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Side-by-side financial comparison of Ballard Power Systems Inc. (BLDP) and Cue Biopharma, Inc. (CUE). Click either name above to swap in a different company.
Cue Biopharma, Inc. is the larger business by last-quarter revenue ($21.9M vs $17.7M, roughly 1.2× Ballard Power Systems Inc.). Ballard Power Systems Inc. runs the higher net margin — 994.4% vs 7.2%, a 987.2% gap on every dollar of revenue.
Ballard Power Systems Inc. is a developer and manufacturer of proton exchange membrane (PEM) fuel cell products for markets such as heavy-duty motive, portable power, material handling as well as engineering services. Ballard has designed and shipped over 400 MW of fuel cell products to date.
Cue Biopharma is a clinical-stage biotechnology company focused on developing novel targeted immunotherapies for cancer, autoimmune disorders, and inflammatory diseases. Its proprietary platform enables precise T-cell activity modulation, with core operations in North America and global pharma partnerships to advance lead product candidates through clinical trials.
BLDP vs CUE — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $17.7M | $21.9M |
| Net Profit | $176.5M | $1.6M |
| Gross Margin | — | — |
| Operating Margin | — | 9.0% |
| Net Margin | 994.4% | 7.2% |
| Revenue YoY | — | 1292.3% |
| Net Profit YoY | — | 116.7% |
| EPS (diluted) | — | $0.05 |
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 | — | $21.9M | ||
| Q3 25 | $17.7M | $2.1M | ||
| Q2 25 | — | $3.0M | ||
| Q1 25 | — | $421.0K | ||
| Q4 24 | — | $1.6M | ||
| Q3 24 | $-12.3M | $3.3M | ||
| Q2 24 | — | $2.7M | ||
| Q1 24 | — | $1.7M |
| Q4 25 | — | $1.6M | ||
| Q3 25 | $176.5M | $-7.4M | ||
| Q2 25 | — | $-8.5M | ||
| Q1 25 | — | $-12.3M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-8.7M | ||
| Q2 24 | — | $-10.2M | ||
| Q1 24 | — | $-12.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 156.5% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 9.0% | ||
| Q3 25 | — | -353.4% | ||
| Q2 25 | — | -292.3% | ||
| Q1 25 | — | -2921.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -264.2% | ||
| Q2 24 | — | -390.6% | ||
| Q1 24 | — | -737.8% |
| Q4 25 | — | 7.2% | ||
| Q3 25 | 994.4% | -346.6% | ||
| Q2 25 | — | -287.1% | ||
| Q1 25 | — | -2911.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -259.6% | ||
| Q2 24 | — | -382.7% | ||
| Q1 24 | — | -719.1% |
| Q4 25 | — | $0.05 | ||
| Q3 25 | — | $-0.07 | ||
| Q2 25 | — | $-0.09 | ||
| Q1 25 | — | $-0.17 | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-0.17 | ||
| Q2 24 | — | $-0.20 | ||
| Q1 24 | — | $-0.25 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $27.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $26.4M |
| Total Assets | — | $42.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $27.1M | ||
| Q3 25 | — | $11.7M | ||
| Q2 25 | — | $27.5M | ||
| Q1 25 | — | $13.1M | ||
| Q4 24 | — | $22.5M | ||
| Q3 24 | — | $32.4M | ||
| Q2 24 | — | $30.0M | ||
| Q1 24 | — | $41.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.0M | ||
| Q2 24 | — | $2.0M | ||
| Q1 24 | — | $3.0M |
| Q4 25 | — | $26.4M | ||
| Q3 25 | — | $13.2M | ||
| Q2 25 | — | $18.2M | ||
| Q1 25 | — | $6.6M | ||
| Q4 24 | — | $17.5M | ||
| Q3 24 | — | $25.4M | ||
| Q2 24 | — | $21.6M | ||
| Q1 24 | — | $30.0M |
| Q4 25 | — | $42.2M | ||
| Q3 25 | — | $31.6M | ||
| Q2 25 | — | $40.7M | ||
| Q1 25 | — | $22.3M | ||
| Q4 24 | — | $32.2M | ||
| Q3 24 | — | $44.8M | ||
| Q2 24 | — | $42.3M | ||
| Q1 24 | — | $54.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.04× | ||
| Q2 24 | — | 0.09× | ||
| Q1 24 | — | 0.10× |
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 | $5.7M | $-1.1M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | 0.03× | -0.68× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-1.1M | ||
| Q3 25 | $5.7M | $-9.0M | ||
| Q2 25 | — | $-3.4M | ||
| Q1 25 | — | $-8.2M | ||
| Q4 24 | — | $-36.3M | ||
| Q3 24 | $-6.6M | $-7.5M | ||
| Q2 24 | — | $-10.0M | ||
| Q1 24 | — | $-9.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $-3.4M | ||
| Q1 25 | — | $-8.3M | ||
| Q4 24 | — | $-36.4M | ||
| Q3 24 | — | $-7.5M | ||
| Q2 24 | — | $-10.0M | ||
| Q1 24 | — | $-9.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -116.5% | ||
| Q1 25 | — | -1976.7% | ||
| Q4 24 | — | -2309.3% | ||
| Q3 24 | — | -225.7% | ||
| Q2 24 | — | -376.2% | ||
| Q1 24 | — | -573.0% |
| Q4 25 | — | 0.0% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | 0.9% | ||
| Q1 25 | — | 35.6% | ||
| Q4 24 | — | 4.2% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | 0.4% | ||
| Q1 24 | — | 3.2% |
| Q4 25 | — | -0.68× | ||
| Q3 25 | 0.03× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| 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
BLDP
Segment breakdown not available.
CUE
| Immuno Scape Collaboration And License Agreement | $9.5M | 43% |
| BI Collaboration And License Agreement | $8.1M | 37% |
| Other | $4.3M | 20% |
