D-Wave Quantum vs Quantum Computing
D-Wave Quantum reported revenue of $25 million in fiscal 2025, 35.1 times Quantum Computing's $1 million in fiscal 2025. D-Wave Quantum's revenue grew 178.5% in its latest year, and Quantum Computing's grew 82.8%. D-Wave Quantum had an operating margin of -408.2%, against -7489.3% at Quantum Computing. Free cash flow was −$76 million at D-Wave Quantum and −$37 million at Quantum Computing.
Side by side
| D-Wave Quantum | Quantum Computing | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $25M | $1M |
| Revenue growth | 178.5% | 82.8% |
| Revenue growth a year, last 5 years | 36.5% | — |
| Gross margin | 82.6% | 9.8% |
| Operating margin | −408.2% | −7,489.3% |
| Net margin | −1,444.1% | −2,738.1% |
| Free cash flow | −$76M | −$37M |
| Free cash flow margin | −308.5% | −5,422.9% |
| Return on capital | — | — |
| Net debt to EBITDA | — | — |
| Dividends and buybacks | $0M | $0M |
| Change in diluted share count | 67.2% | 75.2% |
| Last close | $10.68 | $6.33 |
| P/E at the last close | — | — |
| Insider trades, last 12 months | bought $1,795, sold $107.1 million | sold $648,248 |
| Piotroski F-score | 5 of 9 | — |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
D-Wave QuantumQuantum Computing
Operating margin
Percent of revenue
D-Wave QuantumQuantum Computing
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
D-Wave QuantumQuantum Computing
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the D-Wave Quantum and Quantum Computing pages.