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Side-by-side financial comparison of Ballard Power Systems Inc. (BLDP) and NaaS Technology Inc. (NAAS). Click either name above to swap in a different company.
NaaS Technology Inc. is the larger business by last-quarter revenue ($25.9M vs $17.7M, roughly 1.5× Ballard Power Systems Inc.). Ballard Power Systems Inc. runs the higher net margin — 994.4% vs -193.3%, a 1187.7% 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.
NaaS Technology Inc. is a leading electric vehicle energy service provider based in China. It delivers one-stop solutions covering charging network operation, software and hardware support for charging station operators, and value-added services such as charging location search and payment for EV owners, serving both enterprise and individual customers across domestic and select overseas markets.
BLDP vs NAAS — Head-to-Head
Income Statement — Q3 FY2025 vs Q2 FY2024
| Metric | | |
|---|---|---|
| Revenue | $17.7M | $25.9M |
| Net Profit | $176.5M | $-50.0M |
| Gross Margin | — | 29.2% |
| Operating Margin | — | -144.2% |
| Net Margin | 994.4% | -193.3% |
| Revenue YoY | — | 121.2% |
| Net Profit YoY | — | 18.4% |
| EPS (diluted) | — | $-0.02 |
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 | — | ||
| Q3 24 | $-12.3M | — | ||
| Q2 24 | — | $25.9M | ||
| Q1 22 | $3.4M | — |
| Q3 25 | $176.5M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $-50.0M | ||
| Q1 22 | $-22.6M | — |
| Q3 25 | — | — | ||
| Q3 24 | 156.5% | — | ||
| Q2 24 | — | 29.2% | ||
| Q1 22 | — | — |
| Q3 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -144.2% | ||
| Q1 22 | — | — |
| Q3 25 | 994.4% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -193.3% | ||
| Q1 22 | -659.1% | — |
| Q3 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $-0.02 | ||
| 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 | — | $24.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $-33.4M |
| Total Assets | — | $180.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $24.7M | ||
| Q1 22 | — | — |
| Q3 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $-33.4M | ||
| Q1 22 | — | — |
| Q3 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $180.2M | ||
| 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 | $-25.7M |
| 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.
| Q3 25 | $5.7M | — | ||
| Q3 24 | $-6.6M | — | ||
| Q2 24 | — | $-25.7M | ||
| Q1 22 | $-26.0K | — |
| Q3 25 | 0.03× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 22 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
