Ballard Power Systems Inc
(NASDAQ:BLDP)

Ballard Power Systems Inc. engages in the design, development, manufacture, sale, and service of proton exchange membrane fuel cell products primarily in Canada. The company offers heavy duty modules, marine systems, fuel cell stacks, backup power systems, and material handling products. It also pro...

Website: http://www.ballard.com

Founded: 1979

Full Time Employees: 703

Sector: Industrials

Industry: Specialty Industrial Machinery

Industrials Fuel Cell

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Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-09-30	2024-06-30	2024-03-31	2023-09-30	2023-06-30	2023-03-31	2022-09-30	2022-06-30	2022-03-31	2021-09-30	2021-06-30	2021-03-31	2020-09-30	2020-06-30	2020-03-31	2019-09-30	2019-06-30	2019-05-01	2019-04-29	2019-03-31	2019-03-06	2018-11-01	2018-10-31	2018-08-02	2018-08-01	2018-05-02	2018-05-01	2018-04-23	2017-11-02	2017-11-01	2017-08-03	2017-08-02	2017-05-02	2017-05-01	2017-03-01	2016-11-07	2016-10-25	2016-07-28	2016-07-26	2016-05-05	2015-10-28	2015-07-28	2014-08-01	2014-05-07	2014-04-29	2013-10-30	2013-08-02	2013-02-21	2012-10-31	2012-08-14	2012-05-09	2012-04-27	2011-11-14	2011-08-18	2011-05-05	2011-05-04	2010-11-01	2010-07-30	2010-06-30	2010-05-07	2009-10-28	2009-08-12	2009-04-30	2009-03-04	2009-03-02

