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Side-by-side financial comparison of AMERICAN BATTERY TECHNOLOGY Co (ABAT) and D-Wave Quantum Inc. (QBTS). Click either name above to swap in a different company.
AMERICAN BATTERY TECHNOLOGY Co is the larger business by last-quarter revenue ($4.8M vs $2.8M, roughly 1.7× D-Wave Quantum Inc.). AMERICAN BATTERY TECHNOLOGY Co runs the higher net margin — -195.0% vs -1538.0%, a 1343.0% gap on every dollar of revenue. On growth, AMERICAN BATTERY TECHNOLOGY Co posted the faster year-over-year revenue change (1331.8% vs 19.2%).
American Battery Technology Company, formerly American Battery Metals Corporation, is a US-based battery recycling technology startup founded in 2011. It employs a hydrometallurgical process to recycle batteries and a targeted extraction system to extract raw materials from primary resources.
D-Wave Quantum Inc. is a quantum computing company with locations in Palo Alto, California and Burnaby, British Columbia. D-Wave claims to be the world's first company to sell computers that exploit quantum effects in their operation. D-Wave's early customers include Lockheed Martin, the University of Southern California, Google/NASA, and Los Alamos National Laboratory.
ABAT vs QBTS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.8M | $2.8M |
| Net Profit | $-9.3M | $-42.3M |
| Gross Margin | -33.6% | 64.8% |
| Operating Margin | -207.5% | -1266.0% |
| Net Margin | -195.0% | -1538.0% |
| Revenue YoY | 1331.8% | 19.2% |
| Net Profit YoY | 30.7% | 50.8% |
| EPS (diluted) | $-0.07 | $-0.13 |
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 | $4.8M | $2.8M | ||
| Q3 25 | $937.6K | $3.7M | ||
| Q2 25 | $2.8M | $3.1M | ||
| Q1 25 | $980.0K | $15.0M | ||
| Q4 24 | — | $2.3M | ||
| Q2 24 | — | $2.2M | ||
| Q1 24 | — | $2.5M | ||
| Q4 23 | — | $2.9M |
| Q4 25 | $-9.3M | $-42.3M | ||
| Q3 25 | $-10.3M | $-140.0M | ||
| Q2 25 | $-10.2M | $-167.3M | ||
| Q1 25 | $-11.5M | $-5.4M | ||
| Q4 24 | — | $-86.1M | ||
| Q2 24 | — | $-17.8M | ||
| Q1 24 | — | $-17.3M | ||
| Q4 23 | — | $-16.0M |
| Q4 25 | -33.6% | 64.8% | ||
| Q3 25 | -375.1% | 71.4% | ||
| Q2 25 | -92.6% | 63.8% | ||
| Q1 25 | -274.5% | 92.5% | ||
| Q4 24 | — | 63.8% | ||
| Q2 24 | — | 63.6% | ||
| Q1 24 | — | 67.3% | ||
| Q4 23 | — | 67.7% |
| Q4 25 | -207.5% | -1266.0% | ||
| Q3 25 | -1080.8% | -741.8% | ||
| Q2 25 | -280.1% | -856.3% | ||
| Q1 25 | -1086.3% | -75.3% | ||
| Q4 24 | — | -876.2% | ||
| Q2 24 | — | -863.0% | ||
| Q1 24 | — | -710.6% | ||
| Q4 23 | — | -569.2% |
| Q4 25 | -195.0% | -1538.0% | ||
| Q3 25 | -1098.5% | -3743.9% | ||
| Q2 25 | -366.4% | -5406.4% | ||
| Q1 25 | -1173.1% | -36.1% | ||
| Q4 24 | — | -3727.9% | ||
| Q2 24 | — | -814.4% | ||
| Q1 24 | — | -702.3% | ||
| Q4 23 | — | -551.1% |
| Q4 25 | $-0.07 | $-0.13 | ||
| Q3 25 | $-0.09 | $-0.41 | ||
| Q2 25 | $-0.09 | $-0.55 | ||
| Q1 25 | $-0.14 | $-0.02 | ||
| Q4 24 | — | $-0.43 | ||
| Q2 24 | — | $-0.10 | ||
| Q1 24 | — | $-0.11 | ||
| Q4 23 | — | $-0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $47.9M | $884.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $119.0M | $852.2M |
| Total Assets | $123.3M | $915.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $47.9M | $884.5M | ||
| Q3 25 | $30.9M | $836.2M | ||
| Q2 25 | $7.5M | $819.3M | ||
| Q1 25 | $7.8M | $304.3M | ||
| Q4 24 | — | $178.0M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | $41.3M |
| Q4 25 | $119.0M | $852.2M | ||
| Q3 25 | $96.0M | $670.6M | ||
| Q2 25 | $70.6M | $694.3M | ||
| Q1 25 | $65.6M | $207.4M | ||
| Q4 24 | — | $62.6M | ||
| Q2 24 | — | $-21.5M | ||
| Q1 24 | — | $-37.0M | ||
| Q4 23 | — | $-24.5M |
| Q4 25 | $123.3M | $915.8M | ||
| Q3 25 | $101.5M | $865.8M | ||
| Q2 25 | $84.5M | $843.6M | ||
| Q1 25 | $76.5M | $325.6M | ||
| Q4 24 | — | $199.9M | ||
| Q2 24 | — | $61.8M | ||
| Q1 24 | — | $48.6M | ||
| Q4 23 | — | $59.4M |
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 | $-9.8M | $-18.4M |
| Free Cash FlowOCF − Capex | — | $-20.0M |
| FCF MarginFCF / Revenue | — | -727.9% |
| Capex IntensityCapex / Revenue | — | 60.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-75.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-9.8M | $-18.4M | ||
| Q3 25 | $-7.1M | $-19.0M | ||
| Q2 25 | — | $-15.3M | ||
| Q1 25 | $-10.3M | $-19.3M | ||
| Q4 24 | — | $2.0M | ||
| Q2 24 | — | $-14.5M | ||
| Q1 24 | — | $-12.1M | ||
| Q4 23 | — | $-14.7M |
| Q4 25 | — | $-20.0M | ||
| Q3 25 | — | $-20.1M | ||
| Q2 25 | — | $-16.0M | ||
| Q1 25 | — | $-19.7M | ||
| Q4 24 | — | $1.1M | ||
| Q2 24 | — | $-15.0M | ||
| Q1 24 | — | $-12.4M | ||
| Q4 23 | — | $-15.2M |
| Q4 25 | — | -727.9% | ||
| Q3 25 | — | -536.5% | ||
| Q2 25 | — | -518.1% | ||
| Q1 25 | — | -131.4% | ||
| Q4 24 | — | 46.2% | ||
| Q2 24 | — | -687.7% | ||
| Q1 24 | — | -504.0% | ||
| Q4 23 | — | -522.4% |
| Q4 25 | — | 60.3% | ||
| Q3 25 | — | 27.2% | ||
| Q2 25 | — | 24.2% | ||
| Q1 25 | — | 2.9% | ||
| Q4 24 | — | 41.1% | ||
| Q2 24 | — | 25.0% | ||
| Q1 24 | — | 12.4% | ||
| Q4 23 | — | 15.2% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ABAT
Segment breakdown not available.
QBTS
| Transferred Over Time | $2.4M | 89% |
| Other | $306.0K | 11% |
