Q3 2025 Ballard Power Systems Inc Earnings Call Transcript

Nov 13, 2025 / 04:00 PM GMT

Transcript

Key Points

Positve

Ballard Power Systems Inc (BLDP) reported a 120% year-over-year revenue increase, primarily driven by deliveries to the bus and rail segments.
The company achieved a positive gross margin of 15%, reflecting significant progress in reducing product costs.
Ballard launched the FC Move SC at Bus World, receiving positive feedback for its higher power density and integrated functionality.
The company recorded its largest order ever in the marine market, totaling 6.4 megawatts.
Ballard's strong balance sheet, with $525.7 million in cash and no bank debt, provides business flexibility and resilience.

Negative

Despite improvements, the gross margin would be slightly negative without one-time benefits, indicating ongoing challenges in achieving sustainable profitability.
The decision not to pursue the Texas Gigafactory development highlights potential limitations in expanding manufacturing capacity.
The company is still in the early stages of market development for rail and marine segments, indicating potential delays in revenue growth.
Ballard is facing increased competition in the fuel cell bus engine space, necessitating continued differentiation efforts.
Some orders have shifted to Q4 2025 or Q1 2026, indicating potential delays in revenue realization.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

BLDP.TO - Ballard Power Systems Inc
Q3 2025 Ballard Power Systems Inc Earnings Call
Nov 13, 2025 / 04:00PM GMT

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Presentation
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Unidentified_1 [1]
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Thank you for standing by. This is the conference operator. Welcome to the Ballard Power Systems 3rd quarter 2025 results conference call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press then 1 on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing, then 0.

I would now like to turn the conference over to Summit Kundu Investor relations. Please go.

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Unidentified_2 [2]
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