revenues:
product and service revenues	32,501,000	17,842,000	15,389,000	14,756,000	16,003,000	14,452,000	27,575,000	15,308,000		21,343,000	20,932,000	21,047,000	25,220,000		17,619,000	25,624,000	25,818,000	24,026,000	24,785,000	23,651,000			16,008,000											26,521,000										16,037,000								14,154,000						65,019,000		16,528,000	15,526,000	15,526,000	46,722,000	9,047,000	13,075,000	8,084,000		52,726,000
cost of product and service revenues	27,539,000	19,337,000	18,997,000	22,972,000	21,127,000	19,867,000	30,388,000	18,496,000		26,108,000	23,135,000	21,255,000	22,387,000		14,996,000	20,825,000	20,461,000	18,856,000	18,591,000	18,101,000			13,805,000											17,256,000										11,989,000								12,141,000						54,808,000		14,565,000	14,171,000	14,171,000	40,795,000	7,728,000	11,235,000	7,886,000	16,887,000	47,401,000
gross margin	4,962,000	-1,495,000	-3,608,000	-8,216,000	-5,124,000	-5,415,000	-2,813,000	-3,188,000		-4,765,000	-2,203,000	-208,000	2,833,000		2,623,000	4,799,000	5,357,000	5,170,000	6,194,000	5,550,000	2,200,000	29,674,000	2,203,000			6,400,000		9,400,000		6,600,000			10,200,000	9,265,000	9,300,000		9,600,000	9,300,000		6,400,000		5,100,000	9,974	4,048,000			16,759					2,013,000	1,511,000					10,211,000		1,963,000	1,355,000	1,355,000
yoy	-196.84%	-72.39%	28.26%	157.72%		13.64%	27.69%	1432.69%			-183.99%	-104.33%	-47.12%		-57.65%	-13.53%	143.50%	-82.58%	181.16%			363.66%				-3.03%				-28.76%			6.25%	-0.38%				82.35%		58.10%			-40.49%															653.58%
qoq	-431.91%	-58.56%	-56.09%	60.34%	-5.37%	92.50%	-11.76%			116.30%	959.13%	-107.34%			-45.34%	-10.42%	3.62%	-16.53%	11.60%	152.27%	-92.59%	1246.98%											10.09%	-0.38%			3.23%					51032.95%	-99.75%									33.22%								44.87%	0.00%
gross margin %	Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	NaN%	-Infinity%	-Infinity%	-Infinity%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	NaN%	Infinity%	NaN%	Infinity%	NaN%	Infinity%	NaN%	NaN%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	NaN%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	NaN%	NaN%	Infinity%	NaN%	NaN%	NaN%	NaN%	Infinity%	Infinity%	NaN%	NaN%	NaN%	NaN%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%
operating expenses:
research and product development	11,522,000	18,176,000	18,105,000	23,742,000	25,535,000	25,308,000	25,044,000	27,234,000		25,263,000	26,633,000	21,112,000	16,566,000		10,965,000	7,566,000	8,552,000	8,491,000	6,188,000	5,332,000			6,034,000											5,257,000										4,022,000								4,744,000	-2,268,000					23,812,000		5,479,000	6,732,000	6,732,000	26,628,000	4,833,000	8,490,000	7,810,000	7,957,000	37,172,000
general and administrative	4,158,000	4,788,000	4,665,000	4,281,000	6,092,000	6,869,000	7,392,000	6,239,000		8,727,000	8,229,000	6,237,000	6,768,000		4,153,000	3,057,000	3,414,000	4,934,000	3,478,000	2,909,000			2,933,000											2,927,000										2,342,000								4,062,000	-2,371,000					13,315,000		3,214,000	3,237,000	3,237,000	10,801,000	2,269,000	2,541,000	4,338,000	2,506,000	12,615,000
sales and marketing	1,559,000	2,399,000	2,455,000	2,834,000	4,419,000	3,183,000	3,628,000	4,038,000		3,486,000	3,160,000	2,824,000	3,570,000		2,744,000	1,919,000	1,988,000	2,043,000	1,759,000	1,840,000			1,679,000											1,913,000										1,728,000					1,749,000	1,775,000		1,657,000		2,325,000				8,861,000		2,222,000	2,241,000	2,241,000	7,203,000	1,588,000	1,938,000	1,763,000
other income	17,659,000	6,342,000	227,000	24,010,000	182,000	1,700,000	216,000	7,000		2,519,000	439,000	138,000	538,000		105,000	9,000	63,000	218,000	1,536,000	68,000			81,000											70,000
total operating expenses	34,898,000	31,705,000	25,452,000	54,867,000	36,228,000	37,060,000	36,280,000	37,518,000		39,995,000	38,461,000	30,311,000	27,442,000		17,967,000	12,551,000	14,017,000	15,686,000	12,961,000	10,149,000		50,472,000	10,727,000											10,167,000										8,583,000								10,463,000						52,970,000		12,138,000	13,048,000	13,048,000
results from operating activities	-29,936,000	-33,200,000	-29,060,000	-63,083,000	-41,352,000	-42,475,000	-39,093,000	-40,706,000		-44,760,000	-40,664,000	-30,519,000	-24,609,000		-15,344,000	-7,752,000	-8,660,000	-10,516,000	-6,767,000															-902,000																		-8,450,000
finance income and other	4,214,000	10,819,000	11,501,000	7,288,000	11,015,000	2,709,000	7,239,000	11,865,000	10,294,000	2,781,000	-13,123,000	-7,491,000	-1,545,000		822,000	-264,000	550,000	-142,000	498,000	945,000			833,000		-436,000		-244,000		725,000		1,780,000	2,004,000		1,081,000		245,000								534,000	111,000	207,000		422,000	-382,000	730,000	167,000	-436,000
finance expense	-453,000	-495,000	-506,000	-586,000	-590,000	-431,000	-291,000	-264,000		-324,000	-308,000	-347,000	-335,000		-316,000	-319,000	-316,000	-344,000	-358,000															-164,000					172,000		179,000			-182,000								-469,000
net finance income	3,761,000	10,324,000	10,995,000	6,702,000	10,425,000	2,278,000	6,948,000	11,601,000		2,457,000	-13,431,000	-7,838,000	-1,880,000		506,000	-583,000	234,000	-486,000	140,000	577,000			477,000											917,000										352,000
equity in loss of investment in joint venture and associate	-1,895,000	-444,000	-818,000	-1,111,000	-468,000	-834,000
impairment charges on property, plant and equipment		-939,000	-2,223,000	-106,762,000
gain on sale of assets		3,000	70,000																																				367,000																			4,765,000		4,801,000			34,297,000					96,845,000
impairment charges on goodwill				-40,277,000			-23,991,000
income before income taxes	-28,070,000	-24,256,000	-21,036,000	-204,531,000	-31,395,000	-41,031,000	-62,434,000	-29,998,000		-43,301,000	-55,703,000	-40,595,000	-30,841,000		-17,791,000	-11,126,000	-11,365,000	-13,487,000	-9,782,000															-809,000										-4,183,000								-9,331,000						-38,840,000		-6,606,000			-3,265,000
income tax expense		-24,000			-68,000	-35,000									-11,000	-86,000	-67,000	-16,000																-392,000										-201,000								-1,000
net income for the period from continued operations	-28,070,000	-24,280,000	-21,036,000	-204,531,000	-31,463,000	-41,066,000
net income for the period from discontinued operations				-487,000		-226,000
net income for the period	-28,070,000	-24,280,000	-21,036,000	-205,018,000	-31,464,000	-41,292,000	-62,454,000	-30,096,000		-42,881,000	-55,791,000	-40,395,000	-30,849,000		-17,638,000	-11,756,000
other comprehensive loss:
items that may be reclassified subsequently to profit or loss:
foreign currency translation differences	819,000	1,700,000	529,000	1,387,000	-277,000	-902,000	-185,000	-2,361,000		-2,725,000	-1,561,000	-121,000	-83,000		-359,000	1,221,000	65,000	-836,000	-83,000	21,000														-570,000										139,000								-111,000
total comprehensive loss for the period	-27,251,000	-22,580,000	-20,507,000	-203,631,000	-31,741,000	-42,194,000	-62,639,000	-32,457,000		-45,606,000	-57,352,000	-40,516,000	-30,932,000		-17,997,000	-10,535,000																												-4,245,000
basic and diluted loss per share
loss per share for the period	-0.09	-0.08	-0.07	-0.68	-0.11	-0.14	-0.21	-0.1		-0.14	-0.19	-0.14	-0.1		-0.06	-0.05	-0.05	-0.06	-0.04	-0.03			-0.05											-0.01										-0.03
weighted-average number of common shares outstanding	300,512,149	299,844,902	299,518,254	299,411,559	299,392,029	299,010,734	298,704,855	298,678,945		298,180,090	298,155,452	297,824,989	297,611,652		288,209,465	246,059,192	243,764,611	235,330,407	232,810,085	232,469,279			232,012,450											175,952,719										141,253,425								89,268,778						84,102,315		84,128,251
see accompanying notes to condensed consolidated interim financial statements.
see accompany notes to condensed consolidated interim financial statements.
equity in loss of investment in joint venture and associates							-4,032,000	-893,000		-998,000	-1,608,000	-2,238,000	-4,089,000		-2,953,000	-2,791,000	-2,939,000	-2,485,000
impairment charges on intangible assets							-2,266,000
income tax recovery							-20,000	-98,000		420,000	-88,000	200,000
impairment loss on trade receivables
restructuring and related costs									822,000																																																	285,000		285,000
acquisition related costs									658,000
other operating expenses									1,480,000
employee future benefit plan expense									-22,000																-168,000		-112,000		-56,000		-230,000	-180,000				-60,000									-144,000			-45,000	-63,000	-127,000	-29,000				-37,000
investment and other income									10,566,000																354,000		272,000		95,000		436,000	289,000				89,000									62,000	30,000		27,000	25,000	31,000	48,000							128,000		-929,000			5,995,000	1,245,000	2,537,000	-948,000	-2,410,000	-186,000
mark to market gain on financial assets									-456,000
foreign exchange gain									206,000																				698,000		1,692,000	2,013,000				231,000									211,000	240,000		440,000	-344,000	826,000	148,000			306,000	38,000	-109,000
government levies
revenues														24,961,000								96,586,000			21,574,000		26,445,000		20,090,000		40,257	31,854,000				22,656							56,463			14,597	61,251	12,335	10,311	6,824			10,272,000		20,996	20,602,000	19,112,000
net income from continuing operations														-21,913,000
net income from continuing operations per share, basic and diluted
weighted-average common shares outstanding														297,569															178,186		177,803	176,438				174,853									132,595	130,392		114,756	99,364	99,233	91,801				84,549	84,548	84,456
impairment loss on property, plant, and equipment													-263,000
net income from continuing operations for the period										-42,881,000	-55,791,000	-40,395,000	-30,844,000		-17,802,000	-11,212,000
net income from discontinued operations for the period															164,000
continuing operations										-0.14	-0.19	-0.14	-0.1		-0.06	-0.05
discontinued operations
* comparative information has been restated due to a discontinued operation (note 18).
net loss from continuing operations per share, basic and diluted														-0.07
contractual obligations
finance leases
asset retirement obligations
capital contributions to weichai ballard jv
total contractual obligations
transactions with related parties														2,020
cost of goods sold and operating expense
net income from discontinuing operations for the period																-544,000
discontinuing operations
loss on sale of assets																																		-824,000							366,000
net income for period																	-11,432,000	-13,503,000	-9,782,000	-6,971,000			-12,024,000											-1,201,000																		-9,332,000															-18,028,000
total comprehensive loss for period																	-11,367,000	-14,339,000	-9,865,000	-6,950,000			-12,062,000											-1,771,000
equity in gain of investment in joint venture and associates																			-3,155,000
revenue
yoy
qoq
fuel cell products & services revenue:1
heavy duty motive																					2,600,000			10,600		6,300,000		13,300,000		9,300,000			17,800,000		12,200,000		7,200,000	11,000,000		7,500,000		4,700,000
portable power/uav																					100,000			400
material handling																					3,200,000			3,200		2,700,000		1,700,000		400,000			2,000,000		2,000,000		2,200,000	3,000,000		3,300,000		2,500,000	4,053				1,968
backup power																					400,000			1,400		300,000		400,000		300,000			600,000		100,000		500,000	2,100,000		800,000		1,600,000
sub-total																					6,300,000			15,600		11,200,000		17,800,000		12,400,000			21,300,000		15,200,000		11,100,000	19,000,000		14,700,000		11,800,000
technology solutions																					9,700,000			12,900		10,400,000		8,600,000		7,700,000			10,600,000		11,300,000		11,500,000	11,700,000		6,000,000		5,900,000	6,844
total fuel cell products & services revenue																					16,000,000			28,500		21,600,000		26,400,000		20,100,000			31,900,000		26,500,000		22,700,000	30,700,000		20,600,000		17,600,000
profitability
gross margin %																					14,000,000	31,000		25,000		30,000,000		36,000,000		33,000,000			32,000,000		35,000,000		42,000,000	30,000,000		31,000,000		29,000,000	18				27						15,000
operating expenses																					10,700,000			13,400		11,800,000		12,500,000		12,700,000			11,100,000		10,200,000		12,000,000	9,000,000
cash operating costs2																					9,300,000			11,200		10,600,000		10,500,000		10,700,000			9,400,000		8,500,000		10,000,000	8,100,000		8,400,000		8,400,000
adjusted ebitda2																					-8,600,000			-5,200		-3,600,000		-800,000		-3,800,000			900,000		1,100,000		-700,000	1,800,000		-1,500,000		-2,900,000
net income																					-12,000,000			-11,500		-6,000,000		-4,300,000		-5,500,000					-1,200,000		-2,900,000	-1,100,000
yoy																								-99.73%		9.09%
qoq																																					163.64%
net income margin %	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	-Infinity%	NaN%	NaN%	-Infinity%	NaN%	-Infinity%	NaN%	-Infinity%	NaN%	-Infinity%	NaN%	NaN%	NaN%	NaN%	-Infinity%	NaN%	-Infinity%	-Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%
earnings per share																					-0.05			-0.06		-0.03		-0.02		-0.03			-0.01		-0.01		-0.02	-0.01		-0.03		-0.04
adjusted net income2																					-10			-7.5		-6		-4.3		-5.5			-1		-0.4		-2.9	-1		-3.9
adjusted net income per share2																					-0.04			-0.04		-0.03		-0.02		-0.03			-0.01				-0.02	-0.01		-0.02
