<SEC-DOCUMENT>0001279569-25-000867.txt : 20250811
<SEC-HEADER>0001279569-25-000867.hdr.sgml : 20250811
<ACCEPTANCE-DATETIME>20250811091831
ACCESSION NUMBER:		0001279569-25-000867
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20250811
FILED AS OF DATE:		20250811
DATE AS OF CHANGE:		20250811

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
		EIN:				832202493
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-53543
		FILM NUMBER:		251200476

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		9000 GLENLYON PARKWAY
		CITY:			BURNABY
		PROVINCE COUNTRY:   	A1
		ZIP:			V5J 5J8
		BUSINESS PHONE:		604-454-0900

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		9000 GLENLYON PARKWAY
		CITY:			BURNABY
		PROVINCE COUNTRY:   	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 August 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>
<tr style="vertical-align: bottom">
    <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
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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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    <td style="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
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    <td style="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
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<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SIGNATURES</B></FONT></P>

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

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    <TD STYLE="width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="width: 53%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Ballard Power Systems Inc.</B></FONT></td></tr>
<tr style="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date: August 11, 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>

</td></tr>
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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:&nbsp;</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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>
<tr style="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></td>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD NOWRAP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></td></tr>
<tr>
    <TD NOWRAP STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex991.htm">99.1</A>    </FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="ex991.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">News
    Release Dated August 11, 2025 - Ballard Reports Q2 2025 Results</FONT></A></td></tr>
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<TYPE>EX-99.1
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<DESCRIPTION>NEWS RELEASE DATED AUGUST 11, 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>

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<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Ballard Reports Q2 2025 Results</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">VANCOUVER, BC, Aug. 11, 2025 /CNW/ - Ballard Power
Systems&nbsp;(NASDAQ: BLDP) (TSX: BLDP) today announced consolidated financial results for the second quarter ended June 30, 2025. All
amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards
(IFRS).</P>

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

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ballard initiated a strategic realignment to achieve positive cash flow by
year-end 2027 and included actions to reduce annualized operating costs by ~30% relative to the first half of 2025.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Revenue of $17.8 million, up 11%&nbsp;YoY and gross margin of (8%), a 24 point
increase YoY.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">27% reduction in Cash Operating Costs<SUP>1</SUP> due to 2024 restructuring
actions and 19% reduction in Total Operating Expenses<SUP>2</SUP> driven primarily by 2024 restructuring actions, partially offset by
initial restructuring costs related to the July restructuring.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Q2 ended with $550.0 million in cash and cash equivalents.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;We have made progress with respect to improving
our financial performance and with our recently announced strategic realignment we have established a core goal to achieve positive cash
flow by year-end 2027&quot; said Marty Neese Ballard's newly appointed President and CEO. &quot;Our focus needs to be on real, near-term
opportunities where Ballard delivers clear value along with a sustainable business model that emphasizes operational excellence and cost
discipline.&quot;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;The restructuring plan, announced in July, aims
to reduce Ballard's annualized operating costs by approximately 30%, a majority of which will be driven by an immediate reduction in workforce,&quot;
continued Mr. Neese. &quot;The plan also includes product portfolio simplification focusing on our strongest products and continued product
cost reduction activities. This, along with more rigorous value-based pricing strategies, will support margin expansion. We will continue
to limit capital expenditure and closely manage our cash to support our balance sheet. We expect majority of restructuring charges to
be recognized in the third quarter, and the full benefit of reduced operating expenses in 2026.&quot;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;Though the macro landscape continues to be dynamic,
deliveries to our bus and rail customers remained on pace, driving year-over-year revenue growth of 11%. &nbsp;We continue to make meaningful
progress on Project Forge, our high volume bi-polar plate line, and a key product cost reduction initiative. Even as Q2 order intake was
challenged, we secured new orders, including one of the largest marine orders on record to eCap and Samskip that was announced after the
quarter end.&quot;&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Mr. Neese concluded, &quot;We continue to believe
in the necessary role of hydrogen and fuel cells to decarbonize select heavy mobility and stationary power applications and we have taken
action to continue our leadership position in this space. With $550 million in cash, no bank debt and no financing requirement for the
foreseeable future, we are well positioned to reliably serve our customers over the long term as we move forward on our mission.&quot;&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Q2 2025 Financial Highlights<BR>
</B><I>(all comparisons are to Q2 2024 unless otherwise noted)</I></P>

