<SEC-DOCUMENT>0001279569-22-001824.txt : 20221107
<SEC-HEADER>0001279569-22-001824.hdr.sgml : 20221107
<ACCEPTANCE-DATETIME>20221107091827
ACCESSION NUMBER:		0001279569-22-001824
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20221107
FILED AS OF DATE:		20221107
DATE AS OF CHANGE:		20221107

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ballard Power Systems Inc.
		CENTRAL INDEX KEY:			0001453015
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRICAL INDUSTRIAL APPARATUS [3620]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			Z4
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-53543
		FILM NUMBER:		221364012

	BUSINESS ADDRESS:	
		STREET 1:		9000 GLENLYON PARKWAY
		CITY:			BURNABY
		STATE:			A1
		ZIP:			V5J 5J8
		BUSINESS PHONE:		604-454-0900

	MAIL ADDRESS:	
		STREET 1:		9000 GLENLYON PARKWAY
		CITY:			BURNABY
		STATE:			A1
		ZIP:			V5J 5J8

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	7076991 Canada Inc.
		DATE OF NAME CHANGE:	20090102
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<P STYLE="font: 13.5pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>UNITED
STATES</B></FONT><BR>
<FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT><BR>
<FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B>Washington, D.C. 20549</B></FONT></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>FORM
6-K</B></FONT></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">REPORT
OF FOREIGN PRIVATE ISSUER<BR>
PURSUANT TO RULE 13a-16 OR 15d-16<BR>
UNDER THE SECURITIES EXCHANGE ACT OF 1934</FONT></P>

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<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
        For the month of November 2022</FONT></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Commission
File Number: 000-53543</FONT></P>

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    <td style="width: 100%; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 18pt Times New Roman, Times, Serif"><B>Ballard
    Power Systems Inc.</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><br>
    <FONT STYLE="font-size: 7.5pt">&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;</FONT></FONT></td></tr>
<tr>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Translation
    of registrant&rsquo;s name into English)</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
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    <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
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    <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9000
    Glenlyon Parkway<br>
    Burnaby, BC<br>
    V5J 5J8<br>
    Canada</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 7.5pt Times New Roman, Times, Serif">&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><br>
    <FONT STYLE="font-size: 10pt">(Address of principal executive office)</FONT></FONT></td></tr>
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    <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
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<tr style="vertical-align: bottom">
    <td style="width: 100%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indicate
    by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:&nbsp;&nbsp;<BR>
&#9744;
    &nbsp;Form 20-F&nbsp;&nbsp;&nbsp;&#9746; &nbsp;Form 40-F</FONT></td></tr>
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    <td style="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
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    <td style="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indicate by check
    mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):&nbsp;&nbsp;&#9744;</FONT></td></tr>
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    <td style="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indicate by check
    mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):&nbsp;&nbsp;&#9744;</FONT></td></tr>
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    <td style="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
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<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SIGNATURES</B></FONT></P>

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    <td style="width: 100%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
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    <td style="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant to the
    requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
    by the undersigned, thereunto duly authorized.</FONT></td></tr>
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    <td style="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="width: 53%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Ballard Power Systems Inc.</B></FONT></td></tr>
<tr style="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date: November 7, 2022</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></td>
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
                                         Paul Dobson</FONT><FONT STYLE="font-size: 10pt"><br clear="all"></FONT></P>

</td></tr>
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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:&nbsp;</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Paul Dobson</FONT></td></tr>
<tr style="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Financial Officer</FONT></td></tr>
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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
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<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBIT&nbsp;INDEX
</B></FONT></P>

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    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br clear="all">
    <B>Exhibit No.</B></FONT></td>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; width: 91%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></td></tr>
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    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></td>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD NOWRAP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></td></tr>
<tr>
    <TD NOWRAP STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex991.htm">99.1</A>    </FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="ex991.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">News
    Release Dated November 7, 2022 - Ballard Reports Q3 2022 Results</FONT></A></td></tr>
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<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Exhibit 99.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;&nbsp;</B></FONT></P>

