The company’s losses narrowed to $90.9m for the 12 months ended 31 December 2025, from $323.5m in 2024 after cash operating costs were cut by 32%.
The gains were primarily made in the fourth quarter, where Ballard logged $33.6m in revenues with a gross margin of 17%.
Fuel cell deliveries also grew 40% year-on-year, with almost 800 units.
Heavy-duty mobility saw a resurgence, with a 70% increase in revenues to $28.6m, primarily from bus and rail orders. Stationary revenues fell 54% to $3.2m.
The turnaround follows wide-ranging cost-cutting programs and the appointment of new CEO Marty Neese.”
“We exited the year with strong operational execution, improved financial performance, and a more commercially disciplined foundation that positions us for sustainable growth,” Neese said.
These cost cuts included redundancies, lowering manufacturing overheads, and tightening its product portfolio. This included the cancellation of its planned 3GW fuel cell factory in Texas.
And Neese said these changes would allow the company to further grow its revenues and margins.
This will include adding servicing, training, part supply, and operational monitoring.
“For our customers, this means a more reliable, optimised fleet,” the CEO said. “For Ballard, it creates a recurring revenue stream that extends well beyond initial production delivery.”
Inside Marty Neese’s roadmap to rebuild Ballard
Ballard’s new CEO has called on employees to adopt the same relentless mindset as the company’s toughest global competitors, warning that without it, the fuel cell maker risks being outperformed.
With one restructuring programme complete, Marty Neese, now four months into the job, said the focus is on execution along three pillars: product–market fit, leverage-based cost control, and capital discipline.
Appointed in July, Neese served on Ballard’s Board of Directors for the past 10 years and was previously the CEO of US electrolyser manufacturer Verdagy. In his first Ballard earnings call, Neese told investors he aims to transform the firm into a “sustainable cash flow positive business” by the end of 2027.
With less than a year and a half to do it, Neese said the first job is to pinpoint what customers truly value, what they’ll pay for, and how Ballard’s portfolio can deliver – a discipline he said honed at Verdagy…
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