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Side-by-side financial comparison of AbCellera Biologics Inc. (ABCL) and OPAL Fuels Inc. (OPAL). Click either name above to swap in a different company.
OPAL Fuels Inc. is the larger business by last-quarter revenue ($88.4M vs $44.9M, roughly 2.0× AbCellera Biologics Inc.). OPAL Fuels Inc. runs the higher net margin — 18.3% vs -19.9%, a 38.2% gap on every dollar of revenue. On growth, AbCellera Biologics Inc. posted the faster year-over-year revenue change (788.4% vs 18.7%). OPAL Fuels Inc. produced more free cash flow last quarter ($-13.4M vs $-44.6M). Over the past eight quarters, AbCellera Biologics Inc.'s revenue compounded faster (112.3% CAGR vs 17.6%).
AbCellera Biologics Inc. is a Vancouver, British Columbia-based biotechnology company that discovers and develops antibody therapeutics. The company is best known for its leading role in the Pandemic Prevention Platform, a project of DARPA's Biological Technologies Office. AbCellera utilizes a proprietary technology platform, which they claim can develop "medical countermeasures within 60 days." Its platform for single-cell screening was initially developed at the University of British Columbia.
OPAL Fuels Inc. is a North American energy company focused on producing and distributing low-carbon renewable natural gas (RNG). It captures methane from landfills, dairy operations and other organic waste streams to produce RNG, which is mainly supplied to heavy-duty transportation fleets, commercial logistics operators and public transport entities to help reduce their greenhouse gas emissions.
ABCL vs OPAL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $44.9M | $88.4M |
| Net Profit | $-8.9M | $16.2M |
| Gross Margin | — | — |
| Operating Margin | -63.7% | 7.5% |
| Net Margin | -19.9% | 18.3% |
| Revenue YoY | 788.4% | 18.7% |
| Net Profit YoY | 73.9% | 401.5% |
| EPS (diluted) | $-0.03 | $0.08 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $44.9M | $88.4M | ||
| Q3 25 | $9.0M | $77.9M | ||
| Q2 25 | $17.1M | $77.4M | ||
| Q1 25 | $4.2M | $83.0M | ||
| Q4 24 | $5.0M | $74.5M | ||
| Q3 24 | $6.5M | $82.6M | ||
| Q2 24 | $7.3M | $69.8M | ||
| Q1 24 | $10.0M | $64.0M |
| Q4 25 | $-8.9M | $16.2M | ||
| Q3 25 | $-57.1M | $11.4M | ||
| Q2 25 | $-34.7M | $7.6M | ||
| Q1 25 | $-45.6M | $1.3M | ||
| Q4 24 | — | $-5.4M | ||
| Q3 24 | $-51.1M | $17.1M | ||
| Q2 24 | $-36.9M | $1.9M | ||
| Q1 24 | $-40.6M | $677.0K |
| Q4 25 | -63.7% | 7.5% | ||
| Q3 25 | -851.8% | 4.6% | ||
| Q2 25 | -290.2% | -1.1% | ||
| Q1 25 | -1479.6% | -2.3% | ||
| Q4 24 | — | -0.5% | ||
| Q3 24 | -1439.4% | 14.9% | ||
| Q2 24 | -1276.2% | 8.1% | ||
| Q1 24 | -551.5% | 5.6% |
| Q4 25 | -19.9% | 18.3% | ||
| Q3 25 | -637.8% | 14.6% | ||
| Q2 25 | -203.3% | 9.8% | ||
| Q1 25 | -1077.2% | 1.5% | ||
| Q4 24 | — | -7.2% | ||
| Q3 24 | -785.4% | 20.7% | ||
| Q2 24 | -504.3% | 2.7% | ||
| Q1 24 | -408.0% | 1.1% |
| Q4 25 | $-0.03 | $0.08 | ||
| Q3 25 | $-0.19 | $0.05 | ||
| Q2 25 | $-0.12 | $0.03 | ||
| Q1 25 | $-0.15 | $-0.01 | ||
| Q4 24 | — | $-0.05 | ||
| Q3 24 | $-0.17 | $0.09 | ||
| Q2 24 | $-0.13 | $-0.01 | ||
