Ballard Power Systems (BLDP) Research & Development (2009 - 2026)
Ballard Power Systems (BLDP) posted quarterly Research & Development of $10.9 million for Q4 2025, down 45.06% year-over-year from $19.9 million in Q4 2024, and down 5.07% quarter-over-quarter from $11.5 million in Q3 2025.
Ballard Power Systems (BLDP) Research & Development (2009 - 2026) Analysis & Trends
Ballard Power Systems (BLDP) has reported Research & Development for 17 consecutive years, with $10.9 million the latest figure, recorded in Q4 2025.
- In Q4 2025, Research & Development fell 45.06% year-over-year to $10.9 million; the TTM figure through Dec 2025 stood at $58.7 million (down 37.84% YoY), while the FY2025 annual figure was $58.7 million, down 37.84% from the prior year.
- Research & Development declined to $10.9 million in Q4 2025 per BLDP's latest filing, from $11.5 million in the prior quarter.
- Across five years, Research & Development topped out at $26.6 million in Q2 2022 and bottomed at $10.9 million in Q4 2025.
- Historically, Research & Development has averaged $20.2 million across 5 years, with a median of $20.5 million in 2022.
- Annual changes were most pronounced in 2021 — Research & Development soared 118.95% — and 2025, when it sank 51.47%.
- Ballard Power Systems' Research & Development stood at $19.9 million in 2021, then decreased by 15.92% to $16.7 million in 2022, then soared by 46.4% to $24.5 million in 2023, then dropped by 18.6% to $19.9 million in 2024, then tumbled by 45.06% to $10.9 million in 2025.
- Business Quant data shows BLDP's Research & Development at $10.9 million in Q4 2025, $11.5 million in Q3 2025, and $18.2 million in Q2 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Vertiv Holdings | 101.35 Bn | 98.24 Bn | 1.23 Bn | - |
| 2 | Bloom Energy | 58.17 Bn | 55.50 Bn | 355.57 Mn | 58.87 Mn |
| 3 | nVent Electric | 24.99 Bn | 24.74 Bn | 558.00 Mn | 24.50 Mn |
| 4 | Hubbell | 24.90 Bn | 24.51 Bn | 613.00 Mn | - |
| 5 | Advanced Energy Industries | 11.37 Bn | 9.96 Bn | 236.10 Mn | 65.00 Mn |
| 6 | Acuity Inc. (De) | 10.36 Bn | 9.95 Bn | 606.40 Mn | - |
| 7 | Powell Industries | 7.22 Bn | 6.58 Bn | 95.30 Mn | 4.30 Mn |
| 8 | EnerSys | 6.93 Bn | 6.40 Bn | 313.36 Mn | - |
| 9 | Hayward Holdings | 3.18 Bn | 2.70 Bn | 155.05 Mn | 7.67 Mn |
| 10 | Ballard Power Systems | 716.03 Mn | 210.88 Mn | 4.08 Mn | 10.37 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 10.37 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 |
| Jun 30, 2021 | 14.76 Mn |