<SEC-DOCUMENT>0001279569-24-000267.txt : 20240311
<SEC-HEADER>0001279569-24-000267.hdr.sgml : 20240311
<ACCEPTANCE-DATETIME>20240311115428
ACCESSION NUMBER:		0001279569-24-000267
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20240311
FILED AS OF DATE:		20240311
DATE AS OF CHANGE:		20240311

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ballard Power Systems Inc.
		CENTRAL INDEX KEY:			0001453015
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRICAL INDUSTRIAL APPARATUS [3620]
		ORGANIZATION NAME:           	04 Manufacturing
		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:		24737141

	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: 18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;<BR>
</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    March 2024</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>
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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-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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    <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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<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="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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    <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>
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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date: March 11, 2024</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>

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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>
<tr style="vertical-align: bottom">
    <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 March 11, 2024 - Ballard Reports Q4 2023 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">&nbsp;</P>

<P STYLE="margin: 0; text-align: left"><IMG SRC="logo.jpg" ALT=""><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

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

<P STYLE="font: bold 24pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Ballard Reports Q4 2023 Results</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">VANCOUVER, BC, March 11, 2024 /CNW/ -&nbsp;Ballard
Power Systems (NASDAQ: BLDP) (TSX: BLDP) today announced consolidated financial results for the fourth quarter ended December 31, 2023.
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;Our transition to a commercial products company
is gaining momentum, with growing market acceptance of our fuel cell engines across our verticals,&quot; said Randy MacEwen, President
and CEO. &quot;We shipped a record number of fuel cell engines in the quarter, allowing us to close out the year with Q4 revenue of $46.8
million, up 132% year-over-year. We also booked $64.7 million of new orders in Q4, resulting in a product-based Order Backlog now 15%
higher than the same period last year.&quot;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;Supported by revenue scaling in the quarter,
we were able to improve gross margins by eight percentage points compared to the prior year period,&quot; said Mr. MacEwen. &quot;Notably,
excluding non-cash inventory provisions, underlying gross margin almost achieved breakeven, demonstrating continued success in our product
cost reduction initiatives and the impact of operating leverage.&quot;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;Excluding discontinued operations, revenue in
2023 was $102.4 million, up 25% compared to the prior year, while total megawatts (MW) and number of modules shipped increased by 17%
and 37%, respectively, to 74 MW and 540 modules. We increased the proportion of 2023 revenue and year-ending Order Backlog from Power
Products, standing at 72% and 84% respectively,&quot; stated Mr. MacEwen. &quot;We increased our diversification across our verticals,
geographic regions, and customer base. We supported numerous customers in maturing their fuel cell platforms, while also securing new
customer platform wins across our verticals. We launched our next-generation bipolar plate project to enable further product cost reduction
and production scaling and also proved the maturity of our technology with outstanding field reliability.&quot;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;We continue to prioritize focused and disciplined
cash management and balance sheet strength. Cash operating costs in Q4 were roughly flat compared to the prior year, while total operating
costs and capital expenditures for the full year were in line with our 2023 guidance ranges. Total cash used in 2023 was down almost $48
million compared to 2022. We ended the year with cash and cash equivalents of $751 million,&quot; Mr. MacEwen added.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;Looking forward, we believe the transition of
hydrogen policy announcements to implementation will provide mid-term momentum for the availability of low-cost, low-carbon hydrogen,
enabling accelerated adoption of fuel cells. In the context of an increasingly constructive policy environment, a growing sales pipeline
and Order Backlog, along with our continued investments in product cost reduction and advanced manufacturing, we are well positioned for
strong long-term market share. We are excited with our set-up for 2024, as we expect continued growth in our Order Backlog, major order
announcements from customers in our bus and stationary power verticals, and the announcement of our next manufacturing facility, each
of which will serve as important milestones on our journey to scaled adoption of hydrogen fuel cells.&quot;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Q4 2023 Financial Highlights</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><I>(all comparisons are to Q4 2022 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 $46.8&nbsp;million in the quarter, up 132%
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">Heavy Duty Mobility revenue of $29.0 million increased 219%,
driven by higher revenues from bus, truck, rail, and marine verticals.</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">Stationary revenue of $12.8 million increased 105% primarily
due to higher shipments to customers 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: 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">Emerging and Other Markets revenue of $4.9 million was flat
compared to the prior year, as increased revenues from off-highway customers were offset by a decrease in Technology Solutions revenue.</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">Gross margin was (22)% in the quarter, an increase of 8-points,
driven by higher revenues and product cost reduction initiatives. Excluding non-cash inventory provisions, gross margin in the quarter
was (1)%.</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">Total Operating Expenses and Cash Operating Costs<SUP>3</SUP>
were $35.0 million and $29.0&nbsp;million, respectively, an increase of 16% and (0%), respectively, from Q4 2022. The increase in Total
Operating Expenses was driven primarily by higher expenditures on research and product development.</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">Total Cash Used by Operating Activities was $18.3 million,
compared to $21.2 million in the prior year, while Total Cash Used by Investing Activities was $10.8 million, compared to $20.1 million
in Q4 2022. Cash and cash equivalents was $751.1 million at the end of 2023, compared to $913.7 million in the prior 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">Adjusted EBITDA<SUP>3</SUP> was ($44.1) million, compared
to ($40.1) million in Q4 2022, primarily as a result of a higher gross margin loss driven by inventory impairment charges.</FONT></TD></TR></TABLE>

