<SEC-DOCUMENT>0001279569-24-001021.txt : 20240813
<SEC-HEADER>0001279569-24-001021.hdr.sgml : 20240813
<ACCEPTANCE-DATETIME>20240813143527
ACCESSION NUMBER:		0001279569-24-001021
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20240812
FILED AS OF DATE:		20240813
DATE AS OF CHANGE:		20240813

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:		241200641

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ballard6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 12pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 2pt solid; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<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>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<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    August 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>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 100%; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 18pt Times New Roman, Times, Serif"><B>Ballard
    Power Systems Inc.</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><br>
    <FONT STYLE="font-size: 7.5pt">&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;</FONT></FONT></td></tr>
<tr>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Translation
    of registrant&rsquo;s name into English)</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <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>
<tr style="vertical-align: bottom">
    <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 100%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indicate
    by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:&nbsp;&nbsp;<BR>
&#9744;
    &nbsp;Form 20-F&nbsp;&nbsp;&nbsp;&#9746; &nbsp;Form 40-F</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>




<HR SIZE="3" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: gray">

<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>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 100%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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>
<tr style="vertical-align: bottom">
    <td style="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
</table>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <TD STYLE="width: 40%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="width: 53%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Ballard Power Systems Inc.</B></FONT></td></tr>
<tr style="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date: August 12, 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>

</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">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>
<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>
</table>
<P STYLE="margin: 0"></P>


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <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 August 12, 2024 - Ballard Reports Q2 2024 Results</FONT></A></td></tr>
</table>
<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>NEWS RELEASE DATED AUGUST 12, 2024
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<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>

