Announcement • May 16
Ballard Power Systems Announces Board Resignations, Effective May 13, 2026 Ballard Power Systems announced the resignation of Weichai Power Co. Ltd. board nominees, Michael Chen and Huajie Wang, from Ballard's Board of Directors effective May 13, 2026. Announcement • Apr 14
Ballard Power Systems Inc. Announces Executive Changes, Effective April 13, 2026 Ballard Power Systems welcomed Ralph Robinett as Senior Vice President and Chief Operating Officer, replacing Lee Sweetland, effective April 13th, 2026. Ralph brings more than 25 years of global operations, manufacturing, supply chain, and transformation leadership experience across advanced technology and clean energy businesses. He has led large-scale operational organizations, built and expanded manufacturing facilities in multiple regions, driven cost reduction and productivity improvement initiatives, and helped commercialize innovative technologies at scale. Most recently, Ralph served as Chief Operating Officer at GAF Energy, where he led manufacturing, supply chain, new product deployment, factory expansions, and automation design for the company's rapidly growing solar roof business. Through his leadership, he helped grow output and revenue, led deployment of an automated solar shingle manufacturing plant, and supported commercialization of GAF Energy's second-generation product. Ralph has also held senior leadership positions at Celestica, Velodyne LiDAR, and SunPower, where he oversaw international manufacturing, implementation of automation strategy, and supply chain transformation. Announcement • Mar 16
Ballard Power Systems Inc., Annual General Meeting, Jun 03, 2026 Ballard Power Systems Inc., Annual General Meeting, Jun 03, 2026. Announcement • Mar 13
Ballard Power Systems Inc. Provides Earnings Guidance for the Year 2026 Ballard Power Systems Inc. provided earnings guidance for the year 2026. For the year, the company expects revenue will be back-half weighted. Announcement • Sep 18
Ballard Power Systems to Unveil Its New-Generation Transit Fuel Cell Module, the Fcmove -Sc Ballard Power Systems will unveil its new-generation transit fuel cell module, the FCmove -SC, at Busworld in Brussels on 4-9 October 2025. Designed for city transit duty, the FCmove -SC builds on Ballard's market-leading FCmove family to deliver greater sustained power, simplified vehicle integration, improved in-service performance and lower lifecycle cost as part of Ballard's roadmap toward diesel parity. The FCmove -SC offers several enhancements for bus manufacturers and operators: 30% increase in system power (end-of-life) with improved durability, operating and freeze-start temperatures and higher power density. 25% increase in volumetric power density through integrated DC/DC packaging. By internalizing the DC/DC converter and power controller, the FCmove -SC consolidates functionality into a smaller, more serviceable package. fewer external interfaces and routedable parts simplify powertrain integration and reduce diagnostics and preventive maintenance requirements. Intelligent services: Ballard is upgrading its fleet services to pair the FCmove -SC with predictive maintenance and analytics. Onboard communications and Ballard's FCServiceCloud Customer Insight portal enables preventive and predictive maintenance workflows, helping operators maximize uptime and lower lifecycle support costs. Enhanced safety is central to the FCmove -SC architecture which introduces safety features. The PEM stack enclosure incorporates a new internal geometry that inhibits hydrogen-related risks. This passive safety measure reduces dependence on conventional active safety features such as sensors and software controls. Proven field performance: The new FCmove -SC draws on Ballard's extensive on-road experience. In Europe, Ballard has deployed more than 850 vehicles across cities on the continent. Ballard's FCmove -HD module has been produced, scaled, and successfully operated over nearly a hundred million service kilometers. This market-leading operational base has informed FCmove -SC's new design, architecture, and component subsystems resulting in lower total cost of ownership for transit operators. These statements involve risks and uncertainties that may cause Ballard's actual results to be materially different, including general economic and regulatory changes, detrimental reliance on third parties, successfully achieving business plans and achieving and sustaining profitability. For a detailed discussion of these and other risk factors that could affect Ballard's future performance, please refer to Ballard's most recent Annual Information Form. Readers should not place undue reliance on Ballard's forward-looking statements and Ballard assumes no obligation to update or release any revisions to these forward-looking statements, other than as required under applicable legislation. Announcement • May 07
Ballard Power Systems Inc. Reports Impairment Charges for the First Quarter Ended March 31, 2025 Ballard Power Systems Inc. reported impairment charges for the first quarter ended March 31, 2025. For the quarter, the company reported impairment charge on property, plant and equipment was $2,223,000. Announcement • Mar 17
