<SEC-DOCUMENT>0001279569-25-000260.txt : 20250313
<SEC-HEADER>0001279569-25-000260.hdr.sgml : 20250313
<ACCEPTANCE-DATETIME>20250313081155
ACCESSION NUMBER:		0001279569-25-000260
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20250313
FILED AS OF DATE:		20250313
DATE AS OF CHANGE:		20250313

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:		25733900

	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 2025</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 13, 2025</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/
                                         Kate Igbalode</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">Kate Igbalode</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>
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<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBIT&nbsp;INDEX
</B></FONT></P>

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    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br clear="all">
    <B>Exhibit No.</B></FONT></td>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; width: 91%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></td></tr>
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    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></td>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD NOWRAP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></td></tr>
<tr>
    <TD NOWRAP STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex991.htm">99.1</A>    </FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="ex991.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">News
    Release Dated March 13, 2025 - Ballard Reports Q4 2024 Results</FONT></A></td></tr>
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<DESCRIPTION>NEWS RELEASE DATED MARCH 13, 2025
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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>

<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 Q4 2024 Results</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">VANCOUVER, BC, March 13, 2025 /CNW/ - Ballard Power
Systems (NASDAQ: BLDP)&nbsp;(TSX: BLDP) today announced consolidated financial results for the fourth quarter ended December 31, 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; text-align: justify; margin-right: 0; margin-left: 0">&quot;2024 was a tough year for
the hydrogen and fuel cell industry,&quot; stated Randy MacEwen, Ballard's President and CEO. &quot;Amidst prolonged policy uncertainty,
there was a multi-year push-out in the development of hydrogen projects and the deployment of fuel cell applications. With this backdrop,
compounded by a difficult funding environment, an industry rationalization is underway.&quot;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0">&quot;Our Q4 and full-year 2024
financial results reflect the industry challenges,&quot; said Randy MacEwen. &quot;Q4 revenue was $24.5 million, down 48% compared to
Q4 2023. Full-year revenue of $69.7 million was down 32%, although we had a standout year in our Bus vertical, with revenue growth of
51%. Q4 gross margin improved by 9 points year-over-year to (13%), while full-year gross margin of (32%) was 11 points lower than in 2023.
Q4 cash operating costs<SUP>1</SUP> decreased by 6% year-over-year as a result of restructuring activities initiated in September, with
significant further reductions expected in 2025.&quot;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0">Mr. MacEwen continued, &quot;Notwithstanding
this very challenging industry context, Ballard is winning in the market. We achieved important commercial milestones in 2024, including
new strategic customer platform wins, repeat business from existing customers, and strong order intake. We secured new net order intake
of approximately $113 million during 2024, punctuated by new order intake of $75.4 million in Q4, positioning us with a record year-ending
Order Backlog of $173.5 million, an increase of 41% compared to the end of Q3, and a 12-month Orderbook of $98.9 million, a record for
Power Products, up 48% compared to the prior year.&quot;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0">Mr. MacEwen added, &quot;We also
made measured progress and took necessary actions across our global operations. We achieved record shipments of fuel cell engines in 2024,
with over 660 engines representing approximately 56 MW shipped to customers, up nearly 30% compared to 2023. We made significant progress
on the development of our next-generation PEM fuel cell stacks and engines, including the launch of our 9<SUP>th</SUP> generation, high-performance
engine, FCmove&reg;-XD. We advanced our product cost reduction programs, including milestones on Project Forge, our program to significantly
reduce the costs on next-generation bipolar plates. Importantly, we initiated a global corporate restructuring to lower our 2025 Total
Operating Expenses by more than 30%. We halted any further investments in the China market, including the Weichai Ballard JV.&quot;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0">Mr. MacEwen concluded, &quot;As
we look ahead, we see continued policy uncertainty along with further industry rationalization. Notably, we started 2025 with $603.9 million
in cash, no bank debt, and no mid-term financing requirements. We will continue to closely monitor factors impacting the commercial adoption
of our markets and products, and reassess our investment plans, cost structure, and cash usage based on these factors. Our focus is on
our customers and our controllables, including prioritized product development and product cost reduction programs, while also maintaining
disciplined spending and balance sheet strength for long-term competitiveness and sustainability.&quot;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: left; margin-right: 0; margin-left: 0"><B>Q4 2024 Financial Highlights<BR>
</B><I>(all comparisons are to Q4 2023 unless otherwise noted) </I></P>

