2.3% | — | — | |
| Q3 2015 | -2.6% | — | — | |
| Q2 2015 | +7.5% | — | — | |
| Q1 2015 | +5.0% | — | — | |
| Q4 2014 | -12.8% | — | — | |
| Q3 2014 | -2.8% | — | — | |
| Q1 2014 | -1.6% | — | — | |
| Q2 2014 | -1.6% | — | — | |
| Q4 2013 | +12.5% | — | — | |
| Q3 2013 | -9.9% | — | — | |
| Q2 2013 | -1.6% | — | — | |
| Q4 2012 | -5.6% | — | — | |
| Q1 2013 | -5.6% | — | — | |
| Q3 2012 | -12.8% | — | — | |
| Q2 2012 | +1.0% | — | — | |
| Q1 2012 | +0.0% | — | — | |
| Q4 2011 | -0.9% | — | — | |
| Q3 2011 | +2.3% | — | — | |
| Q2 2011 | -8.8% | — | — | |
| Q1 2011 | -8.8% | — | — | |
| Q4 2010 | -0.6% | — | — | |
| Q3 2010 | -1.7% | — | — | |
| Q2 2010 | +4.7% | — | — | |
| Q1 2010 | -7.1% | — | — |
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