Ballard Power Systems Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Ballard Power Systems Inc reported revenue of $8.0M (-40.4% year on year) and net income of ($90.9M) (+71.9% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Product and service revenues | $99.4M | $69.7M | $102.4M | $83.8M |
| Cost of product and service revenues | $93.9M | $91.7M | $124.2M | $96.9M |
| Gross margin | $5.5M | ($22.0M) | ($21.8M) | ($13.1M) |
| Research and product development | $58.7M | $94.5M | $98.3M | $96.0M |
| General and administrative | $18.4M | $23.5M | $23.9M | $28.8M |
| Sales and marketing | $8.0M | $13.5M | $15.1M | $12.9M |
| Other expense | $23.7M | $29.8M | $3.8M | $8.2M |
| Total operating expenses | $108.9M | $161.3M | $141.1M | $145.8M |
| Results from operating activities | ($103.5M) | ($183.3M) | ($162.9M) | ($158.9M) |
| Finance income and other | $27.4M | $18.9M | $31.1M | ($2.1M) |
| Finance expense | ($1.9M) | ($2.1M) | ($1.1M) | ($1.3M) |
| Net finance income | $25.5M | $16.8M | $29.9M | ($3.4M) |
| Equity in loss of investment in joint venture and associates | ($4.7M) | ($4.9M) | ($10.1M) | ($11.6M) |
| Impairment charges on property, plant and equipment | ($2.5M) | ($111.0M) | ($967.0K) | ($7.0K) |
| Impairment charges on intangible assets | ($1.1M) | ($658.0K) | — | — |
| Impairment charges on goodwill | $0 | ($40.3M) | — | — |
| Impairment charges on equity-accounted investment | ($4.6M) | — | — | — |
| Gain on sale of assets | $73.0K | — | — | — |
| Loss before income taxes | ($90.9M) | ($323.4M) | ($144.1M) | ($177.0M) |
| Income tax expense | ($51.0K) | ($121.0K) | ($158.0K) | $3.5M |
| Net loss from continued operations | ($90.9M) | ($323.5M) | ($144.2M) | ($173.5M) |
| Net loss from discontinued operations | $0 | ($715.0K) | ($33.5M) | $0 |
| Net loss | ($90.9M) | ($324.2M) | ($177.7M) | ($173.5M) |
| Actuarial gain on defined benefit plans | $0 | $913.0K | $970.0K | $1.5M |
| Foreign currency translation differences | $3.2M | ($1.8M) | ($1.5M) | ($3.2M) |
| Other comprehensive income (loss), net of tax | $3.2M | ($890.0K) | ($502.0K) | ($1.7M) |
| Total comprehensive loss | ($87.8M) | ($325.1M) | ($178.2M) | ($175.2M) |
| Continued operations, basic (in USD per share) | -$0.30 | -$1.08 | -$0.48 | — |
| Continued operations, diluted (in USD per share) | -$0.30 | -$1.08 | -$0.48 | — |
| Discontinued operations, basic (in USD per share) | $0.00 | $0.00 | -$0.11 | — |
| Discontinued operations, diluted (in USD per share) | $0.00 | $0.00 | -$0.11 | — |
| Loss per share for the period, basic (in USD per share) | -$0.30 | -$1.08 | -$0.59 | -$0.58 |
| Loss per share for the period, diluted (in USD per share) | -$0.30 | -$1.08 | -$0.59 | -$0.58 |
| Weighted average number of common shares outstanding (in shares) | 300.2M | 299.3M | 298.7M | 298.1M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $527.1M | $603.9M | $751.1M | $913.7M |
| Short-term investments | $4.2M | $2.1M | $2.1M | $2.0M |
| Trade and other receivables | $24.2M | $32.0M | $58.6M | $48.7M |
| Inventories | $43.8M | $56.4M | $45.9M | $58.0M |
| Prepaid expenses and other current assets | $2.2M | $4.4M | $7.1M | $6.0M |
| Total current assets | $601.4M | $698.9M | $864.7M | $1.0B |
| Property, plant and equipment | $32.2M | $30.4M | $116.3M | $82.4M |
| Intangible assets | $248.0K | $1.8M | $1.4M | $5.2M |
| Equity-accounted investment | $0 | $8.2M | $13.9M | $66.4M |
| Long-term financial investments | $48.0M | $37.5M | $40.3M | — |
| Other long-term assets | $506.0K | $495.0K | $547.0K | $370.0K |
| Total assets | $682.4M | $777.3M | $1.1B | $1.2B |
| Trade and other payables | $28.8M | $35.6M | $39.7M | $40.3M |
| Deferred revenue | $8.4M | $6.6M | $4.6M | $8.0M |
| Provisions and other current liabilities | $20.4M | $30.4M | $21.8M | $20.9M |
| Current lease liabilities | $3.4M | $2.9M | $4.5M | $3.9M |
| Total current liabilities | $61.0M | $75.6M | $70.6M | $73.2M |
| Non-current lease liabilities | $18.7M | $21.0M | $13.4M | $11.8M |
