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Side-by-side financial comparison of Ballard Power Systems Inc. (BLDP) and FUELCELL ENERGY INC (FCEL). Click either name above to swap in a different company.
FUELCELL ENERGY INC is the larger business by last-quarter revenue ($55.0M vs $17.7M, roughly 3.1× Ballard Power Systems Inc.). Ballard Power Systems Inc. runs the higher net margin — 994.4% vs -54.3%, a 1048.7% 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.
FuelCell Energy, Inc. is a publicly traded fuel cell company headquartered in Danbury, Connecticut. It designs, manufactures, operates and services power plants based on molten carbonate fuel cells.
BLDP vs FCEL — Head-to-Head
Income Statement — Q3 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $17.7M | $55.0M |
| Net Profit | $176.5M | $-29.9M |
| Gross Margin | — | -12.1% |
| Operating Margin | — | -51.5% |
| Net Margin | 994.4% | -54.3% |
| Revenue YoY | — | 11.5% |
| Net Profit YoY | — | 27.9% |
| EPS (diluted) | — | $-0.43 |
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 | — | $55.0M | ||
| Q3 25 | $17.7M | $46.7M | ||
| Q2 25 | $1.8M | $37.4M | ||
| Q1 25 | $937.0K | $19.0M | ||
| Q4 24 | — | $49.3M | ||
| Q3 24 | $-12.3M | $23.7M | ||
| Q2 24 | $689.0K | $22.4M | ||
| Q1 24 | $1.2M | $16.7M |
| Q4 25 | — | $-29.9M | ||
| Q3 25 | $176.5M | $-91.7M | ||
| Q2 25 | $7.2M | $-38.0M | ||
| Q1 25 | $20.0M | $-28.3M | ||
| Q4 24 | — | $-41.4M | ||
| Q3 24 | — | $-32.7M | ||
| Q2 24 | — | $-32.1M | ||
| Q1 24 | $1.3M | $-19.8M |
| Q4 25 | — | -12.1% | ||
| Q3 25 | — | -11.0% | ||
| Q2 25 | 2.7% | -25.2% | ||
| Q1 25 | 7.2% | -27.4% | ||
| Q4 24 | — | -22.1% | ||
| Q3 24 | 156.5% | -26.2% | ||
| Q2 24 | — | -31.6% | ||
| Q1 24 | — | -70.2% |
| Q4 25 | — | -51.5% | ||
| Q3 25 | — | -204.0% | ||
| Q2 25 | — | -95.7% | ||
| Q1 25 | — | -172.9% | ||
| Q4 24 | — | -83.2% | ||
| Q3 24 | — | -141.9% | ||
| Q2 24 | — | -184.5% | ||
| Q1 24 | — | -254.5% |
| Q4 25 | — | -54.3% | ||
| Q3 25 | 994.4% | -196.1% | ||
| Q2 25 | 390.6% | -101.7% | ||
| Q1 25 | 2137.7% | -149.1% | ||
| Q4 24 | — | -84.0% | ||
| Q3 24 | — | -137.8% | ||
| Q2 24 | — | -143.4% | ||
| Q1 24 | 107.9% | -118.6% |
| Q4 25 | — | $-0.43 | ||
| Q3 25 | — | $-3.78 | ||
| Q2 25 | — | $-1.79 | ||
| Q1 25 | — | $-1.42 | ||
| Q4 24 | — | $-2.29 | ||
| Q3 24 | — | $-1.99 | ||
| Q2 24 | — | $-2.18 | ||
| Q1 24 | — | $-1.37 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $278.1M |
| Total DebtLower is stronger | — | $103.8M |
| Stockholders' EquityBook value | — | $662.2M |
| Total Assets | — | $932.1M |
| Debt / EquityLower = less leverage | — | 0.16× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $278.1M | ||
