Ballard Power Systems (BLDP) AI Stock Analysis

• Market Cap: $1.41B
• Dividend Yield: N/A
• Average Volume (3M): 1.39M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.10
• Revenue Growth: -28.34%
• EPS Growth: -61.59%
• Country: CA
• Employees: 887
• Sector: Industrials
• Sector Strength: 72
• Industry: Industrial - Machinery
• EPS (TTM): -0.11
• Shares Outstanding: 300,577,730
• 10 Day Avg. Volume: 1,531,681
• 30 Day Avg. Volume: 1,385,827
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.74
• Price to Sales (P/S): 7.13
• P/FCF Ratio: -3.66
• Enterprise Value/Market Cap: -0.05
• Enterprise Value/Revenue: -0.93
• Enterprise Value/Gross Profit: 4.07
• Enterprise Value/Ebitda: 0.23
• 1Y Price Target: $3.09
• Price Target Upside: -32.56% Downside
• Rating Consensus: Moderate Sell
• Number of Analyst Covering: 11

• Rating: 55 Neutral
• Price Target: C$4.50 ▼(-1.75% Downside)

Ballard Power Systems' overall stock score reflects significant financial challenges, despite positive technical indicators and strategic restructuring efforts. The company's strong cash position and focus on cost reduction are positive, but ongoing losses and market adoption challenges weigh heavily on the score.

Positive Factors

Revenue Growth

The 11% YoY revenue growth, especially in the rail sector, indicates expanding market adoption of Ballard's fuel cell technology, supporting long-term revenue potential.

Strong Cash Position

A robust cash position with no debt provides financial flexibility to invest in strategic initiatives and sustain operations without immediate financing needs.

Restructuring and Cost Reduction

Significant cost reductions through restructuring enhance operational efficiency, potentially improving margins and profitability in the long term.

Negative Factors

Negative Gross Margin

Persistent negative gross margins highlight ongoing challenges in achieving profitability, which could strain financial resources and hinder long-term growth.

Soft Order Intake

Weak order intake suggests challenges in market penetration and demand generation, potentially impacting future revenue streams and growth prospects.

Challenges in China

The pause in demand-side activities in China due to an unclear demand environment could limit growth opportunities in a key market, affecting overall expansion.

Ballard Power Systems Business Overview & Revenue Model

Company Description

Ballard Power Systems Inc. engages in the design, development, manufacture, sale, and service of proton exchange membrane (PEM) fuel cell products. The company offers its products for power product markets, consisting of heavy-duty motives, such as bus, truck, rail, and marine applications; material handling; and backup power. It also provides technology solutions, including engineering and technology transfer, as well as licenses and sells intellectual property portfolio and fundamental knowledge for various PEM fuel cell applications; and hydrogen fuel cell powertrain and vehicle systems integration solutions. It operates in China, Germany, the United States, the United Kingdom, Canada, Denmark, Norway, Belgium, Japan, France, Spain, Taiwan, Poland, India, Ukraine, Sweden, and internationally. The company has a strategic alliance with Linamar Corporation for the co-development and sale of fuel cell powertrains and components for class 1 and 2 vehicles in North America and Europe. Ballard Power Systems Inc. was founded in 1979 and is headquartered in Burnaby, Canada.

How the Company Makes Money

Ballard Power Systems generates revenue primarily through the sale of its fuel cell products, which include fuel cell stacks and complete systems for various applications. The company has established key partnerships with original equipment manufacturers (OEMs) and other industry players to integrate its fuel cell technology into their vehicles and equipment. Additionally, Ballard earns revenue from service agreements, maintenance contracts, and licensing deals related to its proprietary technology. The increasing demand for zero-emission solutions, driven by global environmental regulations and a shift towards sustainable energy, has further bolstered its revenue potential.

Ballard Power Systems Financial Statement Overview

Summary

Ballard Power Systems faces significant financial challenges, with persistent losses and negative cash flows. While the company maintains a low debt-to-equity ratio, its inability to generate profits and positive cash flow raises concerns about its financial sustainability. The company needs to focus on improving operational efficiency and profitability to enhance its financial health.

Income Statement

Ballard Power Systems has experienced declining profitability with negative gross and net profit margins over the TTM. Despite a slight revenue growth of 2.6% in the TTM, the company continues to face significant losses, as evidenced by negative EBIT and EBITDA margins. The consistent negative margins highlight ongoing challenges in achieving operational efficiency and profitability.

Balance Sheet

The balance sheet shows a low debt-to-equity ratio, indicating conservative leverage. However, the company has a negative return on equity, reflecting poor profitability relative to shareholder investments. The equity ratio remains stable, but the negative ROE suggests that the company is not effectively utilizing its equity base to generate profits.