<UL STYLE="list-style-type: disc">

<LI STYLE="margin: 0pt 0 12pt; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 12pt">Total revenue was $24.5 million
in the quarter, down 48% year-over-year.</FONT></LI>

<LI STYLE="margin: 0pt 0 12pt; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 12pt">Heavy Duty Mobility revenue of
$16.8 million, 42% lower year-over-year, driven by bus revenues which grew 9% but were offset with lower revenue from truck, rail, and
marine verticals.</FONT></LI>

<LI STYLE="margin: 0pt 0 12pt; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 12pt">Stationary revenue was $6.9 million,
(46%) year-over-year, and Emerging and Other Markets revenue was $0.8 million or (84%) compared to Q4 2023.</FONT></LI>

<LI STYLE="margin: 0pt 0 12pt; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 12pt">Gross margin was (13%) in the
quarter, an improvement of 9-points. The negative gross margin in the fourth quarter of 2024 was driven primarily by the impacts of revenue
scaling and manufacturing cost absorption. Improvement in gross margin over prior year largely due to reduced impairment adjustments
and expiration of warranty obligations.</FONT></LI>

<LI STYLE="margin: 0pt 0 12pt; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 12pt">Total Operating Expenses<SUP>2
</SUP>and Cash Operating Costs<SUP>1</SUP> were $33.1 million and $27.2 million, respectively, a decrease of 5% and 6%, respectively,
from Q4 2023 as a result of reduced cost structure from restructuring activities.</FONT></LI>

<LI STYLE="margin: 0pt 0 12pt; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 12pt">Total Cash Used by Operating
Activities was $24.4 million, compared to $18.3 million in the prior year. Cash and cash equivalents was $603.9 million at the end of
2024, compared to $751.1 million in the prior year.</FONT></LI>

<LI STYLE="margin: 0pt 0 12pt; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 12pt">Adjusted EBITDA<SUP>1</SUP> was
($36.0) million, compared to ($44.1) million in Q4 2023. The decrease in Adjusted EBITDA loss was driven primarily by decrease in gross
margin loss and lower Cash Operating Costs<SUP>1</SUP>. These improvements were partially offset by increased impairment losses on trade
receivables and higher restructuring and related expenses.</FONT></LI>

<LI STYLE="margin: 0pt 0 12pt; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 12pt">Ballard recorded non-cash impairments
to the value of its long-term financial investments in the amount of $7.6 million in the quarter.</FONT></LI>

<LI STYLE="margin: 0pt 0 12pt; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 12pt">Order Backlog at the end of 2024
was $173.5 million, an increase of 41% compared to the end of Q3 driven by record order intake of $75.4 million and deliveries of $24.5
million. Orders from Power Products represent more than 98% of the Order Backlog, overwhelmingly driven by customers in Europe and North
America, representing almost 99% of the Order Backlog.</FONT></LI>

<LI STYLE="margin: 0pt 0 12pt; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 12pt">The 12-month Orderbook was $98.9
million at end-Q4, an increase $40.7 million or approximately 70% from the end of Q3 2024.</FONT></LI>

