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Side-by-side financial comparison of CBAK Energy Technology, Inc. (CBAT) and OPAL Fuels Inc. (OPAL). Click either name above to swap in a different company.
OPAL Fuels Inc. is the larger business by last-quarter revenue ($88.4M vs $58.8M, roughly 1.5× CBAK Energy Technology, Inc.). OPAL Fuels Inc. runs the higher net margin — 18.3% vs -12.5%, a 30.8% gap on every dollar of revenue. On growth, CBAK Energy Technology, Inc. posted the faster year-over-year revenue change (131.8% vs 18.7%). CBAK Energy Technology, Inc. produced more free cash flow last quarter ($16.1M vs $-13.4M). Over the past eight quarters, OPAL Fuels Inc.'s revenue compounded faster (17.6% CAGR vs -0.0%).
CBAK Energy Technology, Inc. is a global supplier of lithium-ion battery products including high-performance cells, modules and battery packs. It serves key segments such as electric vehicles, stationary energy storage systems and consumer electronics, with core operations in China and a worldwide customer base.
OPAL Fuels Inc. is a North American energy company focused on producing and distributing low-carbon renewable natural gas (RNG). It captures methane from landfills, dairy operations and other organic waste streams to produce RNG, which is mainly supplied to heavy-duty transportation fleets, commercial logistics operators and public transport entities to help reduce their greenhouse gas emissions.
CBAT vs OPAL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.8M | $88.4M |
| Net Profit | $-7.4M | $16.2M |
| Gross Margin | 7.3% | — |
| Operating Margin | -13.6% | 7.5% |
| Net Margin | -12.5% | 18.3% |
| Revenue YoY | 131.8% | 18.7% |
| Net Profit YoY | -63.6% | 401.5% |
| EPS (diluted) | $-0.08 | $0.08 |
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 | $58.8M | $88.4M | ||
| Q3 25 | $60.9M | $77.9M | ||
| Q2 25 | $40.5M | $77.4M | ||
| Q1 25 | $34.9M | $83.0M | ||
| Q4 24 | $25.4M | $74.5M | ||
| Q3 24 | $44.6M | $82.6M | ||
| Q2 24 | $47.8M | $69.8M | ||
| Q1 24 | $58.8M | $64.0M |
| Q4 25 | $-7.4M | $16.2M | ||
| Q3 25 | $2.7M | $11.4M | ||
| Q2 25 | $-3.1M | $7.6M | ||
| Q1 25 | $-1.6M | $1.3M | ||
| Q4 24 | $-4.5M | $-5.4M | ||
| Q3 24 | $17.6K | $17.1M | ||
| Q2 24 | $6.4M | $1.9M | ||
| Q1 24 | $9.8M | $677.0K |
| Q4 25 | 7.3% | — | ||
| Q3 25 | 8.0% | — | ||
| Q2 25 | 11.0% | — | ||
| Q1 25 | 13.7% | — | ||
| Q4 24 | 13.1% | — | ||
| Q3 24 | 15.6% | — | ||
| Q2 24 | 26.6% | — | ||
| Q1 24 | 31.9% | — |
| Q4 25 | -13.6% | 7.5% | ||
| Q3 25 | -6.6% | 4.6% | ||
| Q2 25 | -8.7% | -1.1% | ||
| Q1 25 | -8.2% | -2.3% | ||
| Q4 24 | -26.0% | -0.5% | ||
| Q3 24 | -1.9% | 14.9% | ||
| Q2 24 | 12.4% | 8.1% | ||
| Q1 24 | 17.4% | 5.6% |
| Q4 25 | -12.5% | 18.3% | ||
| Q3 25 | 4.4% | 14.6% | ||
| Q2 25 | -7.6% | 9.8% | ||
| Q1 25 | -4.5% | 1.5% | ||
| Q4 24 | -17.8% | -7.2% | ||
| Q3 24 | 0.0% | 20.7% | ||
| Q2 24 | 13.5% | 2.7% | ||
| Q1 24 | 16.7% | 1.1% |
| Q4 25 | $-0.08 | $0.08 | ||
| Q3 25 | $0.03 | $0.05 | ||
| Q2 25 | $-0.03 | $0.03 | ||
| Q1 25 | $-0.02 | $-0.01 | ||
| Q4 24 | $-0.05 | $-0.05 | ||
| Q3 24 | $0.00 | $0.09 | ||
| Q2 24 | $0.07 | $-0.01 | ||
| Q1 24 | $0.11 | $-0.01 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $8.3M | $24.4M |
