Ballard Power Systems (BLDP) Registration Filing summary

Company overview and business model

• Recognized as a global leader in proton exchange membrane (PEM) fuel cell and power system development and commercialization, focusing on bus, truck, rail, marine, stationary power, and emerging markets.

• Business model leverages core PEM fuel cell technology and advanced manufacturing to serve select high-value market applications and geographies.

• Targets applications where PEM fuel cells offer strong user value, such as high utilization, long range, heavy payload, and fast refueling, especially in depot-based operations.

• Recent years have seen adverse macroeconomic, geopolitical, and policy factors delaying hydrogen project development and market adoption, prompting a global restructuring in 2024 to align investment with market realities.

Financial performance and metrics

• Financial statements are prepared in accordance with IFRS and reported in U.S. dollars; non-IFRS measures are also used for operational assessment.

• Incurred operating losses and negative operating cash flow for the year ended December 31, 2024, with expectations to use offering proceeds to support ongoing business objectives.

• As of the prospectus date, 299,868,074 common shares are issued and outstanding, with additional options and share units potentially diluting equity.

Use of proceeds and capital allocation

• Net proceeds from securities sales are intended for working capital and general corporate purposes, including investments in product and market development.

• A substantial portion of proceeds is expected to support working capital and continued development and marketing of proprietary technologies.

• Proceeds may also be used to fund negative operating cash flows in future periods.