</UL>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 15pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <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: 10pt"><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: 10pt"><B>Order Backlog </B></FONT><B><FONT STYLE="font-size: 10pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">at End-Q3 2024</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: 10pt"><B>Orders Received </B></FONT><B><FONT STYLE="font-size: 10pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">in Q4 2024</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: 10pt"><B>Orders Delivered </B></FONT><B><FONT STYLE="font-size: 10pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">in Q4 2024</FONT></FONT></B></TD>
    <TD STYLE="border-bottom: 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>Order Backlog </B></FONT><B><FONT STYLE="font-size: 10pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">at End-Q4 2024</FONT></FONT></B></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: 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="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">$122.7</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: 10pt">$75.4</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: 10pt">$24.5</FONT></TD>
    <TD STYLE="text-align: center; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$173.5</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; text-align: justify; margin-right: 0; margin-left: 0"><B>2025 Outlook</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: justify; 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 2025 is not
provided. We expect revenue in 2025 will be back-half weighted. Total Operating Expense<SUP>2</SUP> and Capital Expenditure<SUP>3</SUP>
guidance ranges for 2025 are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 60%; 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; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2025</FONT></TD>
    <TD STYLE="border-bottom: 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">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: 10pt">Total Operating Expense<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: 10pt">$100 - $120 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: 10pt">Capital Expenditure<SUP>3</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: 10pt">$15 - $25 million</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>Q4 2024 Financial Summary</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="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="5" STYLE="border-top: black 1pt solid; text-align: right; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 10pt"><B>2024</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: 10pt">2023</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: 10pt">% 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: 10pt"><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: 10pt">Fuel Cell Products &amp; Services:<SUP>4</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: 10pt"><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: 10pt"><B>$16.8</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: 10pt">$29.0</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: 10pt">(42&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: 10pt">&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: 10pt"><B>$13.1</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: 10pt">$12.0</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: 10pt">9&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: 10pt">&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: 10pt"><B>$0.6</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: 10pt">$6.0</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: 10pt">(90&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: 10pt">&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: 10pt"><B>$1.1</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: 10pt">$7.0</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: 10pt">(85&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: 10pt">&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: 10pt"><B>$2.0</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: 10pt">$4.0</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: 10pt">(49&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: 10pt"><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: 10pt"><B>$6.9</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: 10pt">$12.8</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: 10pt">(46&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: 10pt"><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: 10pt"><B>$0.8</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: 10pt">$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: 10pt">(84&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: 10pt">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: 10pt"><B>$24.5</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: 10pt">$46.8</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: 10pt">(48&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: 10pt"><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: 10pt">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: 10pt"><B>($3.2)</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: 10pt">($10.2)</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: 10pt">68&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: 10pt">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: 10pt"><B>(13&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: 10pt">(22&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: 10pt">9pts</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: 10pt">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: 10pt"><B>$33.1</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: 10pt">$35.0</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: 10pt">(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: 10pt">Cash Operating Costs<SUP>1</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: 10pt"><B>$27.2</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: 10pt">$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: 10pt">(6&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: 10pt">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: 10pt"><B>($2.5)</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: 10pt">($4.3)</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: 10pt">41&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: 10pt">Adjusted EBITDA<SUP>1</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: 10pt"><B>($36.0)</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: 10pt">($44.1)</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: 10pt">18&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: 10pt">Net Loss from Continuing Operations<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: 10pt"><B>($46.5)</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: 10pt">($48.9)</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: 10pt">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: 10pt">Loss Per Share from Continuing Operations<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: 10pt"><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: 10pt">($0.16)</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: 10pt">5&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: 10pt"><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: 10pt">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: 10pt">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: 10pt"><B>($23.9)</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: 10pt">($17.5)</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: 10pt">(37&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: 10pt">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: 10pt"><B>($0.5)</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: 10pt">($0.9)</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: 10pt">44&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: 10pt">&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: 10pt"><B>($24.4)</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: 10pt">($18.3)</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: 10pt">(34&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: 10pt">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: 10pt"><B>$603.9</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: 10pt">$751.1</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: 10pt">(20&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">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right">&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: 10pt"><I>(Millions of U.S. dollars)</I></FONT></TD>
