Intel for the hydrogen economy, providing the core fuel cell technology.

The Cummins of hydrogen power, developing fuel cell engines for heavy-duty vehicles.

• Fuel Cell Stacks: The core component of a fuel cell engine, converting hydrogen and oxygen into electricity, heat, and water.
• Fuel Cell Power Modules (Engines): Integrated zero-emission power systems for various heavy-duty motive applications like buses, trucks, trains, and marine vessels, as well as stationary power.
• Technology Solutions & Engineering Services: Providing design, integration, and development support, along with intellectual property licensing, for fuel cell applications.

Ballard Power Systems (BLDP) primarily sells its proton exchange membrane (PEM) fuel cell products and services to other companies, including original equipment manufacturers (OEMs), systems integrators, and strategic partners in various heavy-duty motive and stationary power applications.

Its major customers include:

• Weichai Power: A strategic partner and major customer in China for fuel cell engines integrated into buses and trucks, primarily through the Weichai-Ballard joint venture, Wuhan H2Bridge.
  • Symbols: HKG: 2338, SZSE: 000338
• Kongsberg Maritime: A division of Kongsberg Gruppen, this company is a key customer for integrating Ballard's fuel cell technology into marine vessels.
  • Parent Company Symbol (Kongsberg Gruppen): OSE: KOG
• Siemens Mobility: A division of Siemens AG, they are a customer for fuel cell engines used in various rail applications, such as hydrogen-powered trains.
  • Parent Company Symbol (Siemens AG): XTRA: SIE
• European Bus and Truck OEMs: Ballard supplies its fuel cell engines to several leading European bus and truck manufacturers for their zero-emission vehicle platforms. Prominent examples of these customers include:
  • Solaris Bus & Coach (Poland)
  • Van Hool (Belgium)
  • Wrightbus (United Kingdom)
  (Note: These specific bus and truck manufacturers are generally private entities or divisions of larger groups and do not have independently traded public symbols.)

• DuPont de Nemours, Inc. (Symbol: DD)
• Johnson Matthey Plc (Symbol: JMAT.L)
• SGL Carbon SE (Symbol: SGL.DE)

Marty Neese, President and Chief Executive Officer

Marty Neese was appointed President and CEO of Ballard Power Systems in July 2025, succeeding Randy MacEwen. He has served on Ballard's board of directors for ten years and previously held the CEO position at Verdagy Inc., a manufacturer of electrolysis systems for hydrogen, for four years. Neese's career also includes serving as the Chief Operating Officer at SunPower, a solar energy company, and at Flex, an electronics manufacturing services industry company, where he was responsible for global manufacturing, supply chain, and research and development. He has dedicated the last fifteen years of his career to the clean energy industry.

Kate Igbalode, Senior Vice President, Chief Financial Officer

Kate Igbalode serves as the Senior Vice President and Chief Financial Officer of Ballard Power Systems. Prior to her current role, she was the company's Vice President Corporate Finance & Strategy. Before joining Ballard in 2021, Ms. Igbalode held the position of Director of Finance with Suncor Energy, which is Canada's largest integrated energy company. Her experience also includes senior engineering roles at a prominent Canadian energy company, the BC Energy Regulator, and various consulting firms in both the U.S. and Canada. Ms. Igbalode holds an engineering degree from the Colorado School of Mines and completed post-graduate economics curriculum from Queen's University.

Sumit Kundu, Chief Operating Officer

Sumit Kundu is the Chief Operating Officer (COO) at Ballard Power Systems.

Nicolas Pocard, Vice President Marketing & Strategic Partnerships

Nicolas Pocard joined Ballard Power Systems in 2012, initially as the APAC Sales Director, and later advanced to Director of Marketing before becoming Vice President of Marketing & Strategic Partnerships. With over 30 years of experience in high-tech and clean-tech companies, he has held various leadership positions in sales, business development, and marketing across Europe, North America, and Asia. He is actively involved in the hydrogen and fuel cell industry, serving as a Board Member at Forsee Power, Vice-Chair of the Board of the Canadian Hydrogen and Fuel Cell Association (CHFCA), and a Board member of the California Hydrogen Business Council (CHBC) and the Canadian Urban Transit Research & Innovation Consortium (CUTRIC). Mr. Pocard holds a Bachelor of Science degree in Chemistry and Physics from Université Paris Cité, an Engineering degree in Chemistry from Ecole supérieure de Chimie organique et minérale, and a Master of Science degree in Chemistry of Materials from The Ohio State University. He also completed certificates in Advanced Strategy from UBC Sauder School of Business and Business Strategy from Cornell University.