cash
cash used by operating activities:
cash operating income																					-5.7			-4.4		-4.9		-1.6		-2.8			0.6		1.4		-1.2	1.1		-2.4		-3.7
working capital changes																					-4.8			4.6		-2.8		-15.3		-4.4			-8.3		0.4		-1.9	6.9		1.9		-0.2
cash used by operating activities																					-10.5									-7.2			-7.7				-3.1	8		-0.5		-3.9
cash reserves																					165			192.2		23.2		35.2		52.5			60.1		68.1		68	72.6		68.1		41.3
endnotes:
1 we report our results in the single operating segment of fuel cell products and services. our fuel cell products and services segment consists of the sale and service of pem fuel cell products for our power product markets of heavy duty motive (consisting of bus, truck, rail and marine applications), portable power, material handling and backup power, as well as the delivery of technology solutions, including engineering services, technology transfer and the license and sale of our extensive intellectual property portfolio and fundamental knowledge for a variety of fuel cell applications.
2 note that cash operating costs, ebitda, adjusted ebitda and adjusted net income, are non gaap measures. non gaap measures do not have any standardized meaning prescribed by gaap and therefore are unlikely to be comparable to similar measures presented by other companies. ballard believes that cash operating costs, ebitda, adjusted ebitda and adjusted net income assist investors in assessing ballard's operating performance. these measures should be used in addition to, and not as a substitute for, net income, cash flows and other measures of financial performance and liquidity reported in accordance with gaap. for a reconciliation of cash operating costs, ebitda, adjusted ebitda and adjusted net income to the consolidated financial statements, please refer to ballard's management's discussion & analysis.
cash operating costs measures operating expenses excluding stock based compensation expense, depreciation and amortization, impairment losses or recoveries on trade receivables, restructuring charges, the impact of unrealized gains or losses on foreign exchange contracts, acquisition costs and financing charges. ebitda measures net income attributable to ballard power systems inc. excluding finance expense, income taxes, depreciation of property, plant and equipment, and amortization of intangible assets. adjusted ebitda adjusts ebitda for stock based compensation expense, transactional gains and losses, asset impairment charges, the impact of unrealized gains or losses on foreign exchange contracts, finance and other income, and acquisition costs. adjusted net income measures net income attributable to ballard from continuing operations, excluding transactional gains and losses, asset impairment charges, and acquisition costs.
cash operating costs																						42,982,000																					29,050				28,306
adjusted ebitda																						-13,465,000																	-1,520,000		-2,922,000		-15,259				-8,188
net income attributable to ballard																						-27,322,000			-6,024,000		-4,323,000		-5,500,000		-2,887	-1,027,000				-2,935			-4,187,000		-5,810,000							-7,936	-9,185	-7,416					-7,289	-7,816,000
net income per share																						-0.15			-0.03		-0.02		-0.03		-0.02	-0.01				-0.02							-0.04		-0.06		-0.2									-0.09
adjusted net income																						-23,364																	2,016,000
adjusted net income per share																						-0.13																	-0.02
financial position
total assets																						346,100																					161,331				120,214
cash, cash equivalents and short-term investments																						192,235																					40,049
income tax income
fuel cell products & services:1
profitability gross margin																								7,200
cash from operating activities:
cash from operating activities																								0.2
1 we report our results in the single operating segment of fuel cell products and services. our fuel cell products and services segment consists of the sale and service of pem fuel cell products for our power product markets of heavy duty motive (consisting of bus, truck, rail and marine applications), portable power / uav, material handling and backup power, as well as the delivery of technology solutions, including engineering services, technology transfer and the license and sale of our extensive intellectual property portfolio and fundamental knowledge for a variety of fuel cell applications. as a result of our sale of the power manager assets in the fourth quarter of 2018, we have renamed the former portable power market as the portable power/uav market. as the sale of the power manager assets is not presented as a discontinued operation, the portable power/uav market includes revenues associated with our power manager business prior to its sale, and product and service revenues generated from the retained assets related primarily to fuel cell propulsion systems for unmanned systems.
cash operating costs measures operating expenses excluding stock based compensation expense, depreciation and amortization, impairment losses or recoveries on trade receivables, restructuring charges, acquisition costs, unrealized gains or losses on foreign exchange contracts, and financing charges. ebitda measures net income attributable to ballard power systems inc. excluding finance expense, income taxes, depreciation of property, plant and equipment, and amortization of intangible assets. adjusted ebitda adjusts ebitda for stock based compensation expense, transactional gains and losses, asset impairment charges, finance and other income, unrealized gains or losses on foreign exchange contracts, and acquisition costs. adjusted net income measures net income attributable to ballard from continuing operations, excluding transactional gains and losses, asset impairment charges, and acquisition costs.
pension administration expense																															-118,000	-118,000				-15,000									-18,000
growth
portable power																										1,900,000		2,400,000		2,400,000			900,000		900,000		1,200,000	2,900,000		3,100,000		2,900,000	3,398
cash provided (used) by operating activities:
cash provided (used) by operating activities																										-7.7		-16.9							1.8
cash operating costs measures operating expenses excluding stock based compensation expense, depreciation and amortization, impairment losses or recoveries on trade receivables, restructuring charges, unrealized gains or losses on foreign exchange contracts, acquisition costs and financing charges. ebitda measures net income attributable to ballard power systems inc. excluding finance expense, income taxes, depreciation of property, plant and equipment, and amortization of intangible assets. adjusted ebitda adjusts ebitda for stock based compensation expense, transactional gains and losses, asset impairment charges, unrealized gains or losses on foreign exchange contracts, finance and other income, and acquisition costs. adjusted net income measures net income attributable to ballard from continuing operations, excluding transactional gains and losses, asset impairment charges, and acquisition costs.
(expressed in thousands of u.s. dollars, except per share amounts
and weighted-average shares outstanding which are expressed in
thousands)
net income3																																	-1,000,000							-4,200,000		-5,800,000
cash operating costs measures operating expenses excluding stock based compensation expense, depreciation and amortization, impairment losses or recoveries on trade receivables, restructuring charges, acquisition costs and financing charges. ebitda measures net income attributable to ballard power systems inc. excluding finance expense, income taxes, depreciation of property, plant and equipment, amortization of intangible assets, and goodwill impairment charges. adjusted ebitda adjusts ebitda for stock based compensation expense, transactional gains and losses, asset impairment charges, finance and other income, and acquisition costs. adjusted net income measures net income attributable to ballard from continuing operations, excluding transactional gains and losses, asset impairment charges, and acquisition costs.
impairment charges on intangible assets and property, plant and equipment																																									1,151
net income attributable to:
ballard power systems inc.																																		-1,201,000										-4,056,000								-8,950,000						-0.42
ballard power systems europe a/s non-controlling interest
total comprehensive loss attributable to:
basic and diluted loss per share attributable to ballard power systems inc.																																																												-0.07
see accompanying notes to consolidated financial statements.
1 we report our results in the single operating segment of fuel cell products and services. our fuel cell products and services segment consists of the sale and service of fuel cell products for our power product markets of heavy duty motive (consisting of bus, commercial truck and tram applications), portable power, material handling and backup power, as well as the delivery of technology solutions, including engineering services, technology transfer and the license and sale of our extensive intellectual property portfolio and fundamental knowledge for a variety of fuel cell applications.
ballard, basic and diluted
1 we report our results in the single operating segment of fuel cell products and services. our fuel cell products and services segment consists of the sale and service of fuel cell products for our power product markets of heavy duty motive (consisting of bus and tram applications), portable power, material handling and backup power, as well as the delivery of technology solutions, including engineering services, technology transfer and the license and sale of our extensive intellectual property portfolio and fundamental knowledge for a variety of fuel cell applications.
1
2
cash operating costs measures operating expenses excluding stock based compensation expense, depreciation and amortization, impairment losses or recoveries on trade receivables, restructuring charges, acquisition costs and financing charges. ebitda measures net income attributable to ballard power systems inc. excluding finance expense, income taxes, depreciation of property, plant and equipment, amortization of intangible assets, and goodwill impairment charges. adjusted ebitda adjusts ebitda for stock based compensation expense, transactional gains and losses, asset impairment charges, finance and other income, and acquisition costs. adjusted net income measures net income attributable to ballard from continuing operations, excluding impairment losses or recoveries on trade receivables, transactional gains and losses, asset impairment charges, and acquisition costs.
3
total depreciation and amortization expense
recorded as follows:
cost of goods sold																																							574,000		434,000		16,168				11,422						8,761,000
research and product development expense																																							566,000		497,000
general and administrative expense																																							90,000		93,000
sales and marketing expense																																							1,000		1,000								1,868,000	1,922,000	6,901,000
depreciation and amortization expense																																							1,230,000		1,025,000
ebitda and adjusted ebitda																																							2,016,000		2,016,000
depreciation and amortization																																							1,230,000		1,025,000																	6,454,000		934,000	821,000	821,000	6,580,000	1,033,000	1,243,000	1,068,000	1,556,000	6,034,000
income taxes																																							251,000		3,000																						-7,000					16,000
ebitda attributable to ballard																																							-2,534,000		-4,606,000
stock-based compensation expense
acquisition and integration costs																																							43,000		21,000
finance and other (income) loss																																							223,000
gain on sale of intellectual property
impairment charges (recovery) on intangible
assets and property, plant and equipment																																							1,151		-24,000
impairment charges on intangible assets and
property, plant and equipment																																							1,151,000		1,151,000																		197,000
net (loss) attributable to ballard																																							-4,187,000		-5,810,000
impairment loss (recovery) on trade
receivables																																							320,000		-64,000
loss on sale of property, plant and equipment																																							372		372,000
impairment charges on intangible
impairment loss (recovery) on trade receivables																																							69		-251
1 we report our results in the single operating segment of fuel cell products and services. our fuel cell products and services segment consists of the sale and service of fuel cell products for our power product markets of heavy duty motive (consisting of bus and tram applications), portable power, material handling and backup power, as well as the delivery of technology solutions including engineering services and the license and sale of our extensive intellectual property portfolio and fundamental knowledge for a variety of fuel cell applications.