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

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

<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Ballard Reports Q2 2024 Results</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Quarter highlights include new product launch, progress
on next-gen plate manufacturing, and data center market development</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">VANCOUVER, BC, Aug. 12, 2024 /CNW/ -&nbsp;Ballard
Power Systems (NASDAQ: BLDP) (TSX: BLDP) today announced consolidated financial results for the second quarter ended June 30, 2024. 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: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;During Q2, we made measured progress on key
2024 deliverables relating to products, advanced manufacturing, and markets, all in support of our long-term strategy,&quot; stated Randy
MacEwen, Ballard's President &amp; CEO. &quot;On products, we launched our 9<SUP>th</SUP> generation PEM fuel cell engine, re-setting
the industry standard for PEM fuel cell engine performance for heavy-duty mobility. Our innovative FCmove<SUP>&reg;</SUP>-XD delivers
significant improvements in reliability, durability, efficiency, power density, scalability, serviceability, and total cost of ownership.
On advanced manufacturing, we are tracking to plan against Project Forge, which is our program to scale bipolar plate production by 10x
and reduce costs of next-generation bipolar plates by 70%. And on markets, we announced a strategic technology partnership with Vertiv
to demonstrate the technical feasibility and customer benefits of hydrogen-powered fuel cell backup power solutions for the fast-growing
data center market.&quot;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;Q2 revenue of $16.0 million was 4% and 11% higher
than Q2 2023 and Q1 2024 revenue, respectively, driven primarily by higher fuel cell product sales revenue, which was up 48% year-over-year
and made up 84% of the total revenue versus 59% in Q2 2023. We continue to expect 2024 revenue to be heavily second-half weighted, with
corresponding gross margin improvements in H2,&quot; added Mr. MacEwen. &quot;We continue to carefully track market adoption indicators
and scrutinize all spending and investments, with cash operating costs<SUP>1</SUP> remaining flat compared to Q2 2023, our balance sheet
remaining strong at $678 million of cash at the end of the quarter, and lowering guidance on 2024 Capital Expenditure<SUP>2</SUP> to $25
- $40 million.&quot;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;While we remain confident in the long-term value
proposition of hydrogen fuel cells, we continue to see near-term quarterly order lumpiness and experienced a softer quarter for order
intake. Following almost $130 million in total new orders in the previous two quarters, Q2 net order intake was muted at $5.0 million,
as certain customers deferred new orders into the second half of the year,&quot; continued Mr. MacEwen.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;We continue to focus on customers, product development
programs and product cost reduction initiatives, advanced manufacturing and capacity planning, all while maintaining a strong balance
sheet for long-term sustainability,&quot; Mr. MacEwen concluded.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Q2 2024 Financial Highlights<BR>
</B><I>(all comparisons are to Q2 2023 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: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total revenue was $16.0 million in the quarter, up 4%.</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: 54pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Heavy Duty Mobility revenue of $13.2 million increased 55%, driven primarily
by revenues from Ballard's Bus and Truck verticals, though partially offset by weaker revenue in the Rail vertical.</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: 54pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Stationary revenue of $1.7 million decreased 53%.</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: 54pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Emerging and Other Markets revenue of $1.2 million was down 65%.</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: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Gross margin was (32%) in the quarter, a 5-point improvement from Q1 2024
and 11 points lower year-over-year, primarily as a result of revenue mix, including an increased proportion of revenue derived from fuel
cell product revenue rather than higher margin 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: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total Operating Expenses and Cash Operating Costs<SUP>1</SUP> were $36.2 million
and $30.9 million, respectively, an increase of 2% and 0% respectively.</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: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net loss from continuing operations was ($31.5) million, or ($0.11) per share,
compared to a net loss from continuing operations of ($28.2) million, or ($0.09) per share. The ($3.3) million change was driven primarily
by changes in product mix.</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: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Adjusted EBITDA<SUP>1 </SUP>was approximately ($35.4) million, compared to
($34.2) million, a change of (3%).</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: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cash and cash equivalents were $678.0 million, a ($42.7) million decrease
compared to $720.7 million at the end of Q1 2024.</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: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ballard received approximately $5.0 million in net new orders in Q2, and delivered
orders valued at $16.0 million, resulting in an Order Backlog of approximately $169.5 million at end-Q2, a 6% decrease from the end of
Q1 2024.</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: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The 12-month Order Book was $75.5 million at end-Q2, a decrease of $4.2 million,
or 5%, from the end of Q1 2024.</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 15pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; 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: 10pt"><B>Order Backlog</B> ($M)</FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt"><B>Order Backlog </B></FONT><B><FONT STYLE="font-size: 10pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">at End-Q1 2024</FONT></FONT></B></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt"><B>Orders Received </B></FONT><B><FONT STYLE="font-size: 10pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">in Q2 2024</FONT></FONT></B></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt"><B>Orders Delivered </B></FONT><B><FONT STYLE="font-size: 10pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">in Q2 2024</FONT></FONT></B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Order Backlog </B></FONT><B><FONT STYLE="font-size: 10pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">at End-Q2 2024</FONT></FONT></B></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; 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: 10pt">Total Fuel Cell</FONT><FONT STYLE="font-size: 10pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Products &amp; Services</FONT></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$180.5</FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt">$5.0</FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt">$16.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$169.5</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>2024 Outlook</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Consistent with the Company's 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.