<P STYLE="margin: 0; text-align: right"></P>



<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: bold 24pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Ballard Reports Q3 2022 Results</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">VANCOUVER, BC, Nov. 7, 2022 /CNW/ -&nbsp;Ballard Power
Systems (NASDAQ: BLDP) (TSX: BLDP) today announced consolidated financial results for the third quarter ended September 30, 2022. All
amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards
(IFRS).</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;We made important customer progress across our
verticals during Q3, while also advancing our global manufacturing strategy and product cost reduction initiatives,&quot; said Mr. Randy
MacEwen, President and CEO. &quot;On the customer front, we continued to focus on platform wins, with commercial milestones achieved in
our truck and rail verticals. In truck, we announced an order from Quantron for 140 fuel cell engines to support their planned deployment
of heavy-duty fuel cell trucks in Europe. In rail, we announced orders across three continents, including an order from Siemens Mobility
to power seven trains in the Berlin-Brandenburg region and an LOI for up to an additional 200 engines for the European commuter rail market.
Our total order backlog grew 11 percent from last quarter to a total of $102 million, with Europe now contributing over half of our total
backlog.&quot;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;As part of our 'local for local' global manufacturing
strategy, we announced our plan to invest $130 million in a new MEA manufacturing facility in Shanghai, with an annual production capacity
of approximately 13 million MEAs, which can supply approximately 20,000 fuel cell engines,&quot; Mr. MacEwen continued. &quot;With the
facility planned to be in operation in 2025 to support anticipated growth in MEA demand, this investment is expected to reduce MEA manufacturing
costs, align with China's fuel cell value chain localization policy, and position Ballard more strongly in the large China market.&quot;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Mr. MacEwen added, &quot;We continue to advance on
our product cost reduction roadmap, with measured progress from technology innovation, supply chain developments and advanced manufacturing
initiatives. We are running ahead of our cost reduction targets which we expect to enable significant gross margin expansion in our long-term
financial plan.&quot;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;This quarter our revenue and gross margin were
$21.3 million and (22)%, respectively. As previously communicated, we continue to see a challenging gross margin picture which we expect
to persist through 2023 until our volume ramps and our product cost reduction initiatives move into production. We exited the quarter
with a strong balance sheet to support our growth strategy.&quot;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Q3 2022 Financial Highlights<BR>
</B><I>(all comparisons are to Q3 2021 unless otherwise noted) </I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt">Total revenue was $21.3 million in the quarter, down 15%
year-over-year.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt">Power Products revenue of $15.9 million decreased 2%, driven
by lower shipments of fuel cell products.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt">Heavy-Duty revenues of $12.1 million increased 8% due to
increased sales in North America, Europe and other areas offsetting lower sales in China.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt">Stationary Power Generation revenues of $2.1 million increased
9% due to increased sales in North America, offsetting lower sales in Europe.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt">Material Handling revenues of $1.7 million decreased 46%,
primarily as a result of lower shipments to Plug Power.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt">Technology Solutions revenue of $5.5 million decreased 39%
due primarily to decreased amounts earned on the Weichai Ballard JV and Audi programs.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt">Gross margin was (22)% in the quarter, a decrease of 33-points,
driven by a combination of shift to lower overall product margin and service revenue mix including the impacts of pricing strategy, investment
in manufacturing capacity, increases in supply costs and inventory adjustments.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt">Total Operating Expenses and Cash Operating Costs<SUP>3</SUP>
were $40.0 million and $30.0 million in the quarter, an increase of 46% and 32%, respectively. Increases were driven primarily by higher
expenditure on research, technology and product development activities. Costs were also higher as a result of increased general and administrative
expenses.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt">Adjusted EBITDA<SUP>3</SUP> was ($35.1) million, compared
to ($23.1) million in Q3 2021, primarily a result of the decrease in gross margin and increase in Cash Operating Costs.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt">Ballard received approximately $31.8 million of new orders
in Q3, and delivered orders valued at $21.3 million, resulting in an Order Backlog of approximately $101.7 million at end-Q3. Order Backlog
growth was driven predominantly by increased orders from Europe, which now represents approximately 55% of the total Order Backlog, compared
to approximately 38% at end-Q3 2021.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt">The 12-month Order Book was $51.0 million at end-Q3, a decrease
of $10.4 million from the end of Q2 2022.</FONT></TD></TR></TABLE>

