Ballard Power announces strategic realignment under new leadership

Ballard launched a strategic realignment led by newly appointed President and CEO Marty Neese to position the company for growth, market execution, and financial performance in line with current commercial realities. Key elements of the strategic realignment include: a structured plan to achieve positive cash flow by year-end 2027, Ballard expects to reduce annualized operating costs by at least 30% in 2026 relative to the first half of 2025, through immediate workforce adjustments, tighter portfolio integration, and streamlined operations, to prioritize fuel cell products with the strongest commercial traction, discontinue non-core programs, and focus product development on efforts to reduce system costs, enhanced gross margins through lower product costs, value-based pricing, and elevated customer service. As of June 30, the company held approximately $550M in cash and cash equivalents. The plan involves workforce reductions, and the company remains committed to supporting impacted employees through the transition.