Overview

* Ballard Q3 2025 revenue up 120% YoY to $32.5 mln, beating analyst expectations

* Gross margin improved to 15%, a 71-point increase YoY

* Company reduced operating expenses by 36% due to restructuring

Outlook

* Company revises 2025 capital expenditure guidance to $8-$12 mln from $15-$25 mln

* Ballard expects 2025 operating expenses to be below lower end of guidance range

* Company anticipates improved gross margins from pricing and product cost reductions

Result Drivers

* BUS AND RAIL DELIVERIES - Revenue increase driven by bus and rail deliveries, up 120% YoY

* COST REDUCTIONS - Significant cost reductions achieved through restructuring, lowering cash operating costs by 40%

* NEW PRODUCT LAUNCH - FCmove-SC engine launched to positive reception, enhancing customer cost efficiency

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Beat $32.50 $23.78

Revenue mln mln (10

Analysts

)

Q3 -$31.20

Adjusted mln

EBITDA

Q3 EPS -$0.09

continui

ng

operatio

ns

Q3 $34.90

Operatin mln

g

Expenses

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)