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  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Order Backlog</B> ($M)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Order Backlog </B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">at End-Q2 2022</FONT></FONT></B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Orders Received </B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">in Q3 2022</FONT></FONT></B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Orders Delivered </B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">in Q3 2022</FONT></FONT></B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Order Backlog </B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">at End-Q3 2022</FONT></FONT></B></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total Fuel Cell</FONT><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Products &amp; Services</FONT></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$91.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$31.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$21.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$101.7</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><IMG SRC="img_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>2022 Outlook</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Ballard 2022 Total Operating Expense<SUP>4</SUP> and
Capital Expenditure<SUP>5</SUP> guidance remains unchanged, but now expects to be at the higher end of the Total Operating Expense range
and the lower end of the Capital Expenditure range.</P>

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  <TR>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 5pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2022</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Guidance</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; white-space: nowrap; padding-right: 5pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total Operating Expense<SUP>4</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$130 - $150 million</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; white-space: nowrap; padding-right: 5pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Capital Expenditure<SUP>5</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$30 - $50 million</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Q3 2022 Financial Summary</B></P>

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  <TR>
    <TD STYLE="border-top: Black 1.5pt solid; white-space: nowrap; padding-right: 2.05pt">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt"><I>(Millions of U.S. dollars,<BR>
    except per share amounts)</I></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt">&nbsp;</P></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1.5pt solid; white-space: nowrap; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;Three months ended September 30</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2021</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">% Change</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><I>REVENUE</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fuel Cell Products &amp; Services:<SUP>1,2</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; Heavy Duty Motive</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$12.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$11.2</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8&nbsp;%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; Material Handling</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$1.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$3.1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(46)&nbsp;%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; Stationary Power Generation</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$2.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1.9</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9&nbsp;%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>&nbsp; Sub-Total</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><I>$15.9</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>$16.3</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(2)&nbsp;%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; Technology Solutions</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$5.5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$9.0</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(39)&nbsp;%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total Fuel Cell Products &amp; Services Revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$21.3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$25.2</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(15)&nbsp;%</FONT></TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; vertical-align: top; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt"><B><I>PROFITABILITY</I></B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt">Gross Margin $</P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 6pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>($4.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$2.8</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(268)&nbsp;%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gross Margin %</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(22)&nbsp;%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11&nbsp;%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(33) pts</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total Operating Expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$40.0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$27.4</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">46&nbsp;%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash Operating Costs<SUP>3</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$30.0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$22.7</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">32&nbsp;%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Equity (loss) in JV &amp; Associates</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>($1.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($4.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">76&nbsp;%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjusted EBITDA<SUP>3</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>($35.1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($23.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(52)&nbsp;%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net (Loss) from continuing operations</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>($42.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($30.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(39)&nbsp;%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Earnings Per Share</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>($0.14)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($0.10)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(40)&nbsp;%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><I>CASH</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash provided by (used in) Operating Activities:</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 2.05pt; padding-left: 9.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash Operating (Loss)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 6pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>($35.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 6pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($20.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(71)&nbsp;%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 9.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Working Capital Changes</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$5.4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$6.4</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(16)&nbsp;%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash provided by (used in) Operating Activities</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>($30.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($14.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(110)&nbsp;%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash Reserves</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$957.4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,222.3</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(22)&nbsp;%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">For a more detailed discussion of Ballard Power Systems'
