Ballard Power Systems (BLDP) EBITDA (2009 - 2026)
Ballard Power Systems (BLDP) posted quarterly EBITDA of $11.6 million for Q4 2025, down 67.78% year-over-year from $36.0 million in Q4 2024, and down 93.33% quarter-over-quarter from $173.9 million in Q3 2025.
Ballard Power Systems (BLDP) EBITDA (2009 - 2026) Analysis & Trends
Ballard Power Systems (BLDP) has reported EBITDA for 17 consecutive years, with $11.6 million the latest figure, recorded in Q4 2025.
- In Q4 2025, EBITDA fell 67.78% year-over-year to $11.6 million; the TTM figure through Dec 2025 stood at $124.8 million (down 46.95% YoY), while the FY2025 annual figure was $100.9 million, down 39.97% from the prior year.
- EBITDA eased to $11.6 million in Q4 2025 per BLDP's latest filing, from $173.9 million in the prior quarter.
- Across five years, EBITDA topped out at $200.5 million in Q3 2024 and bottomed at -$46.4 million in Q4 2022.
- Historically, EBITDA has averaged $36.0 million across 5 years, with a median of $30.9 million in 2022.
- Annual changes were most pronounced in 2023 — EBITDA surged 462.5% — and 2024, when it sank 195.72%.
- Ballard Power Systems' EBITDA stood at -$25.5 million in 2021, then slumped by 82.01% to -$46.4 million in 2022, then soared by 462.5% to $168.1 million in 2023, then plunged by 78.59% to $36.0 million in 2024, then plunged by 67.78% to $11.6 million in 2025.
- Business Quant data shows BLDP's EBITDA at $11.6 million in Q4 2025, $173.9 million in Q3 2025, and -$33.2 million in Q2 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBITDA (Qtr) |
|---|---|---|---|---|---|
| 1 | Vertiv Holdings | 101.35 Bn | 98.24 Bn | 1.23 Bn | 637.90 Mn |
| 2 | Bloom Energy | 58.17 Bn | 55.50 Bn | 355.57 Mn | 182.24 Mn |
| 3 | nVent Electric | 24.99 Bn | 24.74 Bn | 558.00 Mn | 300.70 Mn |
| 4 | Hubbell | 24.90 Bn | 24.51 Bn | 613.00 Mn | 348.60 Mn |
| 5 | Advanced Energy Industries | 11.37 Bn | 9.96 Bn | 236.10 Mn | 95.10 Mn |
| 6 | Acuity Inc. (De) | 10.36 Bn | 9.95 Bn | 606.40 Mn | 193.30 Mn |
| 7 | Powell Industries | 7.22 Bn | 6.58 Bn | 95.30 Mn | 64.08 Mn |
| 8 | EnerSys | 6.93 Bn | 6.40 Bn | 313.36 Mn | 151.41 Mn |
| 9 | Hayward Holdings | 3.18 Bn | 2.70 Bn | 155.05 Mn | 76.00 Mn |
| 10 | Ballard Power Systems | 716.03 Mn | 210.88 Mn | 4.08 Mn | 9.80 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | -58.17 Mn |
| Dec 31, 2025 | 11.60 Mn |
| Sep 30, 2025 | 173.93 Mn |
| Jun 30, 2025 | -33.20 Mn |
| Mar 31, 2025 | -27.53 Mn |
| Dec 31, 2024 | 36.00 Mn |
| Sep 30, 2024 | 200.51 Mn |
| Jun 30, 2024 | 35.38 Mn |
| Mar 31, 2024 | -36.64 Mn |
| Dec 31, 2023 | 168.13 Mn |
| Sep 30, 2023 | 36.22 Mn |
| Jun 30, 2023 | 34.22 Mn |
| Mar 31, 2023 | 38.28 Mn |
| Dec 31, 2022 | -46.38 Mn |
| Sep 30, 2022 | 35.10 Mn |
| Jun 30, 2022 | 35.00 Mn |
| Mar 31, 2022 | 27.55 Mn |
| Dec 31, 2021 | -25.48 Mn |
| Sep 30, 2021 | 23.08 Mn |
| Jun 30, 2021 | 19.70 Mn |