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total revenue was $17.8 million in the quarter, up 11% year-over-year.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Heavy Duty Mobility revenue of $16.1 million, 22% higher year-over-year, driven
by bus and rail deliveries to North American and European customers.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Gross margin was (8%) in the quarter, an improvement of 24-points year-over-year,
due to lower manufacturing overhead costs from restructuring actions taken in 2024 and a net reduction in onerous contract provisions.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total Operating Expenses<SUP>2</SUP>&nbsp;were&nbsp;$31.7&nbsp;million, a&nbsp;decrease
of 12%, as a result of our reduced global operating cost structure from our 2024 restructuring&nbsp;activities and includes $6.3 million
in restructuring and other charges incurred in the quarter. Excluding these charges, Total Operating Expenses<SUP>2</SUP> decreased by
30% year-over-year. Cash&nbsp;Operating&nbsp;Costs<SUP>1&nbsp; </SUP>were $22.7 million, a decrease of 27%, also driven by the 2024 restructuring.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total Cash Used by Operating Activities was $20.3 million, compared to $35.1
million in the prior year. Cash and cash equivalents were $550.0 million at the end of Q2 2025, compared to $678.0 million in the prior
year.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Adjusted EBITDA<SUP>1 </SUP>was ($30.6) million, compared to ($35.4) million
in Q2 2024, driven primarily by the improvement in gross margin, and by lower Cash Operating Costs. These improvements were partially
offset by higher restructuring and related expenses and higher impairment losses on trade receivables.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Order Backlog at the end of Q2 2025 was $146.2 million, a decrease of 7% compared
to the end of Q1 2025 as the result of soft order intake of $8.3 million and removal of certain high-risk orders.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The 12-month&nbsp;Orderbook was $84.3 million at end-Q2, a decrease of $8.0
million or 9% from the end of Q1 2025.</FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 15pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Order Backlog&nbsp;</B>($M)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Order Backlog</B></FONT><B><FONT STYLE="font-size: 10pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">at End-Q1 2025</FONT></FONT></B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Orders Received&nbsp;</B></FONT><B><FONT STYLE="font-size: 10pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">in Q2 2025</FONT></FONT></B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Orders Removed</B></FONT><B><FONT STYLE="font-size: 10pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">or Adjusted </FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">in Q2 2025</FONT></FONT></B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Orders Delivered</B></FONT><B><FONT STYLE="font-size: 10pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">in Q2 2025</FONT></FONT></B></TD>
    <TD STYLE="white-space: nowrap; 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-Q2 2025</FONT></FONT></B></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Fuel Cell</FONT><FONT STYLE="font-size: 10pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Products &amp; Services</FONT></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$158.0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$8.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$17.8</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$146.2</FONT></TD></TR>
  </TABLE>