third quarter 2022 results, please see the company's financial statements and management's discussion &amp; analysis, which are available
at www.ballard.com/investors, www.sedar.com and www.sec.gov/edgar.shtml.</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Conference Call</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Ballard will hold a conference call on Monday, November
7, 2022 at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) to review third quarter 2022 operating results. The live call can be accessed
by dialing +1.604.638.5340.&nbsp;Alternatively, a live audio and webcast can be accessed through a link on Ballard's homepage (www.ballard.com).
Following the call, the audio webcast and presentation materials will be archived in the 'Earnings, Interviews &amp; Presentations' area
of the 'Investors' section of Ballard's website (www.ballard.com/investors).</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>About Ballard Power Systems</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Ballard Power Systems' (NASDAQ: BLDP; TSX: BLDP) vision
is to deliver fuel cell power for a sustainable planet. Ballard zero-emission PEM fuel cells are enabling electrification of mobility,
including buses, commercial trucks, trains, marine vessels, and stationary power. To learn more about Ballard, please visit www.ballard.com.</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Important Cautions Regarding Forward-Looking Statements </B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">This release contains forward-looking statements concerning
the hydrogen economy and markets for our products and the effects of governmental regulations on such markets, expected revenues, operating
expenses, capital expenditures, corporate development activities, impacts of investments in manufacturing and R&amp;D capabilities and
market growth, and our carbon emissions goals. These forward-looking statements reflect Ballard's current expectations as contemplated
under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such
statements are based on Ballard's assumptions relating to its financial forecasts and expectations regarding its product development efforts,
manufacturing capacity, and market demand. For a detailed discussion of the factors and assumptions that these statements are based upon,
and factors that could cause our actual results or outcomes to differ materially, please refer to Ballard's most recent management discussion
&amp; analysis. Other risks and uncertainties that may cause Ballard's actual results to be materially different include general economic
and regulatory changes, detrimental reliance on third parties, successfully achieving our business plans and achieving and sustaining
profitability. For a detailed discussion of these and other risk factors that could affect Ballard's future performance, please refer
to Ballard's most recent Annual Information Form. These forward-looking statements are provided to enable external stakeholders to understand
Ballard's expectations&nbsp;as at the date of this release and may not be appropriate for other purposes. Readers should not place undue
reliance on these statements and Ballard assumes no obligation to update or release any revisions to them, other than as required under
applicable legislation.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Further Information<BR>
</B>Kate Charlton +1.604.453.3939, investors@ballard.com or media@ballard.com&nbsp;&nbsp;</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Endnotes<BR></B></P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 15pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-right: 2.05pt; padding-left: 3.95pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1 </SUP></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">We report our results in the single operating segment of Fuel Cell Products and Services. Our Fuel Cell Products and Services segment consists of the sale and service of PEM fuel cell products for our power product markets of Heavy Duty Motive (consisting of bus, truck, rail and marine applications), Material Handling and Stationary Power Generation, as well as the delivery of Technology Solutions, including engineering services, technology transfer and the license and sale of our extensive intellectual property portfolio and fundamental knowledge for a variety of fuel cell applications.</FONT></TD></TR>
  <TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-right: 2.05pt; padding-left: 3.95pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2</SUP></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The UAV market has been classified as a discontinued operation in our third quarter of 2020 consolidated condensed financial statements. As such, the assets of the UAV market have been classified as assets held for sale as of September 30, 2020. Furthermore, the historic operating results of the UAV market for 2020 have been removed from continuing operating results and are instead presented separately in the statement of comprehensive income as income from discontinued operations.&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-right: 2.05pt; padding-left: 3.95pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>3</SUP></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Note that Cash Operating Costs, EBITDA, and Adjusted EBITDA are non-GAAP measures. Non-GAAP measures do not have any standardized meaning prescribed by GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. Ballard believes that Cash Operating Costs, EBITDA, and Adjusted EBITDA assist investors in assessing Ballard's operating performance. These measures should be used in addition to, and not as a substitute for, net income (loss), cash flows and other measures of financial performance and liquidity reported in accordance with GAAP. For a reconciliation of Cash Operating Costs, EBITDA, and Adjusted EBITDA to the Consolidated Financial Statements, please refer to the tables below.</FONT></TD></TR>
  <TR>
    <TD COLSPAN="8" STYLE="text-align: left; vertical-align: top; padding-right: 2.05pt; padding-left: 2.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash Operating Costs measures operating expenses excluding stock-based compensation expense, depreciation and amortization, impairment losses or recoveries on trade receivables, restructuring charges, acquisition related costs, the impact of unrealized gains or losses on foreign exchange contracts, and financing charges. EBITDA measures net loss from continuing operations excluding finance expense, income taxes, depreciation of property, plant and equipment, and amortization of intangible assets. Adjusted EBITDA adjusts EBITDA for stock-based compensation expense, transactional gains and losses, asset impairment charges, finance and other income, the impact of unrealized gains or losses on foreign exchange contracts, and acquisition related costs.</FONT></TD></TR>
  <TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-right: 2.05pt; padding-left: 3.95pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>4</SUP></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total Operating Expenses refer to the measure reported in accordance with IFRS.</FONT></TD></TR>
  <TR>
    <TD COLSPAN="8" STYLE="vertical-align: top; padding-right: 2.05pt; padding-left: 3.95pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>5</SUP></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Capital Expenditure is defined as Additions&nbsp;to property, plant&nbsp;and equipment&nbsp;and Investment in other intangible assets as disclosed in the Consolidated Statements of Cash Flows</FONT>