Cash Flow

Cash flow analysis reveals negative operating and free cash flows, with a declining trend in free cash flow growth. The operating cash flow to net income ratio is negative, indicating cash flow challenges. Although the free cash flow to net income ratio is above 1, it is due to significant net losses rather than strong cash generation.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	72.51M	69.73M	102.37M	83.80M	104.50M	103.88M
Gross Profit	-16.55M	-21.98M	-21.83M	-13.08M	14.01M	20.98M
EBITDA	-287.55M	-309.29M	-129.42M	-145.10M	-103.32M	-40.20M
Net Income	-296.81M	-324.25M	-177.72M	-173.49M	-114.40M	-49.47M
Balance Sheet
Total Assets	735.86M	777.31M	1.08B	1.25B	1.44B	975.60M
Cash, Cash Equivalents and Short-Term Investments	552.14M	606.05M	753.24M	915.74M	1.13B	765.43M
Total Debt	23.73M	23.89M	17.90M	15.73M	17.12M	17.87M
Total Liabilities	99.91M	104.32M	86.33M	88.17M	112.73M	74.71M
Stockholders Equity	635.95M	672.99M	991.22M	1.16B	1.33B	900.89M
Cash Flow
Free Cash Flow	-120.29M	-135.72M	-145.94M	-166.68M	-95.18M	-55.80M
Operating Cash Flow	-97.74M	-108.10M	-104.57M	-132.20M	-80.48M	-42.93M
Investing Cash Flow	-30.22M	-36.51M	-54.28M	-75.56M	-85.63M	-36.39M
Financing Cash Flow	-1.52M	-1.53M	-3.68M	-2.41M	526.91M	696.53M

Ballard Power Systems Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 4.58
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BLDP, the sentiment is Neutral. The current price of 4.58 is below the 20-day moving average (MA) of 4.65, above the 50-day MA of 3.60, and above the 200-day MA of 2.43, indicating a neutral trend. The MACD of 0.40 indicates Positive momentum. The RSI at 53.43 is Neutral, neither overbought nor oversold. The STOCH value of 23.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:BLDP.

Ballard Power Systems Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
BLDP	55 Neutral	$1.41B	―	-38.04%	―	-28.34%	-61.59%
DYA	44 Neutral	C$71.16M	―	―	―	15.28%	-24.76%
NXH	44 Neutral	C$12.61M	―	―	―	-57.69%	4.44%
PYR	38 Underperform	C$46.05M	―	―	―	0.58%	45.10%

Ballard Power Systems Corporate Events

Ballard Power Systems Updates Transfer Agent to Odyssey Trust Company

Ballard Power Systems has announced a change in their transfer agent, with Odyssey Trust Company replacing Computershare Trust Company as of August 11, 2025. This change does not require any action from shareholders and is expected to streamline shareholder inquiries and correspondence, potentially enhancing the efficiency of shareholder services.

The most recent analyst rating on (TSE:BLDP) stock is a Hold with a C$3.30 price target. To see the full list of analyst forecasts on Ballard Power Systems stock, see the TSE:BLDP Stock Forecast page.

Ballard Power Systems to Discuss Q3 2025 Results in Upcoming Conference Call

Ballard Power Systems announced it will hold a conference call on November 13, 2025, to discuss its third-quarter operating results. This announcement is significant for stakeholders as it provides insights into the company’s financial performance and strategic direction, potentially impacting its market positioning in the sustainable energy sector.

The most recent analyst rating on (TSE:BLDP) stock is a Hold with a C$3.40 price target. To see the full list of analyst forecasts on Ballard Power Systems stock, see the TSE:BLDP Stock Forecast page.

Ballard Power Systems Unveils New Fuel Cell Module for City Buses

Ballard Power Systems has announced the launch of its new FCmove®-SC fuel cell module at Busworld in Brussels, aimed at enhancing the performance and reducing the lifecycle cost of city transit buses. The FCmove®-SC offers improved power, simplified integration, and enhanced safety features, moving closer to cost parity with diesel systems. This new product is part of Ballard’s strategy to provide efficient, reliable, and cost-effective solutions for transit operators, leveraging their extensive operational experience in the bus segment.

The most recent analyst rating on (TSE:BLDP) stock is a Hold with a C$2.50 price target. To see the full list of analyst forecasts on Ballard Power Systems stock, see the TSE:BLDP Stock Forecast page.

Ballard Power Systems’ Earnings Call: Mixed Sentiments and Strategic Moves

Ballard Power Systems’ recent earnings call presented a mixed sentiment, highlighting both positive developments and ongoing challenges. The company reported revenue growth and improvements in gross margin, alongside a robust cash position. However, it continues to face hurdles such as negative gross margins, soft order intake, and persistent losses. Ballard is actively addressing these issues through cost reductions and strategic realignments.

Ballard Power Systems Announces Q2 2025 Results and Strategic Realignment

Ballard Power Systems reported its Q2 2025 financial results, highlighting a strategic realignment aimed at achieving positive cash flow by the end of 2027. The company plans to reduce annualized operating costs by approximately 30% through workforce reductions and product portfolio simplification. Despite a challenging order intake, Ballard saw an 11% increase in revenue year-over-year, driven by deliveries to bus and rail customers. The company ended the quarter with $550 million in cash and no bank debt, positioning it well to continue its leadership in the hydrogen and fuel cell space.

The most recent analyst rating on (TSE:BLDP) stock is a Hold with a C$1.75 price target. To see the full list of analyst forecasts on Ballard Power Systems stock, see the TSE:BLDP Stock Forecast page.

Ballard Power Systems Unveils Strategic Realignment for Enhanced Commercial Focus

Ballard Power Systems has announced a strategic realignment under the leadership of new President and CEO, Marty Neese, aimed at enhancing commercial focus and achieving positive cash flow by the end of 2027. This realignment includes reducing operating costs, prioritizing high-performing fuel cell products, and improving operational efficiency to ensure disciplined growth and stronger financial performance. The company is committed to supporting affected employees during this transition and remains focused on leading the transition to hydrogen and fuel cells for global mobility decarbonization.

The most recent analyst rating on (TSE:BLDP) stock is a Hold with a C$4.75 price target. To see the full list of analyst forecasts on Ballard Power Systems stock, see the TSE:BLDP Stock Forecast page.