Ballard Power Systems achieved a 120% year-over-year revenue increase in Q3 2025, driven primarily by bus and rail segment deliveries, while making significant strides towards cash flow positivity.

• Revenue of approximately $19 million with a gross margin of 15%, showing progress in product cost reduction.
• Strong momentum in the bus market, with over 70% of revenues generated from this sector.
• Successful launch of the FC Move SC product, receiving positive feedback from OEMs for its innovative features.
• Largest order in marine segment history at 6.4 megawatts, marking a key milestone for future growth.
• Continued focus on cost reductions and strategic alignment expected to enhance gross margins and order backlog into 2026 and beyond.