Core Viewpoint - Ballard Power Systems is undergoing a strategic realignment to enhance growth, market execution, and financial performance, led by new President and CEO Marty Neese, in response to current market dynamics [1][2]. Strategic Realignment - The realignment focuses on immediate market opportunities with proven product-market fit and aims to establish a sustainable business model emphasizing operational excellence and margin discipline [2]. - Key elements of the strategy include a commitment to innovation while ensuring commercial durability and delivering shareholder value through prudent growth [3]. Operational Goals - The company aims to achieve positive cash flow by the end of 2027 through enhanced cost discipline, market prioritization, pricing improvements, and optimized working capital [6]. - Ballard plans to reduce annualized operating costs by at least 30% in 2026 compared to the first half of 2025 through workforce adjustments and streamlined operations [6]. - The focus will be on fuel cell products with strong commercial traction, discontinuing non-core programs, and driving higher-margin offerings [6]. Financial Management - Ballard is targeting enhanced gross margins through lower product costs, value-based pricing, and improved customer service [6]. - The company will continue to limit capital expenditures and rigorously manage cash, with a focus on inventory optimization and working capital control, maintaining approximately $550 million in cash and cash equivalents as of June 30, 2025 [6]. Vision and Commitment - The company remains committed to the belief that hydrogen and fuel cells are essential for decarbonizing global mobility, ensuring readiness and focus in leading this transition [4].