Fuel Cell Stock Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) Makes TSX Top Gainer List on Earnings News

2026-03-12 14:25:00 ET

( Investorideas.com Newswire) a go-to platform for big investing ideas, including hydrogen and fuel cell stocks issues a news and trading alert for Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP).

The stock makes the TSX top gainer list on strong earnings news, building on recent trading momentum. The stock is trading at $3.4600 +0.5500, gaining 18.90%, with a day’s high of $3.49.

Ballard Power Systems today announced consolidated financial results for the fourth quarter and year ended December 31, 2025. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).

Highlights:

• Strong Q4 performance with revenue up 37% from Q4 2024, and full?year revenue reaching $99.4M, up 43% year-over-year (YoY), driven by record breaking annual engine deliveries.
• Significant improvement in cost structure leading to a 17% gross margin in the quarter, a 30?point improvement YoY, and 5% gross margin for the full year, a 37-point improvement from 2024.
• Cash operating costs1 for the quarter were reduced by 41% compared to the same period in 2024.
• Recorded positive cash flow from operating activities in Q4, the highest value in the last 10 years, underscoring structural actions.

"2025 marked a turning point for Ballard and I'm energized by the progress our team delivered," said Marty Neese, Ballard's President and CEO. "We exited the year with strong operational execution, improved financial performance, and a more commercially disciplined foundation that positions us for sustainable growth. Q4 revenue reached $33.6 million, bringing our full year total to $99.4 million. We saw gross margins improve to 17% for the quarter and achieved positive 5% for the full year, marking significant improvements from 2024. This result was driven by nearly 40% year-over-year growth in megawatts delivered, reaching almost 800 engines, continuing our upward delivery growth trajectory and setting a new production record for Ballard." He added, "We also marked a significant agreement after the quarter with our largest recorded commitment from New Flyer for 50 MW of fuel cell engines."

Mr. Neese continued, "We have made meaningful progress on right-sizing our cost structure and it shows in our results. Cash operating costs in the quarter were reduced by 41% year over year, full year cash operating costs decreased 32% from 2024, and our cash reserves increased from the previous quarter. In short, Ballard is becoming a more efficient, more focused, and more resilient company, on a pathway to sustained profitability."

"With our corporate costs well managed, we are now focused on driving revenue growth and margin expansion. Building on a foundation of thousands of fuel cells operating in the field and more than 250 million kilometers of real-world experience, we are uniquely positioned to deliver higher-value fleet services - including training, technical support, parts supply, operational monitoring, digital performance insights, and ongoing stack servicing. For our customers, this means a more reliable, optimized fleet. For Ballard, it creates a recurring revenue stream that extends well beyond the initial product delivery." Mr. Neese added, "We are actively re-engaging the materials handling market where the industry leading durability of our products is a key differentiator. We also continue to work with our partners to develop competitive stationary power solutions which include primary power and backup offerings. Our continued innovation on lower cost and advanced manufacturing, showcased most recently with our newly launched FCmove®-SC product and continued momentum with our Project Forge manufacturing process, offer a path to further expand margins."

"Commercially, we used 2025 to strengthen key customer relationships. As expected, these discussions have resulted in delays in some orders. However, the time we are investing will ensure these commercial relationships include comprehensive pricing and a balanced risk sharing structure around tariffs, exchange rates, precious-metal pricing, and inflation. These steps increase transparency with our customers while improving our business fundamentals," added Mr. Neese.

He concluded, "As we look ahead, we are focused on building a business with consistent performance, disciplined spending, and a path to profitability. We are committed to delivering value for our customers and shareholders by scaling our products, reducing costs, and strengthening our commercial foundation. With a more stable cost structure, improving margins, and a growing commercial pipeline, Ballard is entering its next chapter with confidence and momentum."

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