Arqit Quantum vs D-wave Quantum
D-wave Quantum is the larger business, with $24.6m of revenue in fiscal 2025 against $530,000 for Arqit Quantum (46.4 times as much). D-wave Quantum grew faster (178.5% against 80.9%). D-wave Quantum kept more of each dollar of sales as profit: a net margin of -1444.1% against -6668.5%. Arqit Quantum carries less debt relative to equity (0.0% against 4.2%).
| Latest fiscal year | Arqit QuantumARQQ, 2025 | D-wave QuantumQBTS, 2025 |
|---|---|---|
| Revenue | $530,000 | $24.6m |
| Revenue growth | 80.9% | 178.5% |
| Net income | −$35.3m | −$355m |
| Operating margin | -7271.5% | -408.2% |
| Net margin | -6668.5% | -1444.1% |
| Return on equity | -181.0% | -77.6% |
| Free cash flow | −$29.6m | −$75.8m |
| Cash | $37.0m | $635m |
| Total debt | $0 | $35.8m |
| Debt to equity | 0.0% | 4.2% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | — |
| Employees | — | 388 |
| Market value | $226m | $3.81bn |
| Price vs our value range | — | — |
| Moat score | — | 23 (Weak) |
| Insider trades, 12 months | 0 buys, 42 sales | 1 buys, 39 sales |