Kevin Colbow, Senior Vice President and Chief Technology Officer

Dr. Kevin Colbow has been with Ballard Power Systems since 1994. His extensive tenure includes roles in research and development, product development, technology portfolio management, and product management. He served as Director of Research and Development until March 2010, when he was appointed Director of Product Management & Solutions Engineering. Dr. Colbow joined the Ballard Executive Team in February 2014 and held positions as Vice President, Technology Solutions, and subsequently Vice President, Technology and Product Development.

1. Persistent Losses and Cash Burn: Ballard Power Systems has a long history of negative gross margins and operating losses, leading to significant cash burn and a continuous need for external funding, which could result in shareholder dilution. The company has sustained quarterly losses for nine consecutive years, and despite ongoing restructuring efforts aimed at cost reduction, achieving consistent profitability remains a major challenge.
2. Competition and Technological Advancements: The company faces intense competition not only from other hydrogen fuel cell developers but also, more significantly, from the rapid advancements and scaled deployment of battery-electric vehicles (BEVs) in the heavy-duty transportation sector, which is a core market for Ballard. Rapid innovation in rival clean energy technologies could diminish Ballard's market share and pricing power.
3. Dependence on Government Incentives and Regulatory Changes: A substantial portion of Ballard's revenue and overall market demand is influenced by government incentives and supportive policies, such as tax credits. Any changes or discontinuation of these policies could negatively impact demand for its products and significantly affect its earnings. The evolving regulatory landscape in the clean energy sector also presents a risk.

The rapid advancement and increasing adoption of battery electric powertrain technology across various heavy-duty motive applications (e.g., buses, trucks, trains, marine, material handling) poses an emerging threat. While fuel cells offer specific advantages for long-range, heavy-payload, and rapid refueling scenarios, continuous improvements in battery energy density, charging infrastructure, and cost reductions are expanding the viability of battery electric solutions into segments previously considered primary targets for fuel cell technology. This could potentially limit the overall addressable market, market share, and growth trajectory for fuel cell products.

Ballard Power Systems (NASDAQ: BLDP) is a leading global provider of proton exchange membrane (PEM) fuel cell products, focusing on zero-emission power solutions for various applications.

The company's primary products and services are geared towards heavy-duty mobility and stationary power applications, including fuel cell modules and stacks for buses, trucks, rail, marine vessels, and power generation, as well as engineering and after-sales services.

Addressable Markets:

• Global Fuel Cell Market (Overall): The global fuel cell market was valued at approximately USD 12.94 billion in 2025 and is projected to reach USD 138.98 billion by 2034, growing at a CAGR of 30.26% during the forecast period of 2026-2034. Another estimate places the market at USD 16.77 billion in 2026. The Asia Pacific region holds the largest market share in the global fuel cell market.
• Transport Fuel Cell Market (Overall): The transport application segment accounted for the largest market revenue share of 63.52% in 2026 within the global fuel cell market and is expected to grow rapidly. The overall transport fuel cell market was valued at USD 5.7 billion in 2024.
• Heavy-Duty Fuel Cell Modules: The global heavy-duty fuel cell module market size was valued at USD 4.43 billion in 2025 and is expected to reach USD 20 billion by 2035, exhibiting a CAGR of around 16.2% during the forecast period (2025-2035). North America commands a significant share of this market, valued at USD 2 billion in 2024 and projected to grow to USD 8 billion by 2035.
• Hydrogen Fuel Cell Train Market: The global hydrogen fuel cell train market size is projected to reach USD 3.45 billion by 2030, growing at a CAGR of 11.5% from 2022 to 2030. Another report estimates the market at USD 2.67 billion in 2025, reaching USD 26.41 billion by 2035, with a CAGR of 28.2% from 2026 to 2035. North America is a significant growth region, with the United States holding approximately 60% of the market share, followed by Canada at around 25%.
• Fuel Cells for Marine Vessels Market: The global fuel cells for marine vessels market size is estimated to reach USD 451.2 million by 2030, growing at a CAGR of 7.1% during the forecast period 2024-2030. Other projections indicate the market size was USD 126.49 million in 2024 and is expected to reach USD 201.61 million by 2032, at a CAGR of 6.00%. Another report projects it to reach USD 5,736.8 million by 2032, at a CAGR of 9.9%. North America dominated this market with a revenue share of 42.5% in 2024.
• Stationary Fuel Cell Market: The global stationary fuel cell market was valued at USD 2.6 billion in 2021 and is projected to reach USD 9.0 billion by 2031, growing at a CAGR of 13.1% from 2022 to 2031. The market for fuel cells for stationary power in the United States was valued at over USD 2,445.68 million in 2025 and is expected to reach USD 6,882.01 million by 2035, growing at a CAGR of 10.9% from 2023. Asia-Pacific dominated the stationary fuel cell market in 2021 and is expected to grow at a CAGR of 13.5% during the forecast period.

