Ballard Reports Q4 Revenue of $33.6M

Reports Q4 revenue $33.6M, consensus $32.24M. "2025 marked a turning point for Ballard and I'm energized by the progress our team delivered," said CEO Marty Neese. "We exited the year with strong operational execution, improved financial performance, and a more commercially disciplined foundation that positions us for sustainable growth. Q4 revenue reached $33.6M, bringing our full year total to $99.4M. We saw gross margins improve to 17% for the quarter and achieved positive 5% for the full year, marking significant improvements from 2024. This result was driven by nearly 40% year-over-year growth in megawatts delivered, reaching almost 800 engines, continuing our upward delivery growth trajectory and setting a new production record for Ballard. We also marked a significant agreement after the quarter with our largest recorded commitment from New Flyer for 50 MW of fuel cell engines. We have made meaningful progress on right-sizing our cost structure and it shows in our results. Cash operating costs in the quarter were reduced by 41% year-over-year, full-year cash operating costs decreased 32% from 2024, and our cash reserves increased from the previous quarter. In short, Ballard is becoming a more efficient, more focused, and more resilient company, on a pathway to sustained profitability."