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Side-by-side financial comparison of Ballard Power Systems Inc. (BLDP) and Pulmonx Corp (LUNG). Click either name above to swap in a different company.
Pulmonx Corp is the larger business by last-quarter revenue ($20.6M vs $17.7M, roughly 1.2× Ballard Power Systems Inc.). Ballard Power Systems Inc. runs the higher net margin — 994.4% vs -66.3%, a 1060.8% 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.
Pulmonx Corp is a global medical tech firm focused on interventional pulmonology solutions. It develops minimally invasive endobronchial valves to treat severe COPD and emphysema, with products sold across North America, Europe, and Asia-Pacific for patients with advanced lung conditions.
BLDP vs LUNG — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $17.7M | $20.6M |
| Net Profit | $176.5M | $-13.7M |
| Gross Margin | — | 77.9% |
| Operating Margin | — | -40.9% |
| Net Margin | 994.4% | -66.3% |
| Revenue YoY | — | -8.7% |
| Net Profit YoY | — | 5.5% |
| EPS (diluted) | — | $-0.33 |
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.
| Q1 26 | — | $20.6M | ||
| Q4 25 | — | $22.6M | ||
| Q3 25 | $17.7M | $21.5M | ||
| Q2 25 | — | $23.9M | ||
| Q1 25 | — | $22.5M | ||
| Q4 24 | — | $23.8M | ||
| Q3 24 | $-12.3M | $20.4M | ||
| Q2 24 | — | $20.8M |
| Q1 26 | — | $-13.7M | ||
| Q4 25 | — | $-10.4M | ||
| Q3 25 | $176.5M | $-14.0M | ||
| Q2 25 | — | $-15.2M | ||
| Q1 25 | — | $-14.4M | ||
| Q4 24 | — | $-13.2M | ||
| Q3 24 | — | $-14.1M | ||
| Q2 24 | — | $-15.3M |
| Q1 26 | — | 77.9% | ||
| Q4 25 | — | 77.6% | ||
| Q3 25 | — | 74.7% | ||
| Q2 25 | — | 72.1% | ||
| Q1 25 | — | 72.5% | ||
| Q4 24 | — | 74.0% | ||
| Q3 24 | 156.5% | 73.7% | ||
| Q2 24 | — | 73.7% |
| Q1 26 | — | -40.9% | ||
| Q4 25 | — | -43.8% | ||
| Q3 25 | — | -66.9% | ||
| Q2 25 | — | -62.0% | ||
| Q1 25 | — | -64.6% | ||
| Q4 24 | — | -56.5% | ||
| Q3 24 | — | -69.3% | ||
| Q2 24 | — | -75.2% |
| Q1 26 | — | -66.3% | ||
| Q4 25 | — | -46.1% | ||
| Q3 25 | 994.4% | -64.9% | ||
| Q2 25 | — | -63.6% | ||
| Q1 25 | — | -64.1% | ||
| Q4 24 | — | -55.4% | ||
| Q3 24 | — | -69.4% | ||
| Q2 24 | — | -73.7% |
| Q1 26 | — | $-0.33 | ||
| Q4 25 | — | $-0.25 | ||
| Q3 25 | — | $-0.34 | ||
| Q2 25 | — | $-0.38 | ||
| Q1 25 | — | $-0.36 | ||
| Q4 24 | — | $-0.33 | ||
| Q3 24 | — | $-0.36 | ||
| Q2 24 | — | $-0.39 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $61.6M |
| Total DebtLower is stronger | — | $37.3M |
| Stockholders' EquityBook value | — | $45.8M |
| Total Assets | — | $120.0M |
| Debt / EquityLower = less leverage | — | 0.82× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $61.6M | ||
| Q4 25 | — | $69.8M | ||
| Q3 25 | — | $76.5M | ||
| Q2 25 | — | $75.5M | ||
| Q1 25 | — | $74.6M | ||
| Q4 24 | — | $70.9M | ||
| Q3 24 | — | $63.3M | ||
| Q2 24 | — | $63.5M |
| Q1 26 | — | $37.3M | ||
| Q4 25 | — | $37.1M | ||
| Q3 25 | — | $37.1M | ||
| Q2 25 | — | $37.1M | ||
| Q1 25 | — | $37.2M | ||
| Q4 24 | — | $37.2M | ||
| Q3 24 | — | $37.2M | ||
| Q2 24 | — | $37.2M |
| Q1 26 | — | $45.8M | ||
| Q4 25 | — | $54.1M | ||
| Q3 25 | — | $60.0M | ||
| Q2 25 | — | $69.1M | ||
| Q1 25 | — | $77.7M | ||
| Q4 24 | — | $85.8M | ||
| Q3 24 | — | $93.9M | ||
| Q2 24 | — | $101.2M |
| Q1 26 | — | $120.0M | ||
| Q4 25 | — | $129.3M | ||
| Q3 25 | — | $138.3M | ||
| Q2 25 | — | $147.2M | ||
| Q1 25 | — | $150.7M | ||
| Q4 24 | — | $162.8M | ||
| Q3 24 | — | $167.4M | ||
| Q2 24 | — | $172.6M |
| Q1 26 | — | 0.82× | ||
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.62× | ||
| Q2 25 | — | 0.54× | ||
| Q1 25 | — | 0.48× | ||
| Q4 24 | — | 0.43× | ||
| Q3 24 | — | 0.40× | ||
| Q2 24 | — | 0.37× |
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 | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 0.03× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $-7.1M | ||
| Q3 25 | $5.7M | $-8.2M | ||
| Q2 25 | — | $-3.9M | ||
| Q1 25 | — | $-13.2M | ||
| Q4 24 | — | $-6.7M | ||
| Q3 24 | $-6.6M | $-7.2M | ||
| Q2 24 | — | $-5.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-7.1M | ||
| Q3 25 | — | $-8.3M | ||
| Q2 25 | — | $-4.0M | ||
| Q1 25 | — | $-13.5M | ||
| Q4 24 | — | $-6.8M | ||
| Q3 24 | — | $-7.7M | ||
| Q2 24 | — | $-6.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | -31.4% | ||
| Q3 25 | — | -38.4% | ||
| Q2 25 | — | -16.6% | ||
| Q1 25 | — | -60.0% | ||
| Q4 24 | — | -28.8% | ||
| Q3 24 | — | -37.6% | ||
| Q2 24 | — | -30.0% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 2.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 0.03× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
