Ballard Power Systems (BLDP) AI Stock Analysis

• Market Cap: $713.60M
• Dividend Yield: N/A
• Average Volume (3M): 645.44K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.78
• Revenue Growth: -28.34%
• EPS Growth: -61.59%
• Country: CA
• Employees: 887
• Sector: Industrials
• Sector Strength: 84
• Industry: Industrial - Machinery
• EPS (TTM): -0.11
• Shares Outstanding: 299,833,220
• 10 Day Avg. Volume: 561,156
• 30 Day Avg. Volume: 645,438
• PEG Ratio: N/A
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: -0.09
• Enterprise Value/Revenue: -0.95
• Enterprise Value/Gross Profit: 3.34
• Enterprise Value/Ebitda: 0.23
• 1Y Price Target: $2.27
• Price Target Upside: -11.04% Downside
• Rating Consensus: Moderate Sell
• Number of Analyst Covering: 11

• Rating: 49 Neutral
• Price Target: C$2.50 ▼(-1.96% Downside)

Ballard Power Systems' overall stock score is low due to significant financial performance challenges, including persistent losses and poor cash flow generation. However, positive aspects from recent corporate events and earnings call guidance, along with some technical indicators, provide a slight offset.

Positive Factors

Cost Management

The company has achieved a 27% decrease in cash operating costs due to restructuring efforts.

Financial Stability

BLDP's $576.7mm cash balance and no near-term financing obligations afford it a manageable liquidity runway.

Order Backlog

Backlog impressed, coming in at $173.5mn with solid order trends in North American bus and rail as well as European bus.

Negative Factors

Commercial Traction

Net new orders during the quarter totaled only $6.1 million, and the 12-month and total order book declined, indicating a lack of commercial traction compared to clean energy peers.

Market Visibility

BLDP is currently in the process of transitioning its business from a licenser of technology to a full-scale OEM, creating a lack of near-term visibility.

Revenue Estimates

Analyst has lowered revenue estimates for FY 2025/2026, signaling additional risk to the downside.

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 difficulties with declining revenues and persistent losses. Although it holds a strong equity position with low leverage, the company struggles with profitability and cash flow generation, posing substantial risks to its financial health.

Income Statement

Ballard Power Systems shows a concerning trend in its income statement with declining revenues and consistent negative profit margins. The TTM gross profit margin is -28.55%, and the net profit margin is -430.17%, both indicating significant losses. The revenue growth rate is 1.35% over the past year, suggesting stagnant growth. The EBIT and EBITDA margins are highly negative, further highlighting operational inefficiencies and challenges in managing costs.

Balance Sheet

The balance sheet reflects a mixed financial position. The debt-to-equity ratio is low at 0.04, indicating low leverage, which is a positive aspect. However, the return on equity is negative at -46.49%, showing inefficiency in generating returns for shareholders. The equity ratio is strong at 86.42%, demonstrating a solid capital structure with high equity relative to assets.

Cash Flow

Cash flow analysis reveals substantial challenges with negative operating cash flow and free cash flow. The free cash flow growth rate is marginally positive at 0.29%, but operating cash flow to net income ratio is 0.37, indicating poor cash conversion from earnings. The free cash flow to net income ratio is 0.45, showing that the company is struggling to convert its net losses into positive cash flow.

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

Ballard Power Systems Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.55
• 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 Positive. The current price of 2.55 is below the 20-day moving average (MA) of 2.60, above the 50-day MA of 2.37, and above the 200-day MA of 2.07, indicating a neutral trend. The MACD of 0.02 indicates Positive momentum. The RSI at 52.32 is Neutral, neither overbought nor oversold. The STOCH value of 37.50 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	62 Neutral	C$7.21B	-5.53	-4.20%	2.31%	13.66%	-29.71%
DYA	53 Neutral	C$66.08M	―	-1898.77%	―	408.78%	-20.74%
BLDP	49 Neutral	$713.60M	―	-38.04%	―	-28.34%	-61.59%
NXH	44 Neutral	C$12.15M	―	-525.98%	―	-24.60%	-11.26%
PYR	41 Neutral	C$71.26M	―	-5701.32%	―	0.58%	45.10%

Ballard Power Systems Corporate Events

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.

Ballard Power Systems Secures Major Fuel Cell Order for Samskip Vessels

Ballard Power Systems has announced a significant order for 6.4 MW of fuel cell engines to be supplied to eCap Marine for integration into Samskip vessels. This order, one of the largest for marine fuel cell engines, marks a continuation of Ballard’s collaboration with eCap Marine and aims to decarbonize maritime routes between Norway and the Netherlands. The FCwave™ engines, which are DNV type-approved for marine applications, will be delivered in 2025 and 2026. This initiative is supported by ENOVA, Norway’s government agency for energy and climate initiatives, highlighting the importance of public-private partnerships in advancing sustainable marine energy solutions.

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 Announces Leadership Transition

Ballard Power Systems has announced a leadership transition with Randy MacEwen stepping down as President and CEO, to be succeeded by Marty Neese effective July 7, 2025. Neese, who has extensive experience in operations and cost management, is expected to guide Ballard through a period of industry rationalization and competitive realignment, aiming to optimize operations and accelerate innovation for long-term success.

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 Files New Base Shelf Prospectus for Financial Flexibility

Ballard Power Systems has filed a new base shelf prospectus to replace its expired one, allowing for the issuance of various securities over a 25-month period to maintain financial flexibility. While there are no immediate plans to offer securities, this move ensures Ballard’s readiness to raise capital if needed, which could impact its financial strategy and market positioning.

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 Reports 2025 AGM Outcomes

Ballard Power Systems announced the results of its 2025 Annual General Meeting, where all director nominees were re-elected by a majority of shareholder votes. Additionally, KPMG LLP was re-appointed as the company’s auditor, and the approach to executive compensation was approved. These decisions reflect strong shareholder support and are likely to impact the company’s governance and operational strategies positively.

The most recent analyst rating on (TSE:BLDP) stock is a Hold with a C$1.25 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 Secures Fuel Cell Engine Order with Sierra Northern Railway

Ballard Power Systems has announced a new supply agreement with Sierra Northern Railway to deliver 1.5 MW of fuel cell engines in 2025. This collaboration aims to convert three diesel locomotives to hydrogen-fueled, zero-emission engines, supporting Sierra Northern Railway’s decarbonization efforts and enhancing operational efficiency. The initiative is a significant step in reducing greenhouse gas emissions in California’s transportation sector and showcases the versatility and critical role of Ballard’s fuel cell technology in advancing sustainable rail solutions.

The most recent analyst rating on (TSE:BLDP) stock is a Hold with a C$1.25 price target. To see the full list of analyst forecasts on Ballard Power Systems stock, see the TSE:BLDP Stock Forecast page.