The earnings call highlighted moderate revenue growth, significant cost reductions, and strong cash reserves, with a focus on the bus market as a growth driver. However, it also noted challenges like negative gross margin, tariff impacts, and unpredictable order intake. The positive aspects slightly outweighed the negatives.

Company Guidance -

Q2 2025

In the first quarter of 2025, Ballard Power Systems reported a 6% increase in revenue compared to the previous year, with engine shipments rising by 31% and a 14-point improvement in gross margin. However, the gross margin remained negative at 23%, primarily due to low revenue absorption against manufacturing overhead costs. The company achieved a 31% reduction in total operating expenses, totaling $25.5 million, alongside a 22% decrease in cash operating costs. Ballard's order backlog at the end of Q1 stood at $158 million, with $92.4 million expected over the next 12 months. The bus market contributed 81% of Q1 revenue, up 41% year-over-year. Despite a soft new order intake in Q1, following a record $75.4 million in Q4 2024, the company anticipates converting significant sales opportunities in rail, stationary, and marine markets in the coming quarters. Ballard ended Q1 with $576.7 million in cash, no debt, and capital expenditures of $2.7 million, primarily for Project Forge, representing a 64% decrease from Q1 2024. The 2025 capital expenditure guidance ranges from $15 million to $25 million, reflecting a 38% reduction at the midpoint compared to 2024.

Revenue Growth

Ballard's Q1 2025 revenue increased by 6% compared to the previous year, driven by strong growth in the bus vertical, which increased by 41% year-over-year.

Engine Shipments and Gross Margin Improvement

Engine shipments were up 31%, and gross margin improved by 14 points compared to Q1 2024.

Operating Cost Reductions

Total operating expenses decreased by 31%, with specific reductions of 28% in research and product development, 32% in general and administrative, and 23% in sales and marketing expenses.

Strong Cash Position

Ballard ended Q1 with $576.7 million in cash, no debt, and no requirements for near or midterm financings, highlighting strong balance sheet management.

Bus Market Leadership

Ballard remains the market leader in supplying fuel cell engines to bus OEMs in European and North American transit bus markets.

Ballard Power Systems (TSE:BLDP) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

TSE:BLDP Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Aug 11, 2025	2025 (Q2)	-0.13 / -	-0.151	―	―	―
May 06, 2025	2025 (Q1)	-0.14 / -0.10	-0.192	49.48% (+0.10)	―
Mar 13, 2025	2024 (Q4)	-0.18 / -0.23	-0.229	-0.44% (>-0.01)	―
Nov 05, 2024	2024 (Q3)	-0.17 / -0.94	-0.289	-225.95% (-0.65)	―
Aug 12, 2024	2024 (Q2)	-0.18 / -0.15	-0.134	-12.69% (-0.02)	―
May 07, 2024	2024 (Q1)	-0.19 / -0.19	-0.147	-30.61% (-0.05)	―
Mar 11, 2024	2023 (Q4)	-0.17 / -0.23	-0.165	-38.79% (-0.06)	―
Nov 07, 2023	2023 (Q3)	-0.17 / -0.29	-0.189	-52.91% (-0.10)	―
Aug 09, 2023	2023 (Q2)	-0.17 / -0.13	-0.242	44.63% (+0.11)	―
May 10, 2023	2023 (Q1)	-0.17 / -0.15	-0.182	19.23% (+0.04)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

TSE:BLDP Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
May 06, 2025	C$1.74	C$1.68	-3.45%
Mar 13, 2025	C$1.76	C$1.82	+3.41%
Nov 05, 2024	C$2.40	C$2.29	-4.58%
Aug 12, 2024	C$2.67	C$2.51	-5.99%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Ballard Power Systems (TSE:BLDP) report earnings?

Ballard Power Systems (TSE:BLDP) is schdueled to report earning on Aug 11, 2025, Before Open (Confirmed).

What is Ballard Power Systems (TSE:BLDP) earnings time?

Ballard Power Systems (TSE:BLDP) earnings time is at Aug 11, 2025, Before Open (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is TSE:BLDP EPS forecast?

TSE:BLDP EPS forecast for the fiscal quarter 2025 (Q2) is -0.13.

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