| Q3 25 | — | $174.7M | ||
| Q2 25 | — | $177.0M | ||
| Q1 25 | — | $208.4M | ||
| Q4 24 | — | $257.3M | ||
| Q3 24 | — | $267.2M | ||
| Q2 24 | — | $260.1M | ||
| Q1 24 | — | $297.5M |
| Q4 25 | — | $103.8M | ||
| Q3 25 | — | $106.4M | ||
| Q2 25 | — | $109.4M | ||
| Q1 25 | — | $112.3M | ||
| Q4 24 | — | $115.7M | ||
| Q3 24 | — | $112.7M | ||
| Q2 24 | — | $116.2M | ||
| Q1 24 | — | $107.2M |
| Q4 25 | — | $662.2M | ||
| Q3 25 | — | $556.2M | ||
| Q2 25 | — | $609.2M | ||
| Q1 25 | — | $635.2M | ||
| Q4 24 | — | $656.9M | ||
| Q3 24 | — | $675.8M | ||
| Q2 24 | — | $639.8M | ||
| Q1 24 | — | $663.9M |
| Q4 25 | — | $932.1M | ||
| Q3 25 | — | $830.5M | ||
| Q2 25 | — | $883.8M | ||
| Q1 25 | — | $907.5M | ||
| Q4 24 | — | $944.1M | ||
| Q3 24 | — | $948.9M | ||
| Q2 24 | — | $916.8M | ||
| Q1 24 | — | $923.2M |
| Q4 25 | — | 0.16× | ||
| Q3 25 | — | 0.19× | ||
| Q2 25 | — | 0.18× | ||
| Q1 25 | — | 0.18× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.17× | ||
| Q2 24 | — | 0.18× | ||
| Q1 24 | — | 0.16× |
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 | $-22.9M |
| Free Cash FlowOCF − Capex | — | $-23.9M |
| FCF MarginFCF / Revenue | — | -43.4% |
| Capex IntensityCapex / Revenue | — | 1.8% |
| Cash ConversionOCF / Net Profit | 0.03× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-143.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-22.9M | ||
| Q3 25 | $5.7M | $-26.8M | ||
| Q2 25 | $14.8M | $-29.9M | ||
| Q1 25 | $-4.4M | $-45.7M | ||
| Q4 24 | — | $5.8M | ||
| Q3 24 | $-6.6M | $-63.4M | ||
| Q2 24 | $-7.4M | $-37.1M | ||
| Q1 24 | $16.6M | $-58.3M |
| Q4 25 | — | $-23.9M | ||
| Q3 25 | — | $-32.1M | ||
| Q2 25 | — | $-35.2M | ||
| Q1 25 | — | $-52.8M | ||
| Q4 24 | — | $-4.7M | ||
| Q3 24 | — | $-76.8M | ||
| Q2 24 | — | $-50.3M | ||
| Q1 24 | — | $-68.8M |
| Q4 25 | — | -43.4% | ||
| Q3 25 | — | -68.6% | ||
| Q2 25 | — | -94.0% | ||
| Q1 25 | — | -277.8% | ||
| Q4 24 | — | -9.5% | ||
| Q3 24 | — | -324.0% | ||
| Q2 24 | — | -224.5% | ||
| Q1 24 | — | -412.4% |
| Q4 25 | — | 1.8% | ||
| Q3 25 | — | 11.2% | ||
| Q2 25 | — | 14.1% | ||
| Q1 25 | — | 37.2% | ||
| Q4 24 | — | 21.4% | ||
| Q3 24 | — | 56.6% | ||
| Q2 24 | — | 58.9% | ||
| Q1 24 | — | 63.3% |
| Q4 25 | — | — | ||
| Q3 25 | 0.03× | — | ||
| Q2 25 | 2.06× | — | ||
| Q1 25 | -0.22× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 12.70× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BLDP
Segment breakdown not available.
FCEL
| Other | $30.0M | 55% |
| Electricity Generation | $12.2M | 22% |
| Services | $7.3M | 13% |
| Advanced Technologies | $5.5M | 10% |
