BLDP FINANCIAL STATEMENTS

Ballard Power Systems Inc — balance sheet, income statement and cash flow trends

BLDPBallard Power Systems Inc

🇨🇦 Canada · TO · Industrials · Electrical Equipment & Parts

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue103.9 M $+47.1%

Gross Profit10.8 M $—

Operating Income-88.7 M $—

EBITDA-72.7 M $—

Net Income-81.4 M $—

Peer Comparison· Electrical Equipment & Parts

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
BLDP	47.1%	10.4%	-69.9%	-78.3%
KE	-6.3%	7.9%	6.1%	1.8%
ENVX	49.9%	-48.6%	-319.6%	-499.6%
EUPWR	44.0%	28.4%	22.4%	5.3%
ULUSE	39.1%	22.5%	9.1%	9.1%
EAF	0.7%	-5.6%	-0.9%	-43.2%
Industry median	9.3%	28.4%	10.0%	2.8%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
BLDP	47.1%	10.4%	-69.9%	-78.3%
CJT	-2.2%	18.6%	30.2%	3.6%
MTL	7.9%	23.1%	15.0%	4.3%
RCH	6.4%	11.5%	10.8%	4.3%
BDGI	26.2%	23.1%	21.8%	7.1%
BBU-UN	25.5%	18.1%	24.9%	-3.6%
Industry median	9.3%	28.4%	10.0%	2.8%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity578.4 M $87%
Current Liabilities54.6 M $8%
Long-term Liabilities30.6 M $5%

Key Figures

YoY change

Total Assets663.6 M $-12.3%

Total Liabilities85.1 M $-17.2%

Total Equity578.4 M $-11.5%

Cash & ST Investments521.2 M $-9.9%

Total Debt20.9 M $-10.0%

Net Debt-496.2 M $—

Peer Comparison· Electrical Equipment & Parts

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
BLDP	10.70	3.6%	6.88	87.2%
KE	2.11	31.1%	1.08	52.3%
ENVX	10.97	224.6%	-0.11	28.9%
EUPWR	2.41	22.5%	0.71	56.8%
ULUSE	1.06	195.2%	1.74	12.0%
EAF	3.33	-360.2%	-215.69	-30.5%
Industry median	2.11	49.3%	0.49	44.9%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
BLDP	10.70	3.6%	6.88	87.2%
CJT	0.91	123.6%	3.04	36.0%
MTL	2.07	91.7%	2.77	44.2%
RCH	3.21	29.1%	1.16	66.2%
BDGI	1.35	101.9%	1.39	36.8%
BBU-UN	1.43	832.2%	9.52	7.1%
Industry median	2.11	49.3%	0.49	44.9%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow-39.3 M $—

Capital Expenditures8.2 M $-64.2%

Free Cash Flow-47.5 M $—

Dividends Paid——

Peer Comparison· Electrical Equipment & Parts

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
BLDP	-37.8%	-45.7%	7.9%	48.3%
KE	7.5%	5.8%	3.1%	414.6%
ENVX	-324.7%	-368.9%	44.2%	65.0%
EUPWR	-2.1%	-11.4%	12.7%	-39.3%
ULUSE	13.3%	8.7%	2.6%	146.0%
EAF	-12.4%	-20.3%	7.9%	28.8%
Industry median	7.5%	3.6%	2.8%	73.8%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
BLDP	-37.8%	-45.7%	7.9%	48.3%
CJT	24.0%	-2.9%	26.9%	660.3%
MTL	12.1%	7.8%	4.3%	279.2%
RCH	10.8%	10.2%	0.7%	249.3%
BDGI	19.4%	4.0%	15.4%	272.9%
BBU-UN	14.3%	4.6%	9.7%	-398.7%
Industry median	7.5%	3.6%	2.8%	73.8%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 3, 26. This content is for informational purposes only and is not investment advice.