<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>2025 Outlook</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Consistent with our past practice, and in view of
the early stage of hydrogen fuel cell market development, specific revenue and&nbsp;net&nbsp;income (loss)&nbsp;guidance&nbsp;for&nbsp;2025&nbsp;is&nbsp;not&nbsp;provided.&nbsp;We&nbsp;expect&nbsp;revenue
in&nbsp;2025&nbsp;will&nbsp;be&nbsp;back-half weighted. Restructuring actions taken in July 2025 may result in revisions to our guidance
ranges to be updated at a future date. At this time, Total Operating Expense<SUP>2</SUP>, excluding restructuring charges, and Capital
Expenditure<SUP>3</SUP> are expected to be at the low end of their respective guidance ranges. With restructuring charges included, Total
Operating Expense<SUP>2</SUP> is expected to be at the high end of the guidance range. Total&nbsp;Operating Expense<SUP>2</SUP> and Capital
Expenditure<SUP>3</SUP> guidance ranges for 2025 are as&nbsp;follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 15pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2025</FONT></TD>
    <TD STYLE="white-space: nowrap; 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>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Operating Expense<SUP>3</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; 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>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital Expenditure<SUP>3</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; 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="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Q2 2025 Financial Summary</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 15pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR>
    <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="2" STYLE="border-top: Black 1pt solid; vertical-align: bottom; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Three months ended June 30</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2025</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2024</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% Change</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>REVENUE</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fuel Cell Products &amp; Services:4</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Heavy-Duty Mobility</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$16.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$13.2</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 20.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bus</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$8.8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$11.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(20&nbsp;%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 20.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Truck</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$0.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(95&nbsp;%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 20.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Rail</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$7.2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">179025&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 20.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Marine</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$0.0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0.5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(94&nbsp;%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Stationary</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$0.5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(67&nbsp;%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Emerging and Other Markets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$1.2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Fuel Cell Products &amp; Services Revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$17.8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$16.0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>PROFITABILITY</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gross Margin $</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>($1.5)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">($5.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">71&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gross Margin %</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(8&nbsp;%)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(32&nbsp;%)</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24pts</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Operating Expenses<SUP>2</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$31.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$36.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(12&nbsp;%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash Operating Costs1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$22.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$30.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(27&nbsp;%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equity loss in JV &amp; Associates</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>($0.4)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">($0.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Adjusted EBITDA1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>($30.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">($35.4)</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">13&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net Loss from Continuing Operations</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>($24.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">($31.5)</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">23&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loss Per Share from Continuing Operations</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>($0.08)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">($0.11)</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">23&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>CASH</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash provided by (used in) Operating Activities:</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 9.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 20.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash Operating Loss</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>($20.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">($25.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 20.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Working Capital Changes</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; 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">($9.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">105&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 9.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash used by Operating Activities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>($20.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 6pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">($35.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$550.0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 9.95pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$678.0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(19&nbsp;%)</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">For a more detailed discussion of Ballard Power Systems'
first second 2025 results, please see the company's financial statements and management's discussion &amp; analysis, which are available
at&nbsp;www.ballard.com/investors,&nbsp;www.sedarplus.ca&nbsp;and www.sec.gov/edgar.shtml.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Ballard today also announced a change to its Board
of Directors, with Yingbo Wang stepping down and Huajie Wang appointed as a Weichai nominee director. The Board thanked Yingbo for his
valuable contributions and welcomed Huajie, who will bring extensive experience and strategic insight to the Board.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Conference Call<BR>
</B>Ballard will hold a conference call on Monday August 11, 2025 at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) to review first
quarter 2025 operating results. The live call can be accessed by dialing +1-833-821-2814 (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; margin-right: 0; margin-left: 0"><B>About Ballard Power Systems<BR>
</B>Ballard Power Systems' (NASDAQ: BLDP; TSX: BLDP) vision is to deliver fuel cell power for a sustainable planet. Ballard zero- emission
PEM fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels, and stationary power.
To learn more about Ballard, please visit www.ballard.com.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Important Cautions Regarding Forward-Looking Statements<BR>
</B>Some of the statements contained in this release are forward-looking statements within the meaning of the U.S. Securities Act of 1933,
as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities
laws, such as statements concerning the markets for our products, Order Backlog, expected revenues, gross margins, operating expenses,
capital expenditures, corporate development activities, 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 and the timing of, and ability to obtain, required regulatory
approvals. For a detailed discussion of these and other risk factors that could affect Ballard's future performance, please refer to Ballard's
most recent Annual Information Form. These forward-looking statements represent Ballard's views as of the date of this release. There
can be no assurance that forward-looking statements will prove to be accurate, as actual events and future events could differ materially
from those anticipated in such statements. These forward-looking statements are provided to enable external stakeholders to understand
Ballard's expectations as at the date of this release and may not be appropriate for other purposes. Readers should not place undue reliance
on these statements and Ballard assumes no obligation to update or release any revisions to them, other than as required under applicable
legislation.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 15pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR>
    <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> 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">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="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.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR>
    <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> Total Operating Expenses refer to the measure reported in accordance with IFRS.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR>
    <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> 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>
    <TD STYLE="padding: 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>4</SUP> We report our results in the single operating segment of Fuel Cell Products and Services. Our Fuel Cell Products and Services segment consists of the sale of PEM fuel cell products and services for a variety of applications including Heavy-Duty Mobility (consisting of bus, truck, rail, and marine applications), Stationary Power, and Emerging and Other Markets (consisting of material handling, off-road, and other applications). Revenues from the delivery of Services, including technology solutions, after sales services and training, are included in each of the respective markets.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</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="3" STYLE="white-space: nowrap; border-top: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Three months ended June 30,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash Operating Costs </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2025</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2024</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ Change</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Operating Expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp;31,705</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36,228</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,523)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp; Stock-based compensation expense</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(2,289)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,568)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">279</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp; Impairment recovery (losses) on trade receivables </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(491)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(21)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(470)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp; Acquisition related costs </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp; Restructuring and related (costs) recovery</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(5,851)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(161)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,690)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp; Impact of unrealized gains (losses) on foreign exchange contracts </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>249</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(126)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">375</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp; Depreciation and amortization </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(659)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,436)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,777</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash Operating Costs</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22,664</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30,916</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8,252)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</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="4" STYLE="white-space: nowrap; border-top: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Three months ended June 30,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EBITDA and Adjusted EBITDA </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2025</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2024</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ Change</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net loss from continuing operations</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24,280)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp; (31,463)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,183</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>963</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,749</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,786)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Finance expense</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>495</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">590</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(95)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income taxes (recovery)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">68</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(44)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EBITDA</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22,798)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp; (27,056)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,258</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp; Stock-based compensation expense</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,289</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,568</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(279)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp; Acquisition related costs </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp; Finance and other (income) loss </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(10,819)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(11,015)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">196</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp; Impairment charge on property, plant and equipment </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>939</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">939</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp; Gain on sale of property, plant and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp; Impact of unrealized (gains) losses on foreign exchange contracts </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(249)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding: 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">126</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(375)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted EBITDA </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30,641)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp; (35,377)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; padding: 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,736</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.95pt 0.75pt 2.05pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">View original content to download multimedia:https://www.prnewswire.com/news-releases/ballard-reports-q2-2025-results-302526233.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/August2025/11/c6029.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 11-AUG-25</P>

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</DOCUMENT>
</SEC-DOCUMENT>
