Ballard Power Systems (BLDP) AI Stock Analysis

• Market Cap: $1.10B
• Dividend Yield: N/A
• Average Volume (3M): 1.11M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.74
• Revenue Growth: 1.18%
• EPS Growth: 62.71%
• Country: CA
• Employees: 887
• Sector: Industrials
• Sector Strength: 72
• Industry: Industrial - Machinery
• EPS (TTM): -0.13
• Shares Outstanding: 300,738,650
• 10 Day Avg. Volume: 689,279
• 30 Day Avg. Volume: 1,108,247
• 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: 0.39
• Enterprise Value/Revenue: 5.93
• Enterprise Value/Gross Profit: -25.98
• Enterprise Value/Ebitda: -1.49
• 1Y Price Target: $3.92
• Price Target Upside: 6.99% Upside
• Rating Consensus: Moderate Sell
• Number of Analyst Covering: 7
• EPS Forecast (FY): -0.45
• Revenue Forecast (FY): $135.93M

• Rating: 47 Neutral
• Price Target: C$4.00 ▲(9.29% Upside)

Ballard Power Systems' overall stock score is primarily impacted by its strong revenue growth and strategic product launches, which are positive indicators. However, significant challenges in profitability, negative valuation metrics, and bearish technical indicators weigh heavily on the score. The earnings call and corporate events provide some optimism, but the financial struggles and lack of profitability remain major concerns.

Positive Factors

Revenue Growth

The substantial revenue growth, driven by bus and rail segments, indicates strong demand and market penetration, supporting long-term business expansion.

Positive Gross Margin

Achieving a positive gross margin reflects improved operational efficiency and cost management, enhancing profitability prospects over time.

Strong Balance Sheet

A strong balance sheet with significant cash reserves and no debt provides financial stability and flexibility for future investments and growth.

Negative Factors

Profitability Challenges

Ongoing profitability challenges with negative margins indicate operational inefficiencies that could hinder long-term financial performance.

Cash Flow Issues

Weak cash flow generation and declining free cash flow growth rate suggest difficulties in sustaining operations and funding future growth without external financing.

Market Challenges

Delays in order fulfillment and market challenges could impact revenue consistency and strain customer relationships, affecting long-term market position.

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 fuel cell products and systems, as well as through engineering services related to fuel cell integration and development. Key revenue streams include direct sales to original equipment manufacturers (OEMs) and end-users in the transportation sector, including bus and truck manufacturers, as well as sales to the stationary power market for backup and distributed energy applications. Additionally, the company engages in joint ventures and partnerships with various industry players, which can include co-development agreements and supply agreements, contributing to its earnings. Ballard also benefits from government grants and incentives aimed at promoting clean energy technologies, which helps support its research and development efforts.

Ballard Power Systems Financial Statement Overview

Summary

Ballard Power Systems faces significant financial challenges, with persistent losses and negative cash flows. Despite a low debt-to-equity ratio, the company's inability to generate profits and positive cash flow raises concerns about its financial sustainability.

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: Negative
• Last Price: 3.66
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• 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 Negative. The current price of 3.66 is below the 20-day moving average (MA) of 3.78, below the 50-day MA of 4.34, and above the 200-day MA of 2.89, indicating a neutral trend. The MACD of -0.17 indicates Negative momentum. The RSI at 40.78 is Neutral, neither overbought nor oversold. The STOCH value of 23.73 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	47 Neutral	$1.10B	―	-18.07%	―	1.18%	62.71%
PYR	46 Neutral	C$66.70M	-6.73	―	―	-6.83%	46.97%
DYA	40 Underperform	C$43.20M	-3.90	-2067.79%	―	-48.39%	9.17%
NXH	40 Underperform	C$12.84M	-1.72	―	―	46.49%	42.37%

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.

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.

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.