    <TD COLSPAN="5" STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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: 10pt"><B>2024</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: 10pt">2023</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">% 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: 10pt"><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: 10pt">Fuel Cell Products &amp; Services:<SUP>4</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: 10pt"><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: 10pt"><B>$53.4</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: 10pt">$66.7</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: 10pt">(20&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: 10pt">&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: 10pt"><B>$44.2</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: 10pt">$29.3</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: 10pt">51&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: 10pt">&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: 10pt"><B>$3.7</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: 10pt">$11.0</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: 10pt">(66&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: 10pt">&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: 10pt"><B>$2.6</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: 10pt">$19.1</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: 10pt">(86&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: 10pt">&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: 10pt"><B>$2.9</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: 10pt">$7.3</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: 10pt">(61&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: 10pt"><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: 10pt"><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: 10pt">$21.7</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: 10pt">(41&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: 10pt"><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: 10pt"><B>$3.6</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: 10pt">$14.0</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: 10pt">(74&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: 10pt">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: 10pt"><B>$69.7</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: 10pt">$102.4</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: 10pt">(32&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: 10pt"><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: 10pt">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: 10pt"><B>($22.0)</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: 10pt">($21.8)</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: 10pt">(-&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: 10pt">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: 10pt"><B>(32&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: 10pt">(21&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: 10pt">(11 pts)</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: 10pt">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: 10pt"><B>$161.3</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: 10pt">$141.1</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: 10pt">14&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: 10pt">Cash Operating Costs<SUP>1</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: 10pt"><B>$115.9</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: 10pt">$119.3</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: 10pt">(3&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: 10pt">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: 10pt"><B>($4.9)</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: 10pt">($10.1)</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: 10pt">51&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: 10pt">Adjusted EBITDA<SUP>1</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: 10pt"><B>($168.1)</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: 10pt">($150.1)</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: 10pt">(12&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: 10pt">Net Loss from Continuing Operations<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: 10pt"><B>($323.5)</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: 10pt">($144.2)</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: 10pt">(124&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: 10pt">Loss Per Share from Continuing Operations<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: 10pt"><B>($1.08)</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: 10pt">($0.48)</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: 10pt">(124&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: 10pt"><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: 10pt">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: 10pt">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: 10pt"><B>($113.3)</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: 10pt">($87.5)</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: 10pt">(30&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: 10pt">Working Capital Changes</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: 10pt"><B>$5.2</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: 10pt">($17.1)</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: 10pt">131&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: 10pt">&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: 10pt"><B>($108.1)</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: 10pt">($104.6)</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: 10pt">(3&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: 10pt">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: 10pt"><B>$603.9</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: 10pt">$751.1</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: 10pt">(20&nbsp;%)</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="width: 33%">&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: 12pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0">For a more detailed discussion
of Ballard Power Systems' fourth quarter 2024 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 and www.sec.gov/edgar.shtml.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0"><B>Conference Call<BR>
</B>Ballard will hold a conference call on Thursday, March 13, 2025 at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) to review fourth
quarter 2024 operating results. The live call can be accessed by dialing +1-844-763-8274&nbsp;(Canada/US toll free). 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; text-align: justify; 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; text-align: justify; 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, changes that affect how long our cash reserves will last &nbsp;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&nbsp;as at the date of this release and may not be appropriate for other purposes. Readers should not place undue
reliance on these statements and Ballard assumes no obligation to update or release any revisions to them, other than as required under
applicable legislation.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: left; margin-right: 0; margin-left: 0"><B>Further Information<BR>
</B>Sumit Kundu &ndash; Manager, Investor Relations &amp; Finance +1.604.453.3517 or investors@ballard.com</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 15pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Endnotes</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>1</SUP></FONT></TD>
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note that
    Cash Operating Costs, EBITDA, and Adjusted EBITDA are non-GAAP measures. Non-GAAP measures do not have any standardized meaning prescribed
    by GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. Ballard believes that Cash
    Operating Costs, EBITDA, and Adjusted EBITDA assist investors in assessing Ballard's operating performance. These measures should
    be used in addition to, and not as a substitute for, net income (loss), cash flows and other measures of financial performance and
    liquidity reported in accordance with GAAP. For a reconciliation of Cash Operating Costs, EBITDA, and Adjusted EBITDA to the Consolidated
    Financial Statements, please refer to the tables below.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 0.75pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.75pt 2.05pt 0.75pt 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: top">
