United States was Ballard Power Systems’s largest region in fiscal 2025, bringing in $32.28M of $99.37M (32%).
| Geography | FY 2024 | FY 2025 |
|---|---|---|
| United States | $15.00M | $32.28M |
| Poland | $21.66M | $21.57M |
| United Kingdom | $12.77M | $8.20M |
| Canada | $3.00M | $17.89M |
| Germany | $4.18M | $8.41M |
| Other Countries | $3.23M | $2.24M |
| France | $4.02M | $317.00K |
| China | $2.63M | $1.55M |
| Egypt | $154.00K | $3.51M |
| Denmark | $2.16M | $342.00K |
| Spain | $260.00K | $1.88M |
| Netherlands | $668.00K | $1.19M |
| Total | $69.73M | $99.37M |
Ballard Power Systems brought in $99.37M from its 12 regions in fiscal 2025, the year ended December 31, 2025. That was up 42.5% from $69.73M in fiscal 2024. United States was the largest at $32.28M (32.5%), ahead of Poland at $21.57M (21.7%) and Canada at $17.89M (18.0%). The other nine regions brought in $27.63M combined.
Compared with fiscal 2024, Egypt grew fastest, up 2,180.5% to $3.51M, while United Kingdom fell the most, down 35.8% to $8.20M.
Bus was Ballard Power Systems’s largest revenue line in fiscal 2025, bringing in $50.00M of $99.37M (50%).
| Products and services [axis] | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Heavy Duty Motive | — | — | — | — | |||||
| Technology Solutions | — | — | — | — | |||||
| Bus | $24.92M | $29.27M | $44.16M | $50.00M | |||||
| Stationary | $18.87M | $21.71M | $12.76M | $8.14M | |||||
| Rail | $5.11M | $19.10M | $2.65M | $25.47M | |||||
| Emerging Markets & Other | $19.31M | $14.00M | $3.58M | $10.19M | |||||
| Stationary Power Generation | — | — | — | — | |||||
| Material Handling | — | — | — | — | |||||
| Truck | $11.47M | $10.96M | $3.71M | $1.68M | |||||
| Portable Power | — | — | — | — | |||||
| Marine | $2.18M | $7.33M | $2.87M | $3.89M | |||||
| Back Up Power | — | — | — | — | |||||
| Total | $81.86M | $102.37M | $69.73M | $99.37M |
Ballard Power Systems brought in $99.37M from its six revenue lines in fiscal 2025, the year ended December 31, 2025. That was up 42.5% from $69.73M in fiscal 2024. Bus was the largest at $50.00M (50.3%), ahead of Rail at $25.47M (25.6%) and Emerging Markets & Other at $10.19M (10.3%). The other three revenue lines brought in $13.72M combined.
Compared with fiscal 2024, Rail grew fastest, up 862.1% to $25.47M, while Stationary fell the most, down 36.2% to $8.14M. From fiscal 2022 to 2025, combined revenue from these revenue lines grew from $81.86M to $99.37M, a compound annual growth rate of 6.7%. Bus' share of the total rose from 30.4% to 50.3%.
Products Transferred At A Point In Time was Ballard Power Systems’s largest revenue line in fiscal 2025, bringing in $92.43M of $99.37M (93%).
| Timing of transfer of goods or services [axis] | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Products Transferred At A Point In Time | $52.75M | $78.77M | $59.73M | $92.43M | |||||
| Products & Services Transferred Over Time | $29.11M | $23.60M | $10.00M | $6.94M | |||||
| Total | $81.86M | $102.37M | $69.73M | $99.37M |
Ballard Power Systems brought in $99.37M from its two revenue lines in fiscal 2025, the year ended December 31, 2025. That was up 42.5% from $69.73M in fiscal 2024. Products Transferred At A Point In Time was the largest at $92.43M (93.0%), ahead of Products & Services Transferred Over Time at $6.94M (7.0%).
Compared with fiscal 2024, Products Transferred At A Point In Time grew 54.7% to $92.43M, while Products & Services Transferred Over Time fell 30.5% to $6.94M. From fiscal 2022 to 2025, combined revenue from these revenue lines grew from $81.86M to $99.37M, a compound annual growth rate of 6.7%. Products Transferred At A Point In Time's share of the total rose from 64.4% to 93.0%.
Ballard Power Systems (BLDP) reports its revenue by geography, by products and services [axis] and by timing of transfer of goods or services [axis]. In fiscal 2025, United States was its largest region, bringing in $32.28M (32.5% of the total), followed by Poland at $21.57M (21.7%).
United States was Ballard Power Systems' largest region in fiscal 2025, bringing in $32.28M, or 32.5% of the $99.37M total across its 12 regions.
Bus was Ballard Power Systems' largest revenue line in fiscal 2025, bringing in $50.00M, or 50.3% of the $99.37M total across its six revenue lines.
Among Ballard Power Systems' regions that make up at least 2% of revenue, Egypt grew fastest in fiscal 2025, up 2,180.5% from $154.00K to $3.51M.
Every figure comes from Ballard Power Systems' annual financial filings, as reported. Each line keeps the name Ballard Power Systems gives it, and years follow its fiscal calendar.
Ballard Power Systems' revenue by geography goes back to fiscal 2024, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.