D-Wave Quantum vs Rigetti Computing
D-Wave Quantum reported revenue of $25 million in fiscal 2025, 3.5 times Rigetti Computing's $7 million in fiscal 2025. D-Wave Quantum's revenue grew 178.5% in its latest year, and Rigetti Computing's fell 34.3%. D-Wave Quantum had an operating margin of -408.2%, against -1194.4% at Rigetti Computing. Free cash flow was −$76 million at D-Wave Quantum and −$77 million at Rigetti Computing.
Side by side
| D-Wave Quantum | Rigetti Computing | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $25M | $7M |
| Revenue growth | 178.5% | −34.3% |
| Revenue growth a year, last 5 years | 36.5% | — |
| Gross margin | 82.6% | 29.1% |
| Operating margin | −408.2% | −1,194.4% |
| Net margin | −1,444.1% | −3,050.4% |
| Free cash flow | −$76M | −$77M |
| Free cash flow margin | −308.5% | −1,089.4% |
| Return on capital | — | — |
| Net debt to EBITDA | — | — |
| Dividends and buybacks | $0M | $0M |
| Change in diluted share count | 67.2% | 67.7% |
| Last close | $10.68 | $11.75 |
| P/E at the last close | — | — |
| Insider trades, last 12 months | bought $1,795, sold $107.1 million | sold $30.1 million |
| Piotroski F-score | 5 of 9 | 3 of 9 |
Amounts in each company's own currency, US$ 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 QuantumRigetti Computing
Operating margin
Percent of revenue
D-Wave QuantumRigetti Computing
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
D-Wave QuantumRigetti 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 Rigetti Computing pages.