| Q1 24 | $-0.14 | $-0.01 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $128.5M | $24.4M |
| Total DebtLower is stronger | — | $361.3M |
| Stockholders' EquityBook value | $966.9M | $-12.9M |
| Total Assets | $1.4B | $959.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $128.5M | $24.4M | ||
| Q3 25 | $83.2M | $29.9M | ||
| Q2 25 | $92.4M | $29.3M | ||
| Q1 25 | $159.3M | $40.1M | ||
| Q4 24 | $156.3M | $24.3M | ||
| Q3 24 | $126.6M | $31.0M | ||
| Q2 24 | $148.3M | $27.6M | ||
| Q1 24 | $123.6M | $34.2M |
| Q4 25 | — | $361.3M | ||
| Q3 25 | — | $351.2M | ||
| Q2 25 | — | $331.6M | ||
| Q1 25 | — | $307.0M | ||
| Q4 24 | — | $307.5M | ||
| Q3 24 | — | $252.9M | ||
| Q2 24 | — | $233.3M | ||
| Q1 24 | — | $208.7M |
| Q4 25 | $966.9M | $-12.9M | ||
| Q3 25 | $964.0M | $7.5M | ||
| Q2 25 | $1.0B | $-25.0M | ||
| Q1 25 | $1.0B | $57.1M | ||
| Q4 24 | $1.1B | $-148.4M | ||
| Q3 24 | $1.1B | $-180.1M | ||
| Q2 24 | $1.1B | $-273.0M | ||
| Q1 24 | $1.1B | $-382.4M |
| Q4 25 | $1.4B | $959.5M | ||
| Q3 25 | $1.4B | $916.7M | ||
| Q2 25 | $1.4B | $905.5M | ||
| Q1 25 | $1.3B | $884.9M | ||
| Q4 24 | $1.4B | $881.1M | ||
| Q3 24 | $1.4B | $831.1M | ||
| Q2 24 | $1.4B | $782.3M | ||
| Q1 24 | $1.5B | $750.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | 46.95× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 5.38× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-34.7M | $-3.5M |
| Free Cash FlowOCF − Capex | $-44.6M | $-13.4M |
| FCF MarginFCF / Revenue | -99.4% | -15.1% |
| Capex IntensityCapex / Revenue | 21.9% | 11.1% |
| Cash ConversionOCF / Net Profit | — | -0.22× |
| TTM Free Cash FlowTrailing 4 quarters | $-174.1M | $-34.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-34.7M | $-3.5M | ||
| Q3 25 | $-52.6M | $18.2M | ||
| Q2 25 | $-32.4M | $-7.9M | ||
| Q1 25 | $-11.6M | $29.7M | ||
| Q4 24 | $-108.6M | $-532.0K | ||
| Q3 24 | $-28.9M | $17.7M | ||
| Q2 24 | $-30.0M | $533.0K | ||
| Q1 24 | $-41.7M | $13.7M |
| Q4 25 | $-44.6M | $-13.4M | ||
| Q3 25 | $-61.5M | $-9.3M | ||
| Q2 25 | $-45.8M | $-29.7M | ||
| Q1 25 | $-22.2M | $18.1M | ||
| Q4 24 | $-187.0M | $-55.0M | ||
| Q3 24 | $-47.4M | $-5.4M | ||
| Q2 24 | $-50.1M | $-22.5M | ||
| Q1 24 | $-65.8M | $-13.0M |
| Q4 25 | -99.4% | -15.1% | ||
| Q3 25 | -687.0% | -11.9% | ||
| Q2 25 | -267.9% | -38.4% | ||
| Q1 25 | -524.0% | 21.8% | ||
| Q4 24 | -3702.8% | -73.8% | ||
| Q3 24 | -728.4% | -6.5% | ||
| Q2 24 | -683.8% | -32.2% | ||
| Q1 24 | -661.5% | -20.4% |
| Q4 25 | 21.9% | 11.1% | ||
| Q3 25 | 99.7% | 35.3% | ||
| Q2 25 | 78.2% | 28.2% | ||
| Q1 25 | 251.1% | 13.9% | ||
| Q4 24 | 1552.7% | 73.1% | ||
| Q3 24 | 284.6% | 27.9% | ||
| Q2 24 | 274.6% | 32.9% | ||
| Q1 24 | 242.5% | 41.8% |
| Q4 25 | — | -0.22× | ||
| Q3 25 | — | 1.60× | ||
| Q2 25 | — | -1.04× | ||
| Q1 25 | — | 23.11× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | — | 0.28× | ||
| Q1 24 | — | 20.26× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ABCL
Segment breakdown not available.
OPAL
| Fuel Station Services Segment | $65.1M | 74% |
| Related Party | $12.1M | 14% |
| Renewable Power Segment | $8.6M | 10% |
| Other | $2.6M | 3% |
