Ballard Power Systems Inc.
BLDP · Electrical Industrial Apparatus · EDGAR filings ↗
Grade
D50Well-capitalized but deeply loss-making fuel-cell developer with strong revenue growth and a long cash runway.
Strengths
- Fortress liquidity: $527M cash, current ratio 9.9, ~32 quarters of runway
- Revenue growth 42% (100th pct)
Risks
- Deeply negative margins (gross 5.5%, net -91%, operating -104%) with negative returns
- Persistent cash burn and unproven path to profitability in fuel cells
Notable findings
- No interest coverageInterest coverage -54.31 (cannot cover interest)
- Net lossNet loss (net margin -91.5%)
- Cash burnNegative free cash flow (-66.0M)
- Strong balance sheetStrong balance sheet — $527M cash & investments, ~32 quarters of runway
Key metrics
Gross margin
5.5%
Operating margin
-104.1%
Net margin
-91.5%
Return on equity
-15.4%
Return on assets
-13.3%
Revenue growth (QoQ)
42.5%
Interest coverage
-54.3×
Current ratio
9.9×
Free cash flow
-$66M
Tangible book value
$590M
Cash & investments
$527M
Cash runway
32q
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 40-F | 2026-03-12 | 2025-12-31 | 0001628280-26-017045 ↗ |
| 40-F | 2025-03-13 | 2024-12-31 | 0001453015-25-000003 ↗ |
| 40-F | 2024-03-11 | 2023-12-31 | 0001453015-24-000002 ↗ |
| 40-F | 2023-03-17 | 2022-12-31 | 0001453015-23-000008 ↗ |
| 40-F | 2022-03-14 | 2021-12-31 | 0001453015-22-000003 ↗ |
| 40-F | 2021-03-11 | 2020-12-31 | 0001453015-21-000012 ↗ |
| 40-F | 2020-03-05 | 2019-12-31 | 0001453015-20-000010 ↗ |
| 40-F | 2019-03-07 | 2018-12-31 | 0001453015-19-000005 ↗ |
| 40-F | 2018-03-02 | 2017-12-31 | 0001453015-18-000005 ↗ |
| 40-F | 2017-03-03 | 2016-12-31 | 0001206774-17-000667 ↗ |
| 40-F | 2016-02-25 | 2015-12-31 | 0001206774-16-004654 ↗ |
| 40-F | 2015-02-27 | 2014-12-31 | 0000912282-15-000077 ↗ |