Ballard Power Systems Q4 2025 Earnings Call Summary: Strategic Reset and Path to Sustainable Cash Flow

Ballard Power Systems Inc. achieved 38% growth in megawatts shipped during 2025, driven by record engine deliveries into North American and European transit markets. The company executed a cost base reset, reducing Q4 cash operating costs by 41% year-over-year. Ballard shifted its commercial strategy to prioritize "high-quality" agreements and transitioned to a service-led approach. Management targets becoming consistently cash flow positive within the next two years by balancing spending with margin expansion.