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Side-by-side financial comparison of BLACKBERRY Ltd (BB) and H2O AMERICA (HTO). Click either name above to swap in a different company.
H2O AMERICA is the larger business by last-quarter revenue ($199.4M vs $141.8M, roughly 1.4× BLACKBERRY Ltd). BLACKBERRY Ltd runs the higher net margin — 9.7% vs 8.1%, a 1.5% gap on every dollar of revenue. On growth, H2O AMERICA posted the faster year-over-year revenue change (1.5% vs -0.8%). Over the past eight quarters, BLACKBERRY Ltd's revenue compounded faster (17.8% CAGR vs 15.3%).
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.
H2O Wireless is a United States-based prepaid cell phone service, that utilizes the AT&T network. It is a brand of the mobile virtual network operator (MVNO) Locus Telecommunications, a subsidiary of Telrite Holdings, Inc., since 2019. Locus was formerly a subsidiary of KDDI America corporation, starting in 2010. H2O Wireless is primarily advertised as a non-restrictive phone service for customers to bring or buy unlocked smartphones, although AT&T contract/locked phones may be accepted as well.
BB vs HTO — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $141.8M | $199.4M |
| Net Profit | $13.7M | $16.2M |
| Gross Margin | 77.5% | — |
| Operating Margin | 8.4% | 16.6% |
| Net Margin | 9.7% | 8.1% |
| Revenue YoY | -0.8% | 1.5% |
| Net Profit YoY | 224.5% | -29.2% |
| EPS (diluted) | $0.02 | $0.45 |
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 | $199.4M | ||
| Q3 25 | $129.6M | $243.5M | ||
| Q2 25 | $121.7M | $197.8M | ||
| Q1 25 | $141.7M | $164.9M | ||
| Q4 24 | $143.6M | $196.5M | ||
| Q3 24 | $126.2M | $216.7M | ||
| Q2 24 | $123.4M | $173.1M | ||
| Q1 24 | $102.1M | $150.0M |
| Q4 25 | $13.7M | $16.2M | ||
| Q3 25 | $13.3M | $45.1M | ||
| Q2 25 | $1.9M | $24.7M | ||
| Q1 25 | $-7.4M | $16.6M | ||
| Q4 24 | $-10.5M | $22.9M | ||
| Q3 24 | $-19.7M | $38.7M | ||
| Q2 24 | $-41.4M | $20.7M | ||
| Q1 24 | $-56.2M | $11.7M |
| 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% | 16.6% | ||
| Q3 25 | 8.9% | 26.5% | ||
| Q2 25 | 1.6% | 22.2% | ||
| Q1 25 | -5.6% | 21.8% | ||
| Q4 24 | 13.6% | 22.2% | ||
| Q3 24 | 1.7% | 26.9% | ||
| Q2 24 | -10.5% | 23.4% | ||
| Q1 24 | 50.0% | 18.6% |
| Q4 25 | 9.7% | 8.1% | ||
| Q3 25 | 10.3% | 18.5% | ||
| Q2 25 | 1.6% | 12.5% | ||
| Q1 25 | -5.2% | 10.0% | ||
| Q4 24 | -7.3% | 11.7% | ||
| Q3 24 | -15.6% | 17.8% | ||
| Q2 24 | -33.5% | 12.0% | ||
| Q1 24 | -55.0% | 7.8% |
| Q4 25 | $0.02 | $0.45 | ||
| Q3 25 | $0.02 | $1.27 | ||
| Q2 25 | $0.00 | $0.71 | ||
| Q1 25 | $-0.01 | $0.49 | ||
| Q4 24 | $-0.02 | $0.70 | ||
| Q3 24 | $-0.03 | $1.17 | ||
| Q2 24 | $-0.07 | $0.64 | ||
| Q1 24 | $-0.08 | $0.36 |
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 | $20.7M |