3 includes gain of 14.2 million in the first quarter of 2015 on sale of intellectual property to volkswagen group.
finance and other loss																																									541,000
normalized net loss																																									2,016,000						-18,278
normalized net loss per share																																									-0.04						-0.18
normalized net income2																																										-5.5
normalized net income per share2																																										-0.04
cash operating costs measures operating expenses excluding stock based compensation expense, depreciation and amortization, impairment losses or recoveries on trade receivables, restructuring charges, acquisition costs and financing charges. ebitda measures net income attributable to ballard power systems inc. excluding finance expense, income taxes, depreciation of property, plant and equipment, amortization of intangible assets, and goodwill impairment charges. adjusted ebitda adjusts ebitda for stock based compensation expense, transactional gains and losses, asset impairment charges, finance and other income, and acquisition costs. normalized net income measures net income attributable to ballard from continuing operations, excluding impairment losses or recoveries on trade receivables, transactional gains and losses, asset impairment charges, and acquisition costs.
(expressed in thousands of u.s. dollars, except per share
amounts and gross margin %)
from continuing operations
normalized net income																																											-24,791
normalized net income per share																																											-0.18
net income from continuing operations attributable to ballard																																											-5,815
from discontinued operations
net earnings from discontinued operations																																															24
net earnings per share from discontinued operations
fuel cell products and																																											2,015				2,013
services
heavy-duty motive																																											4,068
telecom backup power																																											1,622				5,904
other expense																																												491,000
results from operations																																												-4,535,000
gain on sale of property, plant and equipment																																																				24,000
impairment loss on investment
net loss from continuing operations for the period																																												-4,384,000
net profit from discontinued operations for the period
net loss for the period																																												-4,384,000
other comprehensive income:
net loss on hedge of forward contracts
other comprehensive income, net of tax for the period																																												139,000
ballard power systems inc. from continuing operations																																												-4,135,000
ballard power systems inc. from discontinued operations
dantherm power a/s non-controlling interest																																												-249,000								-382,000
note																																												2,015,000
loss per share from continuing operations																																												-0.03
loss per share from discontinued operations
revenues from continuing operations																																													11,177,000	18,471		13,992	17,003,000	14,597,000	16,476
net income attributable to ballard from continuing operations																																													-7,342,000				-4,574,000	-5,203,000
settlement of tpc funding obligation																																																	-1,197,000	-1,197,000
net income attributable to ballard from																																																-3,841			-16,809
ballard from continuing operations, basic and diluted																																																	-0.05
net loss from continuing operations attributable to ballard																																															-19,988
assets from continuing operations																																															120,214
assets from discontinued operations
cash and cash equivalents																																															30,301
short-term investments
bank operating line
net cash reserves																																															30,301
engineering services																																															6,215
development stage																																															3,229
net income (loss) per share attributable to																																																-0.03			-0.18				-0.09
less: stock-based compensation expense																																																	-119,000	-291,000
less: stock-based compensation (expense) recovery																																																		-147,000
net income (loss) per share attributable to ballard from continuing operations, basic and diluted																																																		-0.05
ballard from continuing operations, basic and
diluted
net finance expense																																																				-905,000	-425,000
net gain on hedge of forward contracts																																																				48,000
comprehensive loss for period																																																				-9,395,000
comprehensive loss attributable to:
basic and diluted loss per share attributable to																																																				-0.1
total revenues																																																															46,722,000	9,047,000	13,075,000	8,084,000	18,901,000	59,580,000
fuel cell products																																																					6,824,000
material products																																																					3,448,000
contract automotive
segment income for the period
total																																																					-427,000
corporate amounts
gain on sale of property,																																																					20,000
plant and equipment
income before income tax																																																					-6,997,000
research and product development costs directly related to segments are included in segment income for the period.
17.
investment income																																																						70,000	77,000	226,000	161,000
finance and other income																																																						376,000	78,000	-458,000	110,000
net income (loss) attributable to ballard
which are expressed in thousands)
investment return (loss) less interest																																																								-575,000	250,000
cost on employee future benefit plans
information for 2009 is presented in accordance with canadian gaap and was not required to be restated to ifrs.
acquisition charges																																																										243,000		4,000	17,000	17,000	529,000
operating income																																																										-42,759,000
yoy
qoq
operating margin %	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	-Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%
interest expense																																																										-974,000		-259,000
equity gain in associated companies																																																															8,364,000		10,838,000
income tax																																																										3,000
net loss and comprehensive loss																																																										-38,843,000
less: net loss attributable to dantherm power a/s
non-controlling interests																																																										-3,907,000
net loss and comprehensive loss attributable
to ballard power systems inc.																																																										-34,936,000
provisions and other long-term liabilities																																																											-1,527,000
increase to accumulated deficit																																																											-1,330,000
loss before undernoted																																																												-10,175,000			-52,043,000	-13,234,000	-12,372,000	-14,781,000		-51,103,000
gain on disposal and write-down of long-lived assets																																																												-44,000	24,000	24,000			2,000	52,000
net loss and comprehensive loss for period																																																												-6,606,000
less: net loss attributable to dantherm power a/s non-controlling interests for period																																																												-996,000
net loss and comprehensive loss attributable to ballard power systems inc. for period																																																												-5,610,000
net income and comprehensive income																																																															-3,258,000
for period
non-controlling interests for period
(loss) attributable to ballard power systems inc.
basic earnings per share attributable to
diluted earnings per share																																																															-0.04	-0.14		-0.22	-0.22	0.4
attributable to ballard power systems inc.
weighted-average number of common shares
outstanding – basic																																																													84,126,839	84,126,839
outstanding – diluted																																																													84,126,839	84,126,839		83,955,372	85,505,777
income before undernoted																																																																			-11,882,000
less: net income attributable to dantherm power a/s
engineering development revenue																																																																			296,000	6,854,000
cost of revenues and expenses:
restructuring and related charges																																																															6,229,000	4,830,000
total cost of revenues and expenses																																																															98,765,000	22,281,000	25,447,000	22,865,000	30,783,000	110,683,000
basic earnings per share																																																															-0.04	-0.14	0.01	-0.22	-0.22	0.4
weighted-average number of common																																																																		82,661,574		84,922,364
shares outstanding - basic																																																															83,637,315	83,955,372
impact of dilutive options																																																																				840,843
shares outstanding – diluted																																																															83,637,315
gain on disposal and write-down of long-lived
assets																																																																-3,000
income (loss) before income taxes																																																																-11,992,000	1,005,000	-18,572,000		34,095,000
income taxes expense
(loss) for period																																																																-11,992,000	1,005,000
diluted earnings per (loss) share																																																																	0.01
outstanding - basic																																																																	83,940,682
gain on assets held for sale
equity in loss of associated companies																																																																		-2,895,000	-942,000	-8,649,000
income (loss) for period																																																																		-18,572,000
net income and comprehensive																																																																		-18,572,000		34,079,000
income for period
shares outstanding – basic
product and service revenue																																																																			18,605,000
marketing and business development																																																																			1,877,000	7,461,000
loss on disposal & write-down of long-lived assets																																																																			-2,794,000
gain on sales of assets
income from continuing operations before income taxes																																																																			-18,028,000
income from continuing operations for period																																																																			-18,028,000
income from discontinued operations for period
weighted-average number of common shares outstanding-basic																																																																			82,116,349
cash used by operations																																																																			-7,536
capital expenditures																																																																			-994
operating cash consumption																																																																			-8,530
total cash, cash equivalents and short term investments
loss on disposal and write-down of long-lived																																																																				-2,812,000
income from continuing operations																																																																				34,079,000
loss from discontinued operations
income
basic earnings per share from continuing																																																																				0.4
operations
basic loss per share from discontinued operations
shares outstanding - diluted