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<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">Ballard recorded non-cash impairments to the value of its
long-term financial investments in the amount of $10.3 million in the quarter, primarily due to a reduction in valuations across the clean
energy and zero-emission vehicle universe.</FONT></TD></TR></TABLE>

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<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">Order Backlog at the end of 2023 was $130.5 million, down
3% compared to the end of Q3. While we achieved strong new order intake of $64.7 million in Q4, this was more than offset by a reduction
of $47.1&nbsp;million due to record engine shipments during the quarter and the removal of $21.7 million from our Order Backlog of previously
booked orders from a specific customer experiencing financing and program delays. Orders from Power Products represent more than 80% of
the Order Backlog, while orders from customers in Europe and North America represent almost 80% of the Order Backlog.</FONT></TD></TR></TABLE>

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<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">The 12-month Order Book was $66.6 million at end-Q4, a decrease
of $6.1 million or approximately 8% from the end of Q3 2023. While we achieved strong new order intake of $60.4 million added to the Order
Book in Q4, this was more than offset by record engine shipments during the quarter and the removal of $19.4 million from our Order Book
of previously booked orders from a specific customer experiencing financing and program delays.</FONT></TD></TR></TABLE>

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  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Order Backlog</B> ($M)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; border-right: black 1pt solid; 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 2023</FONT></FONT></B></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; border-right: black 1pt solid; 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 Q4 2023</FONT></FONT></B></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; border-right: black 1pt solid; 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 Q4 2023</FONT></FONT></B></TD>
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><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-Q4 2023</FONT></FONT></B><FONT STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>5</SUP></FONT></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 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="border-right: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$134.6</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$64.7</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$47.1</FONT></TD>
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$130.5</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="figure_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Ballard Power Systems Q4 2023 Results (CNW Group/Ballard
Power Systems Inc.)</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>2024 Outlook</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Consistent with our past practice, and in view of
the early stage of hydrogen fuel cell market development, specific revenue or net income (loss) guidance for 2024 is not provided. We
expect revenue in 2024 will be back-half weighted, with roughly 30% in the first half and 70% in the second half, similar to 2023. Total
Operating Expense<SUP>3</SUP> and Capital Expenditure<SUP>4</SUP> guidance ranges for 2024 are as follows:</P>

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    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2024</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Guidance</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total Operating Expense<SUP>1</SUP></FONT></TD>
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$145 - $165 million</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Capital Expenditure<SUP>2</SUP></FONT></TD>
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$50 - $70 million</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Q4 2023 Financial Summary</B></P>

