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Side-by-side financial comparison of Ballard Power Systems Inc. (BLDP) and Voyager Technologies, Inc. (VOYG). Click either name above to swap in a different company.
Voyager Technologies, Inc. is the larger business by last-quarter revenue ($35.2M vs $17.7M, roughly 2.0× Ballard Power Systems Inc.). Ballard Power Systems Inc. runs the higher net margin — 994.4% vs -130.4%, a 1124.8% 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.
BLDP vs VOYG — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $17.7M | $35.2M |
| Net Profit | $176.5M | $-45.9M |
| Gross Margin | — | -4.4% |
| Operating Margin | — | — |
| Net Margin | 994.4% | -130.4% |
| Revenue YoY | — | 2.1% |
| Net Profit YoY | — | -64.5% |
| EPS (diluted) | — | $-0.75 |
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 | — | $35.2M | ||
| Q4 25 | — | $46.7M | ||
| Q3 25 | $17.7M | $39.6M | ||
| Q2 25 | — | $45.7M | ||
| Q3 24 | $-12.3M | — | ||
| Q1 22 | $3.4M | — |
| Q1 26 | — | $-45.9M | ||
| Q4 25 | — | $-33.0M | ||
| Q3 25 | $176.5M | $-16.3M | ||
| Q2 25 | — | $-31.4M | ||
| Q3 24 | — | — | ||
| Q1 22 | $-22.6M | — |
| Q1 26 | — | -4.4% | ||
| Q4 25 | — | 21.4% | ||
| Q3 25 | — | 15.4% | ||
| Q2 25 | — | 18.0% | ||
| Q3 24 | 156.5% | — | ||
| Q1 22 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | -60.7% | ||
| Q2 25 | — | -52.8% | ||
| Q3 24 | — | — | ||
| Q1 22 | — | — |
| Q1 26 | — | -130.4% | ||
| Q4 25 | — | -70.7% | ||
| Q3 25 | 994.4% | -41.1% | ||
| Q2 25 | — | -68.7% | ||
| Q3 24 | — | — | ||
| Q1 22 | -659.1% | — |
| Q1 26 | — | $-0.75 | ||
| Q4 25 | — | $-0.52 | ||
| Q3 25 | — | $-0.28 | ||
| Q2 25 | — | $-1.23 | ||
| Q3 24 | — | — | ||
| 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 | — | $429.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $404.5M |
| Total Assets | — | $1.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $429.4M | ||
| Q4 25 | — | $491.3M | ||
| Q3 25 | — | $413.3M | ||
| Q2 25 | — | $468.9M | ||
| Q3 24 | — | — | ||
| Q1 22 | — | — |
| Q1 26 | — | $404.5M | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $590.9M | ||
| Q2 25 | — | $554.7M | ||
| Q3 24 | — | — | ||
| Q1 22 | — | — |
| Q1 26 | — | $1.0B | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $727.8M | ||
| Q2 25 | — | $685.3M | ||
| Q3 24 | — | — | ||
| 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 | $-39.7M |
| Free Cash FlowOCF − Capex | — | $-66.8M |
| FCF MarginFCF / Revenue | — | -189.5% |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 0.03× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-263.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-39.7M | ||
| Q4 25 | — | $-60.9M | ||
| Q3 25 | $5.7M | $-15.1M | ||
| Q2 25 | — | $-30.9M | ||
| Q3 24 | $-6.6M | — | ||
| Q1 22 | $-26.0K | — |
| Q1 26 | — | $-66.8M | ||
| Q4 25 | — | $-54.5M | ||
| Q3 25 | — | $-53.8M | ||
| Q2 25 | — | $-88.8M | ||
| Q3 24 | — | — | ||
| Q1 22 | — | — |
| Q1 26 | — | -189.5% | ||
| Q4 25 | — | -116.9% | ||
| Q3 25 | — | -135.8% | ||
| Q2 25 | — | -194.4% | ||
| Q3 24 | — | — | ||
| Q1 22 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 97.8% | ||
| Q2 25 | — | 126.7% | ||
| Q3 24 | — | — | ||
| Q1 22 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 0.03× | — | ||
| Q2 25 | — | — | ||
| Q3 24 | — | — | ||
| Q1 22 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