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>2</SUP></FONT></TD>
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Operating
    Expenses refer to the measure reported in accordance with IFRS.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>3</SUP></FONT></TD>
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital
    Expenditure is defined as Additions to property, plant and equipment and Investment in other intangible assets as disclosed in the
    Consolidated Statements of Cash Flows</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <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></FONT></TD>
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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; text-align: justify; 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 for 2023 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 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="5" STYLE="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">Three months ended December 31,</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: 10pt"><B>Cash Operating Costs </B></FONT></TD>
    <TD COLSPAN="2" STYLE="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="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; 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;&nbsp;&nbsp;&nbsp; $ 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: 10pt">Total Operating Expenses</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33,164</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34,972</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: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,808)</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">&nbsp; Stock-based compensation expense</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: 10pt"><B>(1,068)</B></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: 10pt">(2,575)</FONT></TD>
    <TD STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,507</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">&nbsp; Impairment recovery (losses) on trade receivables </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: 10pt"><B>(3,206)</B></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: 10pt">(1,436)</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: 10pt">(1,770)</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">&nbsp; Acquisition related costs </FONT></TD>
    <TD COLSPAN="2" STYLE="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="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</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: 10pt">(3)</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">&nbsp; Restructuring and related (costs) recovery</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: 10pt"><B>(708)</B></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: 10pt">(322)</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: 10pt">(386)</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">&nbsp; Impact of unrealized gains (losses) on foreign exchange contracts </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: 10pt"><B>(852)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">696</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: 10pt">(1,548)</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: 10pt">&nbsp; Depreciation and amortization </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: 10pt"><B>(137)</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: 10pt">(2,388)</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: 10pt">(2,251)</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: 10pt"><B>Cash Operating Costs</B></FONT></TD>
    <TD COLSPAN="2" STYLE="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;&nbsp;&nbsp;&nbsp;&nbsp; 27,193</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28,950</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,757)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="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="5" STYLE="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">Year ended December 31,</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: 10pt"><B>Cash Operating Costs </B></FONT></TD>
    <TD STYLE="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="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 2.05pt 0.75pt 3.95pt"><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 STYLE="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="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161,318</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141,073</FONT></TD>
    <TD COLSPAN="2" STYLE="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; 20,245</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">&nbsp; Stock-based compensation expense</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: 10pt"><B>(7,456)</B></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: 10pt">(10,720)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,264</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">&nbsp; Impairment recovery (losses) on trade receivables </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: 10pt"><B>(12,760)</B></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: 10pt">(1,498)</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: 10pt">(11,262)</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">&nbsp; Acquisition related costs </FONT></TD>
    <TD STYLE="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="padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(773)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">773</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">&nbsp; Restructuring and related (costs) recovery</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: 10pt"><B>(17,046)</B></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: 10pt">(1,512)</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: 10pt">(15,534)</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">&nbsp; Impact of unrealized gains (losses) on foreign exchange contracts </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: 10pt"><B>(1,095)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,296</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: 10pt">(2,391)</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: 10pt">&nbsp; Depreciation and amortization </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: 10pt"><B>(7,030)</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: 10pt">(8,539)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,509</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: 10pt"><B>Cash Operating Costs </B></FONT></TD>
    <TD STYLE="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; 115,931</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119,327</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,396)</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 41%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 23%">&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="padding: 0.75pt 3.95pt 0.75pt 0.75pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="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="7" STYLE="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">Three months ended December 31,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" 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: 10pt"><B>EBITDA and Adjusted EBITDA </B></FONT></TD>
    <TD COLSPAN="2" STYLE="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="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; 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;&nbsp;&nbsp;&nbsp; $ Change</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="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 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: 10pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46,471)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48,889)</FONT></TD>
    <TD STYLE="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; 2,418</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="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 COLSPAN="2" STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>995</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,524</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: 10pt">(2,529)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="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 COLSPAN="2" STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>539</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">270</FONT></TD>