| Deferred gain on finance lease liability | $0 | $69.0K | $485.0K | $902.0K |
| Non-current deferred revenue | $9.9M | $5.0M | — | — |
| Other non-current liabilities and employee future benefits | $2.8M | $2.7M | $1.9M | $455.0K |
| Total liabilities | $92.5M | $104.3M | $86.3M | $88.2M |
| Share capital | $2.4B | $2.4B | $2.4B | $2.4B |
| Contributed surplus | $310.0M | $310.0M | $306.0M | $300.8M |
| Accumulated deficit | ($2.2B) | ($2.1B) | ($1.7B) | ($1.6B) |
| Foreign currency reserve | ($1.6M) | ($4.8M) | ($3.0M) | ($1.5M) |
| Total equity | $589.9M | $673.0M | $991.2M | $1.2B |
| Total liabilities and equity | $682.4M | $777.3M | $1.1B | $1.2B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net loss for the year | ($90.9M) | ($324.2M) | ($177.7M) | ($173.5M) |
| Depreciation and amortization | $4.1M | $12.0M | $13.5M | $13.4M |
| Deferred gain amortization | ($69.0K) | ($416.0K) | ($417.0K) | — |
| Impairment loss on trade receivables | $972.0K | $13.4M | $1.5M | $73.0K |
| Inventory (reversal) impairment and onerous contracts provision adjustments | ($6.0M) | $5.7M | $15.0M | — |
| Unrealized (gain) loss on forward contracts | ($685.0K) | $1.1M | ($1.3M) | $862.0K |
| Equity in loss of investment in joint venture and associates | $4.7M | $4.9M | $10.1M | $11.6M |
| Net (increase) decrease in fair value of investments | ($1.7M) | $14.8M | $12.9M | $16.9M |
| Gain on sale of assets | ($73.0K) | — | — | — |
| De-recognition of lease | $0 | ($190.0K) | $120.0K | — |
| Impairment charges on property, plant and equipment | $3.2M | $111.0M | $967.0K | $7.0K |
| Impairment charges on intangible assets | $1.1M | $658.0K | $2.3M | $13.0M |
| Impairment charges on goodwill | $0 | $40.3M | $24.0M | — |
| Impairment charges on equity-accounted investment | $4.6M | — | — | — |
| Accretion on decommissioning liabilities | $153.0K | $243.0K | $532.0K | ($73.0K) |
| Employee future benefits and plan contributions | ($12.0K) | $8.0K | $48.0K | $82.0K |
| Share-based compensation | $6.3M | $7.5M | $11.0M | $9.4M |
| Total adjustments | ($74.2M) | ($113.3M) | ($87.5M) | ($121.7M) |
| Trade and other receivables | $6.0M | $13.3M | ($12.9M) | ($2.9M) |
| Inventories | $10.1M | ($16.9M) | ($898.0K) | ($6.5M) |
| Prepaid expenses and other current assets | $2.9M | $2.7M | $76.0K | ($1.7M) |
| Trade and other payables | ($8.3M) | $1.2M | ($3.6M) | $2.2M |
| Deferred revenue | $6.7M | $7.0M | ($3.4M) | ($4.1M) |
| Warranty provision | $673.0K | ($2.1M) | $3.7M | $2.6M |
| Changes in non-cash working capital: | $18.0M | $5.2M | ($17.1M) | ($10.4M) |
| Cash used in operating activities | ($56.2M) | ($108.1M) | ($104.6M) | ($132.2M) |
| Net increase in short-term investments | ($2.1M) | — | $0 | $1.0M |
| Contributions to long-term investments | ($8.7M) | ($12.0M) | ($11.9M) | ($17.9M) |
| Additions to property, plant and equipment | ($9.8M) | ($25.8M) | ($41.2M) | ($33.9M) |
| Investment in intangible assets | ($337.0K) | ($1.8M) | ($154.0K) | ($550.0K) |
| Proceeds on sale of assets | $80.0K | $3.2M | — | — |
| Consideration paid related to acquisition | $0 | ($100.0K) | ($2.0M) | ($14.9M) |
| Cash used in investing activities | ($20.9M) | ($36.5M) | ($54.3M) | ($75.6M) |
| Principal payments of lease liabilities | ($3.0M) | ($3.3M) | ($4.0M) | ($3.3M) |
| Net proceeds on issuance of share capital from share option exercises | $459.0K | $308.0K | $335.0K | $916.0K |
| Net proceeds on defined benefit obligation settlement | $0 | $1.5M | — | — |
| Cash used in financing activities | ($2.6M) | ($1.5M) | ($3.7M) | ($2.4M) |
| Effect of exchange rate fluctuations on cash and cash equivalents held | $2.8M | ($1.0M) | ($73.0K) | ($31.0K) |
| Decrease in cash and cash equivalents | ($76.9M) | ($147.2M) | ($162.6M) | ($210.2M) |
| Cash and cash equivalents, beginning of year | $603.9M | $751.1M | $913.7M | $1.1B |
| Cash and cash equivalents, end of year | $527.1M | $603.9M | $751.1M | $913.7M |
Ballard Power Systems Inc score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.