Ballard Power tops estimates as revenue surges on heavy-duty demand

Ballard Power Systems (NASDAQ:BLDP) outperformed Wall Street expectations in the final quarter of 2025, signaling that its focus on heavy-duty transit and stationary power is beginning to gain financial traction.

The Burnaby, British Columbia-based company reported a fourth-quarter net loss of $17.5 million, or $0.06 per share.

This result surpassed the $0.07 per share loss projected by analysts surveyed by Zacks Investment Research.

Revenue for the period reached $33.6 million, significantly higher than the $29.8 million consensus estimate, as the company benefited from a diversified order book across Europe and North America.

The quarterly performance contributed to a full-year 2025 results profile that showed steady operational tightening.

For the year, Ballard narrowed its total loss to $90.9 million, or $0.30 per share, compared to a wider deficit in the previous fiscal year.

Total annual revenue was reported at $99.4 million, representing a notable recovery in shipments for the bus and truck verticals.