| Total DebtLower is stronger | $4.1M | $361.3M |
| Stockholders' EquityBook value | $112.7M | $-12.9M |
| Total Assets | $426.2M | $959.5M |
| Debt / EquityLower = less leverage | 0.04× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.3M | $24.4M | ||
| Q3 25 | $10.5M | $29.9M | ||
| Q2 25 | $45.7M | $29.3M | ||
| Q1 25 | $9.6M | $40.1M | ||
| Q4 24 | $11.0M | $24.3M | ||
| Q3 24 | $24.2M | $31.0M | ||
| Q2 24 | $44.1M | $27.6M | ||
| Q1 24 | $23.8M | $34.2M |
| Q4 25 | $4.1M | $361.3M | ||
| Q3 25 | $4.8M | $351.2M | ||
| Q2 25 | $4.9M | $331.6M | ||
| Q1 25 | $4.1M | $307.0M | ||
| Q4 24 | — | $307.5M | ||
| Q3 24 | — | $252.9M | ||
| Q2 24 | — | $233.3M | ||
| Q1 24 | — | $208.7M |
| Q4 25 | $112.7M | $-12.9M | ||
| Q3 25 | $121.4M | $7.5M | ||
| Q2 25 | $118.2M | $-25.0M | ||
| Q1 25 | $120.8M | $57.1M | ||
| Q4 24 | $121.7M | $-148.4M | ||
| Q3 24 | $131.2M | $-180.1M | ||
| Q2 24 | $126.6M | $-273.0M | ||
| Q1 24 | $120.9M | $-382.4M |
| Q4 25 | $426.2M | $959.5M | ||
| Q3 25 | $363.9M | $916.7M | ||
| Q2 25 | $333.1M | $905.5M | ||
| Q1 25 | $311.5M | $884.9M | ||
| Q4 24 | $302.2M | $881.1M | ||
| Q3 24 | $293.5M | $831.1M | ||
| Q2 24 | $279.6M | $782.3M | ||
| Q1 24 | $286.5M | $750.5M |
| Q4 25 | 0.04× | — | ||
| Q3 25 | 0.04× | 46.95× | ||
| Q2 25 | 0.04× | — | ||
| Q1 25 | 0.03× | 5.38× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $29.8M | $-3.5M |
| Free Cash FlowOCF − Capex | $16.1M | $-13.4M |
| FCF MarginFCF / Revenue | 27.3% | -15.1% |
| Capex IntensityCapex / Revenue | 23.4% | 11.1% |
| Cash ConversionOCF / Net Profit | — | -0.22× |
| TTM Free Cash FlowTrailing 4 quarters | $3.9M | $-34.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $29.8M | $-3.5M | ||
| Q3 25 | $14.6M | $18.2M | ||
| Q2 25 | $13.8M | $-7.9M | ||
| Q1 25 | $-9.6M | $29.7M | ||
| Q4 24 | $9.6M | $-532.0K | ||
| Q3 24 | $19.7M | $17.7M | ||
| Q2 24 | $2.9M | $533.0K | ||
| Q1 24 | $7.4M | $13.7M |
| Q4 25 | $16.1M | $-13.4M | ||
| Q3 25 | $6.0M | $-9.3M | ||
| Q2 25 | $4.1M | $-29.7M | ||
| Q1 25 | $-22.3M | $18.1M | ||
| Q4 24 | $3.9M | $-55.0M | ||
| Q3 24 | $16.5M | $-5.4M | ||
| Q2 24 | $2.5M | $-22.5M | ||
| Q1 24 | $-454.0K | $-13.0M |
| Q4 25 | 27.3% | -15.1% | ||
| Q3 25 | 9.9% | -11.9% | ||
| Q2 25 | 10.2% | -38.4% | ||
| Q1 25 | -63.9% | 21.8% | ||
| Q4 24 | 15.5% | -73.8% | ||
| Q3 24 | 37.1% | -6.5% | ||
| Q2 24 | 5.2% | -32.2% | ||
| Q1 24 | -0.8% | -20.4% |
| Q4 25 | 23.4% | 11.1% | ||
| Q3 25 | 14.1% | 35.3% | ||
| Q2 25 | 23.8% | 28.2% | ||
| Q1 25 | 36.3% | 13.9% | ||
| Q4 24 | 22.5% | 73.1% | ||
| Q3 24 | 7.0% | 27.9% | ||
| Q2 24 | 0.9% | 32.9% | ||
| Q1 24 | 13.4% | 41.8% |
| Q4 25 | — | -0.22× | ||
| Q3 25 | 5.51× | 1.60× | ||
| Q2 25 | — | -1.04× | ||
| Q1 25 | — | 23.11× | ||
| Q4 24 | — | — | ||
| Q3 24 | 1115.72× | 1.03× | ||
| Q2 24 | 0.46× | 0.28× | ||
| Q1 24 | 0.76× | 20.26× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CBAT
| Manufacturing Lithium Batteries | $28.0M | 48% |
| Residential Energy Supply And Uninterruptable Supplies | $17.8M | 30% |
| Light Electric Vehicles | $12.9M | 22% |
| Precursor | $108.0K | 0% |
OPAL
| Fuel Station Services Segment | $65.1M | 74% |
| Related Party | $12.1M | 14% |
| Renewable Power Segment | $8.6M | 10% |
| Other | $2.6M | 3% |
