Ballard Power Systems (TSE:BLDP)
TSX:BLDP
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Ballard Power Systems
(TSX:BLDP)
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Rating:53Neutral
Price Target:
C$3.50
▲(1.45% Upside)
Action:ReiteratedDate:03/14/26
The score is held back primarily by weak financial performance (large losses and ongoing cash burn despite improvement). Offsetting this are constructive earnings-call signals (stronger revenue/shipments, better margins, reduced cash usage, and strong liquidity) and mildly improving technicals, while valuation remains constrained by negative earnings and no stated dividend.
Positive Factors
Commercial traction / record shipments
Sustained increases in engines and megawatts shipped demonstrate growing commercial adoption in heavy-duty markets. A larger installed base improves OEM credibility, supports recurring maintenance and services revenue, and strengthens customer pipeline visibility over the next 2–6 months as fleets scale deployments.
Negative Factors
Persistent negative cash flow
Consistent operating cash burn means the business still relies on existing cash reserves rather than internal generation. Even with improved burn rates, continued negative cash flow erodes runway over time and requires flawless execution to reach the company’s near-term target of sustained positive cash flow.
Read all positive and negative factors
Positive Factors
Negative Factors
Commercial traction / record shipments
Sustained increases in engines and megawatts shipped demonstrate growing commercial adoption in heavy-duty markets. A larger installed base improves OEM credibility, supports recurring maintenance and services revenue, and strengthens customer pipeline visibility over the next 2–6 months as fleets scale deployments.
Read all positive factors
Ballard Power Systems (BLDP) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.04B
Dividend YieldN/A
Average Volume (3M)725.85K
Price to Earnings (P/E)―
Beta (1Y)1.39
Revenue Growth1.18%
EPS Growth62.71%
CountryCA
Employees887
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)-0.08
Shares Outstanding300,913,450
10 Day Avg. Volume525,855
30 Day Avg. Volume725,853
Financial Highlights & Ratios
PEG Ratio0.12
Price to Book (P/B)1.31
Price to Sales (P/S)7.64
P/FCF Ratio-11.50
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$3.56Price Target Upside3.09% Upside
Rating ConsensusModerate Sell
Number of Analyst Covering7
EPS Forecast (FY)-0.26
Revenue Forecast (FY)C$152.84M
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 a...
How the Company Makes Money
Ballard primarily makes money by selling PEM fuel cell products and by monetizing its fuel cell technology through services and partnerships. Key revenue streams include: (1) Product revenue from the sale of fuel cell stacks, engines/modules, and ...
Ballard Power Systems Earnings Call Summary
Earnings Call Date:Mar 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
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.Positive Updates
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.
Negative Updates
Quarterly Seasonality and Revenue Variability
Management emphasized quarter-to-quarter cyclicality and seasonality; Q4 performance is not yet ratable and 2026 is expected to be back-end loaded with a ~40/60 H1/H2 split, leaving near-term revenue visibility uneven.
Read all updates
Q4-2025 Updates
Positive
Negative
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.