Ballard Power Systems Inc., Annual General Meeting, Jun 04, 2025 Ballard Power Systems Inc., Annual General Meeting, Jun 04, 2025. Announcement • Mar 13
Ballard Power Systems Inc. Provides Earnings Guidance for the Year 2025 Ballard Power Systems Inc. provided earnings guidance for the year 2025. For the year, the company expects revenue in 2025 will be back-half weighted. Reported Earnings • May 07
First quarter 2024 earnings released: US$0.14 loss per share (vs US$0.11 loss in 1Q 2023) First quarter 2024 results: US$0.14 loss per share (further deteriorated from US$0.11 loss in 1Q 2023). Revenue: US$14.5m (up 8.3% from 1Q 2023). Net loss: US$41.1m (loss widened 21% from 1Q 2023). Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Electrical industry in Switzerland. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Board Change • Apr 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Jacqui Dedo was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 27
Ballard Announces Appointment of Jacqui Dedo to Board of Directors Ballard Power Systems announced the appointment of Ms. Jacqueline (Jacqui) Dedo to the Ballard Board of Directors. Ms. Dedo brings relevant experience to the Board with her background in the transportation industry, including electrified propulsion in heavy-duty mobility, while also bringing complementary competencies related to strategy, innovation, technology, and corporate governance. Ms. Dedo is currently the co-founder of Aware Mobility, LLC, and sits on the boards of directors of Li-Cycle Holdings Corp., Workhorse Group Inc., Carbon Revolution, and the Cadillac Products Automotive Company. Ms. Dedo has over two decades of board experience and has more than 40 years of experience across a variety of functions and verticals in the mobility industry. She previously served as President of Piston Group and Chief Strategy and Supply Chain Officer for Dana Holding Corp. Ms. Dedo previously held various leadership positions at The Timken Company, Motorola, and Robert Bosch Corporation. Ms. Dedo earned a Bachelor of Science degree in electrical engineering from Kettering University in Flint, Michigan. She has been involved in numerous charitable organizations and has been honored on multiple occasions by Automotive News as one of the "Top 100 Leading Women in the Automotive Industry". Announcement • Mar 16
Ballard Power Systems Inc., Annual General Meeting, Jun 05, 2024 Ballard Power Systems Inc., Annual General Meeting, Jun 05, 2024. Announcement • Mar 14
Ballard Power Systems Inc. Reports Impairment Charge on Property, Plant and Equipment for the Fourth Quarter Ended December 31, 2023 Ballard Power Systems Inc. reported impairment charge on property, plant and equipment for the fourth quarter ended December 31, 2023. For the quarter, the company's impairment charge on property, plant and equipment was $967,000 against $7,000 a year ago. Reported Earnings • Mar 11
Full year 2023 earnings released: US$0.48 loss per share (vs US$0.58 loss in FY 2022) Full year 2023 results: US$0.48 loss per share (improved from US$0.58 loss in FY 2022). Revenue: US$102.4m (up 22% from FY 2022). Net loss: US$144.2m (loss narrowed 17% from FY 2022). Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Electrical industry in Switzerland. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Announcement • Feb 27
Ballard Power Systems Inc. to Report Q4, 2023 Results on Mar 11, 2024 Ballard Power Systems Inc. announced that they will report Q4, 2023 results on Mar 11, 2024 Announcement • Jan 02
Ballard Power Systems Inc. Announces Board Appointments Ballard Power Systems Inc. announced the appointments of Mr. CHEN Wenmiao (Michael Chen) and Mr. WANG Yingbo (Yingbo Wang) to the Ballard Board of Directors to serve as Weichai's nominees following the planned retirements of Mr. Kevin Jiang and Mr. Sherman Sun from Ballard's Board. Mr. Michael Chen currently serves as the CEO of Weichai Ballard Hy-energy Technologies Co. Ltd. and Vice General Manager of Weichai Holding Group. He has served in various engineering and management roles at Weichai Power since 2010. Mr. Chen earned a PhD in Power Engineering and Engineering Thermophysics from Tsinghua University. Mr. Yingbo Wang is the CEO of Weichai New Energy Power Technology Co. Ltd., Director of the New Energy Research Institute, and Assistant GM at Weichai Power. He has held engineering and management roles at Weichai Power since 2012. Mr. Wang earned a Master of Mechatronics Engineering at Southwest Jiaotong University. Announcement • Nov 09
Ballard Power Systems Inc. Reports Impairment Result for the Third Quarter Ended September 30, 2023 Ballard Power Systems Inc. reported impairment result for the third quarter ended September 30, 2023. for the quarter, the company reported Impairment charge on intangible assets of $2,266,000 and Impairment charge on goodwill of $23,991,000. Reported Earnings • Nov 08
Third quarter 2023 earnings released: US$0.21 loss per share (vs US$0.14 loss in 3Q 2022) Third quarter 2023 results: US$0.21 loss per share (further deteriorated from US$0.14 loss in 3Q 2022). Revenue: US$27.6m (up 29% from 3Q 2022). Net loss: US$62.5m (loss widened 46% from 3Q 2022). Revenue is forecast to grow 36% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Electrical industry in Switzerland. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Reported Earnings • Aug 10
