Ballard Power Systems Inc. (BLDP)
Ballard Power Systems Inc. reported revenue of $99.4M in fiscal 2025, up 42.5% from a year earlier. It posted a net loss of $90.9M. In fiscal 2025 capital spending exceeded operating cash flow by $66M. At December 31, 2025 it held $527.1M in cash. Its latest periodic report to the SEC is the annual report (Canadian issuer) (40-F) filed on March 12, 2026.
Key facts about Ballard Power Systems Inc.
- Net worth
- Ballard Power Systems Inc. has a market value (market cap) of $473.4M at the latest share price, and shareholders' equity of $589.9M on its balance sheet at December 31, 2025. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
- Revenue and profit
- In fiscal 2025 revenue was $99.4M (+42.5% year on year), with a net loss of $90.9M.
- Cash flow
- In fiscal 2025 operations used $56.2M of cash.
- Latest report
- The latest periodic report (annual report (Canadian issuer), 40-F) was filed with the SEC on March 12, 2026 and covers the period to December 31, 2025. Open on SEC EDGAR
What Ballard Power Systems Inc. does
Ballard Power Systems Inc. is registered with the SEC under industry code SIC 3620 (Electrical Industrial Apparatus). Its shares trade on NASDAQ under the ticker BLDP.
Revenue and profit by year
Key figures
| Fiscal year | Revenue | Net income | Diluted EPS | Free cash flow |
|---|---|---|---|---|
| 2025 | $99.4M | -$90.9M | -$0.30 | -$66M |
| 2024 | $69.7M | -$324.2M | -$1.08 | -$133.9M |
| 2024 | $102.4M | -$177.7M | -$0.59 | -$145.8M |
| 2022 | $81.9M | -$173.5M | -$0.58 | -$166.1M |
| 2021 | $104.5M | -$114.2M | -$0.39 | -$93.6M |
| 2020 | $103.9M | -$51.4M | -$0.21 | -$55.6M |
Earnings: every quarter and the next report date
Full financial statements: income, balance sheet and cash flow
Where BLDP ranks in Energy
Dividends
It paid out $3.4M in cash dividends.
| Fiscal year | Per share | Paid out | Of profit |
|---|---|---|---|
| 2017 | n/a | $3.4M | n/a |
Latest SEC filings
What Ballard Power Systems Inc. has filed recently, newest first. Each links to the original document on SEC EDGAR.
- November 5, 2026
- October 28, 2026
- October 22, 2026
- October 21, 2026
- October 20, 2026
- October 7, 2026
- October 2, 2026
- August 28, 2026
- July 31, 2026
- July 31, 2026
Insider trades
What the people running Ballard Power Systems Inc. did with its shares, from the Form 4 filings they must send the SEC within two business days.
No insider trades were reported in the last 90 days.
Who owns BLDP
Three views from three kinds of SEC filings, each with its own date. They overlap and are not added up.
5% holders
| Holder | Of class | Filed |
|---|---|---|
| Weichai Power Hong Kong International Development Co., Limited13D, may seek influence with 2 related filers | 10.32% | May 19, 2026 |
Largest institutional holders
Positions that investment managers reported on Form 13F for the quarter ended June 30, 2026, largest first, with the change on the quarter ended March 31, 2026. Managers file 13F up to 45 days after a quarter ends. 167 managers reported a position.
| Holder | Shares | Change on quarter |
|---|---|---|
| Morgan Stanley | 12,391,499 | +305,120 |
| Two Sigma Investments, LP | 10,830,028 | -1,513,124 |
| D. E. Shaw & Co., Inc. | 9,804,394 | +1,521,542 |
| Legal & General Group Plc | 7,221,949 | +827,698 |
| Renaissance Technologies LLC | 4,344,197 | +3,781,303 |
| State Street Corp | 4,288,578 | -677,752 |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 3,145,643 | +363,059 |
| UBS Group AG | 2,936,009 | -2,910,771 |
| Jane Street Group, LLC | 2,930,645 | +2,112,603 |
| Citadel Advisors LLC | 2,758,179 | -130,854 |
| Invesco Ltd. | 2,662,109 | -1,276,683 |
| Dimensional Fund Advisors LP | 1,999,388 | +167,839 |
| Bnp Paribas Financial Markets | 1,854,187 | -1,924,133 |
| Van Eck Associates Corp | 1,738,171 | -803,569 |
| Hillsdale Investment Management Inc. | 1,692,500 | new |
| Millennium Management LLC | 1,663,694 | -316,545 |
| Qube Research & Technologies Ltd | 1,617,912 | -491,606 |
| Nuveen, LLC | 1,225,650 | +1,045,012 |
| Zurcher Kantonalbank (Zurich Cantonalbank) | 1,193,380 | +30,881 |
| Man Group plc | 1,190,069 | new |
Insiders
Questions about BLDP
What does Ballard Power Systems Inc. do?
Ballard Power Systems Inc. is a company in the Energy sector, listed on NASDAQ as BLDP. Its shares trade on NASDAQ under the ticker BLDP.
What is Ballard Power Systems Inc.'s net worth?
Ballard Power Systems Inc. has a market value (market cap) of $473.4M at the latest share price, and shareholders' equity of $589.9M on its balance sheet at December 31, 2025. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
Is Ballard Power Systems Inc. profitable?
No. In fiscal 2025 it reported a net loss of $90.9M on revenue of $99.4M.
How much revenue does Ballard Power Systems Inc. make?
In fiscal 2025 Ballard Power Systems Inc. reported revenue of $99.4M. That is 42.5% more than a year earlier.
When did Ballard Power Systems Inc. last report?
Its most recent periodic report is the annual report (Canadian issuer) (40-F) filed on March 12, 2026. It covers the period to December 31, 2025. Its newest filing of any kind is the foreign issuer update from November 5, 2026.
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Where the numbers come from
Financial figures are the values Ballard Power Systems Inc. tagged in its own SEC filings (XBRL), taken from the latest filing for each period, so restatements replace older figures. Revenue, profit and cash flow are for full fiscal years unless marked as the last twelve months, which is the sum of the four most recent quarters. Where a company reports only the full year, the fourth quarter is the year minus the first three.
Prices are delayed end-of-day market data in the listing currency, and market cap moves with the price. P/E is shown only when earnings per share are positive. Nothing here is investment advice.