Ballard Power Systems (BLDP) Operating Expenses (2009 - 2026)
Ballard Power Systems (BLDP) posted quarterly Operating Expenses of $16.9 million for Q4 2025, down 49.01% year-over-year from $33.1 million in Q4 2024, and down 51.57% quarter-over-quarter from $34.9 million in Q3 2025.
Ballard Power Systems (BLDP) Operating Expenses (2009 - 2026) Analysis & Trends
Ballard Power Systems (BLDP) has reported Operating Expenses for 17 consecutive years, with $16.9 million the latest figure, recorded in Q4 2025.
- In Q4 2025, Operating Expenses fell 49.01% year-over-year to $16.9 million; the TTM figure through Dec 2025 stood at $109.0 million (down 32.45% YoY), while the FY2025 annual figure was $108.9 million, down 32.49% from the prior year.
- Operating Expenses declined to $16.9 million in Q4 2025 per BLDP's latest filing, from $34.9 million in the prior quarter.
- Across five years, Operating Expenses topped out at $161.3 million in Q4 2023 and bottomed at $16.9 million in Q4 2025.
- Historically, Operating Expenses has averaged $38.7 million across 5 years, with a median of $33.9 million in 2023.
- Annual changes were most pronounced in 2023 — Operating Expenses soared 593.61% — and 2024, when it sank 79.45%.
- Ballard Power Systems' Operating Expenses stood at $32.3 million in 2021, then retreated by 28.02% to $23.3 million in 2022, then jumped by 593.61% to $161.3 million in 2023, then tumbled by 79.45% to $33.1 million in 2024, then sank by 49.01% to $16.9 million in 2025.
- Business Quant data shows BLDP's Operating Expenses at $16.9 million in Q4 2025, $34.9 million in Q3 2025, and $31.7 million in Q2 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Vertiv Holdings | 99.40 Bn | 96.29 Bn | 1.23 Bn | 490.50 Mn |
| 2 | Bloom Energy | 56.52 Bn | 53.85 Bn | 355.57 Mn | 173.34 Mn |
| 3 | Hubbell | 24.95 Bn | 24.55 Bn | 613.00 Mn | 264.40 Mn |
| 4 | nVent Electric | 24.74 Bn | 24.49 Bn | 558.00 Mn | 257.30 Mn |
| 5 | Advanced Energy Industries | 11.13 Bn | 9.71 Bn | 236.10 Mn | 141.00 Mn |
| 6 | Acuity Inc. (De) | 10.35 Bn | 9.94 Bn | 606.40 Mn | 413.10 Mn |
| 7 | Powell Industries | 7.23 Bn | 6.59 Bn | 95.30 Mn | 31.00 Mn |
| 8 | EnerSys | 6.91 Bn | 6.38 Bn | 313.36 Mn | 151.24 Mn |
| 9 | Plug Power | 3.23 Bn | 2.91 Bn | -1.68 Mn | 62.43 Mn |
| 10 | Ballard Power Systems | 729.60 Mn | 224.45 Mn | 4.08 Mn | 20.92 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 20.92 Mn |
| Dec 31, 2025 | 16.90 Mn |
| Sep 30, 2025 | 34.90 Mn |
| Jun 30, 2025 | 31.71 Mn |
| Mar 31, 2025 | 25.45 Mn |
| Dec 31, 2024 | 33.15 Mn |
| Sep 30, 2024 | 54.87 Mn |
| Jun 30, 2024 | 36.23 Mn |
| Mar 31, 2024 | 37.06 Mn |
| Dec 31, 2023 | 161.30 Mn |
| Sep 30, 2023 | 34.69 Mn |
| Jun 30, 2023 | 37.58 Mn |
| Mar 31, 2023 | 35.83 Mn |
| Dec 31, 2022 | 23.26 Mn |
| Sep 30, 2022 | 40.00 Mn |
| Jun 30, 2022 | 38.46 Mn |
| Mar 31, 2022 | 30.31 Mn |
| Dec 31, 2021 | 32.31 Mn |
| Sep 30, 2021 | 27.44 Mn |
| Jun 30, 2021 | 24.40 Mn |