<P STYLE="text-align: left; font: 15pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt">&nbsp;</P>

</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(Expressed in thousands of U.S. dollars)</I></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; padding-right: 3.95pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-top: Black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Three months ended September 30</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Cash operating costs</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD COLSPAN="1" STYLE="text-align: right; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2021</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$ Change</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Research and product development</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$&nbsp; &nbsp; &nbsp;25,263</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16,566</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,697</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">General and administrative</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8,727</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,768</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,959</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sales and marketing</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3,486</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,570</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(84)</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Operating expenses</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$&nbsp; &nbsp; &nbsp;37,476</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26,904</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp; 10,572</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Research and product development (cash operating cost)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$&nbsp; &nbsp; &nbsp;21,201</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14,174</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,027</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">General and administrative (cash operating cost)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5,679</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,349</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">330</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sales and marketing (cash operating cost)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3,115</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,211</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(96)</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Cash operating costs</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$&nbsp; &nbsp; &nbsp;29,995</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22,734</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,261</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    </TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 15pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(Expressed in thousands of U.S. dollars)</I></FONT></TD>
    <TD COLSPAN="4" STYLE="text-align: center; border-top: Black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Three months ended September 30,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>EBITDA and adjusted EBITDA</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2021</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ Change</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net loss from continuing operations</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$&nbsp; &nbsp; &nbsp;(42,881)</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp; &nbsp; &nbsp;(30,844)</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12,037)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3,979</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,167</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,812</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Finance expense</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>324</B></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">335</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(11)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income taxes (recovery)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(420)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(423)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EBITDA</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$&nbsp; &nbsp; &nbsp; (38,998)</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp; &nbsp; &nbsp;(28,339)</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10,659)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Stock-based compensation expense</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,828</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,477</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">351</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Acquisition related costs</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,261</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">535</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,726</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Finance and other (income) loss</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,781)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,545</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4,326)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Impairment loss on assets</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">263</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(263)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Impact of unrealized (gains) losses on foreign</FONT><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp; &nbsp; &nbsp;exchange contracts</FONT></FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,588</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">440</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.95pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,148</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$&nbsp; &nbsp; &nbsp; (35,102)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp; &nbsp; &nbsp;(23,079)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12,023)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 27%">&nbsp;</TD>
    <TD STYLE="width: 24%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 17%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp; &nbsp; &nbsp;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">View original content to download multimedia:https://www.prnewswire.com/news-releases/ballard-reports-q3-2022-results-301670017.html</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">SOURCE Ballard Power Systems Inc.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2022/07/c5656.html</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">%CIK: 0001453015</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">CO: Ballard Power Systems Inc.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">CNW 08:30e 07-NOV-22</P>

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:%%% !1110 4444 %%%% !1110 4444 ?_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
