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Side-by-side financial comparison of Ballard Power Systems Inc. (BLDP) and Owlet, Inc. (OWLT). Click either name above to swap in a different company.
Owlet, Inc. is the larger business by last-quarter revenue ($26.6M vs $17.7M, roughly 1.5× Ballard Power Systems Inc.). Ballard Power Systems Inc. runs the higher net margin — 994.4% vs -34.6%, a 1029.0% 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.
Owlet, Inc. is a pediatric health technology firm that develops smart wearable monitoring products for infants, most notably its signature smart sock that tracks real-time heart rate, oxygen levels, and sleep metrics. It serves global consumer markets across North America, Europe, and Asia-Pacific, distributing products via direct-to-consumer e-commerce and partnered retail outlets, focused on supporting parental peace of mind and infant health safety.
BLDP vs OWLT — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $17.7M | $26.6M |
| Net Profit | $176.5M | $-9.2M |
| Gross Margin | — | 47.6% |
| Operating Margin | — | -18.4% |
| Net Margin | 994.4% | -34.6% |
| Revenue YoY | — | 29.6% |
| Net Profit YoY | — | -1.5% |
| EPS (diluted) | — | — |
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 | — | $26.6M | ||
| Q3 25 | $17.7M | $32.0M | ||
| Q2 25 | — | $26.1M | ||
| Q1 25 | — | $21.1M | ||
| Q4 24 | — | $20.5M | ||
| Q3 24 | $-12.3M | $22.1M | ||
| Q2 24 | — | $20.7M | ||
| Q1 24 | — | $14.8M |
| Q4 25 | — | $-9.2M | ||
| Q3 25 | $176.5M | $4.1M | ||
| Q2 25 | — | $-37.6M | ||
| Q1 25 | — | $3.0M | ||
| Q4 24 | — | $-9.1M | ||
| Q3 24 | — | $-5.6M | ||
| Q2 24 | — | $-1.1M | ||
| Q1 24 | — | $3.3M |
| Q4 25 | — | 47.6% | ||
| Q3 25 | — | 50.6% | ||
| Q2 25 | — | 51.3% | ||
| Q1 25 | — | 53.7% | ||
| Q4 24 | — | 53.5% | ||
| Q3 24 | 156.5% | 52.2% | ||
| Q2 24 | — | 49.5% | ||
| Q1 24 | — | 44.4% |
| Q4 25 | — | -18.4% | ||
| Q3 25 | — | 3.8% | ||
| Q2 25 | — | -7.4% | ||
| Q1 25 | — | -12.7% | ||
| Q4 24 | — | -36.2% | ||
| Q3 24 | — | -21.8% | ||
| Q2 24 | — | -10.8% | ||
| Q1 24 | — | -39.0% |
| Q4 25 | — | -34.6% | ||
| Q3 25 | 994.4% | 12.9% | ||
| Q2 25 | — | -144.4% | ||
| Q1 25 | — | 14.3% | ||
| Q4 24 | — | -44.2% | ||
| Q3 24 | — | -25.4% | ||
| Q2 24 | — | -5.5% | ||
| Q1 24 | — | 22.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | $-0.06 | ||
| Q2 25 | — | $-2.37 | ||
| Q1 25 | — | $0.11 | ||
| Q4 24 | — | $-0.15 | ||
| Q3 24 | — | $-0.61 | ||
| Q2 24 | — | $-0.30 | ||
| Q1 24 | — | $-0.51 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $35.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $19.0M |
| Total Assets | — | $85.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $35.5M | ||
| Q3 25 | — | $23.8M | ||
| Q2 25 | — | $21.8M | ||
| Q1 25 | — | $16.3M | ||
| Q4 24 | — | $20.2M | ||
| Q3 24 | — | $21.6M | ||
| Q2 24 | — | $15.4M | ||
| Q1 24 | — | $18.4M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $2.1M | ||
| Q1 24 | — | $4.0M |
| Q4 25 | — | $19.0M | ||
| Q3 25 | — | $-54.1M | ||
| Q2 25 | — | $-59.2M | ||
| Q1 25 | — | $-25.8M | ||
| Q4 24 | — | $-29.8M | ||
| Q3 24 | — | $-21.5M | ||
| Q2 24 | — | $-33.4M | ||
| Q1 24 | — | $-32.9M |
| Q4 25 | — | $85.6M | ||
| Q3 25 | — | $74.9M | ||
| Q2 25 | — | $63.5M | ||
| Q1 25 | — | $51.4M | ||
| Q4 24 | — | $49.5M | ||
| Q3 24 | — | $56.1M | ||
| Q2 24 | — | $45.9M | ||
| Q1 24 | — | $43.8M |
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 | $-452.0K |
| Free Cash FlowOCF − Capex | — | $-651.0K |
| FCF MarginFCF / Revenue | — | -2.5% |
| Capex IntensityCapex / Revenue | — | 0.7% |
| Cash ConversionOCF / Net Profit | 0.03× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-11.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-452.0K | ||
| Q3 25 | $5.7M | $-2.2M | ||
| Q2 25 | — | $-2.2M | ||
| Q1 25 | — | $-5.9M | ||
| Q4 24 | — | $3.0M | ||
| Q3 24 | $-6.6M | $-7.5M | ||
| Q2 24 | — | $-3.4M | ||
| Q1 24 | — | $-3.4M |
| Q4 25 | — | $-651.0K | ||
| Q3 25 | — | $-2.2M | ||
| Q2 25 | — | $-2.3M | ||
| Q1 25 | — | $-5.9M | ||
| Q4 24 | — | $3.0M | ||
| Q3 24 | — | $-7.5M | ||
| Q2 24 | — | $-3.4M | ||
| Q1 24 | — | — |
| Q4 25 | — | -2.5% | ||
| Q3 25 | — | -6.8% | ||
| Q2 25 | — | -8.8% | ||
| Q1 25 | — | -28.1% | ||
| Q4 24 | — | 14.5% | ||
| Q3 24 | — | -33.9% | ||
| Q2 24 | — | -16.3% | ||
| Q1 24 | — | — |
| Q4 25 | — | 0.7% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | — | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | 0.03× | -0.52× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -1.96× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -1.03× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BLDP
Segment breakdown not available.
OWLT
| US | $22.7M | 85% |
| Non Us | $3.2M | 12% |
| Other | $651.0K | 2% |
