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Deliveries to Bus, Rail Segments Help Ballard’s Revenue Growth in Q3

The company’s net loss reduced by 86% YoY during the quarter

November 17, 2025

/ Melvin Mathew
/ Energy Storage, Finance and M&A
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Fuel cell manufacturer Ballard Power Systems’ revenue surged 120% year-over-year (YoY) to $32.5 million in the third quarter (Q3) of 2025, from $14.8 million on the back of higher deliveries to its bus and rail customers in America and Europe.

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Melvin Mathew

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2025BallardbusesFinancial ResultsFuel CellsQ3RailsUS
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