Ballard Power Systems, Inc.

Thank you for standing by. This is the conference operator. Welcome to the Ballard Power Systems first quarter 2026 results conference call. As a reminder, all participants are in a 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 first quarter financial and operating results conference call. With us today on the call are Marty Neese, Ballard's President and CEO, Kate Igbalode, Chief Financial Officer, and Ralph Robinette, Ballard's new Chief Operating Officer. We will be making forward-looking statements based on management's current expectations, beliefs, and assumptions concerning future events. Actual results could differ materially. Please refer to our most recent 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, Sumit, and welcome everyone to today's conference call. This morning, I will give an overview of our Q1 2026 performance and provide a commercial update. I will focus on the progress we are seeing in the bus market. We are also joined by our new Chief Operating Officer, Ralph Robinette. He will introduce himself and share updates on our operations. Kate will then review our financial results in more detail. We had a solid start to the year. Deliveries into the bus and rail markets drove revenue growth compared to last year. We also delivered another quarter of positive gross margins. This is our third consecutive quarter of positive gross margin. It reflects disciplined cost and commercial management and marks an important step in our transformation toward becoming cash flow positive. To build on this progress, we have set a few near-term focus areas, including deepening our partnerships with bus OEMs and key geographies, improving and expanding our fleet services capabilities and offerings, lowering costs through automation and intelligence. I'll spend a few minutes on these and provide some additional color. Turning to buses. We have made several important announcements in the bus market this year. In North America, we signed a multi-year agreement with New Flyer, representing approximately 50 megawatts of fuel cell engine supply. This strengthens our position as fleets continue to scale in the U.S. bus market. In the UK, Wright Bus selected Ballard to power its next generation hydrogen bus platform using our newest FCMove FC engine. In the EU, Solaris also selected Ballard as the fuel cell supplier for its next generation hydrogen bus platform, including the FCMove SC for its 12-meter bus. These announcements matter for several reasons. First, these new agreements are multi-year partnerships with leading bus OEMs in major markets. They include both engine sales and long-term service support. This strengthens our position as fleets scale and as our fleet services business continues to grow. Our intelligent fuel cell engines help us deliver better service. They provide real-time performance data that allows us and our OEM partners to respond faster and keep buses on the road. Our remote operations center adds another layer of support by improving parts planning, logistics, and predictive insights. Combined with our industry-leading durability, these capabilities position our engines as a zero-emission solution that can match or even exceed battery electric and diesel alternatives on uptime and total cost of ownership. Ballard Fleet Services plays a key role in this strategy. We are moving from being only a module supplier to becoming a proactive, data-driven fleet partner. Our approach is built on more than 300 million kilometers of real-world operating data. Using this experience, we created the industry-first uptime standard, which brings together predictive maintenance, training, service support, and parts assurance. These offerings are designed to deliver up to 98% fleet availability. This creates real value for OEMs by reducing after-sales friction and lowering risk. It also gives operators more predictable lifecycle costs and stronger protection against budget swings. As our installed base grows, these services expand our recurring revenue and turn our fleet into a long-term strategic asset. Second, these long-term agreements support our product cost reduction goals. Both Wright Bus and Solaris have committed to our ninth generation FC Move SC platform. This engine was designed to reduce cost and simplify installation and maintenance. We cut the number of components by more than 40% while improving power density and durability. Each new bus we deploy also creates a long tail of service opportunities. Buses stay in service for 8, 12, and even 16 years. Our growing fleet gives us a multi-year runway for operations, maintenance, and training services. Through Ballard Academy, we continue to support operators and technicians with the skills they need to run these fleets effectively. Taken together, these agreements and deep relationships reinforce our long-term market position. Ballard holds a leading share of the fuel cell bus market in North America, the UK, and Europe. Being selected for next-generation platforms positions us to maintain that leadership as adoption accelerates and total cost of ownership continues to improve. Delivering industry-leading fleet services throughout the life of the bus is a major opportunity, and we are only getting started. We will now move to operations, which are central to delivering scalable, cost-competitive, and commercially ready products. For that, I will hand it over to our new Chief Operating Officer, Ralph Robinette.