Ballard Power Systems (BLDP) anticipates several key drivers for future revenue growth over the next 2-3 years, stemming from strategic market expansion, technological advancements, and operational efficiencies.

One primary driver is the increased commercial traction and order backlog in heavy-duty mobility, particularly in the bus, truck, rail, and marine sectors. Ballard has secured significant commercial agreements, such as a deal with New Flyer for 500 FCmove-HD+ fuel cell engines (50 MW) for North American bus fleets, with deliveries commencing in 2026. The company also maintains a strong presence in the European transit market, having powered over 1,200 buses by mid-2025 and holding approximately 50% market share. Furthermore, Ballard is expanding into new heavy-duty segments, evidenced by a 6.4 MW order for ferry fuel cell modules in Norway and ongoing projects in the rail sector. The order backlog stood at approximately $145 million entering 2025, underpinning near-term revenue visibility.

Another significant driver is the expansion into new markets and applications beyond traditional heavy-duty vehicles. Ballard is actively pursuing opportunities in stationary power, including replacing diesel generator sets and powering data centers, with existing stationary products demonstrating over 100,000 hours of deployment. The company has also re-entered the material handling market with an extended durability stack offering, which more than doubles current stack lifetimes and aims to provide a superior total cost of ownership for customers.

Enhanced product competitiveness driven by cost reduction and technology advancements is also expected to fuel revenue growth. Ballard is focused on reducing system costs and accelerating the readiness of its next-generation fuel cell stacks. Initiatives like "Project Forge," an automated high-volume bipolar plate line, are projected to achieve up to a 70% reduction in plate costs at full volume, with serial production commencing mid-year. These efforts, coupled with product innovations such as the FCmove SC platform that has reduced total part count by 40% and improved power density and durability, are aimed at achieving 30% gross margins by 2027 through increased scale and efficiency.

Finally, a strategic geographic focus and manufacturing scale-up in North America and Europe are crucial for future revenue. Ballard has pivoted its manufacturing and commercial efforts to these regions, leveraging policy incentives like the Inflation Reduction Act (IRA) in the U.S. The company's Texas gigafactory, scheduled for phase one completion by late 2026, is designed to produce 8 million membrane electrode assemblies (MEAs) and 20,000 fuel cell stacks annually for the U.S. bus and truck markets, positioning Ballard to meet domestic content rules and strengthen its market position.

Share Issuance

• Ballard Power Systems experienced a notable increase in shares outstanding from 0.248 billion at the end of 2020 to 0.295 billion by the end of 2021, indicating significant share issuance during that period.
• The number of outstanding shares continued to gradually increase, reaching 0.298 billion by the end of 2022, 0.299 billion by the end of 2023, and approximately 0.301 billion by September 30, 2025.

Capital Expenditures

• Ballard Power Systems' total capital expenditures in 2025 were $10.2 million, which was within their revised outlook range of $8 million to $12 million.
• The company expects capital expenditures to further moderate in 2026, with a projected range of $5 million to $10 million.
• As part of a strategic realignment aimed at achieving positive cash flow by year-end 2027, Ballard plans to limit capital expenditure and closely manage cash to support its balance sheet, indicating a focus on cost optimization and disciplined spending.