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    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(Millions of U.S. dollars)</I></FONT></TD>
    <TD COLSPAN="5" STYLE="border-top: Black 1pt solid; text-align: right; padding: 0.75pt 2.05pt 0.75pt 3.95pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;Three months ended December 31</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2023</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2022</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">% Change</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><I>REVENUE</I></B></FONT></TD>
    <TD STYLE="padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fuel Cell Products &amp; Services:<SUP>3</SUP></FONT></TD>
    <TD STYLE="padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Heavy-Duty Mobility</B></FONT></TD>
    <TD STYLE="padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$29.0</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$9.1</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">219&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp; Bus</FONT></TD>
    <TD STYLE="padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$12.0</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$2.7</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">341&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp; Truck</FONT></TD>
    <TD STYLE="padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$6.0</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$2.5</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">135&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp; Rail</FONT></TD>
    <TD STYLE="padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$7.0</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$2.7</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">163&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp; Marine</FONT></TD>
    <TD STYLE="padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$4.0</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1.1</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">250&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Stationary</B></FONT></TD>
    <TD STYLE="padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$12.8</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$6.2</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">105&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Emerging and Other Markets</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$4.9</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$4.9</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total Fuel Cell Products &amp; Services Revenue </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$46.8</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$20.2</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">132&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><I>PROFITABILITY</I></B></FONT></TD>
    <TD STYLE="padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gross Margin $</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>($10.2)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($6.1)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(67&nbsp;%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gross Margin %</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(22&nbsp;%)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(30&nbsp;%)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8pts</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total Operating Expenses</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$35.0</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$30.1</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(16&nbsp;%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash Operating Costs<SUP>4</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$29.0</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$29.0</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0&nbsp;%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Equity loss in JV &amp; Associates</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>($4.3)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($6.8)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">37&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjusted EBITDA<SUP>4</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>($44.1)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($40.1)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(10&nbsp;%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net Loss from Continuing Operations<SUP>3</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>($48.9)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($27.6)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(77&nbsp;%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Loss Per Share from Continuing Operations<SUP>3</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>($0.16)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($0.09)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(78&nbsp;%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><I>CASH</I></B></FONT></TD>
    <TD STYLE="padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash provided by (used in) Operating Activities:</FONT></TD>
    <TD STYLE="padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 9.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash Operating Loss</FONT></TD>
    <TD STYLE="padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>($17.5)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($23.0)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 9.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Working Capital Changes</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>($0.9)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1.8</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(148&nbsp;%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp; Cash used by Operating Activities</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>($18.3)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($21.2)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$751.1</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$913.7</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(18&nbsp;%)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.75pt 9.95pt 0.75pt 0.75pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding: 0.75pt 9.95pt 0.75pt 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(Millions of U.S. dollars)</I></FONT></TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Twelve months ended December 31</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2023</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2022</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">% Change</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><I>REVENUE</I></B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fuel Cell Products &amp; Services:<SUP>3</SUP></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Heavy-Duty Mobility</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$66.7</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$43.7</FONT></TD>
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">53&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp; Bus</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$29.3</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$24.9</FONT></TD>
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp; Truck</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$11.0</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$11.5</FONT></TD>
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4&nbsp;%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp; Rail</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$19.1</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$5.1</FONT></TD>
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">274&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp; Marine</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$7.3</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$2.2</FONT></TD>
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">236&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Stationary</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$21.7</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$18.9</FONT></TD>
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Emerging and Other Markets</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$14.0</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$19.3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(27&nbsp;%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total Fuel Cell Products &amp; Services Revenue </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$102.4</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$81.9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><I>PROFITABILITY</I></B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gross Margin $</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>($21.8)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(13.3)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(64&nbsp;%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gross Margin %</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(21&nbsp;%)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(16&nbsp;%)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5pts)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total Operating Expenses</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$141.1</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$132.0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7&nbsp;%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash Operating Costs<SUP>4</SUP></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$119.3</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$112.0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7&nbsp;%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Equity loss in JV &amp; Associates</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>($10.1)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($11.6)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjusted EBITDA<SUP>4</SUP></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>($150.1)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($132.6)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(13&nbsp;%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net Loss from Continuing Operations<SUP>3</SUP></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>($144.2)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($160.4)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Loss Per Share from Continuing Operations<SUP>3</SUP></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>($0.48)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($0.54)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><I>CASH</I></B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash provided by (used in) Operating Activities:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 9.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash Operating Loss</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>($87.5)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($114.2)</FONT></TD>