The Company expects revenue in 2024 will be heavily back-half weighted. We have reduced our 2024 Capital Expenditure<SUP>2</SUP>&nbsp;guidance
from a range of $50 million to $70 million to an updated range of $25 million to $40 million, reflecting management decisions to reduce
and defer certain planned capital expenditures given slower market adoption. Total Operating Expense<SUP>3</SUP> and Capital Expenditure<SUP>2</SUP>
guidance ranges for 2024 are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 15pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2024</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Previous Guidance</FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Updated Guidance</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: right; white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Operating Expense<SUP>3</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$145 - $165 million</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$145 - $165 million</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: right; white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital Expenditure<SUP>2</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$50 - $70 million</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$25 - $40 million</FONT></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; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Q2 2024 Financial Summary</B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>(Millions of U.S. dollars)</I></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; 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: 10pt"><B>&nbsp;Three months ended June 30</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; 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: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt">2023</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% Change</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>REVENUE</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fuel Cell Products &amp; Services:<SUP>4</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Heavy-Duty Mobility</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$13.2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$8.5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp; Bus</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$11.0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$6.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">84&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp; Truck</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$1.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">70&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp; Rail</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$0.0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1.1</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(100&nbsp;%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp; Marine</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$0.5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0.4</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Stationary</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$1.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$3.5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(53&nbsp;%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Emerging and Other Markets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt"><B>$1.2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt">$3.3</FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt">(65&nbsp;%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Fuel Cell Products &amp; Services Revenue </FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt"><B>$16.0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt">$15.3</FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt">4&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>PROFITABILITY</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gross Margin $</FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt"><B>($5.1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt">($3.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt">(61&nbsp;%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gross Margin %</FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt"><B>(32&nbsp;%)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt">(21&nbsp;%)</FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt">(11 pts)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Operating Expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt"><B>$36.2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt">$35.6</FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt">2&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash Operating Costs<SUP>1</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt"><B>$30.9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt">$31.0</FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt">(-&nbsp;%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equity loss in JV &amp; Associates</FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt"><B>($0.5)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt">($0.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt">44&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Adjusted EBITDA<SUP>1</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt"><B>($35.4)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt">($34.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt">(3&nbsp;%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net Loss from Continuing Operations<SUP>4</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt"><B>($31.5)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt">($28.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt">(12&nbsp;%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loss Per Share from Continuing Operations<SUP>4</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt"><B>($0.11)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt">($0.09)</FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt">(20&nbsp;%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>CASH</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash provided by (used in) Operating Activities:</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 9.