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BLDP on Nasdaq

Ballard Power Systems

Logo: Unknown author Unknown author, Public domain, via Wikimedia Commons6

Hydrogen fuel cells for heavy-duty transportation

Ballard Power Systems Inc. is a developer and manufacturer of proton exchange membrane (PEM) fuel cell products for markets such as heavy-duty motive (consisting of bus and tram applications), portable power, material handling as well as engineering services. Ballard has designed and shipped over 400 MW of fuel cell products to date.3 It employed 600 people.1 Its shares trade on Nasdaq under the symbol BLDP.1 Wikipedia text CC BY-SA 4.0

$1.64 down 0.06 (3.53%)Price as of Oct 15, 2026 at 17:33 UTC

Last updated Oct 21, 2026.

Overview

-$90.9MNet income, fiscal 20257
1979Founded1

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  • TickerBLDP on Nasdaq1
  • Industryrenewable energy1
  • HeadquartersBurnaby1
  • Websitewww.ballard.com
  • Legal formbusiness corporation1
  • Listed onNasdaq (BLDP), Toronto Stock Exchange (BLDP)1
  • LEI549300OHZ8BMF53YYS264
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressSUITE 1700, PARK PLACE, V6C 2X8 Vancouver, Canada4
  • Registered withBC Registry Services, C10872554

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Ballard Power Systems Inc. is a developer and manufacturer of proton exchange membrane (PEM) fuel cell products for markets such as heavy-duty motive (consisting of bus and tram applications), portable power, material handling as well as engineering services. Ballard has designed and shipped over 400 MW of fuel cell products to date.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-15.4%Return on equity7
-$66.0MFree cash flow7

Financial statements

Gross profit1011121314157$5.5M in 2025−82% since 2018
-$40.0M-$20.0M0$20.0M$40.0M2018: $29.7M$29.7M20182019: $22.3M$22.3M2019−25%2020: $21.0M$21.0M2020−6%2021: $14.0M$14.0M2021−33%2022: -$13.3M-$13.3M20222023: -$21.8M-$21.8M2023+64%2024: -$22.0M-$22.0M2024+1%2025: $5.5M$5.5M2025
Operating income1011121314157-$103.5M in 2025+397% since 2018
-$200.0M-$150.0M-$100.0M-$50.0M02018: -$20.8M-$20.8M20182019: -$25.4M-$25.4M2019+22%2020: -$39.8M-$39.8M2020+56%2021: -$88.1M-$88.1M2021+122%2022: -$145.3M-$145.3M2022+65%2023: -$162.9M-$162.9M2023+12%2024: -$183.3M-$183.3M2024+13%2025: -$103.5M-$103.5M2025−44%
Net income1011121314157-$90.9M in 2025+233% since 2018
-$400.0M-$300.0M-$200.0M-$100.0M02018: -$27.3M-$27.3M20182019: -$39.0M-$39.0M2019+43%2020: -$51.4M-$51.4M2020+32%2021: -$114.2M-$114.2M2021+122%2022: -$173.5M-$173.5M2022+52%2023: -$177.7M-$177.7M2023+2%2024: -$324.2M-$324.2M2024+82%2025: -$90.9M-$90.9M2025−72%

Every line of the income statement as filed: the last 2 fiscal years, latest first.7