Read all positive updates
Company Guidance
The company guided to 2026 operating expenses of $65–$75 million and capital expenditures of $5–$10 million, expects a roughly 40/60 H1/H2 revenue split, and reiterated a target of sustained positive cash flow within the next two years; operationally it noted Project Forge is on track for midyear serial production (bipolar plate cost reductions up to 70% at full volume) and emphasized product cost saves (FCmove SC reduces part count ~40%). For context, Q4 revenue was about $34M (+37% YoY) and full-year revenue exceeded $99M (+43% YoY) on record shipments of ~800 engines / >75 MW (MWs shipped +38% vs. 2024); Q4 gross margin was 17% (up 30 points YoY) and full-year gross margin +5% (up 37 points YoY); Q4 cash flow from operations was $11M, full‑year cash usage fell nearly 50% YoY, year‑end cash was nearly $530M (up $1.4M from Q3) with no bank debt or near‑term financing needs; 2025 OpEx was ~$109M (−32% YoY) or ~$86M excluding $23M of restructuring, and 2025 capex was $10.2M (midpoint of prior $8–$12M outlook).Ballard Power Systems Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
72
Positive
Cash Flow
20
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 101.14M | 69.73M | 102.37M | 83.80M | 104.50M |
| Gross Profit | 2.40M | -21.98M | -21.83M | -13.08M | 14.01M |
| EBITDA | -77.38M | -309.29M | -129.42M | -145.10M | -103.32M |
| Net Income | -92.49M | -324.25M | -177.72M | -173.49M | -114.40M |
Balance Sheet | |||||
| Total Assets | 681.15M | 777.31M | 1.08B | 1.25B | 1.44B |
| Cash, Cash Equivalents and Short-Term Investments | 530.29M | 606.05M | 753.24M | 915.74M | 1.13B |
| Total Debt | 22.10M | 23.89M | 17.90M | 15.73M | 17.12M |
| Total Liabilities | 92.29M | 104.32M | 86.33M | 88.17M | 112.73M |
| Stockholders Equity | 588.86M | 672.99M | 991.22M | 1.16B | 1.33B |
Cash Flow | |||||
| Free Cash Flow | -67.17M | -135.72M | -145.94M | -166.68M | -95.18M |
| Operating Cash Flow | -57.15M | -108.10M | -104.57M | -132.20M | -80.48M |
| Investing Cash Flow | -21.31M | -36.51M | -54.28M | -75.56M | -85.63M |
| Financing Cash Flow | -2.63M | -1.53M | -3.68M | -2.41M | 526.91M |
Ballard Power Systems Technical Analysis
Positive
3.45
Price Trends
3.15
Positive
3.51
Negative
3.41
Positive
Market Momentum
0.07
Negative
57.13
Neutral
54.05
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BLDP, the sentiment is Positive. The current price of 3.45 is above the 20-day moving average (MA) of 3.27, above the 50-day MA of 3.15, and above the 200-day MA of 3.41, indicating a bullish trend. The MACD of 0.07 indicates Negative momentum. The RSI at 57.13 is Neutral, neither overbought nor oversold. The STOCH value of 54.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:BLDP.
Ballard Power Systems Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
53 Neutral | C$1.04B | -10.77 | -14.67% | ― | 1.18% | 62.71% | |
47 Neutral | C$107.48M | -4.02 | 125.90% | ― | -6.83% | 46.97% | |
43 Neutral | C$55.91M | -4.20 | -2067.79% | ― | -48.39% | 9.17% | |
40 Underperform | C$40.09M | 29.08 | ― | ― | 46.49% | 42.37% |
* Industrials Sector Average
TSE:BLDP
Ballard Power Systems
3.45
1.90
122.58%
TSE:DYA
dynaCERT
0.11
-0.04
-26.67%
TSE:PYR
PyroGenesis Canada
0.53
0.08
17.78%
TSE:NXH
Next Hydrogen Solutions Inc
0.59
-0.17
-22.37%
Ballard Power Systems Corporate Events
Business Operations and StrategyFinancial Disclosures
Ballard Turns Corner With Strong 2025 Growth and Margin Rebound
Positive
Mar 12, 2026
Ballard Power Systems reported a strong finish to 2025, with fourth-quarter revenue rising 37% year over year to $33.6 million and full-year revenue climbing 43% to $99.4 million, driven by record engine deliveries of nearly 800 units. The company...
Business Operations and StrategyProduct-Related Announcements
Ballard Secures 50 MW Fuel Cell Engine Deal With New Flyer
Positive
Mar 11, 2026
Ballard Power Systems has signed a commercial agreement with New Flyer, a subsidiary of NFI Group, to supply 500 FCmove-HD+ fuel cell engines totaling 50 MW for use in New Flyer’s Xcelsior CHARGE FC hydrogen buses across North America starti...
Business Operations and StrategyFinancial Disclosures
Ballard Sets March Call to Review 2025 Results
Neutral
Feb 12, 2026
Ballard Power Systems has scheduled a conference call on March 12, 2026, to discuss its fourth quarter and full-year 2025 operating results with investors and analysts. The event, accessible via phone and webcast through the company’s websit...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.