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash Operating Loss</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>($25.5)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">($21.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(18&nbsp;%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 9.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Working Capital Changes</FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt"><B>($9.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt">($6.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt">(57&nbsp;%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp; Cash used by Operating Activities</FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt"><B>($35.1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt">($27.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt">(27&nbsp;%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt"><B>$678.0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt">$815.1</FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt">(17&nbsp;%)</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">For a more detailed discussion of Ballard Power Systems'
second quarter 2024 results, please see the company's financial statements and management's discussion &amp; analysis, which are available
at&nbsp;www.ballard.com/investors, www.sedar.com&nbsp;and www.sec.gov/edgar.shtml.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Conference Call<BR>
</B>Ballard will hold a conference call on Monday, August 12, 2024 at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) to review second
quarter 2024 operating results. The live call can be accessed by dialing 1-844-763-8274. 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: 12pt 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: 12pt 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, impacts of investments in manufacturing and R&amp;D capabilities and cost reduction
initiatives and statements that describe any anticipated offering of securities under Ballard's Shelf Prospectus and Registration Statement
or the filing of a Prospectus supplement. 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, successfully achieving 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: 12pt 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 STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 2.05pt 15pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>1</SUP>
    Note that Cash Operating Costs, EBITDA, and Adjusted EBITDA are non-GAAP measures. Non-GAAP measures do not have any standardized
    meaning prescribed by GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. Ballard
    believes that Cash Operating Costs, EBITDA, and Adjusted EBITDA assist investors in assessing Ballard's operating performance. These
    measures should be used in addition to, and not as a substitute for, net income (loss), cash flows and other measures of financial
    performance and liquidity reported in accordance with GAAP. For a reconciliation of Cash Operating Costs, EBITDA, and Adjusted EBITDA
    to the Consolidated Financial Statements, please refer to the tables below.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 2.05pt 15pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 2.05pt 15pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>2</SUP>
    Capital Expenditure is defined as Additions&nbsp;to property, plant&nbsp;and equipment&nbsp;and Investment in other intangible assets
    as disclosed in the Consolidated Statements of Cash Flows</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 2.05pt 15pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>3</SUP>&nbsp;Total
    Operating Expenses refer to the measure reported in accordance with IFRS.</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: 10pt"><SUP>4
    </SUP>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.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">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 have been removed from continuing operating
results and are instead presented separately in the statement of comprehensive income (loss) as loss from discontinued operations.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 15pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>(Expressed in thousands of U.S. dollars)</I></FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: black 1pt solid; white-space: nowrap; padding: 0.75pt 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Three months ended June 30,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash Operating Costs </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2023</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: black 1pt solid; padding: 0.75pt 0pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    $ Change</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Operating Expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36,228</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37,576</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 652</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp; Stock-based compensation expense</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(2,568)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,945)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">377</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp; Impairment recovery (losses) on trade receivables </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(21)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(17)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp; Acquisition related costs </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(85)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">85</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp; Restructuring and related (costs) recovery</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(161)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(158)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp; Impact of unrealized gains (losses) on foreign exchange contracts </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(126)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">765</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(891)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp; Depreciation and amortization </FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt"><B>(2,436)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt">(2,150)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; 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: 10pt">(286)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash Operating Costs</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30,916</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30,986</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (70)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>(Expressed in thousands of U.S. dollars)</I></FONT></TD>
