Ballard Power Systems (BLDP) Research & Development (2009 - 2026)
Ballard Power Systems (BLDP) recorded Research & Development of $10.37 million in the quarter ended Jun 30, 2026, down 42.9% from $18.18 million a year earlier but up 10.8% from the prior quarter.
Ballard Power Systems (BLDP) Research & Development (2009 - 2026) Analysis & Trends
On a TTM basis, Ballard Power Systems' Research & Development came in at $42.19 million as of Jun 30, 2026, down 47.2% year-over-year; for the year ended Dec 31, 2025, it came in at $58.74 million, down 37.8% from the prior year.
- Annual Research & Development has a five-year compound annual growth rate of 10.6% (years ended Dec 2020 to Dec 2025).
- Across earlier years, Research & Development came in at $94.49 million in the year ended Dec 31, 2024 (-3.9%), $98.31 million in the year ended Dec 31, 2023 (+9.6%), $89.72 million in the year ended Dec 31, 2022 (+44.3%) and $62.16 million in the year ended Dec 31, 2021 (+75.0%).
- Quarterly Research & Development has ranged from $9.36 million in the quarter ended Mar 31, 2026 to $26.63 million in the quarter ended Jun 30, 2022 over the past five years.
- On a year-over-year basis, Research & Development has declined for eight consecutive quarters, with an average decline of 33.0% over the last eight quarters.
- Peak year-over-year performance for Research & Development in the last five years was growth of 119.0% in the quarter ended Sep 30, 2021, against a decline of 51.5% in the quarter ended Sep 30, 2025 at the low end.
- Per Business Quant, the preceding three quarters came in at $9.36 million (quarter ended Mar 31, 2026), $10.94 million (quarter ended Dec 31, 2025) and $11.52 million (quarter ended Sep 30, 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | GE Vernova | 249.46 Bn | 209.37 Bn | 2.36 Bn | 334.00 Mn |
| 2 | Bloom Energy | 68.99 Bn | 60.78 Bn | 355.57 Mn | 58.87 Mn |
| 3 | First Solar | 18.68 Bn | 9.63 Bn | 605.00 Mn | 76.24 Mn |
| 4 | BWX Technologies | 12.44 Bn | 10.74 Bn | 202.31 Mn | 4.17 Mn |
| 5 | Nextpower | 12.36 Bn | 8.25 Bn | 335.85 Mn | 44.51 Mn |
| 6 | Generac Holdings | 11.95 Bn | 10.78 Bn | 521.81 Mn | 65.78 Mn |
| 7 | EnerSys | 6.43 Bn | 4.62 Bn | 313.36 Mn | - |
| 8 | Enphase Energy | 4.23 Bn | -630.37 Mn | 175.01 Mn | 45.66 Mn |
| 9 | Mirion Technologies | 3.78 Bn | 1.62 Bn | 133.10 Mn | 10.10 Mn |
| 10 | Ballard Power Systems | 460.74 Mn | -1.62 Bn | 4.08 Mn | 10.37 Mn |
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 10.37 Mn |
| Mar 31, 2026 | 9.36 Mn |
| Dec 31, 2025 | 10.94 Mn |
| Sep 30, 2025 | 11.52 Mn |
| Jun 30, 2025 | 18.18 Mn |
| Mar 31, 2025 | 18.11 Mn |
| Dec 31, 2024 | 19.91 Mn |
| Sep 30, 2024 | 23.74 Mn |
| Jun 30, 2024 | 25.54 Mn |
| Mar 31, 2024 | 25.31 Mn |
| Dec 31, 2023 | 24.46 Mn |
| Sep 30, 2023 | 23.87 Mn |
| Jun 30, 2023 | 25.31 Mn |
| Mar 31, 2023 | 24.68 Mn |
| Dec 31, 2022 | 16.71 Mn |
| Sep 30, 2022 | 25.26 Mn |
| Jun 30, 2022 | 26.63 Mn |
| Mar 31, 2022 | 21.11 Mn |
| Dec 31, 2021 | 19.87 Mn |
| Sep 30, 2021 | 16.57 Mn |
Ballard Power Systems Research & Development API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=research-and-development&ticker=BLDP&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "research-and-development", "ticker": "BLDP", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=research-and-development&ticker=BLDP&period=max&api_key=YOUR_API_KEY");
const data = await res.json();