Period ending2025-12-312024-12-31
Product and service revenues$99.4M$69.7M
Cost of product and service revenues$93.9M$91.7M
Gross margin$5.5M-$22.0M
Research and product development$58.7M$94.5M
General and administrative$18.4M$23.5M
Sales and marketing$8.0M$13.5M
Other expense$23.7M$29.8M
Total operating expenses$108.9M$161.3M
Results from operating activities-$103.5M-$183.3M
Finance income and other$27.4M$18.9M
Finance expense-$1.9M-$2.1M
Net finance income$25.5M$16.8M
Equity in loss of investment in joint venture and associates-$4.7M-$4.9M
Impairment charges on property, plant and equipment-$2.5M-$111.0M
Impairment charges on intangible assets-$1.1M-$658.0K
Impairment charges on goodwill$0-$40.3M
Impairment charges on equity-accounted investment-$4.6M$0
Gain on sale of assets$73.0K$0
Loss before income taxes-$90.9M-$323.4M
Income tax expense-$51.0K-$121.0K
Net loss from continued operations-$90.9M-$323.5M
Net loss from discontinued operations$0-$715.0K
Net loss-$90.9M-$324.2M
Actuarial gain on defined benefit plans$0$913.0K
Foreign currency translation differences$3.2M-$1.8M
Other comprehensive income (loss), net of tax$3.2M-$890.0K
Total comprehensive loss-$87.8M-$325.1M
Continued operations, basic (in USD per share)-$0.30-$1.08
Continued operations, diluted (in USD per share)-$0.30-$1.08
Discontinued operations, basic (in USD per share)$0.00$0.00
Discontinued operations, diluted (in USD per share)$0.00$0.00
Loss per share for the period, basic (in USD per share)-$0.30-$1.08
Loss per share for the period, diluted (in USD per share)-$0.30-$1.08
Weighted average number of common shares outstanding (in shares)300.2M shares299.3M shares

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Corporate structure

Ballard Power Systems sits at the top of its group. 4 entities, 4 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Ballard Power Systems

  • Ballard Power Systems Vancouver, British Columbia, Canada
    • Dantherm Power (Denmark) 100% · Hobro, Denmark
    • Ballard Power Systems (Germany) Subsidiary · Germany
    • Ballard Power Systems (United States) Subsidiary · United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

The story

Ballard was founded in 1979 by geophysicist Geoffrey Ballard, Keith Prater, and Paul Howard, under the name Ballard Research Inc. to conduct research and development on high-energy lithium batteries. Since committing to the development of PEM fuel cell technology in 1989, Ballard has delivered PEM fuel cell products worldwide to a number of leading product manufacturers.

Ballard went public in 1993 on the Toronto Stock Exchange (TSE), and in 1995 was listed on the NASDAQ. Ballard Power Systems opened a fuel cell manufacturing facility in 2000 in Burnaby, B.C.

From Wikipedia’s article on Ballard Power Systems, shared under CC BY-SA 4.0.8

Products and brands

On February 1, 2008, Ballard spun out Automotive Fuel Cell Cooperation (AFCC) to allow for further expansion of fuel cell technology. After the split, Ballard continued as a publicly traded company focusing on non-automotive applications (including buses), while AFCC became a privately held company of 150 employees, developing hydrogen fuel cell stacks for automobiles. AFCC's initial ownership split was Daimler AG (50.1%), Ford Motor Company (30.0%), and Ballard itself (19.9%).

In 2018, Ballard signed a contract with Weichai Power for a strategic partnership. Weichai acquired for US $163 million (19.9%) of Ballard's shares. As part of this collaboration, Ballard and Weichai intend to supply the Chinese market with fuel cell systems for trucks, busses, and forklifts.

In cooperation with German car manufacturer Audi, Ballard is part of a development partnership for automotive fuel cells, which will run at least until 2022. Ballard delivers fuel cells to bus manufacturers, e.g. Van Hool (Belgium), New Flyer (Canada) and Solaris (Poland).

From Wikipedia’s article on Ballard Power Systems, shared under CC BY-SA 4.0.8

Subsidiaries and ownership

Subsidiaries

  • Ballard Power Systems (Germany)
  • Ballard Power Systems (United States)

Subsidiaries (GLEIF)

From Wikidata.1 Ownership links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); each one cites its LEI record.

