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Side-by-side financial comparison of BLACKBERRY Ltd (BB) and OPAL Fuels Inc. (OPAL). Click either name above to swap in a different company.
BLACKBERRY Ltd is the larger business by last-quarter revenue ($141.8M vs $88.4M, roughly 1.6× OPAL Fuels Inc.). OPAL Fuels Inc. runs the higher net margin — 18.3% vs 9.7%, a 8.6% gap on every dollar of revenue. On growth, OPAL Fuels Inc. posted the faster year-over-year revenue change (18.7% vs -0.8%). BLACKBERRY Ltd produced more free cash flow last quarter ($17.4M vs $-13.4M). Over the past eight quarters, BLACKBERRY Ltd's revenue compounded faster (17.8% CAGR vs 17.6%).
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.
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.
BB vs OPAL — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $141.8M | $88.4M |
| Net Profit | $13.7M | $16.2M |
| Gross Margin | 77.5% | — |
| Operating Margin | 8.4% | 7.5% |
| Net Margin | 9.7% | 18.3% |
| Revenue YoY | -0.8% | 18.7% |
| Net Profit YoY | 224.5% | 401.5% |
| EPS (diluted) | $0.02 | $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 | $141.8M | $88.4M | ||
| Q3 25 | $129.6M | $77.9M | ||
| Q2 25 | $121.7M | $77.4M | ||
| Q1 25 | $141.7M | $83.0M | ||
| Q4 24 | $143.6M | $74.5M | ||
| Q3 24 | $126.2M | $82.6M | ||
| Q2 24 | $123.4M | $69.8M | ||
| Q1 24 | $102.1M | $64.0M |
| Q4 25 | $13.7M | $16.2M | ||
| Q3 25 | $13.3M | $11.4M | ||
| Q2 25 | $1.9M | $7.6M | ||
| Q1 25 | $-7.4M | $1.3M | ||
| Q4 24 | $-10.5M | $-5.4M | ||
| Q3 24 | $-19.7M | $17.1M | ||
| Q2 24 | $-41.4M | $1.9M | ||
| Q1 24 | $-56.2M | $677.0K |
| 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% | 7.5% | ||
| Q3 25 | 8.9% | 4.6% | ||
| Q2 25 | 1.6% | -1.1% | ||
| Q1 25 | -5.6% | -2.3% | ||
| Q4 24 | 13.6% | -0.5% | ||
| Q3 24 | 1.7% | 14.9% | ||
| Q2 24 | -10.5% | 8.1% | ||
| Q1 24 | 50.0% | 5.6% |
| Q4 25 | 9.7% | 18.3% | ||
| Q3 25 | 10.3% | 14.6% | ||
| Q2 25 | 1.6% | 9.8% | ||
| Q1 25 | -5.2% | 1.5% | ||
| Q4 24 | -7.3% | -7.2% | ||
| Q3 24 | -15.6% | 20.7% | ||
| Q2 24 | -33.5% | 2.7% | ||
| Q1 24 | -55.0% | 1.1% |
| Q4 25 | $0.02 | $0.08 | ||
| Q3 25 | $0.02 | $0.05 | ||
| Q2 25 | $0.00 | $0.03 | ||
| Q1 25 | $-0.01 | $-0.01 | ||
| Q4 24 | $-0.02 | $-0.05 | ||
| Q3 24 | $-0.03 | $0.09 | ||
| Q2 24 | $-0.07 | $-0.01 | ||
| Q1 24 | $-0.08 | $-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 | $304.2M | $24.4M |
| Total DebtLower is stronger | $196.2M | $361.3M |
| Stockholders' EquityBook value | $741.1M | $-12.9M |
| Total Assets | $1.2B | $959.5M |
| Debt / EquityLower = less leverage | 0.26× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $304.2M | $24.4M | ||
| Q3 25 | $290.5M | $29.9M | ||
| Q2 25 | $306.6M | $29.3M | ||