    <TD STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">269</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" 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: 10pt">Income taxes (recovery)</FONT></TD>
    <TD COLSPAN="2" STYLE="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>18</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40</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: 10pt">(22)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EBITDA</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: 10pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (44,919)</B></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: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45,055)</FONT></TD>
    <TD STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="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 COLSPAN="2" STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,068</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,575</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: 10pt">(1,507)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="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 COLSPAN="2" STYLE="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="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>
    <TD STYLE="padding: 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="3" STYLE="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 COLSPAN="2" STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,079</B></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: 10pt">(1,871)</FONT></TD>
    <TD STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,950</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="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 COLSPAN="2" STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4,258</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">967</FONT></TD>
    <TD STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,291</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Impairment charges on intangible assets</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>658</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">658</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Impairment charges on Goodwill</FONT></TD>
    <TD COLSPAN="2" STYLE="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="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="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="3" STYLE="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 COLSPAN="2" STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>852</B></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: 10pt">(696)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,548</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" 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: 10pt"><B>Adjusted EBITDA </B></FONT></TD>
    <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; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36,004)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (44,083)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding: 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,079</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="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="6" STYLE="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">Year ended December 31,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" 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: 10pt"><B>EBITDA and Adjusted EBITDA </B></FONT></TD>
    <TD COLSPAN="2" STYLE="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="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; 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;&nbsp;&nbsp;&nbsp; $ Change</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="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 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: 10pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (323,530)</B></FONT></TD>
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (144,210)</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: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (179,320)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="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 COLSPAN="2" STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>11,557</B></FONT></TD>
    <TD STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,750</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: 10pt">(1,193)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="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 COLSPAN="2" STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,146</B></FONT></TD>
    <TD STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,105</FONT></TD>
    <TD STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,041</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" 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: 10pt">Income taxes (recovery)</FONT></TD>
    <TD COLSPAN="2" STYLE="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>121</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">158</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: 10pt">(37)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EBITDA</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: 10pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (309,706)</B></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: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (130,197)</FONT></TD>
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (179,509)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="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 COLSPAN="2" STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>7,456</B></FONT></TD>
    <TD STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,720</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: 10pt">(3,264)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="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 COLSPAN="2" STYLE="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="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">773</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: 10pt">(773)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="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 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: 10pt"><B>(18,933)</B></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: 10pt">(31,055)</FONT></TD>
    <TD STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,122</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="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 COLSPAN="2" STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>111,020</B></FONT></TD>
    <TD STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">967</FONT></TD>
    <TD STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">110,053</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Impairment charges on intangible assets</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>658</B></FONT></TD>
    <TD STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">658</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Impairment charges on Goodwill</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>40,277</B></FONT></TD>
    <TD STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40,277</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="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 COLSPAN="2" STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,095</B></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: 10pt">(1,296)</FONT></TD>
    <TD STYLE="padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,391</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="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: 10pt"><B>Adjusted EBITDA </B></FONT></TD>
    <TD COLSPAN="2" STYLE="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>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (168,133)</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (150,088)</FONT></TD>
    <TD STYLE="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; (18,045)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 23%">&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-q4-2024-results-302400788.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/March2025/13/c8515.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-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 07:30e 13-MAR-25</P>
<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 14pt"><BR></FONT></P>

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end
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</DOCUMENT>
</SEC-DOCUMENT>