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-09-30	2024-06-30	2024-03-31	2023-09-30	2023-06-30	2023-05-01	2023-03-31	2022-09-30	2022-06-30	2022-05-02	2022-03-31	2021-09-30	2021-06-30	2021-04-29	2021-03-31	2020-04-23	2019-09-30	2019-06-30	2019-04-29	2019-03-31	2018-11-01	2018-08-02	2018-05-02	2018-04-23	2017-11-02	2017-08-03	2017-05-02	2016-11-07	2016-07-28	2016-05-05	2016-04-27	2015-10-28	2015-07-28	2015-06-29	2015-04-29	2015-04-28	2014-10-29	2014-08-01	2014-05-07	2014-04-29	2013-10-30	2013-08-02	2013-05-01	2013-04-29	2013-02-21	2012-10-31	2012-08-14	2012-05-09	2012-04-27	2011-11-14	2011-08-18	2011-05-05	2011-05-04	2010-11-01	2010-07-30	2010-06-30	2010-05-07	2009-10-28	2009-08-12	2009-05-07	2009-04-30	2009-03-02

assets
current assets:
cash and cash equivalents	525,744,000	550,035,000	576,698,000	635,113,000	678,032,000	720,665,000	780,991,000	815,063,000	913,730,000	863,772,000	955,424,000	1,002,624,000	1,123,895,000	1,068,165,000	1,222,338,000	1,242,984,000	763,430,000	1,268,853,000	147,792,000	153,363,000	163,683,000	192,235,000	164,972,000	23,154,000	35,206,000	52,515,000	60,255,000	60,061,000	68,139,000	67,983,000	68,149,000	41,302,000	40,049,000	44,287,000	49,151,000	41,228,000	1,593,483	47,634,000	23,671,000	32,702,000	36,371,000	30,301,000	41,550,000	20,430,000	25,759,000	23,348,000	9,770,000	9,770,000	10,374,000	11,811,000	21,931,000	20,316,000	34,910,000	40,290,000	51,937,000	45,952,000	40,969,000	51,384,000	51,384,000	43,299,000	18,970,000	23,195,000	43,299,000	42,966,000	54,086,000
short-term investments	2,108,000	2,110,000	2,104,000	2,111,000	2,109,000	2,111,000	2,011,000	2,011,000	2,011,000	2,011,000	2,007,000	2,007,000	3,004,000	2,007,000	3,208,000	3,825,000	2,000,000	2,000,000																												8,913,000	12,068,000	12,068,000	12,684,000	12,830,000	14,600,000	25,878,000	10,242,000	11,287,000	22,508,000	15,751,000	31,941,000	22,206,000	22,206,000	38,932,000	23,044,000	24,969,000	38,932,000	23,715,000	31,313,000
trade and other receivables	32,432,000	23,421,000	28,118,000	30,708,000	39,331,000	41,526,000	44,658,000	38,608,000	48,696,000	43,312,000	49,537,000	49,211,000	46,395,000	47,159,000	43,297,000	55,866,000	56,795,000	52,491,000	49,316,000	43,421,000	40,493,000	38,524,000	34,694,000	25,123,000	25,757,000	13,838,000	23,080,000	18,361,000	14,708,000	15,107,000	15,019,000	18,075,000	25,484,000	11,038,000	9,594,000	9,996,000		9,316,000	13,146,000	19,776,000	19,192,000	15,471,000	17,952,000	20,239,000	18,581,000	21,668,000	16,374,000	16,374,000	15,816,000	18,581,000	21,053,000	17,164,000	19,900,000	16,328,000		14,351,000
inventories	59,871,000	68,872,000	65,117,000	67,169,000	62,039,000	55,836,000	70,394,000	73,368,000	58,050,000	64,406,000	58,635,000	58,970,000	51,518,000	57,520,000	50,466,000	38,818,000	28,522,000	32,986,000	30,098,000	36,034,000	29,913,000	29,311,000	29,398,000	33,035,000	28,155,000	24,091,000	17,292,000	19,789,000	19,739,000	19,322,000	24,597,000	20,864,000	20,369,000	23,078,000	19,057,000	16,430,000		15,639,000	12,538,000	15,189,000	14,513,000	14,087,000	13,970,000	15,612,000	14,129,000	10,954,000	11,277,000	11,277,000	16,446,000	16,831,000	15,709,000	13,614,000	15,570,000	18,138,000	12,382,000	17,582,000	16,513,000	15,458,000	15,458,000	9,168,000	13,112,000	11,895,000	9,168,000	13,667,000	10,402,000
prepaid expenses and other current assets	3,294,000	2,882,000	3,083,000	7,373,000	7,443,000	6,702,000	10,063,000	10,314,000	6,020,000	9,729,000	5,883,000	7,997,000	4,374,000	7,812,000	3,039,000	3,830,000	3,568,000	3,363,000	2,320,000	3,871,000	3,704,000	1,523,000	1,816,000	1,776,000	2,264,000	1,867,000	2,175,000	2,384,000	3,498,000	3,128,000	2,172,000	2,243,000	1,672,000	3,492,000	1,333,000	2,514,000	173,229	1,568,000	1,294,000	1,157,000	1,830,000	852,000	1,527,000	1,095,000	1,249,000	1,177,000	1,011,000	1,011,000	4,244,000	1,727,000	1,357,000	934,000	873,000	1,021,000	957,000	1,404,000	1,241,000	2,101,000	2,101,000	2,114,000	2,496,000	2,367,000	2,114,000	1,686,000	1,434,000
total current assets	623,449,000	647,320,000	675,120,000	742,474,000	788,954,000	826,840,000	908,117,000	939,364,000	1,028,507,000	983,230,000	1,071,486,000	1,120,809,000	1,229,186,000	1,182,663,000	1,322,348,000	1,345,323,000	854,315,000	1,359,693,000	229,526,000	236,689,000	237,793,000	261,593,000	230,880,000	92,421,000	91,382,000	92,311,000	102,802,000	100,595,000	106,084,000	105,540,000	109,937,000	82,484,000	87,574,000	81,895,000	82,955,000	73,988,000	5,567,266	77,977,000	50,649,000	68,824,000	71,906,000	60,711,000	74,999,000	57,376,000	59,718,000	66,060,000	61,298,000	61,298,000	59,564,000	61,780,000	74,650,000	77,906,000	81,495,000	87,064,000		95,040,000
non-current assets:
property, plant and equipment	30,287,000	28,897,000	29,563,000	32,356,000	135,974,000	132,786,000	113,022,000	103,477,000	82,361,000	91,200,000	69,327,000	65,845,000	56,061,000	57,584,000	52,930,000	52,722,000	49,334,000	51,518,000	42,836,000	39,071,000	36,390,000	21,620,000	33,752,000	20,541,000	15,698,000	15,322,000	15,314,000	15,295,000	15,448,000	15,782,000	16,325,000	16,043,000	16,725,000	15,887,000	16,199,000	16,467,000		16,276,000	16,685,000	17,578,000	18,377,000	19,945,000	19,026,000	20,932,000	22,037,000	23,145,000	24,316,000	24,316,000	32,405,000	32,436,000	33,414,000	35,085,000	36,277,000	36,743,000	36,706,000	35,816,000	40,257,000	40,273,000	40,273,000	39,320,000	40,124,000	40,299,000	39,320,000	39,410,000	38,755,000
intangible assets	1,548,000	1,765,000	1,865,000	2,187,000	1,783,000	1,328,000	1,743,000	4,391,000	5,214,000	4,797,000	18,924,000	19,632,000	20,788,000	20,239,000	3,858,000	3,835,000	3,764,000	3,551,000	5,687,000	6,730,000	7,287,000	8,285,000	7,784,000	8,784,000	16,714,000	17,331,000	17,950,000	19,534,000	19,112,000	18,150,000	15,367,000	15,424,000	16,329,000	15,459,000	4,998,000	4,502,000		4,713,000	24,151,000	24,651,000	24,985,000	2,716,000	2,409,000	3,107,000	3,497,000	3,887,000	4,194,000	4,194,000	5,013,000	1,898,000	2,074,000	2,249,000	2,431,000	2,612,000	2,975,000	2,793,000	2,832,000	2,996,000	2,996,000	824,000	3,292,000	3,437,000	824,000	3,581,000	3,726,000
equity-accounted investments	5,419,000	7,218,000	7,465,000	11,271,000	11,860,000	12,525,000	16,952,000
long-term financial investments	49,262,000	50,149,000	42,113,000	41,588,000	41,725,000	36,100,000	47,207,000
other non-current assets	498,000	507,000	484,000	524,000	523,000	535,000	373,000	377,000		370,000	365,000	355,000		354,000	347,000	363,000	343,000	359,000	336,000	329,000	334,000	321,000	327,000	336,000
total assets	710,463,000	735,856,000	756,610,000	830,400,000	1,021,096,000	1,050,391,000	1,127,691,000	1,178,931,000	1,247,077,000	1,210,180,000	1,288,356,000	1,332,927,000	1,440,943,000	1,390,621,000	1,446,528,000	1,469,439,000	975,599,000	1,482,987,000	340,319,000	343,444,000	345,724,000	346,100,000	339,558,000	162,649,000	164,691,000	166,042,000	177,657,000	176,654,000	182,260,000	181,401,000	182,347,000	154,671,000	161,331,000	153,952,000	140,587,000	131,402,000	13,884,148	135,415,000	127,949,000	147,523,000	151,740,000	120,214,000	132,900,000	118,412,000	122,246,000	130,452,000	127,547,000	127,547,000	146,936,000	146,196,000	160,236,000	165,290,000	171,074,000	177,087,000		184,460,000
liabilities and equity
current liabilities:
trade and other payables	32,956,000	33,486,000	36,468,000	39,708,000	38,333,000	38,071,000	40,919,000	37,510,000	40,333,000	37,017,000	40,235,000	35,336,000	39,555,000	34,528,000	38,268,000	32,698,000	29,877,000	30,185,000	31,427,000	24,717,000	20,730,000	21,154,000	15,232,000	19,921,000	19,171,000	18,168,000	25,243,000	22,173,000	18,300,000	15,387,000	18,306,000	16,358,000	17,220,000	15,015,000	14,455,000	12,276,000		13,397,000	12,556,000	16,596,000	15,748,000	11,484,000	14,473,000	16,634,000	15,986,000	16,022,000	12,215,000	12,215,000	15,593,000	16,930,000	21,025,000	22,834,000	22,302,000	22,071,000		28,019,000
deferred revenue	10,856,000	8,578,000	9,150,000		9,081,000	8,202,000	8,618,000	7,556,000	8,030,000	7,190,000	10,707,000	11,662,000	12,109,000	12,224,000	13,033,000	12,097,000	9,888,000	10,130,000	20,156,000	23,465,000	21,238,000	16,681,000	16,403,000	8,231,000	8,536,000	8,685,000	8,082,000														3,204,000	6,160,000	3,766,000	5,129,000	5,608,000	4,970,000	3,705,000	3,705,000	2,806,000	1,707,000	2,603,000	3,560,000	1,595,000	3,643,000	2,506,000	1,459,000	420,000	1,116,000	1,116,000	1,607,000	1,805,000	2,662,000	1,607,000	4,301,000	947,000
provisions and other current liabilities	27,720,000	24,230,000	26,348,000	32,299,000	21,439,000	21,203,000	18,470,000	18,884,000	20,910,000	20,825,000	19,722,000	23,277,000	28,257,000	26,817,000	8,869,000	8,766,000	9,635,000	9,057,000	10,488,000	10,015,000	9,831,000	9,243,000	9,425,000	7,496,000
current lease liabilities	3,278,000	3,245,000	3,025,000	3,532,000	3,499,000	3,417,000	4,249,000	4,078,000	3,895,000	3,991,000	3,549,000	3,649,000	3,238,000	3,442,000	3,033,000	3,045,000	2,691,000	2,868,000
total current liabilities	74,810,000	69,539,000	74,991,000	82,412,000	72,352,000	70,893,000	72,256,000	68,028,000	73,168,000	69,023,000	74,213,000	73,924,000	83,159,000	77,011,000	63,203,000	56,606,000	52,091,000	52,240,000	64,516,000	60,495,000	54,033,000	47,709,000	43,187,000	36,610,000	34,629,000	32,812,000	39,424,000	37,262,000	43,391,000	43,439,000	41,175,000	37,147,000	30,188,000	31,269,000	29,386,000	28,397,000	3,054,720	25,223,000	24,901,000	24,914,000	26,259,000	26,428,000	25,436,000	33,865,000	33,273,000	35,647,000	40,091,000	40,091,000	38,935,000	37,745,000	43,784,000	41,532,000	41,201,000	39,232,000		39,918,000
non-current liabilities:
non-current lease liabilities	19,283,000	20,481,000	20,237,000	23,985,000	24,532,000	25,700,000	14,116,000	9,970,000	11,836,000	10,883,000	12,168,000	13,729,000	13,882,000	13,722,000	14,275,000	15,248,000	15,182,000	14,787,000
deferred gain on finance lease liability				173,000	277,000	381,000	589,000	693,000	902,000	797,000	1,006,000	1,110,000	1,318,000	1,214,000	1,422,000	1,526,000	1,734,000	1,630,000	2,150,000			2,566,000		2,670,000
non-current deferred revenue	6,777,000	7,058,000	4,866,000	2,470,000
other non-current liabilities and employee future benefits	2,769,000	2,832,000	2,695,000	1,849,000	1,803,000	1,818,000
total liabilities	103,639,000	99,910,000	102,789,000	110,889,000	98,964,000	98,792,000	89,293,000	81,024,000	88,166,000	82,977,000	99,283,000	101,160,000	112,726,000	104,483,000	84,729,000	79,215,000	74,712,000	74,422,000	90,056,000	85,929,000	80,865,000	63,500,000	69,080,000	53,269,000	51,838,000	50,616,000	57,802,000	55,718,000	62,117,000	62,129,000	60,727,000	57,562,000	49,717,000	51,799,000	50,266,000	50,776,000	6,697,827	48,040,000	48,715,000	47,284,000	49,721,000	49,960,000	48,697,000	65,751,000	64,602,000	67,858,000	69,545,000	69,545,000	70,845,000	68,907,000	75,635,000	72,945,000	68,574,000	67,306,000		65,913,000
equity:
share capital	2,432,404,000	2,430,628,000	2,430,439,000	2,428,555,000	2,428,478,000	2,427,585,000	2,422,918,000	2,422,806,000	2,420,396,000	2,421,042,000	2,418,342,000	2,418,151,000	2,416,256,000	2,417,829,000	2,415,860,000	2,415,794,000	1,884,735,000	2,415,047,000	1,182,660,000	1,178,956,000	1,176,362,000	1,174,889,000	1,175,547,000	991,043,000	988,258,000	987,780,000	986,497,000	984,161,000	981,336,000	978,777,000	977,361,000	948,327,000	948,213,000	948,324,000	929,324,000	915,912,000		915,827,000	914,786,000	914,786,000	914,707,000	866,574,000	892,858,000	853,413,000	852,830,000	852,624,000	845,630,000	845,630,000	845,630,000	838,087,000	837,822,000	837,686,000	838,330,000	838,330,000	836,245,000	836,832,000	836,167,000	836,160,000	836,160,000	835,358,000	835,501,000	835,396,000	835,358,000	835,396,000	832,711,000
contributed surplus	310,361,000	314,007,000	309,491,000	308,989,000	308,056,000	306,675,000	306,603,000	303,585,000	300,764,000	302,188,000	301,263,000	298,542,000	297,819,000	295,883,000	290,836,000	288,395,000	290,761,000	286,124,000	290,640,000	290,985,000	291,058,000	291,260,000	290,542,000	290,881,000	291,212,000	290,600,000	290,536,000	290,695,000	291,390,000	291,307,000	295,250,000	295,266,000	293,332,000	294,492,000	289,918,000	289,390,000		288,355,000	288,533,000	288,899,000	288,070,000	296,368,000	287,508,000	295,749,000	296,004,000	295,332,000	291,184,000	291,184,000	289,602,000	288,989,000	289,706,000	289,219,000	288,833,000	288,011,000	288,618,000	288,977,000	285,993,000	285,484,000	285,484,000	284,510,000	284,371,000	283,858,000	284,510,000	283,230,000	283,466,000
