- Revenue increased 6% year-over-year to $15.4 million driven by strong bus market performance.
- Gross margins improved by 14 percentage points, while operating expenses decreased 31%.
- Ballard maintains a strong cash position of $576.7 million but faces a soft order intake in Q1.
Ballard Power Systems (BLDP, Financial) announced its Q1 2025 financial results, revealing a modest revenue increase of 6% year-over-year to $15.4 million. The company's bus market continues to be a significant revenue driver, with a 41% growth, contributing 81% to the total Q1 revenue. Despite these gains, the company reported a net loss of $21.0 million.
Ballard's restructuring efforts from 2024 have led to a 14-point improvement in gross margins and a 31% reduction in total operating expenses. The company's financial health is bolstered by a substantial cash position of $576.7 million, although this reflects a decrease from $720.7 million recorded in the previous year.
However, Ballard faced a soft order intake in the first quarter of 2025, with an order backlog of $158 million, down by 9% from Q4 2024. The 12-month order book stands at $92.4 million. The company cites industry rationalization and tariff uncertainties as contributing factors but anticipates significant order uptick in the upcoming quarters.
Looking ahead, Ballard predicts 2025 revenue will be weighted towards the latter part of the year. Total operating expenses are expected to be between $100-120 million, while capital expenditures are projected at $15-25 million. The company plans to focus on continuing its cost-reduction initiatives and improving operational efficiency amidst ongoing uncertainties in the hydrogen sector.
