Ballard Oil & Gas Strategic Realignment – Cash Flow & Leadership

Ballard Power Systems Unveils Strategic Realignment to Sharpen Commercial Focus and Drive Profitability

vancouver, BC – [Date of release] – Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP), a leading provider of hydrogen fuel cell solutions, today announced a notable strategic realignment designed to enhance its commercial focus, accelerate the readiness of its next-generation technology stack, and drive higher-margin offerings. This decisive move, implemented under new leadership, aims to position ballard for sustainable growth and achieve positive cash flow.The realignment centers on a refined strategy emphasizing core strengths and market opportunities. Key pillars of this new direction include:

Accelerated Next-Generation Stack Readiness: Ballard is prioritizing the development and commercialization of its advanced fuel cell stack technology. This includes streamlining product development cycles, optimizing manufacturing processes, and ensuring the readiness of its next-generation stack for market deployment. The goal is to deliver a more competitive and cost-effective solution to meet growing market demand.

Margin Expansion Initiatives: the company is targeting enhanced gross margins through a multi-pronged approach. This involves reducing product costs through engineering and supply chain efficiencies, implementing value-based pricing strategies that reflect the superior performance and environmental benefits of its fuel cell technology, and elevating customer service to foster stronger, long-term partnerships.

* Disciplined Capital and Cash Management: ballard plans to maintain a stringent approach to capital expenditures and cash management. This includes a focus on inventory optimization and rigorous working capital control to preserve financial strength. As of june 30, 2025, the company reported approximately $550 million in cash and cash equivalents, providing a solid foundation for its strategic initiatives.”Our strategy is grounded in focus,execution,and value,” stated Marty Neese,Ballard’s Chief Executive officer. “We are building a company that is not just innovative, but commercially durable. One that serves customers today with clarity and delivers shareholder value through prudent growth.”

While the strategic realignment necessitates difficult decisions, including workforce reductions, Ballard remains committed to supporting impacted employees through this transition and honoring their contributions to the company’s journey.

“We remain steadfast in our belief that hydrogen and fuel cells are essential to decarbonizing global mobility,” Neese concluded. “this realignment ensures we can lead in this transition – not with hope in a future market, but with discipline, readiness, and focus.”

About Ballard Power Systems

Ballard Power Systems’ vision is to deliver fuel cell power for a sustainable planet. Ballard zero-emission PEM fuel cells are enabling the electrification of mobility,including buses,commercial trucks,trains,marine vessels,and stationary power. To learn more about Ballard, please visit www.ballard.com.

Forward-Looking Statements

This release contains forward-looking statements concerning anticipated outcomes of restructuring activities, product development efforts, product pricing initiatives, and impacts to cash flow, operating expenses, and capital expenditures. 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. Any such forward-looking statements are based on Ballard’s assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand.

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 its business plans, and achieving and sustaining profitability. For a detailed discussion of these and othre risk factors that coudl affect ballard’s future performance, please refer to Ballard’s most recent Annual Facts 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.

further Information

Sumit Kundu – Investor Relations, +1.604.453.3517 or investors@ballard.com