Second quarter 2023 earnings released: US$0.10 loss per share (vs US$0.19 loss in 2Q 2022) Second quarter 2023 results: US$0.10 loss per share (improved from US$0.19 loss in 2Q 2022). Revenue: US$15.3m (down 27% from 2Q 2022). Net loss: US$30.1m (loss narrowed 46% from 2Q 2022). Revenue is forecast to grow 36% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Electrical industry in Switzerland. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 52% per year, which means it is well ahead of earnings. Reported Earnings • May 10
First quarter 2023 earnings released: US$0.11 loss per share (vs US$0.14 loss in 1Q 2022) First quarter 2023 results: US$0.11 loss per share (improved from US$0.14 loss in 1Q 2022). Revenue: US$13.3m (down 37% from 1Q 2022). Net loss: US$33.9m (loss narrowed 16% from 1Q 2022). Revenue is forecast to grow 39% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Electrical industry in Switzerland. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has increased by 54% per year, which means it is well ahead of earnings. Reported Earnings • Mar 18
Full year 2022 earnings released: US$0.58 loss per share (vs US$0.39 loss in FY 2021) Full year 2022 results: US$0.58 loss per share (further deteriorated from US$0.39 loss in FY 2021). Revenue: US$83.8m (down 20% from FY 2021). Net loss: US$173.5m (loss widened 52% from FY 2021). Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has increased by 51% per year, which means it is well ahead of earnings. Announcement • Feb 10
Ballard Announces Retirement of Duy-Loan Le from Board of Directors Ballard Power Systems announced the retirement of Ms. Duy-Loan Le from the Board of Directors for personal reasons, effective February 28, 2023. Announcement • Jan 10
Ballard Power Systems Announces Appointment of Mark Biznek as Chief Operating Officer Ballard Power Systems announced the appointment of Mark Biznek, MEng, as Chief Operating Officer (COO), effective immediately. Mark brings a breadth of experience during a 30-year career in operations, manufacturing, business development and manufacturing engineering. During the past 10 years, Mark served in various leadership roles for Kohler Power Systems, including as General Manager of Marine & Power Solutions, as Vice President of Global Operations & Supply Chain, and as Vice President of Operations & Engine Development. He previously held manufacturing and strategy leadership roles at Mercury Marine (marine engines). In his earlier career, Mark served in various operations and engineering roles at Delphi (lithium batteries) and GE Aviation (aircraft engines). Mark has significant experience developing global manufacturing strategies, having had accountability for manufacturing facilities in the United States, France, China, India and Singapore. Mark holds a Bachelor of Science in Ceramic Engineering from the University of Missouri, a Master of Science in Materials Engineering from Purdue University, and his MBA from the University of Michigan. Mark will be responsible for Ballard's global operations, including EH&S, quality, manufacturing strategy and engineering, supply chain, procurement, production planning, facilities, and operational technology. Reported Earnings • Nov 08
Third quarter 2022 earnings released: US$0.14 loss per share (vs US$0.10 loss in 3Q 2021) Third quarter 2022 results: US$0.14 loss per share (further deteriorated from US$0.10 loss in 3Q 2021). Revenue: US$21.3m (down 15% from 3Q 2021). Net loss: US$42.9m (loss widened 39% from 3Q 2021). Revenue is forecast to grow 37% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has increased by 49% per year, which means it is well ahead of earnings. Reported Earnings • Aug 11
Second quarter 2022 earnings released: US$0.19 loss per share (vs US$0.074 loss in 2Q 2021) Second quarter 2022 results: US$0.19 loss per share (down from US$0.074 loss in 2Q 2021). Revenue: US$20.9m (down 16% from 2Q 2021). Net loss: US$55.8m (loss widened 155% from 2Q 2021). Over the next year, revenue is forecast to grow 24%, compared to a 12% growth forecast for the industry in Switzerland. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has increased by 49% per year, which means it is well ahead of earnings. Reported Earnings • May 10
First quarter 2022 earnings released: US$0.14 loss per share (vs US$0.062 loss in 1Q 2021) First quarter 2022 results: US$0.14 loss per share (down from US$0.062 loss in 1Q 2021). Revenue: US$21.0m (up 20% from 1Q 2021). Net loss: US$40.4m (loss widened 127% from 1Q 2021). Over the next year, revenue is forecast to grow 15%, compared to a 16% growth forecast for the industry in Switzerland. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 56% per year, which means it is well ahead of earnings. Reported Earnings • Mar 13
