Quick Answer
Ballard Power Systems Inc. reported r&d expense of $58.74 million for fiscal year 2025 (IFRS, Form 20-F).
Reported under IFRS (SEC Form 20-F). Figures are shown in USD where the company provided them, otherwise in its reporting currency — each value exactly as filed with the SEC, not converted.
Ballard Power Systems Inc. R&D Expense — Annual History
| Fiscal Year | R&D Expense | YoY Change |
|---|---|---|
| 2025 | $58.74M | -37.8% |
| 2024 | $94.49M | -3.9% |
| 2023 | $98.31M | +9.6% |
| 2022 | $89.72M | +44.3% |
| 2021 | $62.16M | +75.0% |
| 2020 | $35.52M | +40.6% |
| 2019 | $25.26M | -6.6% |
| 2018 | $27.04M | +8.1% |
| 2017 | $25.02M | +26.2% |
| 2016 | $19.83M | — |
- Ballard Power Systems Inc.’s r&d expense fell 37.8% year over year.
- The most recent figure is from Ballard Power Systems Inc.’s fiscal year 2025 annual report (Form 20-F), filed March 12, 2026.
- All figures are sourced from SEC EDGAR XBRL filings, last verified June 19, 2026.
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