Ballard Power Systems (BLDP) Cost of Revenue (2009 - 2026)

Ballard Power Systems (BLDP) has reported Cost of Revenue for 17 consecutive years, with $28.0 million the latest figure, recorded in Q4 2025.

• In Q4 2025, Cost of Revenue rose 1.04% year-over-year to $28.0 million; the TTM figure through Dec 2025 stood at $93.9 million (up 2.39% YoY), while the FY2025 annual figure was $93.9 million, up 2.39% from the prior year.
• Cost of Revenue advanced to $28.0 million in Q4 2025 per BLDP's latest filing, from $27.5 million in the prior quarter.
• Across five years, Cost of Revenue topped out at $56.9 million in Q4 2023 and bottomed at $15.0 million in Q1 2021.
• Historically, Cost of Revenue has averaged $24.8 million across 5 years, with a median of $22.7 million in 2021.
• Annual changes were most pronounced in 2023 — Cost of Revenue surged 130.72% — and 2024, when it sank 51.25%.
• Ballard Power Systems' Cost of Revenue stood at $31.9 million in 2021, then dropped by 22.75% to $24.7 million in 2022, then soared by 130.72% to $56.9 million in 2023, then plunged by 51.25% to $27.7 million in 2024, then gained by 1.04% to $28.0 million in 2025.
• Business Quant data shows BLDP's Cost of Revenue at $28.0 million in Q4 2025, $27.5 million in Q3 2025, and $19.3 million in Q2 2025.