D-wave Quantum vs Quantum Computing
D-wave Quantum is the larger business, with $24.6m of revenue in fiscal 2025 against $682,000 for Quantum Computing (36.1 times as much). D-wave Quantum grew faster (178.5% against 82.8%). D-wave Quantum kept more of each dollar of sales as profit: a net margin of -1444.1% against -2738.1%.
| Latest fiscal year | D-wave QuantumQBTS, 2025 | Quantum ComputingQUBT, 2025 |
|---|---|---|
| Revenue | $24.6m | $682,000 |
| Revenue growth | 178.5% | 82.8% |
| Net income | −$355m | −$18.7m |
| Operating margin | -408.2% | — |
| Net margin | -1444.1% | -2738.1% |
| Return on equity | -77.6% | -2.2% |
| Free cash flow | −$75.8m | −$37.0m |
| Cash | $635m | $738m |
| Total debt | $35.8m | $0 |
| Debt to equity | 4.2% | — |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | — |
| Employees | 388 | 72 |
| Market value | $3.81bn | $1.45bn |
| Price vs our value range | — | — |
| Moat score | 23 (Weak) | — |
| Insider trades, 12 months | 1 buys, 39 sales | 0 buys, 3 sales |