Ballard Power Systems designs, manufactures, and sells proton exchange membrane (PEM) fuel cell products for medium- and heavy-duty applications. A PEM fuel cell is an electrochemical device that combines hydrogen and oxygen to generate electricity, with water as the only byproduct. Ballard's core products are fuel cell stacks (the FCgen® family) and integrated fuel cell modules (the FCmove®, FCwave®, and FCrail® families), which Ballard sells to OEMs and system integrators who build them into buses, trains, marine vessels, trucks, and stationary power systems. Ballard's primary customers are vehicle OEMs — companies like New Flyer and Solaris (buses) and Stadler (rail) — not end users. Ballard also sells membrane electrode assemblies (MEAs) and provides after-sales services including warranties, spare parts, fleet monitoring, and training. The bus vertical is the most commercially mature, accounting for over 60% of revenue, with rail a growing second. Ballard also has early-stage marine and stationary power businesses, while truck has been de-prioritized with meaningful volumes not expected before 2030. Revenue is driven by engine shipments, product mix, and services. Gross margins are currently negative due to fixed manufacturing overhead relative to volumes, and management's path to profitability relies on volume growth and cost reduction — particularly through Project Forge, a high-volume automated bipolar plate manufacturing line expected to cut bipolar plate costs by roughly 70%. Ballard also holds a 49% stake in a China-based JV, though Ballard has effectively paused further investment there. Ballard carries no debt and held approximately $525M in cash as of Q3 2025, and management targets cash flow positivity by end of 2027.