accumulated deficit	-2,134,224,000	-2,106,153,000	-2,081,873,000	-2,015,279,000	-1,810,261,000	-1,778,797,000	-1,687,227,000	-1,624,773,000	-1,560,759,000	-1,594,677,000	-1,527,846,000	-1,484,965,000	-1,387,579,000	-1,429,174,000	-1,345,917,000	-1,315,068,000	-1,275,516,000	-1,293,154,000	-1,223,850,000	-1,213,177,000		-1,184,400,000					-1,157,382,000		-1,153,264,000	-1,152,063,000	-1,147,646,000		-1,127,655,000	-1,137,649,000	-1,126,468,000	-1,122,333,000		-1,114,654,000		-1,101,341,000	-1,098,918,000	-1,091,187,000	-1,094,461,000	-1,091,765,000	-1,087,256,000	-1,082,053,000	-1,074,181,000		-1,055,265,000	-1,046,315,000	-1,039,681,000	-1,031,279,000	-1,021,660,000			-1,005,151,000	-987,239,000	-981,629,000	-981,629,000	-960,712,000	-984,166,000	-972,174,000	-960,712,000	-973,179,000	-954,607,000
foreign currency reserve	-1,717,000	-2,536,000	-4,236,000	-2,754,000	-4,141,000	-3,864,000	-3,896,000	-3,711,000	-1,490,000	-1,350,000	-2,686,000	39,000	1,721,000	1,600,000	1,020,000	1,103,000	907,000	548,000	813,000	751,000	834,000	851,000	813,000	685,000	588,000		204,000	370,000	681,000	1,251,000	426,000	481,000	567,000	378,000	547,000	476,000		582,000	280,000	131,000	245,000	9,000	38,000	44,000	220,000	246,000	92,000	92,000	261,000	271,000	245,000	209,000
total equity	606,824,000	635,946,000	653,821,000	719,511,000	922,132,000	951,599,000	1,038,398,000	1,097,907,000	1,158,911,000	1,127,203,000	1,189,073,000	1,231,767,000	1,328,217,000	1,286,138,000	1,361,799,000	1,390,224,000	900,887,000	1,408,565,000	250,263,000	257,515,000	264,859,000	282,600,000	270,478,000	109,380,000	112,853,000	115,426,000	119,855,000	120,936,000	120,143,000	119,272,000	121,620,000	97,109,000	111,614,000	102,153,000	90,321,000	80,626,000		87,375,000	79,234,000	100,239,000	102,019,000	70,254,000	84,203,000	52,661,000	57,644,000	62,594,000	58,002,000	58,002,000	76,091,000	77,289,000	84,601,000	92,345,000	102,500,000	109,781,000		118,547,000	135,658,000	140,367,000	140,367,000
total liabilities and equity	710,463,000	735,856,000	756,610,000	830,400,000	1,021,096,000	1,050,391,000	1,127,691,000	1,178,931,000	1,247,077,000	1,210,180,000	1,288,356,000	1,332,927,000	1,440,943,000	1,390,621,000	1,446,528,000	1,469,439,000	975,599,000	1,482,987,000	340,319,000	343,444,000	345,724,000	346,100,000	339,558,000	162,649,000	164,691,000	166,042,000	177,657,000	176,654,000	182,260,000	181,401,000	182,347,000	154,671,000	161,331,000	153,952,000	140,587,000	131,402,000		135,415,000	127,949,000	147,523,000	151,740,000	120,214,000	132,900,000	118,412,000	122,246,000	130,452,000	127,547,000	127,547,000	146,936,000	146,196,000	160,236,000	165,290,000	171,074,000	177,087,000		184,460,000
goodwill					40,277,000	40,277,000	40,277,000	64,268,000	64,268,000	64,268,000	64,268,000	64,268,000	64,268,000	64,268,000	40,277,000	40,277,000	40,277,000	40,277,000	40,287,000	40,287,000	40,287,000	40,287,000	40,287,000	40,562,000	40,562,000	40,562,000	40,562,000	40,562,000	40,562,000	40,562,000	40,562,000	40,562,000	40,562,000	40,562,000	36,291,000	36,291,000	7,816,990	36,291,000	36,291,000	36,291,000	36,291,000	36,291,000	36,291,000	36,291,000	36,291,000	36,291,000	36,291,000	36,291,000	48,106,000	48,106,000	48,106,000	48,106,000	48,106,000	48,106,000	48,106,000	48,106,000	48,106,000	48,106,000	48,106,000	48,106,000	48,106,000	48,106,000	48,106,000	48,106,000	48,106,000
current deferred revenue				6,873,000
provisions and other non-current liabilities							1,852,000	1,864,000	1,805,000	1,814,000	6,911,000	7,012,000	8,895,000	7,248,000	1,797,000	1,836,000	1,764,000	1,794,000	1,688,000	1,645,000	1,656,000	3,862,000	1,613,000	3,925,000
employee future benefits							480,000	469,000	455,000	460,000	1,947,000	1,927,000	1,894,000	1,910,000	4,032,000	3,999,000	3,941,000	3,971,000	4,396,000	3,966,000	4,382,000	4,299,000	4,353,000	4,563,000	4,950,000	4,962,000	4,914,000	4,669,000	5,126,000	5,148,000	4,848,000	5,330,000	5,331,000	5,338,000	5,433,000	5,921,000		5,952,000	5,961,000	3,137,000	3,174,000	3,169,000	3,212,000	6,221,000	6,198,000	6,111,000	6,161,000	6,161,000	5,366,000	5,510,000	5,625,000	5,686,000
investments								67,054,000	66,357,000	66,315,000	63,986,000	62,018,000	70,292,000	65,513,000	26,768,000	26,919,000	27,566,000	27,589,000	21,647,000	20,338,000	23,633,000	13,994,000	26,528,000	5,000	5,000	177,000	681,000	491,000	893,000	1,210,000			6,000	6,000					6,000	6,000	7,000	157,000	7,000	307,000	307,000	667,000	667,000	667,000	667,000	667,000	679,000	635,000	768,000	773,000	673,000	775,000	654,000	639,000	639,000	632,000	1,952,000	1,918,000	632,000	1,921,000	1,765,000
other long-term assets									370,000				348,000												330,000	339,000	348,000	177,000	161,000	157,000	156,000	158,000	135,000	143,000	144,000	154,000		158,000	167,000	173,000	174,000	175,000	168,000	180,000	177,000	183,000	187,000	187,000	211,000	183,000	187,000	183,000	401,000	193,000	334,000	334,000	253,000	182,000	182,000	50,000	124,000	102,000	50,000
deferred income tax liability											3,038,000	3,458,000	3,578,000	3,378,000
see accompanying notes to consolidated financial statements.
approved on behalf of the board:
“doug hayhurst”
director
current lease liability																			2,445,000	2,298,000	2,234,000		2,127,000
non-current lease liability																			17,306,000	17,569,000	18,436,000		17,465,000
deferred gain on lease liability																				2,254,000	2,358,000		2,462,000
finance lease liability																						631,000		664,000	640,000	646,000	652,000	646,000	610,000	567,000	599,000	642,000	1,011,000	984,000	1,110,000	1,238,000		936,000	1,008,000	1,242,000	1,333,000	1,399,000	1,316,000	1,041,000	1,008,000	1,033,000	1,043,000	1,043,000	1,044,000	998,000	1,008,000	978,000	13,581,000	15,018,000		13,519,000
assets held for sale																								9,333,000											3,820,000	3,820,000		3,820,000
liabilities associated with assets held for sale																								298,000
provisions and other																									6,282,000	5,313,000	5,447,000
deferred gain on finance lease																									2,774,000	2,878,000	2,982,000	3,086,000	3,190,000	3,294,000	3,502,000	3,606,000	3,829,000	3,718,000	3,941,000	4,052,000		4,164,000	4,274,000	4,389,000
debt to ballard power systems europe a/s non-controlling interest																															545,000
total equity attributable to equity holders																											119,855,000	120,936,000	120,143,000	119,272,000	125,391,000	100,615,000	114,457,000	105,545,000	93,321,000	83,445,000		90,110,000	81,928,000	102,475,000	104,104,000	71,646,000	85,943,000	57,325,000	61,684,000	66,003,000	62,412,000	62,412,000	79,919,000	80,682,000	87,729,000	95,320,000	105,200,000	112,111,000		120,250,000
ballard power systems europe a/s non-controlling interest																															-3,771,000
deferred revenue and other recoveries																												9,562,000	20,589,000	23,609,000	16,752,000	13,523,000	6,085,000	7,706,000	7,157,000	8,072,000		3,788,000	1,798,000	1,628,000
provisions																												4,881,000	3,892,000	3,876,000	5,518,000	6,624,000	5,368,000	7,564,000	6,664,000	6,811,000		7,102,000	9,010,000	5,448,000	5,974,000	6,819,000	5,881,000	8,329,000	8,014,000	8,845,000	9,423,000	9,423,000	10,171,000	8,641,000	9,671,000	9,573,000	9,046,000	9,246,000		9,734,000
debt to dantherm power a/s non-controlling interest																																530,000		536,000				474,000
dantherm power a/s non-controlling interest																																		-3,392,000				-2,735,000
debt to dantherm power a/s non-controlling interests																																	504,000		509,000	501,000			529,000	543,000	580,000	566,000	573,000	4,009,000	3,493,000
dantherm power a/s non-controlling interests																																	-2,843,000		-3,000,000	-2,819,000				-2,236,000	-2,085,000	-1,392,000	-1,740,000	-4,664,000	-4,040,000	-3,409,000	-4,410,000		-3,828,000	-3,393,000	-3,128,000	-2,975,000	-2,700,000			-1,703,000	1,503,000	983,000	983,000
accounts receivable, no allowance for doubtful accounts at september 30, 2014 and 2013																																					2,438,900
inventory																																					1,361,654
property and equipment																																					401,244
intangible assets, net of accumulated amortization of 731,550 and 714,954 at september 30, 2014 and 2013, respectively																																					7,450
other assets																																					91,198
liabilities and stockholders’ equity
accounts payable																																					1,602,143
accrued expenses																																					649,123
deferred revenues																																					781,328
current maturities of capital lease obligations																																					22,126
capital lease obligations, net of current maturities																																					23,362
deferred tax liability																																					1,528,261
long-term debt																																					2,091,484
commitments and contingencies
stockholders’ equity:
preferred stock, 0.005 par value; 50,000,000 shares authorized; no shares issued or outstanding
common stock																																					320,544
additional paid-in capital																																					68,960,329
total stockholders’ equity																																					7,186,321
total liabilities and stockholders’ equity																																					13,884,148
long-term trade receivables																																										219,000		219,000	219,000	219,000	594,000	594,000	970,000	1,126,000	1,126,000	1,126,000	1,596,000	1,596,000		1,596,000
treasury shares																																										-118,000		-116,000	-114,000	-146,000	-313,000		-309,000	-350,000	-363,000	-515,000	-420,000			-448,000	-530,000	-395,000	-395,000
deferred gain																																									4,504,000	4,734,000	4,619,000	4,848,000	4,963,000	5,078,000	5,193,000	5,193,000	5,308,000	5,422,000	5,537,000	5,653,000	5,768,000	5,881,000	9,036,000	5,840,000	9,198,000	9,360,000	9,360,000
assets classified as held for sale																																															10,798,000	10,798,000
bank operating line																																												2,732,000	2,657,000	4,777,000	9,358,000	9,358,000	9,321,000	9,469,000	9,477,000	4,587,000	7,319,000	3,263,000
liabilities classified as held for sale																																															1,423,000	1,423,000
subsequent event
see accompanying notes to consolidated financial statements
“ed kilroy”
liabilities
convertible debenture																																														3,545,000	2,924,000	2,924,000	2,787,000	2,190,000	2,051,000	1,592,000
subsequent events
current portion of finance lease liability																																																					939,000	1,009,000		706,000
provisions and other long-term liabilities																																																					8,024,000	7,175,000		6,636,000
accumulated other comprehensive loss																																																					117,000			40,000	-236,000	-236,000	-236,000	-236,000	-236,000	-236,000	-236,000	-236,000	-236,000
accounts receivable																																																							11,614,000		12,987,000	14,609,000	14,609,000	12,903,000	12,915,000	18,000,000	12,903,000	12,411,000	18,856,000
long-term accounts receivable																																																							1,596,000
liabilities and shareholders’ equity
accounts payable and accrued liabilities																																																							23,334,000		22,900,000	20,255,000	20,255,000	20,321,000	16,849,000	15,389,000	20,321,000	19,699,000	21,819,000
accrued warranty liabilities																																																							8,570,000		9,059,000	8,746,000	8,746,000	7,813,000	6,043,000	5,700,000	7,813,000	3,996,000	3,841,000
current portion of obligation under capital lease																																																							681,000		650,000	621,000	621,000	316,000			316,000
long-term liabilities																																																							4,432,000		4,776,000	4,675,000	4,675,000	4,632,000	3,968,000	3,693,000	4,632,000	14,256,000	20,502,000
obligation under capital lease																																																							13,354,000		13,092,000	12,814,000	12,814,000	1,739,000			1,739,000
shareholders’ equity:
ballard power systems inc. shareholders’ equity
total ballard power systems inc. shareholders’ equity																																																							128,288,000		134,155,000	139,384,000	139,384,000
total shareholders’ equity																																																							127,875,000
current assets: - sum																																																									103,651,000	105,758,000		106,416,000	70,537,000	80,426,000		94,445,000	116,091,000
current liabilities: - sum																																																									33,029,000	30,738,000		30,057,000	24,697,000	23,751,000		27,996,000	26,607,000
shareholders’ equity: - sum																																																												158,920,000	135,470,000	146,844,000		145,211,000	161,334,000
current assets held for sale
long-term assets held for sale
current liabilities held for sale

