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Side-by-side financial comparison of BLACKBERRY Ltd (BB) and FTAI Infrastructure Inc. (FIP). Click either name above to swap in a different company.
FTAI Infrastructure Inc. is the larger business by last-quarter revenue ($143.5M vs $141.8M, roughly 1.0× BLACKBERRY Ltd). BLACKBERRY Ltd runs the higher net margin — 9.7% vs -68.1%, a 77.8% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs -0.8%). BLACKBERRY Ltd produced more free cash flow last quarter ($17.4M vs $-68.6M). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs 17.8%).
BlackBerry Limited, formerly Research In Motion (RIM), is a Canadian software company specializing in secure communications and the Internet of Things (IoT). Founded in 1984, it developed the BlackBerry brand of two-way pagers, smartphones, and tablets. The company later transitioned to providing software and services and holds critical software application patents.
FTAI Infrastructure Inc. owns, operates and invests in high-quality critical infrastructure assets across core sectors including transportation logistics, midstream energy, and power generation. It primarily serves North American markets, focusing on assets with stable long-term cash flows, contracted revenue streams, and strong market positions to deliver sustainable returns for stakeholders.
BB vs FIP — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $141.8M | $143.5M |
| Net Profit | $13.7M | $-97.7M |
| Gross Margin | 77.5% | — |
| Operating Margin | 8.4% | -45.7% |
| Net Margin | 9.7% | -68.1% |
| Revenue YoY | -0.8% | 77.7% |
| Net Profit YoY | 224.5% | 21.6% |
| EPS (diluted) | $0.02 | $-1.04 |
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 | $141.8M | $143.5M | ||
| Q3 25 | $129.6M | $140.6M | ||
| Q2 25 | $121.7M | $122.3M | ||
| Q1 25 | $141.7M | $96.2M | ||
| Q4 24 | $143.6M | $80.8M | ||
| Q3 24 | $126.2M | $83.3M | ||
| Q2 24 | $123.4M | $84.9M | ||
| Q1 24 | $102.1M | $82.5M |
| Q4 25 | $13.7M | $-97.7M | ||
| Q3 25 | $13.3M | $-104.5M | ||
| Q2 25 | $1.9M | $-70.0M | ||
| Q1 25 | $-7.4M | $120.2M | ||
| Q4 24 | $-10.5M | $-124.7M | ||
| Q3 24 | $-19.7M | $-43.0M | ||
| Q2 24 | $-41.4M | $-48.1M | ||
| Q1 24 | $-56.2M | $-50.3M |
| Q4 25 | 77.5% | — | ||
| Q3 25 | 74.5% | — | ||
| Q2 25 | 74.2% | — | ||
| Q1 25 | 73.5% | — | ||
| Q4 24 | 78.1% | — | ||
| Q3 24 | 70.2% | — | ||
| Q2 24 | 72.9% | — | ||
| Q1 24 | — | — |
| Q4 25 | 8.4% | -45.7% | ||
| Q3 25 | 8.9% | -70.8% | ||
| Q2 25 | 1.6% | -56.4% | ||
| Q1 25 | -5.6% | 81.8% | ||
| Q4 24 | 13.6% | -152.7% | ||
| Q3 24 | 1.7% | -51.7% | ||
| Q2 24 | -10.5% | -56.4% | ||
| Q1 24 | 50.0% | -58.8% |
| Q4 25 | 9.7% | -68.1% | ||
| Q3 25 | 10.3% | -74.4% | ||
| Q2 25 | 1.6% | -57.2% | ||
| Q1 25 | -5.2% | 125.0% | ||
| Q4 24 | -7.3% | -154.4% | ||
| Q3 24 | -15.6% | -51.6% | ||
| Q2 24 | -33.5% | -56.7% | ||
| Q1 24 | -55.0% | -60.9% |
| Q4 25 | $0.02 | $-1.04 | ||
| Q3 25 | $0.02 | $-1.38 | ||
| Q2 25 | $0.00 | $-0.73 | ||
| Q1 25 | $-0.01 | $0.89 | ||
| Q4 24 | $-0.02 | $-1.21 | ||
| Q3 24 | $-0.03 | $-0.45 | ||
| Q2 24 | $-0.07 | $-0.52 | ||
| Q1 24 | $-0.08 | $-0.54 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $304.2M | $57.4M |
