Ballard Power Systems, Inc. (BLDP) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you for standing by. This is the conference operator. Welcome to the Ballard Power Systems fourth quarter and full year 2025 results conference call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference call, you may reach an operator by pressing star then zero. I would now like to turn the conference over to Sumit Kundu, Investor Relations. Please go ahead. Thank you, Operator, and good morning. Welcome to Ballard's fourth quarter and full year financial and operating results conference call. With us on today's call are Marty Neese, Ballard's CEO, and Kate Igbalode, Chief Financial Officer. We will be making forward-looking statements that are based on management's current expectations, beliefs, and assumptions concerning future events. Actual results could be materially different. Please refer to our annual information form and other public filings for our complete disclaimer and related information. I'll now turn the call over to Marty. Thank you, Suman, and good morning, everyone. Today I'll review fourth quarter and full year results. Additionally, I'd like to walk you through the structural changes underway at Ballard and the foundations we are laying and building towards sustained positive cash flow over the next two years. Let me begin with last year's performance. I'm pleased with our results in Q4 and across the full year. In 2025, we delivered record engine shipments, approaching 800 engines and more than 75 megawatts of power. That represents 38% growth in megawatts shipped compared to 2024. The majority of the...