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 9.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Working Capital Changes</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>($17.1)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($17.9)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp; Cash used by Operating Activities</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>($104.6)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($132.2)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash and cash equivalents</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$751.1</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$913.7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(18&nbsp;%)</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">For a more detailed discussion of Ballard Power Systems'
fourth quarter 2023 results, please see the company's financial statements and management's discussion &amp; analysis, which are available
at www.ballard.com/investors, www.sedarplus.ca&nbsp;and www.sec.gov/edgar.shtml.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Conference Call<BR>
</B>Ballard will hold a conference call on Monday, March 11, 2024 at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) to review fourth
quarter 2023 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: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>About Ballard Power Systems<BR>
</B>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: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Important Cautions Regarding Forward-Looking Statements<BR>
</B>Some of the statements contained in this release are forward-looking statements within the meaning of the U.S. Securities Act of 1933,
as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities
laws, such as statements concerning the markets for our products, Order Backlog, expected revenues, gross margins, operating expenses,
capital expenditures, corporate development activities, and impacts of investments in manufacturing and R&amp;D capabilities and cost
reduction initiatives. 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. Since forward-looking statements
are not statements of historical fact and address future events, conditions and expectations, forward-looking statements by their nature
inherently involve unknown risks, uncertainties, assumptions and other factors well beyond Ballard's ability to control or predict. Actual
events, results and developments may differ materially from those contemplated by such forward-looking statements. Any such statements
are based on Ballard's assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing
capacity, market demand and financing needs. 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, level of achievement of our business plans, achieving and sustaining
profitability, Ballard's condition requiring anticipated use of proceeds to change and the timing of, and ability to obtain, required
regulatory approvals. 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 represent Ballard's views as of the date of this
release. There can be no assurance that forward-looking statements will prove to be accurate, as actual events and future events could
differ materially from those anticipated in such statements. These forward-looking statements are provided to enable external stakeholders
to understand Ballard's expectations 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>Endnotes</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 15pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR>
    <TD COLSPAN="4" STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT>&nbsp;Total Operating Expenses refer to the measure reported in accordance with IFRS.</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding: 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2</SUP></FONT>&nbsp;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</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding: 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>3 </SUP></FONT>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 of PEM fuel cell products and services for a variety of applications including Heavy-Duty Mobility (consisting of bus, truck, rail, and marine applications), Stationary Power, and Emerging and Other Markets (consisting of material handling, off-road, and other applications). Revenues from the delivery of Services, including technology solutions, after sales services and training, are included in each of the respective markets.</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding: 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">During the fourth quarter of 2023, we completed a restructuring of operations at Ballard Motive Solutions in the U.K. and effectively closed the operation. As such, the historic operating results (including revenue and operating expenses) of the Ballard Motive Solutions business for both 2023 and 2022 have been removed from continuing operating results and are instead presented separately in the statement of comprehensive income (loss) as loss from discontinued operations.</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding: 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>4</SUP></FONT>&nbsp;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.</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding: 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash Operating Costs measures total 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 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, acquisition related costs, finance and other income, recovery on settlement of contingent consideration, asset impairment charges, and the impact of unrealized gains or losses on foreign exchange contracts.</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding: 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>5</SUP></FONT>&nbsp;&nbsp;Total Order Backlog as at the end of Q4-2023, reflects the addition of orders received of $64.7m, less delivered orders of $47.1 million, and less the removal of orders valued at $21.7m.</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding: 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 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="3" STYLE="vertical-align: top; border-top: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Three months ended December 31,</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Cash Operating Costs </B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2023</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2022</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ Change</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total Operating Expenses</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34,972</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30,099</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,873</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; Stock-based compensation expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,575)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,367)</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,208)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 2.05pt">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt">&nbsp; Impairment recovery (losses) on trade</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt">receivables&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,436)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(73)</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,363)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; Acquisition related costs </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(106)</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">109</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; Restructuring and related (costs) recovery</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(322)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(137)</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(185)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 2.05pt">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt">&nbsp; Impact of unrealized gains (losses) on foreign</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt">exchange contracts&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>696</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,057</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(361)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; Depreciation and amortization </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,388)</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(435)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,953)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Cash Operating Costs</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28,950</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29,038</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (88)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt 0.75pt 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: 0.75pt 2.05pt 0.75pt 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="3" STYLE="vertical-align: top; border-top: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Year ended December 31,</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Cash Operating Costs </B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2023</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2022</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ Change</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total Operating Expenses</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141,073</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132,022</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,053</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; Stock-based compensation expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(10,720)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(8,939)</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,781)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 0.75pt 2.05pt">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt">&nbsp; Impairment recovery (losses) on trade</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt">receivables&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,498)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(73)</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,425)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; Acquisition related costs </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(773)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,857)</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,084</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; Restructuring and related (costs) recovery</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,512)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(482)</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,030)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 0.75pt 2.05pt">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt">&nbsp; Impact of unrealized gains (losses) on foreign</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt">exchange contracts&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,296</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(862)</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,158</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; Depreciation and amortization </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(8,539)</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6,815)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,724)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Cash Operating Costs </B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119,327</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111,992</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,335</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 2.05pt 0.75pt 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="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Three months ended December 31,</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>EBITDA and Adjusted EBITDA </B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2023</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2022</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ Change</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net loss from continuing operations</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48,889)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27,572)</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21,317)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3,524</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,401</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,123</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Finance expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>270</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">294</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(24)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income taxes (recovery)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>40</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">34</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EBITDA</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45,055)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24,843)</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20,212)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; Stock-based compensation expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,575</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,367</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,208</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; Acquisition related costs </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(3)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">106</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(109)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; Finance and other (income) loss </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,871)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(15,728)</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,857</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 0.75pt 2.05pt">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt">&nbsp; Impairment charge on property, plant and</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt">equipment&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>967</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">960</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 0.75pt 2.05pt">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt">&nbsp; Impact of unrealized (gains) losses on foreign</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt">exchange contracts&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(696)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,057)</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">361</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Adjusted EBITDA </B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (44,083)</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40,148)</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,935)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt 0.75pt 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 STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 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="vertical-align: top; border-top: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Year ended December 31,</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>EBITDA and Adjusted EBITDA </B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2023</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2022</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ Change</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net loss from continuing operations</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (144,210)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (160,371)</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16,161</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12,750</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,652</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,098</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Finance expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,105</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,265</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(160)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income taxes (recovery)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>158</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">42</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">116</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EBITDA</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (130,197)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (147,412)</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,215</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; Stock-based compensation expense</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>10,720</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,939</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,781</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; Acquisition related costs </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>773</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,857</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,084)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp; Finance and other (income) loss </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(31,055)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,112</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(33,167)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 0.75pt 2.05pt">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt">&nbsp; Impairment charge on property, plant and</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt">equipment&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>967</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">960</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 0.75pt 2.05pt">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt">&nbsp; Impact of unrealized (gains) losses on foreign</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.95pt">exchange contracts&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,296)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">862</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,158)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Adjusted EBITDA </B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (150,088)</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (132,635)</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17,453)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  </TABLE>
<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-q4-2023-results-302085301.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/March2024/11/c0344.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: 0"><B>For further information: </B>Kate Charlton +1.604.453.3939, investors@ballard.com
or media@ballard.com</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 11-MAR-24</P>

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