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Ballard Power Systems Inc. News Release Ballard Power Systems 9000 Glenlyon Parkway Burnaby BC V5J 5J8 Canada Tel : 604-454-0900 Fax : 604-412-4700 www.ballard.com BALLARD Ballard Reports Q1 2021 Results • $ 1.3bn cash reserves supports increased and accelerated investment • Strong market interest reflected in high level of commercial activity For Immediate Release - May 3 , 2021 VANCOUVER , CANADA - Ballard Power Systems ( NASDAQ : BLDP ; TSX : BLDP ) today announced consolidated financial results for the first quarter ended March 31 , 2021. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards ( IFRS ) . " Supported by a strengthening policy backdrop and increased customer engagement , we have clearer line of sight on long - term growth in our core medium- and heavy - duty motive applications of bus , truck , rail and marine , " said Randy MacEwen , President and CEO . " As a result , 2021 will be marked by increased and accelerated investment ahead of market tipping points . Bolstered by a fortified balance sheet , we will deepen our investments in talent , technology , products , advanced manufacturing , localization and customer experience . " Mr. MacEwen continued , " In Q1 , we delivered revenue of $ 17.6 million , gross margin of 15 % and ending cash reserves of $ 1.27 billion . Although the China market remained muted while awaiting further policy pronouncements , activity levels were high across the entire Ballard organization . Indeed , on the commercial front , we witnessed unprecedented customer and industry engagement across our markets . " Mr. MacEwen added , " We are pleased with the growing underlying interest for fuel cell buses in Europe , including follow - on orders from Wrightbus and Solaris . In the truck market , we progressed our co - development work with the Weichai - Ballard joint venture in China and with MAHLE on a fuel cell engine for the European market . Furthermore , yesterday we announced a strategic collaboration with Linamar , focused on powertrains and components for the class 1 and 2 vehicle market in North America and Europe . We have also announced a collaboration with Chart Industries for the joint development of integrated liquid hydrogen storage and fuel cell solutions for heavy - duty vehicles . We launched several rail programs during the quarter , including a fuel cell locomotive program with CP in Canada , a switching locomotive program in California , and a passenger train program in Scotland . We also initiated design work for a large - scale propulsion system for a marine customer in Australia and announced our membership in the Hydra Consortium for development of fuel cell systems to power heavy - duty mining equipment . " Mr. MacEwen further noted , " On the technology and product development front , we continued to make measured progress on our key development programs , including ongoing work with our Weichai - Ballard JV in China . We are also tracking ahead of plan on our ' 3x3 ' fuel cell stack cost reduction program , enhanced by breakthrough designs and performance from our MEAs and bipolar plates , continued progress with our supply chain , and implementation of advanced manufacturing initiatives . " Mr. MacEwen concluded , " All indicators are that we will be set up for strong long - term growth as a result of the accelerated investment we are making this year . We also continue to assess strategic acquisition opportunities that will reduce customer friction points and simplify the customer experience . " Page 1 of 6