Ballard Power Systems Inc. income statement

In fiscal 2025, Ballard Power Systems Inc. reported revenue of $99.4m, up 42.5% on the year before, operating income of −$103m (a -104.1% margin) and net income of −$90.9m, or −$0.30 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Ballard Power Systems Inc.: income statement, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Revenue	85	121	97	106	104	105	82	102	70	99
Cost of revenue	61	80	67	83	83	90	95	124	92	94
Gross profit	24	42	30	22	21	14	−13	−22	−22	5
Research and development	20	25	27	25	36	62	90	98	94	59
General and administrative	13	13	15	13	16	25	26	24	24	18
Operating income	−18	−5	−21	−25	−40	−88	−145	−163	−183	−103
Income before tax	−21	−6	−27	−35	−49	−115	−160	−144	−323	−91
Income tax	0	2	0	0	0	−0	0	0	0	0
Net income	−21	−8	−27	−39	−51	−114	−173	−178	−324	−91
Diluted EPS	—	—	—	—	−$0.21	−$0.39	−$0.58	−$0.59	−$1.08	−$0.30
Diluted shares (average)	163m	176m	186m	233m	248m	295m	298m	299m	299m	300m

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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Figures from Ballard Power Systems Inc.'s SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Ballard Power Systems Inc.