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-09-30	2024-06-30	2024-03-31	2023-09-30	2023-06-30	2023-05-01	2023-03-31	2022-09-30	2022-06-30	2022-05-02	2022-03-31	2021-09-30	2021-06-30	2021-04-29	2021-03-31	2020-09-30	2020-06-30	2020-04-23	2020-03-31	2019-09-30	2019-06-30	2019-04-29	2019-03-31	2018-09-30	2018-06-30	2018-05-02	2018-04-23	2018-03-31	2017-09-30	2017-06-30	2017-05-02	2016-11-07	2016-07-28	2016-05-05	2016-04-27	2015-10-28	2015-04-29	2015-04-28	2014-10-29	2014-08-01	2014-05-07	2014-04-29	2013-10-30	2013-08-02	2013-05-01	2013-04-29	2013-02-21	2012-09-30	2012-08-14	2012-05-09	2012-04-27	2011-09-30	2011-08-18	2011-05-05	2011-05-04	2011-03-31	2010-09-30	2010-06-30	2010-05-07	2009-09-30	2009-05-04	2009-04-30	2009-03-02

cash provided by:
operating activities:
net income for the period	-28,071,000	-24,280,000	-21,036,000	-205,018,000			-62,454,000			-33,918,000	-42,881,000			-40,395,000				-17,638,000	-11,756,000			-13,503,000				-12,024,000					-5,500,000	-1,026,000	-1,201,000	-2,935,000												-4,970,000					-9,332,000								-11,538,000
adjustments for:
depreciation and amortization	1,035,000	964,000	985,000	3,535,000	3,853,000	3,486,000	3,115,000	-6,904,000	13,357,000	3,167,000	3,979,000	-3,202,000	9,752,000	3,109,000	2,167,000	-3,245,000	7,558,000	1,869,000	2,560,000	-4,284,000	7,514,000	1,620,000	1,721,000	-1,495,000	5,015,000	1,567,000	1,241,000	1,300,000	1,296,000	5,064,000	1,296,000	1,186,000	1,187,000	1,210,000	1,230,000	-2,117,000	4,375,000	1,234,000	784,000	1,060,000	5,610,000	1,517,000	-3,086,000	5,731,000	1,220,000	1,525,000	1,277,000	1,275,000	6,184,000	6,184,000	1,656,000	1,348,000	1,594,000	5,906,000	1,298,000	-5,446,000	8,564,000	1,467,000	1,467,000	63,000	-8,178,000	9,504,000	-178,000	8,021,000	1,711,000	8,021,000
deferred gain amortization on finance lease agreement	0	0	-69,000
impairment loss on trade receivables	41,000	727,000	4,000	8,323,000	21,000	1,670,000	45,000	-56,000	73,000				54,000		-6,000	-261,000	310,000		0	-1,537,000	1,787,000	200,000			98,000					103,000		-2,000					456,000		152,000	277,000	6,206,000
inventory impairment (reversal) and onerous contracts provision adjustments	-1,684,000
unrealized (gain)/loss on forward contracts	1,000	-249,000	-437,000	-368,000	126,000	485,000															-805,000
equity in loss of investment in joint venture and associate	1,895,000	444,000	818,000	1,111,000	468,000	834,000
net increase in fair value of investments	916,000	-3,325,000	-4,446,000
gain on sale of assets	0	-3,000	-70,000																																																				-333,000	4,392,000	-4,816,000	-11,000	-11,000			-34,297,000		-96,845,000		-96,845,000
de-recognition of lease
impairment loss on property, plant and equipment	0	939,000	2,223,000																																												0	50,000	1,070,000	1,070,000				1,727,000
impairment charges on goodwill
accretion (dilution) on decommissioning liabilities	-63,000	146,000	19,000		-7,000	-41,000			-73,000
employee future benefits plan contributions	0			0					-7,000				-8,000				-908,000		-841,000	444,000	-511,000	-64,000								-660,000			-75,000	-75,000			-740,000	-60,000
share-based compensation	-412,000	4,789,000	1,866,000	1,020,000	2,568,000	2,800,000	3,106,000	-3,999,000	9,408,000	2,315,000	2,828,000	-4,560,000	9,669,000	2,329,000	2,477,000	-1,364,000	6,237,000	2,338,000	1,320,000	-871,000	3,561,000	1,095,000	859,000	-1,211,000	2,902,000	793,000	894,000	852,000	660,000	3,125,000	660,000		767,000	604,000			2,950,000	872,000
changes in non-cash working capital:
trade and other receivables	-9,058,000	3,947,000	3,768,000	287,000	2,284,000	15,465,000	-6,584,000	12,887,000	-2,945,000	5,218,000	-391,000	-12,848,000	9,640,000	-1,195,000	11,622,000	3,129,000	-2,093,000	4,429,000	1,442,000	21,425,000	-14,494,000	11,110,000				1,809,000			9,242,000	-9,387,000	9,242,000		-165,000	-156,000			410,000	866,000	-59,000	4,940,000			-5,765,000	1,877,000	-2,297,000	-1,118,000	2,655,000	-5,030,000	65,000	65,000	2,859,000	2,484,000	-2,742,000	-4,317,000	-3,421,000			-2,483,000	-2,483,000
inventories	7,484,000	-4,827,000	-8,752,000	-6,547,000	-6,507,000	-10,407,000	2,974,000	-8,786,000	-6,532,000	-6,356,000	335,000	15,544,000	-22,996,000	-6,002,000	-11,648,000	-11,651,000	1,355,000	-4,464,000	-1,287,000	-4,309,000	-787,000	-1,643,000								-572,000			-417,000	-2,094,000			-5,550,000	-2,685,000	-2,624,000	-3,148,000	1,464,000		2,473,000	-2,904,000	115,000	-1,446,000	-3,163,000	304,000	4,434,000	4,434,000	2,286,000	-1,171,000	-2,069,000	-1,293,000	2,424,000	-3,284,000	-2,350,000	-5,200,000	-5,200,000			1,356,000	-2,989,000	4,457,000	-3,265,000	4,457,000
prepaid expenses and other current assets	-404,000	427,000	1,791,000	69,000	-729,000	373,000	-400,000	-1,378,000	-1,668,000	-3,219,000	2,104,000	-2,820,000	-810,000	-3,097,000	1,149,000	403,000	-1,026,000	72,000	1,151,000	-266,000	-812,000	-893,000			426,000				317,000	930,000	317,000	1,127,000	-46,000	-51,000			-166,000	-1,828,000	1,191,000	-260,000			-939,000	192,000	-638,000	151,000	-66,000	-162,000	-151,000		-141,000	-658,000	-125,000	42,000	234,000	-1,420,000	1,276,000	-446,000	-446,000			-884,000	843,000	510,000	-17,000	510,000
trade and other payables	3,796,000	-848,000	-2,303,000	16,778,000	-5,591,000	-3,069,000	3,134,000	-7,240,000	2,182,000	-4,715,000	2,566,000	-9,573,000	1,408,000	-6,942,000	4,232,000	1,921,000	-4,238,000	-5,142,000	-1,886,000	-20,080,000	11,083,000	-9,286,000								6,857,000		4,062,000	3,376,000	-2,650,000	-3,000	4,103,000	-1,344,000	1,974,000	1,662,000	-1,287,000	69,000	283,000	8,575,000	-5,048,000	1,515,000	220,000	-983,000	2,782,000	-10,459,000		-85,000	-4,465,000	-3,299,000	-1,691,000	-792,000			4,905,000	4,905,000
deferred revenue	1,997,000	1,620,000	2,384,000	262,000	879,000	3,614,000	1,062,000	3,605,000	-4,079,000	-840,000	-955,000	-2,668,000	2,221,000	115,000	936,000	12,477,000	-10,268,000	242,000	-3,832,000	-8,348,000	3,475,000	-3,460,000	2,227,000	-4,050,000	8,607,000		-305,000	-149,000	603,000	-12,539,000	603,000				3,229,000								-5,386,000	2,430,000	-2,394,000	-622,000	637,000	1,268,000	166,000	166,000	1,098,000	-890,000	-962,000	1,052,000	-2,048,000	167,000	965,000	-1,047,000	-1,047,000			-3,656,000	782,000	778,000	-896,000	778,000
warranty provision	-330,000	171,000	392,000	32,000	90,000	-1,581,000	610,000	-1,446,000	2,614,000	951,000	1,717,000	2,260,000	-1,063,000	68,000	116,000	-26,000	-854,000	-569,000	-177,000	-878,000	1,428,000	1,097,000	261,000	-3,216,000	3,892,000	197,000	1,251,000			2,444,000		921,000	656,000	61,000			-3,612,000		-139,000	-1,864,000	2,360,000		1,303,000	-1,926,000	-770,000	259,000	-583,000	-194,000	5,000	5,000	20,000	-527,000	580,000
cash from operating activities	-22,857,000	-20,335,000	-24,403,000	-28,599,000	-35,103,000	-19,992,000	-21,985,000			-36,555,000	-30,318,000	-193,000	-80,476,000	-41,688,000	-15,019,000	9,416,000	-42,934,000	-15,732,000	-11,325,000	-10,718,000	-14,230,000	-10,107,000								-9,768,000			1,802,000	-3,097,000				-7,484,000
capital expenditures	-1,397,000	-2,236,000	-2,430,000	-11,092,000	-1,888,000	-7,293,000	-6,930,000			-11,637,000	-6,658,000	578,000	-13,158,000	-3,887,000	-2,176,000	6,763,000	-12,620,000	-3,483,000	-2,221,000	7,082,000	-13,934,000	-3,387,000								-3,068,000			-415,000	-835,000				-431,000
free cash flows	-24,254,000	-22,571,000	-26,833,000	-39,691,000	-36,991,000	-27,285,000	-28,915,000			-48,192,000	-36,976,000	385,000	-93,634,000	-45,575,000	-17,195,000	16,179,000	-55,554,000	-19,215,000	-13,546,000	-3,636,000	-28,164,000	-13,494,000								-12,836,000			1,387,000	-3,932,000				-7,915,000
investing activities:
contributions to long-term investments	-29,000	-4,711,000	-152,000	-2,611,000	-3,946,000	-2,057,000		12,751,000	-17,913,000	-869,000
additions to property, plant and equipment	-1,397,000	-2,236,000	-2,430,000	-11,092,000	-1,888,000	-7,293,000	-6,930,000	6,995,000	-33,932,000	-11,637,000	-6,658,000	578,000	-13,158,000	-3,887,000	-2,176,000	6,763,000	-12,620,000	-3,483,000	-2,221,000	7,082,000	-13,934,000	-3,387,000								-3,068,000			-415,000	-835,000			-2,282,000	-431,000	-351,000	-340,000			41,000	-485,000	-109,000	-210,000	-89,000	-29,000	-1,168,000		-414,000	-384,000	-135,000	-4,107,000	-1,050,000	665,000	-3,453,000	-720,000	-720,000			-6,778,000	1,372,000	-3,560,000	-2,224,000	-3,560,000
investment in intangible assets	0	-104,000	-233,000	-528,000	-710,000	-177,000			-550,000
proceeds on sale of assets	0	0	80,000														988,000
contingent consideration related to acquisition
cash from investing activities	-1,426,000	-7,051,000	-2,735,000	-14,331,000	-6,544,000	-9,527,000	-11,193,000			-12,517,000	-15,466,000	45,601,000	-85,630,000	-13,712,000	-4,989,000	21,894,000	-36,393,000	-6,623,000	-8,865,000	13,018,000	-32,746,000	-9,853,000								-6,482,000			-2,879,000	-1,508,000	-1,559,000	-13,101,000	23,282,000	8,433,000
financing activities:
principal payments of lease liability	-740,000	-797,000	-689,000	-865,000	-812,000	-987,000
net proceeds on issuance of share capital from stock option exercise				0	14,000	294,000
cash from financing activities	-740,000	-797,000	-689,000	-865,000	-798,000	-693,000	-878,000			-785,000	-666,000	-527,825,000	526,908,000	-330,000	-636,000	-168,518,000	696,529,000	528,222,000	211,597,000	64,372,000	2,571,000	53,553,000			186,136,000		1,832,000	129,000	535,000	5,016,000	535,000	1,537,000	1,803,000	52,000	28,328,000	-15,443,000	18,087,000	3,152,000
effect of exchange rate fluctuations on cash and cash equivalents held	732,000	1,520,000	577,000	876,000	-188,000	-253,000	-16,000	-455,000	-31,000	-101,000	-750,000	681,000	-337,000		-2,000	1,124,000	-1,564,000	-444,000	78,000	242,000	-38,000	235,000			647,000		97,000			-1,139,000			-570,000	-92,000			373,000	137,000	29,000	71,000			-128,000	136,000	2,000	-225,000	-155,000	123,000	-70,000		-53,000	-94,000	150,000	247,000	83,000
decrease in cash and cash equivalents	-24,291,000	-26,663,000	-27,250,000	-42,919,000	-42,633,000	-30,465,000	-34,072,000			-49,958,000																																																							-11,120,000
cash and cash equivalents, beginning of period	0	0	603,948,000	0	0	751,130,000	0			913,730,000	0			1,123,895,000	0			763,430,000	0			147,792,000	0			192,235,000	0	0	60,255,000		60,255,000	0	0	72,628,000	0			40,049,000	0	23,671,000	30,301,000	0	20,531,000	9,770,000	30,301,000	0	0	9,770,000	20,316,000	20,316,000	0	0	20,316,000	51,937,000	0			51,937,000	51,937,000	2,658,000			-19,771,000		54,086,000
cash and cash equivalents, end of period	-24,291,000	-26,663,000	576,698,000	-42,919,000	-42,633,000	720,665,000	-34,072,000			863,772,000	-47,200,000			1,068,165,000	-20,646,000			1,268,853,000	191,485,000			181,620,000	-10,320,000			164,972,000	-12,052,000	-17,309,000	52,515,000		52,515,000	-8,078,000	156,000	67,983,000	26,847,000			44,287,000	7,923,000	47,634,000	23,671,000	-3,669,000	6,070,000	30,301,000	41,550,000	-5,329,000	2,411,000	23,348,000	9,770,000	9,770,000	-1,437,000	-10,120,000	21,931,000	20,316,000	-5,380,000			45,952,000	45,952,000	-10,415,000			-4,225,000		42,966,000
inventory impairment and onerous contracts provision adjustments			-1,538,000	2,198,000	697,000	1,476,000
net decrease in fair value of investments				2,748,000	-1,679,000	6,302,000			16,877,000
impairment charges on intangible assets									13,017,000
employee future benefits							11,000	-60,000	82,000	11,000	20,000	-91,000	131,000	20,000	33,000	-99,000	164,000	33,000			208,000		56,000	-114,000	226,000	56,000	56,000	56,000	56,000	201,000	56,000	-67,000	55,000	55,000	66,000	-143,000	278,000	68,000	252,000	-8,000					43,000	24,000	86,000	-50,000	-331,000		-144,000	-116,000	-60,000	-172,000	750,000	33,000	-358,000	-300,000	-300,000	15,000	1,544,000	-1,524,000
recovery of contributions of long-term investments
deferred gain amortization					-104,000	-104,000
net income for the year						-41,292,000							-114,233,000				-51,377,000				-39,050,000																-6,574,000												-43,474,000													-3,258,000		34,079,000		34,079,000
unrealized (gain) loss on forward contracts							655,000							-347,000
equity in loss of investment in joint venture and associates							4,032,000	-9,862,000	11,617,000	862,000	998,000	-12,294,000	16,140,000	2,238,000	4,089,000	-5,360,000	12,557,000	2,953,000	2,791,000	-5,635,000	11,059,000	2,485,000
net decrease in fair value of investment							2,464,000							8,574,000
accretion on decommissioning liabilities							-12,000			9,000			113,000	40,000	-40,000	-3,000	76,000	30,000
deferred income tax recovery									-3,578,000		-420,000			-200,000
net decrease in short-term financialinvestments
contributions to long-term financial investments
recovery of contributions to long-term financial investments
investment in other intangible assets							-81,000			-11,000	-36,000	1,084,000	-1,543,000	-300,000	-364,000	-501,000	-246,000	-126,000
investment in joint venture and associates									-9,272,000		-2,878,000	5,957,000	-12,351,000	-3,279,000	-3,029,000	16,464,000	-22,515,000	-3,014,000	-6,644,000	8,073,000	-20,949,000	-6,466,000
contingent consideration paid related to acquisition of ballard motive solutions
principal payments of lease liabilities							-917,000	1,379,000	-3,322,000	-947,000	-769,000	1,199,000	-2,798,000	-802,000	-681,000	1,133,000	-2,517,000	-665,000	-633,000	902,000	-2,053,000	-549,000
net proceeds on issuance of share capital from stock option exercises							39,000			162,000	103,000			472,000	45,000			1,576,000	607,000			1,540,000	1,661,000			105,000	745,000	279,000	504,000		504,000	1,704,000	854,000	190,000	375,000	-353,000	388,000	38,000	0	281,000	6,794,000	12,000			6,152,000
net decrease in short-term investments									1,010,000																																			12,068,000		0	8,913,000	3,155,000			146,000	1,770,000	11,278,000	-3,370,000	1,045,000	-6,517,000	17,738,000	6,757,000				-7,619,000		64,921,000	7,598,000	64,921,000
recovery of contributions to long-term investments
contingent consideration related to acquisition of ballard motive solutions
net loss for the year									-173,494,000																					-8,048,000														-21,700,000										-36,156,000			-38,843,000
unrealized loss on forward contracts									862,000	-490,000	1,588,000				440,000			118,000																			162,000				144,000													285,000	361,000							-408,000		408,000		408,000
impairment charges on property, plant and equipment									7,000
recovery on settlement of contingent consideration									-9,891,000
cash used in operating activities									-132,171,000
consideration paid related to acquisition									-14,900,000
cash used in investing activities									-75,557,000
net proceeds on issuance of share capital from share option exercises									916,000				2,415,000				4,438,000				4,624,000				1,628,000					3,598,000
net proceeds on issuance of share capital from equity offering															0			527,311,000	211,623,000			52,562,000
cash provided by financing activities									-2,406,000
increase (decrease) in cash and cash equivalents									-210,165,000
cash and cash equivalents, beginning of year									1,123,895,000				763,430,000				147,792,000				192,235,000				60,255,000					72,628,000							23,671,000																				43,299,000					54,086,000		49,340,000		49,340,000
cash and cash equivalents, end of year									913,730,000				1,123,895,000				763,430,000				147,792,000				192,235,000					60,255,000							40,049,000																				51,937,000					43,299,000		54,086,000		54,086,000
net decrease (increase) in fair value of investment										456,000	-1,705,000
impairment loss on property plant and equipment													263,000
increase in cash and cash equivalents											-47,200,000	-481,736,000	360,465,000	-55,730,000	-20,646,000	-136,084,000	615,638,000	505,423,000	191,485,000	66,914,000	-44,443,000	33,828,000			131,980,000					-12,373,000			156,000	-4,645,000	26,847,000	-15,125,000	16,378,000	4,238,000	7,923,000	23,963,000		-3,669,000	-14,461,000	20,531,000	11,249,000	-5,329,000	2,411,000	13,578,000	-10,546,000		-1,437,000	-10,120,000	1,615,000	-31,621,000	-5,380,000	-20,285,000	8,638,000	-5,985,000	-5,985,000		13,445,000	-10,787,000		4,746,000		4,746,000
