Ballard Power Systems Inc.
For the period ended Dec 31, 2025. Filed Mar 12, 2026.
View on SEC.govAbout this filing
The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2025 · Filed Mar 12, 2026
Use the contents to explore the available documents and sections.
Contents
EX-99.1 · 30. Operating segments:
- Operating segments:
The Corporation operates in a single operating segment, Fuel Cell Products and Services, which consists of the sale of PEM fuel cell products and services for a variety of applications, including Heavy-Duty Mobility (consisting of bus, truck, rail, and marine applications), Stationary Power, and Emerging and Other Markets (consisting of material handling, off-road, and other applications). Revenues from the delivery of services, including technology solutions, after sales services and training, are included in each of the respective markets.
In 2025, revenues included sales tothree individual customers of $18,239,000, $16,919,000 and $16,244,000 respectively, which exceeded 10% of total revenue. In 2024, revenues included sales totwo individual customers of $20,176,000 and $10,451,000, respectively, which exceeded 10% of total revenue.
Revenues from continuing operations by geographic area, which are attributed to countries based on customer location for the years ended December 31, are as follows:
| Revenues | 2025 | 2024 |
|---|---|---|
| United States | $32,281 | $14,995 |
| Poland | 21,572 | 21,655 |
| Canada | 17,885 | 3,002 |
| Germany | 8,410 | 4,184 |
| United Kingdom | 8,204 | 12,774 |
| Egypt | 3,512 | 154 |
| Spain | 1,876 | 260 |
| China | 1,545 | 2,631 |
| Netherlands | 1,185 | 668 |
| Denmark | 342 | 2,157 |
| France | 317 | 4,023 |
| Other countries | 2,241 | 3,228 |
| $99,370 | $69,731 |
Non-current assets by geographic area are as follows:
| December 31, | December 31, | |
|---|---|---|
| Non-current assets | 2025 | 2024 |
| Canada | $76,664 | $63,883 |
| United States | 3,539 | 4,322 |
| Denmark | 742 | 1,975 |
| China | 10 | 8,249 |
| $80,955 | $78,429 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.