| Total DebtLower is stronger | $196.2M | $3.8B |
| Stockholders' EquityBook value | $741.1M | $21.3M |
| Total Assets | $1.2B | $5.7B |
| Debt / EquityLower = less leverage | 0.26× | 176.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $304.2M | $57.4M | ||
| Q3 25 | $290.5M | $34.7M | ||
| Q2 25 | $306.6M | $33.6M | ||
| Q1 25 | $337.8M | $26.3M | ||
| Q4 24 | $220.0M | $27.8M | ||
| Q3 24 | $211.0M | $20.3M | ||
| Q2 24 | $229.0M | $33.1M | ||
| Q1 24 | $237.1M | $23.0M |
| Q4 25 | $196.2M | $3.8B | ||
| Q3 25 | $195.9M | $3.7B | ||
| Q2 25 | $195.6M | $3.1B | ||
| Q1 25 | $195.3M | $2.8B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | $194.1M | $1.3B |
| Q4 25 | $741.1M | $21.3M | ||
| Q3 25 | $725.1M | $181.1M | ||
| Q2 25 | $725.1M | $375.5M | ||
| Q1 25 | $719.9M | $476.2M | ||
| Q4 24 | $725.2M | $202.7M | ||
| Q3 24 | $732.1M | $370.8M | ||
| Q2 24 | $742.6M | $394.8M | ||
| Q1 24 | $775.1M | $402.5M |
| Q4 25 | $1.2B | $5.7B | ||
| Q3 25 | $1.2B | $5.5B | ||
| Q2 25 | $1.2B | $4.4B | ||
| Q1 25 | $1.3B | $4.1B | ||
| Q4 24 | $1.3B | $2.4B | ||
| Q3 24 | $1.3B | $2.4B | ||
| Q2 24 | $1.3B | $2.5B | ||
| Q1 24 | $1.4B | $2.3B |
| Q4 25 | 0.26× | 176.99× | ||
| Q3 25 | 0.27× | 20.59× | ||
| Q2 25 | 0.27× | 8.21× | ||
| Q1 25 | 0.27× | 5.79× | ||
| Q4 24 | — | 7.84× | ||
| Q3 24 | — | 4.14× | ||
| Q2 24 | — | 3.94× | ||
| Q1 24 | 0.25× | 3.34× |
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 | $18.3M | $-2.8M |
| Free Cash FlowOCF − Capex | $17.4M | $-68.6M |
| FCF MarginFCF / Revenue | 12.3% | -47.8% |
| Capex IntensityCapex / Revenue | 0.6% | 45.9% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $42.8M | $-398.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.3M | $-2.8M | ||
| Q3 25 | $3.9M | $-24.4M | ||
| Q2 25 | $-18.0M | $-5.2M | ||
| Q1 25 | $41.6M | $-85.7M | ||
| Q4 24 | $6.0M | $-8.1M | ||
| Q3 24 | $-16.0M | $14.2M | ||
| Q2 24 | $-15.1M | $-17.6M | ||
| Q1 24 | $-15.5M | $-3.9M |
| Q4 25 | $17.4M | $-68.6M | ||
| Q3 25 | $3.1M | $-90.7M | ||
| Q2 25 | $-18.9M | $-87.5M | ||
| Q1 25 | $41.2M | $-151.7M | ||
| Q4 24 | $5.2M | $-34.3M | ||
| Q3 24 | $-16.5M | $-11.7M | ||
| Q2 24 | $-16.5M | $-32.1M | ||
| Q1 24 | $-17.6M | $-16.7M |
| Q4 25 | 12.3% | -47.8% | ||
| Q3 25 | 2.4% | -64.5% | ||
| Q2 25 | -15.5% | -71.6% | ||
| Q1 25 | 29.1% | -157.7% | ||
| Q4 24 | 3.6% | -42.4% | ||
| Q3 24 | -13.1% | -14.0% | ||
| Q2 24 | -13.4% | -37.9% | ||
| Q1 24 | -17.2% | -20.3% |
| Q4 25 | 0.6% | 45.9% | ||
| Q3 25 | 0.6% | 47.2% | ||
| Q2 25 | 0.7% | 67.3% | ||
| Q1 25 | 0.3% | 68.6% | ||
| Q4 24 | 0.6% | 32.5% | ||
| Q3 24 | 0.4% | 31.1% | ||
| Q2 24 | 1.1% | 17.2% | ||
| Q1 24 | 2.1% | 15.6% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 0.29× | — | ||
| Q2 25 | -9.47× | — | ||
| Q1 25 | — | -0.71× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BB
| QNX | $68.7M | 48% |
| Secure Communication | $67.0M | 47% |
| Licensing | $6.1M | 4% |
FIP
| Power Revenues | $45.9M | 32% |
| Rail Revenue | $44.6M | 31% |
| Service Other | $22.8M | 16% |
| Gas Revenues | $15.3M | 11% |
| Roadside Services Revenues | $11.5M | 8% |
| Rapauno | $1.2M | 1% |