net increase in short-term investments															580,000
contribution to long-term investments														-2,456,000
contingent consideration related to acquisition of arcola energy ltd.
unrealized gain on forward contracts													519,000				-259,000													-324,000				-105,000				-593,000		-3,000									-285,000		-146,000	247,000	-458,000				-1,404,000								-221,000
net decrease (increase) in fair value of investments													9,024,000
deferred income tax expense													-300,000
net change in short-term investments													336,000				-2,000,000
acquisition of long-term investments													-51,757,000
acquisition of arcola energy limited, net of cash acquired													-7,157,000
net proceeds on issuance of share capital from equity offerings													527,291,000				694,608,000
supplemental disclosure of cash flow information (note 29).
see accompanying notes to consolidated financial statements.
net proceeds on sale of short-term investments														1,010,000
contingent consideration related to acquisition of arcola energy ltd														-4,800,000
cash from:
net loss for the period																													-5,500,000										-4,384,000						-3,869,000			-8,412,000					-8,529,000					-11,538,000
(gain) loss on sale of assets																	-168,000
unrealized gain on forward contract																			-912,000			1,219,000
loss on sale of assets																					1,995,000		0	-2,054,000	4,049,000	1,995,000				1,365,000		41,000
gain on decommissioning liabilities																			46,000			-140,000				43,000											-602,000			-339,000					-152,000
employee benefits																			56,000			56,000
net proceeds on sale of property, plant, and equipment																							2,132,000			5,000
(gain) loss on decommissioning liabilities																					119,000																	266,000
amortization of deferred lease inducement
net proceeds on sale of property, plant and equipment																					2,137,000
net proceeds on issuance of share capital from warrant exercises																									1,434,000		1,250,000	0	184,000	2,025,000	184,000	0					168,000		0	168,000	12,299,000	28,000			11,717,000
net proceeds on issuance of share capital from private placement																									183,672,000												4,987,000
unrealized gain on forward exchange contracts																									570,000						392,000
lease interest paid																							348,000			344,000
adjusted equity in loss of investment in joint venture and associates																							3,155,000			1,976,000
loss on decommissioning liabilities																														390,000		198,000	143,000	52,000										-194,000
unrealized loss on forward exchange contracts																													392,000
impairment charges on intangible assets and property, plant and equipment																														1,484,000
equity in (earnings) loss of investment in joint venture and associates																									1,154,000
net proceeds on sale of property, plant and equipment and other																									1,345,000					981,000		0			0	3,004,000	1,000		0	1,000			-226,000	227,000	1,000	1,000	97,000	100,000	424,000	424,000	49,000	-21,000	369,000	3,666,000			20,012,000			-11,000
additions to intangible assets																														-3,376,000			-1,504,000	-627,000				-380,000	-773,000	-87,000
purchase of non-controlling interest in subsidiary																														-47,000			3,000	-46,000
net payment of finance lease liabilities																														-607,000			-151,000	-138,000			-845,000	-233,000
adjusted equity in loss of investment in joint venture																											-351,000	523,000	504,000		504,000
investment in associated companies																														-972,000
equity in earnings of investment in joint venture																														-201,000
net proceeds on sale of intangible assets																																			0	-20,231,000	29,475,000	9,244,000	0	29,475,000
non-dilutive equity financing																																			0
share based compensation																																			791,000
impairment charges on intangible assets and property, plant
and equipment																																			0
equity in loss of investment in joint venture
deferred revenue and other recoveries																																	-3,019,000	2,987,000			4,213,000	1,617,000		1,998,000
non-dilutive financing																																						3,347,000																-60,000			-22,000					-3,243,000		36,920,000		36,920,000
net proceeds on issuance of share capital																																												153,000		16,000	94,000	28,000	17,000	17,000	0	1,000	16,000	40,000	0	-51,000	91,000	31,000	31,000	-13,000	13,000	5,000
unrealized gain on forward foreign exchange contracts
equity in loss of associated companies																																																																8,649,000	2,895,000	8,649,000
impairment charges on intangible assets and property, plant and																																						1,175,000
equipment
(gain)/loss on decommissioning liabilities
(gain)/loss on sale of assets
gain on sale of intellectual property																																					-19,619,000		0	-14,195,000
cash provided by
loss (gain) on sale of property, plant and equipment																																					-1,000
reversal of impairment loss on property, plant and equipment
impairment loss on investment																																									149,000	0	-364,000	513,000	150,000	0
cash used by operating activities																																					-25,364,000			-5,380,000			7,831,000	-17,416,000	-6,638,000	-4,842,000	-4,704,000	-6,998,000	-28,146,000		-1,285,000	-11,264,000	-15,065,000	-33,221,000	-9,463,000			-14,081,000	-14,081,000
additions to and acquisition of intangible assets																																					-1,604,000
cash and cash equivalents acquired on acquisition of protonex																																					1,464,000
acquisition of protonex																																					-3,772,000
proceeds on sale of treasury shares
net proceeds on issuance of share capital from underwritten offering																																					13,389,000
net profit for the period																																						-10,395,000		6,690,000
gain on sale of property, plant and equipment																																								-1,000					-1,000	220,000			69,000		-74,000
warranty provisions																																						5,000
compensatory shares																																							757,000	760,000	2,249,000	935,000	-2,094,000	3,775,000	760,000	956,000	902,000	915,000	2,746,000	2,746,000	718,000	-507,000	955,000	2,646,000	882,000	-2,036,000	4,057,000	1,061,000	1,061,000	47,000	-1,918,000	3,033,000	232,000	7,267,000	870,000	7,267,000
payment of finance lease liabilities																																							-191,000	-226,000			474,000	-976,000	-241,000	-263,000	-237,000	-251,000	-999,000		-271,000	-238,000	-245,000	-830,000	-209,000			-167,000	-167,000
loss on sale of property, plant and equipment																																									73,000			23,000				-25,000		69,000			50,000
(gain) loss on sale of property, plant and equipment
cash flows from operating activities:
net loss
reconciliation of net loss to net cash from (used in operating activities:
depreciation and amortization of property and equipment
amortization of intangible assets
non-cash contra revenue related to the fair value of warrants issued to a customer
non-cash interest expense
deferred tax provision
stock-based compensation
amortization of deferred financing costs
changes in operating assets and liabilities:
accounts receivable																																																									-65,000			1,193,000	-5,613,000	6,084,000	10,674,000	107,000	6,445,000	107,000
inventory
accounts payable
accrued expenses
deferred revenues
net cash from operating activities
cash flows from investing activities:
additions to property and equipment
net cash from investing activities
cash flows from financing activities:
capital lease principal payments
proceeds from long-term debt
cash paid for deferred financing costs
proceeds from stock option exercises
net cash from financing activities
net increase (decrease) in cash and cash equivalents
supplemental cash flow information:
interest paid
non-cash investing and financing activities:
fair value of warrants issued in connection with long-term debt
equipment acquired under capital leases
impairment loss (reversal) on property, plant and equipment																																											-275,000	-45,000	-320,000
net proceeds from disposition of material products division																																												9,085,000		41,000	0	9,044,000
net investments in associated company																																												-4,000		0
sale of treasury shares																																									365,000				365,000
net repayment of bank operating line
net offering proceeds																																												19,977,000		0	45,000	6,794,000
proceeds on issuance of share capital to dantherm power a/s non-controlling																																												1,360,000
interests																																														266,000
proceeds on issuance of convertible promissory note																																												4,000,000		0	0	4,000,000
proceeds on issuance of debt to dantherm power a/s non-controlling interests																																												1,165,000
proceeds on issuance of share capital to dantherm power a/s
non-controlling interests																																														0												782,000	782,000
proceeds on issuance of debt to dantherm power a/s non-controlling
sale (purchase) of treasury shares
note
employee future recovery																																												-140,000
impairment loss on goodwill																																																	11,815,000	11,815,000
other investment activities																																																	-9,000											-97,000
purchase of treasury shares																																												-6,000		-2,000	0	-2,000	-6,000		-4,000	0	-2,000	-327,000	-99,000	424,000	-559,000	-135,000	-135,000			-207,000
net proceeds (repayment) of bank operating line																																												-8,753,000
net proceeds from bank operating line																																																-4,386,000	4,771,000	4,771,000	-148,000	-8,000	4,890,000	4,587,000
proceeds on issuance of share capital from dantherm power a/s																																																1,360,000
proceeds on issuance of convertible debenture from																																																640,000	862,000	862,000		106,000	403,000	1,718,000
dantherm power a/s non-controlling interests																																																8,183,000
net assets / liabilities classified as held for sale																																														54,000	0	281,000
net investments in associated companies																																																	-32,000		0	12,000	-44,000	36,000
cash from
net decrease (increase) in short-term investments																																																	13,810,000	13,810,000									6,757,000
proceeds on issuance of convertible debenture from dantherm power a/s non-controlling interests
gain (loss) on sale of property, plant and equipment																																																						-734,000
accrued warranty liabilities																																																						-516,000	-464,000	-1,431,000	747,000	-566,000	-566,000	193,000	-3,852,000	3,971,000	-1,361,000	3,089,000	155,000	3,089,000
net proceeds on monetization of other long-term assets																																																									3,355,000
business acquisition including cash acquired																																																									877,000
contribution from dantherm power a/s non-controlling interests																																																									866,000
items not affecting cash:
long-term liabilities																																																												-83,000				-304,000	110,000	-304,000
bank operating line																																																							4,056,000
proceeds on issuance of convertible debenture from dantherm power a/s																																																							526,000
proceeds on sale of property, plant and equipment																																																										1,650,000	1,650,000					475,000		475,000
payment of accrued monetization costs
distributions from
equity gain in associated companies
accounts payable and accrued liabilities																																																									2,915,000					1,623,000	5,097,000	5,000	2,208,000	5,000
cash used by operations																																																									-29,312,000					-26,962,000	10,978,000	-26,209,000	-8,739,000	-26,209,000
investments																																																									-185,000					-5,135,000	-73,000	-6,212,000	-5,156,000	-6,212,000
repayment of capital lease obligation																																																									-770,000					-30,000
foreign currency translation differences for foreign operations																																																										77,000	77,000
investments in associated companies																																																										-102,000	-102,000
net loss for period
loss on disposal and write-down of long-lived assets																																																																		2,812,000
changes in non-cash working capital: - sum																																																														8,494,000		8,910,000	4,630,000	8,910,000
investing activities: - sum																																																														19,650,000		-5,965,000	382,000	-5,965,000
repayment of loan
financing activities: - sum																																																														-3,475,000
net income for period
gain on disposal and write-down of long-lived assets
loss on disposal and write-down of long- lived assets
receipt of loan
gain on disposal and write-down of long- lived assets
loss (gain) on disposal and write-down of long-lived assets																																																														-142,000
equity loss in associated companies																																																														-8,364,000
other																																																																490,000		490,000
net current assets and liabilities held for sale																																																																-36,000		-36,000
proceeds on sale of property, plant and equipment and other																																																														2,182,000			54,000
proceeds on monetization of other long-term assets																																																														37,000,000
disposition of assets held for sale																																																																-61,285,000		-61,285,000
loss on disposal and write-down of long-
lived assets
gain on assets held for sale
proceeds on sale of property, plant and equipment and
other investing activities																																																															80,000
gain on disposal and write-down of long-
net income (loss) for period
loss on assets held for sale
from continuing operations																																																																2,812,000
loss on disposal and write-down of long-lived																																																																	-52,000
assets from discontinued operations
proceeds on sale of investments
other long-term assets
net income																																																																	-18,572,000
assets
non-dilutive financing costs																																																																	-2,763,000
gain on disposal and write-down of long-lived

Ballard Power Systems Inc(NASDAQ:BLDP)

Ballard Power Systems Inc
(NASDAQ:BLDP)