BLDPNasdaqElectrical Industrial ApparatusFiscal year ends December 31
Ballard Power Systems Inc.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 40-F on Mar 12, 2026
$1.52−0.05 (-3.18%)
Close on Oct 19, 2026
- Market cap
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- P/E (TTM)
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- Dividend yield
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Ballard Power Systems Inc. revenue by segment
By business segment
By product or service
| Revenue | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | % of revenue | YoY |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HD Mobility subtotal | $81.04M | $53.39M | $66.66M | $43.68M | – | – | – | – | – | – | 81.6% | +51.8% |
| Bus | $50.00M | $44.16M | $29.27M | $24.92M | – | – | – | – | – | – | 50.3% | +13.2% |
| Rail | $25.47M | $2.65M | $19.10M | $5.11M | – | – | – | – | – | – | 25.6% | +862.1% |
| Emerging Markets and Other | $10.19M | $3.58M | $14.00M | $19.31M | – | – | – | – | – | – | 10.3% | +184.3% |
| Stationary | $8.14M | $12.76M | $21.71M | $18.87M | – | – | – | – | – | – | 8.2% | -36.2% |
| Marine | $3.89M | $2.87M | $7.33M | $2.18M | – | – | – | – | – | – | 3.9% | +35.7% |
| Truck | $1.68M | $3.71M | $10.96M | $11.47M | – | – | – | – | – | – | 1.7% | -54.7% |
| Back Up Power | – | – | – | – | $8.21M | $5.60M | $2.98M | $2.43M | $1.93M | – | – | – |
| Heavy Duty Motive | – | – | – | $38.91M | $51.66M | $47.69M | $35.36M | $39.46M | $63.68M | – | – | – |
| Material Handling | – | – | – | $6.35M | $8.14M | $5.31M | $10.76M | $8.01M | $7.54M | – | – | – |
| Portable Power | – | – | – | – | – | – | $604.00K | $7.11M | $4.47M | – | – | – |
| Technology Solutions | – | – | – | $27.60M | $36.49M | $45.28M | $56.62M | $39.58M | $43.67M | – | – | – |
| Stationary Power Generation | – | – | – | $10.92M | $8.21M | – | – | – | – | – | – | – |
By region
| Revenue | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | % of revenue | YoY |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| North America | $50.17M | $18.00M | – | – | – | – | – | – | – | – | 50.5% | +178.8% |
| Europe | $43.63M | $47.15M | – | – | – | – | – | – | – | – | 43.9% | -7.5% |
| United States | $32.28M | $15.00M | $25.70M | $24.05M | $17.54M | $8.01M | $13.23M | $23.51M | $14.88M | $27.55M | 32.5% | +115.3% |
| Poland | $21.57M | $21.66M | $11.26M | $1.77M | $541.00K | $0 | – | $213.00K | $2.46M | $255.00K | 21.7% | -0.4% |
| Canada | $17.89M | $3.00M | $12.03M | $4.52M | $3.06M | $1.26M | $441.00K | $366.00K | $551.00K | $680.00K | 18.0% | +495.8% |
| Germany | $8.41M | $4.18M | $14.49M | $13.69M | $22.06M | $23.03M | $30.60M | $28.69M | $18.98M | $14.32M | 8.5% | +101.0% |
| United Kingdom | $8.20M | $12.77M | $8.18M | $7.97M | $8.97M | $7.88M | $2.79M | $1.43M | $943.00K | $720.00K | 8.3% | -35.8% |
| Rest of World | $4.03M | $1.95M | $3.69M | – | – | – | – | – | – | – | 4.1% | +106.6% |
| Egypt | $3.51M | $154.00K | – | – | – | – | – | – | – | – | 3.5% | +2180.5% |
| Other countries | $2.24M | $3.23M | $987.00K | $873.00K | $754.00K | $232.00K | $132.00K | $479.00K | $188.00K | $777.00K | 2.3% | -30.6% |
| Spain | $1.88M | $260.00K | $857.00K | $763.00K | $926.00K | $128.00K | $20.00K | $168.00K | $5.00K | – | 1.9% | +621.5% |
| China | $1.55M | $2.63M | $11.98M | $9.13M | $38.82M | $54.27M | $47.13M | $30.79M | $76.56M | $33.44M | 1.6% | -41.3% |
| Netherlands | $1.19M | $668.00K | $4.81M | $103.00K | – | $38.00K | $115.00K | $892.00K | $374.00K | $22.00K | 1.2% | +77.4% |
| Denmark | $342.00K | $2.16M | $2.24M | $2.53M | $3.03M | $1.17M | $1.70M | $1.89M | $808.00K | $1.01M | 0.3% | -84.1% |
| France | $317.00K | $4.02M | $3.31M | $6.90M | $1.83M | $1.09M | $287.00K | $276.00K | $1.76M | $1.20M | 0.3% | -92.1% |
| Japan | – | $180.00K | $76.00K | $541.00K | $954.00K | $2.70M | $2.74M | $3.90M | $2.58M | $1.51M | – | – |
| Belgium | – | $634.00K | $2.09M | $3.43M | $2.12M | $2.67M | $5.41M | $3.53M | $308.00K | $812.00K | – | – |
| Finland | – | – | – | – | – | $36.00K | $65.00K | $198.00K | $379.00K | $290.00K | – | – |
| Nepal | – | – | – | – | – | – | – | – | $0 | $918.00K | – | – |
| Taiwan | – | $727.00K | $1.38M | $640.00K | $912.00K | $1.01M | $216.00K | $287.00K | $483.00K | $1.78M | – | – |
| Europe | – | $47.15M | $48.96M | $38.44M | $42.59M | $36.48M | $41.86M | $37.59M | $26.15M | – | – | – |
| North America | – | $18.00M | $37.74M | $28.57M | $20.60M | $9.27M | $13.67M | $23.87M | $15.43M | – | – | – |
| Other | – | – | $3.69M | $5.72M | $2.50M | $3.86M | $3.07M | $4.33M | $3.16M | – | – | – |
| Norway | – | $267.00K | $779.00K | $591.00K | $2.52M | $436.00K | $478.00K | $187.00K | $37.00K | – | – | – |
| Switzerland | – | – | – | – | – | $0 | $359.00K | $0 | – | – | – | – |
| India | – | $92.00K | $2.03M | $656.00K | $439.00K | $0 | – | – | – | – | – | – |
| Ukraine | – | – | – | – | $244.00K | $0 | – | – | – | – | – | – |
| Sweden | – | – | – | – | $129.00K | $0 | – | – | – | – | – | – |
| Australia | – | $11.00K | $51.00K | $3.71M | $36.00K | – | – | – | – | – | – | – |
| South Korea | – | $357.00K | $109.00K | – | – | – | – | – | – | – | – | – |
From the segment and revenue-disaggregation notes of Ballard Power Systems's 10-K and 10-Q filings (XBRL). Fourth-quarter figures are the fiscal year less the first nine months. Segment names follow the company's own labels and can change when it reorganizes.