Fuel cell maker Ballard Power Q3 revenue beats estimates on higher deliveries

Ballard Power Systems

13/11/2025 12:39

Overview

Ballard Q3 2025 revenue up 120% YoY to $32.5 mln, beating analyst expectations

Gross margin improved to 15%, a 71-point increase YoY

Company reduced operating expenses by 36% due to restructuring

Outlook

Company revises 2025 capital expenditure guidance to $8-$12 mln from $15-$25 mln

Ballard expects 2025 operating expenses to be below lower end of guidance range

Company anticipates improved gross margins from pricing and product cost reductions

Result Drivers

BUS AND RAIL DELIVERIES - Revenue increase driven by bus and rail deliveries, up 120% YoY

COST REDUCTIONS - Significant cost reductions achieved through restructuring, lowering cash operating costs by 40%

NEW PRODUCT LAUNCH - FCmove-SC engine launched to positive reception, enhancing customer cost efficiency

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
Beat
$32.50 mln
$23.78 mln (10 Analysts)
Q3 Adjusted EBITDA
-$31.20 mln
Q3 EPS continuing operations
-$0.09
Q3 Operating Expenses
$34.90 mln


Press Release: ID:nCNWzBPkta

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)