Timeline

  1. 1979Founded Founded1

Calendar

Coming up

  1. Nov 12, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.09) a share, on Nov 13, 2025.16

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

186 filings to the SEC since October 2021: 8 annual reports, 12 large holders, 166 other. The latest 20:

  1. Oct 7, 20266-K EDGAR
  2. Oct 2, 20266-K EDGAR
  3. Aug 28, 20266-K EDGAR
  4. Jul 31, 20266-K EDGAR
  5. Jul 31, 20266-K EDGAR
  6. Jul 7, 20266-K EDGAR
  7. Jul 7, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  8. Jul 6, 2026144 EDGAR
  9. Jun 23, 20266-K EDGAR
  10. Jun 16, 20266-K EDGAR
  11. Jun 4, 20266-K EDGAR
  12. May 28, 2026SD EDGAR
  13. May 19, 2026SCHEDULE 13D/A EDGAR
  14. May 15, 20266-K EDGAR
  15. May 15, 2026SCHEDULE 13D/A EDGAR
  16. May 13, 2026SCHEDULE 13D/A EDGAR
  17. May 8, 2026144 EDGAR
  18. May 7, 20266-K EDGAR
  19. May 6, 20266-K EDGAR
  20. May 5, 20266-K EDGAR

The 186 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Morgan Stanley12,391,499$48.2M0.0%+305,120
Two Sigma Investments, LP10,830,028$42.1M0.0%−1,513,124
D. E. Shaw & Co., Inc.9,804,394$38.1M0.0%+1,521,542
Legal & General Group Plc7,221,949$28.1M0.0%+827,698
Renaissance Technologies LLC4,344,197$16.9M0.0%+3,781,303
State Street Corp4,288,578$16.7M0.0%−677,752
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.3,145,643$12.2M0.0%+363,059
UBS Group AG2,936,009$11.4M0.0%−2,910,771
Jane Street Group, LLC2,930,645$11.4M0.0%+2,112,603
Citadel Advisors LLC2,758,179$10.7M0.0%−130,854
Invesco Ltd.2,662,109$10.4M0.0%−1,276,683
Dimensional Fund Advisors LP1,999,388$7.8M0.0%+167,839
Bnp Paribas Financial Markets1,854,187$7.2M0.0%−1,924,133
Van Eck Associates Corp1,738,171$6.8M0.0%−803,569
Hillsdale Investment Management Inc.1,692,500$6.6M0.2%New
Millennium Management LLC1,663,694$6.5M0.0%−316,545
Qube Research & Technologies Ltd1,617,912$6.3M0.0%−491,606
Nuveen, LLC1,225,650$4.8M0.0%+1,045,012
Zurcher Kantonalbank (Zurich Cantonalbank)1,193,380$4.7M0.0%+30,881
Man Group plc1,190,069$4.6M0.0%New
Goldman Sachs Group Inc1,157,356$4.5M0.0%+999,671
Voloridge Investment Management, LLC909,440$3.5M0.0%New
Mitsubishi UFJ Asset Management Co., Ltd.872,044$3.4M0.0%+241,099
Bank Of America Corp /de/830,551$3.2M0.0%+254,644
First Trust Advisors LP808,832$3.1M0.0%+149,358

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

1 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jul 31, 2024Austin ScottRepublican, HouseSale$1,001 - $15,000+71.3%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How Ballard Power Systems is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBallard Power Systems, Inc.2
  • CIK0000933777
  • Industry code (SIC)3620 Electrical Industrial Apparatus2
  • Business address9000 Glenlyon Parkway, Burnaby, A1 V5J 5J82
  • Phone(206) 903-88502
  • On EDGAR sinceApr 17, 19982
  • Filings240 in all: 6-K (196), S-8 (11), SC 13D/A (9), 40-F (8), 6-K/A (5), 40-F/A (3), SC 13D (2), 8-K12G3 (1)2
    All 13 form types

    F-10 (1), F-10/A (1), F-X (1), S-8 POS (1), SC 13G (1)

  • Latest filingsAnnual report (40-F) Mar 20, 2009

Sources

The numbers on this page point here. Each one links to the record it came from.

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