    <TD COLSPAN="5" STYLE="padding: 0.75pt 0pt; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Three months ended June 30,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EBITDA and Adjusted EBITDA </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2024</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2023</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;$ Change</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net loss from continuing operations</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31,463)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28,213)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,250)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,749</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,169</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">580</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Finance expense</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>590</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">262</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">328</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income taxes (recovery)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>68</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">98</FONT></TD>
    <TD STYLE="white-space: nowrap; 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: 10pt">(30)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EBITDA</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$&nbsp;&nbsp;
    &nbsp;&nbsp;&nbsp; (27,056)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24,684)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,372)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp; Stock-based compensation expense</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,568</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,945</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(377)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp; Acquisition related costs </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">85</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(85)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp; Finance and other (income) loss </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(11,015)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(11,798)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">783</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp; Impairment charge on property, plant and equipment </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp; Impact of unrealized (gains) losses on foreign exchange contracts </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>126</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(765)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">891</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; 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: 10pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;
    &nbsp; (35,377)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34,217)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; 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: 10pt">$&nbsp;&nbsp;
    &nbsp;&nbsp; (1,160)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 53%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">View original content to download multimedia:https://www.prnewswire.com/news-releases/ballard-reports-q2-2024-results-302219654.html</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">SOURCE Ballard Power Systems Inc.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">View original content to download multimedia: http://www.newswire.ca/en/releases/archive/August2024/12/c4604.html</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">%CIK: 0001453015</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>For further information: </B>Further Information: Kate (Charlton) Igbalode
+1.604.453.3939, investors@ballard.com or media@ballard.com</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">CO: Ballard Power Systems Inc.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">CNW 08:30e 12-AUG-24</P>
<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 14pt"><BR></FONT></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 logo.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1" "6 )H# 2(  A$! Q$!_\0
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M &-L]_\ 4W#G\=_3"_Y/AFW_ &37"'_JKQH4445^QG\OA1110 4444 %%%%
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M?\FF_!S_ +.(TG_U6OQ(K^.^O[$/^#B;_DTWX.?]G$:3_P"JU^)%?QWU^[^
M_P#R;G _]C;/?_4W#G\?_3"_Y/AFW_9-<(?^JO&A1117[&?R^%%%% !1110
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M"\ZE>%/$24:D$9X_Q8XUS"IPO5J8W X>7!O$F<\69!]0RO"X*.&SS/\ ._\
M6#,L36C1J-8JG5S#G5+#U>6E1PE6M@H.5"K)G[9S?\%!?V2=)_X*8>%_VZ_!
MOPE^+FD^&#X<\37OCSP9<V_@TZSJ'Q2UWPEXD\%2>*M!BB\5/I,&GZEH^KV%
MYK$-S?07)UZWU/58UGEU,K#]E>.O^"OG_!,KQ_XQO/B?XP_8.U;Q]\2[@6$I
M\4^-_A]\&-7U6]N-'LK?3]'^VZSJ6N:U=!=/L[.TMK.4VMT]G%;0^1%F) /Y
M@J*\C%^%_"V-GE]6O//U5RS*</D>%K8?B/-<)6_LO#5*M2EA:];"SP];$13J
MN$G4J7G3IT(33]C3DOI<M^D#X@Y52SG#X6EP;/#9]Q)C.+LPPN-X&X=S'"KB
M#'TL/1Q&883"YA3QN&P=1K#JI3C0H6I5JV+J4Y1^M5H/],?V_?\ @IQ\6_VY
MKO3?"\FD6WPN^!_AJ\AO_#GPKT746U(76IVUN]K;Z[XNUQ;'2QKNI6T,MQ%I
M5G!ING:/H=M.T5I93WIN=5N_S.HHK[')\FRO(,OH97D^"HX# 8=2]G0HIZSF
M^:I5JU)RG5KUZLO?K5ZU2I5JRLYSLHQA^8\3\4\0<99UB^(>)\TQ.<9QCG#V
M^+Q+BK4Z4>2AAL/1I0I8?"83#4_W>&PF%HT,-0IWC3IWE4J5/VN_X(&?\GY'
M_LBOQ$_]+_"M?VQ5_$[_ ,$#/^3\C_V17XB?^E_A6O[8J_CCZ0'_ "7_ /W0
M,G_]Z!_J#]#+_DS/_=X\3_GDQ_/_ /\ !Q-_R:;\'/\ LXC2?_5:_$BOX[Z_
ML0_X.)O^33?@Y_V<1I/_ *K7XD5_'?7[OX#_ /)N<#_V-L]_]3<.?Q_],+_D
M^&;?]DUPA_ZJ\:%%%%?L9_+X4444 %%%% !1110 4444 %%%% !1110 4444
M ?M=_P $#/\ D_(_]D5^(G_I?X5K^V*OXG?^"!G_ "?D?^R*_$3_ -+_  K7
M]L5?Q+](#_DO_P#N@9/_ .] _P!8/H9?\F9_[O'B?\\F.#^(/PK^&'Q:TJST
M+XJ_#CP%\3-$T_4$U:PT;X@^#_#WC/2K'58[:XLTU.ST_P 1Z=J5I;:@EI>7
M=JE[#"ERMM=7$ D$4\JMY%_PQ7^QO_T:7^S-_P"&'^%G_P RM%%?CU#,\RPM
M-4<+F68X:BG*2HX;,<PPU)2DTY25+#X_#TE*32<I*FI2:3DY-)K^FL9D&0YA
M7>)S#(<CS#$RC"$L3C\DR;'8F4*:<:<)8C&Y1C,1*%.+<:<)5W"$6XPC!-IG
M_#%?[&__ $:7^S-_X8?X6?\ S*T?\,5_L;_]&E_LS?\ AA_A9_\ ,K116W]M
MYU_T.LY_\/&;?_/4Y?\ 5/A/_HE>%O\ Q&.&_P#Z'0_X8K_8W_Z-+_9F_P##
M#_"S_P"96C_ABO\ 8W_Z-+_9F_\ ##_"S_YE:**/[;SK_H=9S_X>,V_^>H?Z
MI\)_]$KPM_XC'#?_ -#H?\,5_L;_ /1I?[,W_AA_A9_\RM'_  Q7^QO_ -&E
M_LS?^&'^%G_S*T44?VWG7_0ZSG_P\9M_\]0_U3X3_P"B5X6_\1CAO_Z'0_X8
MK_8W_P"C2_V9O_##_"S_ .96C_ABO]C?_HTO]F;_ ,,/\+/_ )E:**/[;SK_
M *'6<_\ AXS;_P">H?ZI\)_]$KPM_P"(QPW_ /0Z'_#%?[&__1I?[,W_ (8?
MX6?_ #*T?\,5_L;_ /1I?[,W_AA_A9_\RM%%']MYU_T.LY_\/&;?_/4/]4^$
M_P#HE>%O_$8X;_\ H=#_ (8K_8W_ .C2_P!F;_PP_P +/_F5H_X8K_8W_P"C
M2_V9O_##_"S_ .96BBC^V\Z_Z'6<_P#AXS;_ .>H?ZI\)_\ 1*\+?^(QPW_]
M#H?\,5_L;_\ 1I?[,W_AA_A9_P#,K1_PQ7^QO_T:7^S-_P"&'^%G_P RM%%'
M]MYU_P!#K.?_  \9M_\ /4/]4^$_^B5X6_\ $8X;_P#H=#_ABO\ 8W_Z-+_9
MF_\ ##_"S_YE:/\ ABO]C?\ Z-+_ &9O_##_  L_^96BBC^V\Z_Z'6<_^'C-
MO_GJ'^J?"?\ T2O"W_B,<-__ $.G9^!/V<?V>OA;KO\ PE'PR^ _P9^'7B7[
M%<:;_P )%X$^%_@CPCKO]G7;1/=V']K>']#T^_\ L5RT$#7%K]H\B9H8FDC8
MQH1[-117%7Q.)Q53VN*Q.(Q57E4/:XK$8C$U>2-^6/M<37Q%3EC=\L?:<L;O
MEC&[OZN#P& RZC]6R[ X'+L/SRJ?5\OP6#P&']I/EYZGU? X3!4/:3Y8\]3V
+'//ECSSERQY?_]D!

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