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Ballard Power (TSE:BLDP)
NASDAQ:BLDP
Earnings Data
Report Date
May 12, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
-0.07Last Year’s EPS
-0.1Same Quarter Last Year
Based on 2 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented substantial positive operational and financial progress: record shipments and revenue growth, significant gross margin improvement, large commercial wins (New Flyer, marine order), meaningful cost reductions (41% lower Q4 cash operating costs) and a strong cash position (~$530M). However, risks remain including seasonality/back-end loaded revenue, timing delays from enhanced commercial terms, ongoing restructuring impacts ($23M), modest full-year margins (+5%), hydrogen availability constraints in some markets, and execution risk around manufacturing and cost-reduction initiatives. Overall, the fundamentals and trajectory are strong but dependent on continued execution over the next one to two years.Company Guidance
Record Shipments and Power Delivered
Record engine shipments approaching 800 units and more than 75 megawatts of power delivered in 2025, representing a 38% increase in megawatts shipped versus 2024.
Strong Revenue Growth
Full year revenue exceeded $99 million, up 43% year-over-year; Q4 revenue approximately $34 million, up 37% year-over-year.
Improved Gross Margins
Q4 gross margin improved to 17% (a 30 percentage-point increase year-over-year); full year gross margin was +5%, up 37 percentage points from 2024.
Positive Operating Cash Flow Momentum
Generated $11 million in cash flow from operating activities in Q4, signaling measurable progress toward sustained positive cash flow.
Material Cost and Operating Expense Reductions
Cash operating costs in Q4 were reduced by 41% versus the same period last year; total operating expenses for 2025 were ~$109 million, down 32% year-over-year. Excluding $23 million of restructuring, OpEx would have been ~$86 million (below prior guidance range).
Strong Balance Sheet and Lower Cash Burn
Ended 2025 with nearly $530 million in cash (up $1.4 million from Q3), no bank debt, no near- or mid-term financing requirements, and full-year cash usage down nearly 50% from 2024.
Major Commercial Wins
Secured largest marine order to date (6.4 MW from ECAP Marine and Samskip) and the largest commercial agreement with New Flyer for 500 FCmove-HD+ engines (50 megawatts).
Product and Manufacturing Innovations Driving Cost Reduction
FCmove SC platform reduces total part count by ~40% while improving power density and durability; Project Forge bipolar plate automated line on track for midyear serial production, targeting plate cost reductions up to 70% at full volume.
Growing Installed Base and Fleet Services Opportunity
Thousands of engines operating globally with nearly 300 million kilometers of real-world data; remote data units enable preventive and prognostic maintenance, supporting expansion of recurring revenue via Ballard Fleet Services.
Lower Capital Expenditure
Total capital expenditures for 2025 were $10.2 million (midpoint of revised outlook $8–$12 million) with 2026 capex guidance of $5–$10 million, indicating moderated investment needs.
TSE:BLDP Earnings History
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 |
|---|---|---|---|
Nov 13, 2025 | C$4.79 | C$4.48 | -6.47% |
Aug 11, 2025 | C$2.50 | C$2.48 | -0.80% |
May 06, 2025 | C$1.74 | C$1.68 | -3.45% |
Mar 13, 2025 | C$1.76 | C$1.82 | +3.41% |
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 (TSE:BLDP) report earnings?
Ballard Power (TSE:BLDP) is schdueled to report earning on May 12, 2026, Before Open (Confirmed).
What is Ballard Power (TSE:BLDP) earnings time?
Ballard Power (TSE:BLDP) earnings time is at May 12, 2026, 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 2026 (Q1) is -0.07.