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Side-by-side financial comparison of Ballard Power Systems Inc. (BLDP) and Metalpha Technology Holding Ltd (MATH). Click either name above to swap in a different company.
Ballard Power Systems Inc. is the larger business by last-quarter revenue ($17.7M vs $12.0M, roughly 1.5× Metalpha Technology Holding Ltd). Ballard Power Systems Inc. runs the higher net margin — 994.4% vs -24.0%, a 1018.4% 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.
Metalpha Technology Holding LtdMATHEarnings & Financial Report
Metalpha Technology Holding Ltd is a global fintech firm specializing in digital asset wealth management, institutional-grade crypto investment services, and Web3 ecosystem infrastructure support. It serves professional investors, financial institutions, and high-net-worth clients across Asia, North America and Europe, with core segments including structured digital asset products, risk management solutions and DeFi technology development.
BLDP vs MATH — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $17.7M | $12.0M |
| Net Profit | $176.5M | $-2.9M |
| Gross Margin | — | 28.3% |
| Operating Margin | — | -24.2% |
| Net Margin | 994.4% | -24.0% |
| Revenue YoY | — | -39.0% |
| Net Profit YoY | — | -147.7% |
| EPS (diluted) | — | $-0.07 |
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.
| Q3 25 | $17.7M | $12.0M | ||
| Q1 25 | — | $24.8M | ||
| Q3 24 | $-12.3M | $19.7M | ||
| Q1 22 | $3.4M | — |
| Q3 25 | $176.5M | $-2.9M | ||
| Q1 25 | — | $9.8M | ||
| Q3 24 | — | $6.0M | ||
| Q1 22 | $-22.6M | — |
| Q3 25 | — | 28.3% | ||
| Q1 25 | — | 85.7% | ||
| Q3 24 | 156.5% | 49.5% | ||
| Q1 22 | — | — |
| Q3 25 | — | -24.2% | ||
| Q1 25 | — | 39.3% | ||
| Q3 24 | — | 38.9% | ||
| Q1 22 | — | — |
| Q3 25 | 994.4% | -24.0% | ||
| Q1 25 | — | 39.6% | ||
| Q3 24 | — | 30.7% | ||
| Q1 22 | -659.1% | — |
| Q3 25 | — | $-0.07 | ||
| Q1 25 | — | $0.25 | ||
| Q3 24 | — | $0.16 | ||
| Q1 22 | — | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $10.1M |
| Total DebtLower is stronger | — | $101.2K |
| Stockholders' EquityBook value | — | $35.1M |
| Total Assets | — | $413.8M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | — | $10.1M | ||
| Q1 25 | — | $6.9M | ||
| Q3 24 | — | $3.8M | ||
| Q1 22 | — | — |
| Q3 25 | — | $101.2K | ||
| Q1 25 | — | $188.0K | ||
| Q3 24 | — | $275.1K | ||
| Q1 22 | — | — |
| Q3 25 | — | $35.1M | ||
| Q1 25 | — | $36.6M | ||
| Q3 24 | — | $25.3M | ||
| Q1 22 | — | — |
| Q3 25 | — | $413.8M | ||
| Q1 25 | — | $246.8M | ||
| Q3 24 | — | $237.2M | ||
| Q1 22 | — | — |
| Q3 25 | — | 0.00× | ||
| Q1 25 | — | 0.01× | ||
| Q3 24 | — | 0.01× | ||
| Q1 22 | — | — |
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 | $3.3M |
| 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.
| Q3 25 | $5.7M | $3.3M | ||
| Q1 25 | — | $16.2M | ||
| Q3 24 | $-6.6M | $-16.1M | ||
| Q1 22 | $-26.0K | — |
| Q3 25 | 0.03× | — | ||
| Q1 25 | — | 1.64× | ||
| Q3 24 | — | -2.66× | ||
| Q1 22 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