| Total DebtLower is stronger | $196.2M | $1.9B |
| Stockholders' EquityBook value | $741.1M | $1.5B |
| Total Assets | $1.2B | $5.1B |
| Debt / EquityLower = less leverage | 0.26× | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $304.2M | $20.7M | ||
| Q3 25 | $290.5M | $11.3M | ||
| Q2 25 | $306.6M | $19.8M | ||
| Q1 25 | $337.8M | $23.7M | ||
| Q4 24 | $220.0M | $11.1M | ||
| Q3 24 | $211.0M | $4.0M | ||
| Q2 24 | $229.0M | $22.8M | ||
| Q1 24 | $237.1M | $4.5M |
| Q4 25 | $196.2M | $1.9B | ||
| Q3 25 | $195.9M | — | ||
| Q2 25 | $195.6M | — | ||
| Q1 25 | $195.3M | — | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $194.1M | — |
| Q4 25 | $741.1M | $1.5B | ||
| Q3 25 | $725.1M | $1.5B | ||
| Q2 25 | $725.1M | $1.5B | ||
| Q1 25 | $719.9M | $1.4B | ||
| Q4 24 | $725.2M | $1.4B | ||
| Q3 24 | $732.1M | $1.3B | ||
| Q2 24 | $742.6M | $1.3B | ||
| Q1 24 | $775.1M | $1.2B |
| Q4 25 | $1.2B | $5.1B | ||
| Q3 25 | $1.2B | $5.0B | ||
| Q2 25 | $1.2B | $4.8B | ||
| Q1 25 | $1.3B | $4.7B | ||
| Q4 24 | $1.3B | $4.7B | ||
| Q3 24 | $1.3B | $4.6B | ||
| Q2 24 | $1.3B | $4.4B | ||
| Q1 24 | $1.4B | $4.4B |
| Q4 25 | 0.26× | 1.23× | ||
| Q3 25 | 0.27× | — | ||
| Q2 25 | 0.27× | — | ||
| Q1 25 | 0.27× | — | ||
| Q4 24 | — | 1.26× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.25× | — |
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 | $63.5M |
| Free Cash FlowOCF − Capex | $17.4M | — |
| FCF MarginFCF / Revenue | 12.3% | — |
| Capex IntensityCapex / Revenue | 0.6% | — |
| Cash ConversionOCF / Net Profit | 1.34× | 3.92× |
| TTM Free Cash FlowTrailing 4 quarters | $42.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.3M | $63.5M | ||
| Q3 25 | $3.9M | $77.3M | ||
| Q2 25 | $-18.0M | $60.8M | ||
| Q1 25 | $41.6M | $43.2M | ||
| Q4 24 | $6.0M | $41.5M | ||
| Q3 24 | $-16.0M | $53.5M | ||
| Q2 24 | $-15.1M | $49.3M | ||
| Q1 24 | $-15.5M | $51.2M |
| Q4 25 | $17.4M | — | ||
| Q3 25 | $3.1M | — | ||
| Q2 25 | $-18.9M | — | ||
| Q1 25 | $41.2M | — | ||
| Q4 24 | $5.2M | — | ||
| Q3 24 | $-16.5M | — | ||
| Q2 24 | $-16.5M | — | ||
| Q1 24 | $-17.6M | — |
| Q4 25 | 12.3% | — | ||
| Q3 25 | 2.4% | — | ||
| Q2 25 | -15.5% | — | ||
| Q1 25 | 29.1% | — | ||
| Q4 24 | 3.6% | — | ||
| Q3 24 | -13.1% | — | ||
| Q2 24 | -13.4% | — | ||
| Q1 24 | -17.2% | — |
| Q4 25 | 0.6% | — | ||
| Q3 25 | 0.6% | — | ||
| Q2 25 | 0.7% | — | ||
| Q1 25 | 0.3% | — | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 0.4% | — | ||
| Q2 24 | 1.1% | — | ||
| Q1 24 | 2.1% | — |
| Q4 25 | 1.34× | 3.92× | ||
| Q3 25 | 0.29× | 1.71× | ||
| Q2 25 | -9.47× | 2.47× | ||
| Q1 25 | — | 2.61× | ||
| Q4 24 | — | 1.81× | ||
| Q3 24 | — | 1.39× | ||
| Q2 24 | — | 2.38× | ||
| Q1 24 | — | 4.38× |
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% |
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