| Q1 25 | $337.8M | $40.1M | ||
| Q4 24 | $220.0M | $24.3M | ||
| Q3 24 | $211.0M | $31.0M | ||
| Q2 24 | $229.0M | $27.6M | ||
| Q1 24 | $237.1M | $34.2M |
| Q4 25 | $196.2M | $361.3M | ||
| Q3 25 | $195.9M | $351.2M | ||
| Q2 25 | $195.6M | $331.6M | ||
| Q1 25 | $195.3M | $307.0M | ||
| Q4 24 | — | $307.5M | ||
| Q3 24 | — | $252.9M | ||
| Q2 24 | — | $233.3M | ||
| Q1 24 | $194.1M | $208.7M |
| Q4 25 | $741.1M | $-12.9M | ||
| Q3 25 | $725.1M | $7.5M | ||
| Q2 25 | $725.1M | $-25.0M | ||
| Q1 25 | $719.9M | $57.1M | ||
| Q4 24 | $725.2M | $-148.4M | ||
| Q3 24 | $732.1M | $-180.1M | ||
| Q2 24 | $742.6M | $-273.0M | ||
| Q1 24 | $775.1M | $-382.4M |
| Q4 25 | $1.2B | $959.5M | ||
| Q3 25 | $1.2B | $916.7M | ||
| Q2 25 | $1.2B | $905.5M | ||
| Q1 25 | $1.3B | $884.9M | ||
| Q4 24 | $1.3B | $881.1M | ||
| Q3 24 | $1.3B | $831.1M | ||
| Q2 24 | $1.3B | $782.3M | ||
| Q1 24 | $1.4B | $750.5M |
| Q4 25 | 0.26× | — | ||
| Q3 25 | 0.27× | 46.95× | ||
| Q2 25 | 0.27× | — | ||
| Q1 25 | 0.27× | 5.38× | ||
| Q4 24 | — | — | ||
| 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 | $-3.5M |
| Free Cash FlowOCF − Capex | $17.4M | $-13.4M |
| FCF MarginFCF / Revenue | 12.3% | -15.1% |
| Capex IntensityCapex / Revenue | 0.6% | 11.1% |
| Cash ConversionOCF / Net Profit | 1.34× | -0.22× |
| TTM Free Cash FlowTrailing 4 quarters | $42.8M | $-34.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.3M | $-3.5M | ||
| Q3 25 | $3.9M | $18.2M | ||
| Q2 25 | $-18.0M | $-7.9M | ||
| Q1 25 | $41.6M | $29.7M | ||
| Q4 24 | $6.0M | $-532.0K | ||
| Q3 24 | $-16.0M | $17.7M | ||
| Q2 24 | $-15.1M | $533.0K | ||
| Q1 24 | $-15.5M | $13.7M |
| Q4 25 | $17.4M | $-13.4M | ||
| Q3 25 | $3.1M | $-9.3M | ||
| Q2 25 | $-18.9M | $-29.7M | ||
| Q1 25 | $41.2M | $18.1M | ||
| Q4 24 | $5.2M | $-55.0M | ||
| Q3 24 | $-16.5M | $-5.4M | ||
| Q2 24 | $-16.5M | $-22.5M | ||
| Q1 24 | $-17.6M | $-13.0M |
| Q4 25 | 12.3% | -15.1% | ||
| Q3 25 | 2.4% | -11.9% | ||
| Q2 25 | -15.5% | -38.4% | ||
| Q1 25 | 29.1% | 21.8% | ||
| Q4 24 | 3.6% | -73.8% | ||
| Q3 24 | -13.1% | -6.5% | ||
| Q2 24 | -13.4% | -32.2% | ||
| Q1 24 | -17.2% | -20.4% |
| Q4 25 | 0.6% | 11.1% | ||
| Q3 25 | 0.6% | 35.3% | ||
| Q2 25 | 0.7% | 28.2% | ||
| Q1 25 | 0.3% | 13.9% | ||
| Q4 24 | 0.6% | 73.1% | ||
| Q3 24 | 0.4% | 27.9% | ||
| Q2 24 | 1.1% | 32.9% | ||
| Q1 24 | 2.1% | 41.8% |
| Q4 25 | 1.34× | -0.22× | ||
| Q3 25 | 0.29× | 1.60× | ||
| Q2 25 | -9.47× | -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
BB
| QNX | $68.7M | 48% |
| Secure Communication | $67.0M | 47% |
| Licensing | $6.1M | 4% |
OPAL
| Fuel Station Services Segment | $65.1M | 74% |
| Related Party | $12.1M | 14% |
| Renewable Power Segment | $8.6M | 10% |
| Other | $2.6M | 3% |