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: US$0.39 loss per share (down from US$0.20 loss in FY 2020). Revenue: US$104.5m (flat on FY 2020). Net loss: US$114.4m (loss widened 131% from FY 2020). Revenue exceeded analyst estimates by 7.4%. Over the next year, revenue is forecast to grow 17%, compared to a 15% growth forecast for the industry in Switzerland. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 65% per year, which means it is well ahead of earnings. Reported Earnings • Nov 10
Third quarter 2021 earnings released: US$0.10 loss per share (vs US$0.046 loss in 3Q 2020) The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2021 results: Revenue: US$25.2m (down 1.6% from 3Q 2020). Net loss: US$30.8m (loss widened 175% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 67% per year, which means it is well ahead of earnings. Reported Earnings • Aug 08
Second quarter 2021 earnings released: US$0.074 loss per share (vs US$0.047 loss in 2Q 2020) The company reported a poor second quarter result with increased losses, weaker revenues and weaker control over costs. Second quarter 2021 results: Revenue: US$25.0m (down 3.3% from 2Q 2020). Net loss: US$21.9m (loss widened 92% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 65% per year, which means it is well ahead of earnings. Breakeven Date Change • Jun 10
Forecast to breakeven in 2024 The 17 analysts covering Ballard Power Systems expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$9.64m in 2024. Average annual earnings growth of 61% is required to achieve expected profit on schedule. Reported Earnings • Mar 13
Full year 2020 earnings released: US$0.20 loss per share (vs US$0.15 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: US$103.9m (down 1.7% from FY 2019). Net loss: US$49.5m (loss widened 40% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 49% per year, which means it is well ahead of earnings. Recent Insider Transactions • Dec 29
Senior VP & CFO recently sold CHF177k worth of stock On the 22nd of December, Anthony Guglielmin sold around 9k shares on-market at roughly CHF19.25 per share. In the last 3 months, they made an even bigger sale worth CHF194k. Anthony has been a seller over the last 12 months, reducing personal holdings by CHF2.2m. Recent Insider Transactions • Dec 23
CFO & VP recently sold CHF194k worth of stock On the 18th of December, Anthony Guglielmin sold around 11k shares on-market at roughly CHF18.47 per share. In the last 3 months, they made an even bigger sale worth CHF371k. Anthony has been a seller over the last 12 months, reducing personal holdings by CHF2.1m. Recent Insider Transactions • Nov 14
CFO & VP recently sold CHF70k worth of stock On the 12th of November, Anthony Guglielmin sold around 5k shares on-market at roughly CHF14.99 per share. In the last 3 months, there was an even bigger sale from another insider worth CHF1.0m. Anthony has been a seller over the last 12 months, reducing personal holdings by CHF2.0m. Analyst Estimate Surprise Post Earnings • Nov 07
Revenue misses expectations Revenue missed analyst estimates by 7.4%. Over the next year, revenue is forecast to grow 16%, compared to a 7.5% growth forecast for the Electrical industry in Switzerland. Reported Earnings • Nov 07
Third quarter 2020 earnings released: US$0.046 loss per share The company reported a soft third quarter result with increased losses and weaker control over expenses, although revenues were improved. Third quarter 2020 results: Revenue: US$25.6m (up 3.4% from 3Q 2019). Net loss: US$11.2m (loss widened 15% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Recent Insider Transactions • Oct 01
CFO & VP recently sold CHF371k worth of stock On the 29th of September, Anthony Guglielmin sold around 25k shares on-market at roughly CHF14.82 per share. In the last 3 months, there was an even bigger sale from another insider worth CHF1.0m. Anthony has been a seller over the last 12 months, reducing personal holdings by CHF2.0m. Announcement • Sep 30
Ballard Power Systems and MAHLE to Collaborate on Fuel Cell Propulsion Systems for Heavy and Medium-Duty Trucks Ballard Power Systems announced an agreement to collaborate with MAHLE on the development and commercialization of zero-emission fuel cell systems to provide primary propulsion power in various classes of commercial trucks. During the initial development phase, Ballard has prime responsibility for system design and the fuel cell stack sub-system, while MAHLE's scope of responsibility includes balance-of-plant components, thermal management and power electronics for the complete fuel cell system, or engine, as well as system assembly. MAHLE brings a number of key attributes to the collaboration, including: Extensive experience within the commercial truck value chain; Vast expertise in the field of peripheral fuel cell components; Supply chain muscle; High-volume production expertise; Long-standing relationships with multiple commercial truck, and other, OEMs; After-sales service infrastructure; and A highly respected global brand. Recent Insider Transactions • Sep 24
CFO & VP recently sold CHF145k worth of stock On the 18th of September, Anthony Guglielmin sold around 10k shares on-market at roughly CHF14.50 per share. In the last 3 months, there was an even bigger sale from another insider worth CHF1.0m. Anthony has been a seller over the last 12 months, reducing personal holdings by CHF1.6m.