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Side-by-side financial comparison of Atara Biotherapeutics, Inc. (ATRA) and D-Wave Quantum Inc. (QBTS). Click either name above to swap in a different company.
D-Wave Quantum Inc. is the larger business by last-quarter revenue ($2.8M vs $1.6M, roughly 1.7× Atara Biotherapeutics, Inc.). On growth, D-Wave Quantum Inc. posted the faster year-over-year revenue change (19.2% vs -95.1%). Over the past eight quarters, D-Wave Quantum Inc.'s revenue compounded faster (-2.7% CAGR vs -75.9%).
Atara Biotherapeutics, Inc. is a clinical-stage biotechnology company focused on developing allogeneic T-cell immunotherapies for patients with unmet medical needs across oncology, autoimmune disease, and infectious disease indications. It operates primarily in North America, Europe, and Asia-Pacific, partnering with research institutions to advance its novel treatment pipeline.
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.
ATRA vs QBTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.6M | $2.8M |
| Net Profit | — | $-42.3M |
| Gross Margin | — | 64.8% |
| Operating Margin | — | -1266.0% |
| Net Margin | — | -1538.0% |
| Revenue YoY | -95.1% | 19.2% |
| Net Profit YoY | 73.2% | 50.8% |
| EPS (diluted) | — | $-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 | $1.6M | $2.8M | ||
| Q3 25 | $3.5M | $3.7M | ||
| Q2 25 | $17.6M | $3.1M | ||
| Q1 25 | $98.1M | $15.0M | ||
| Q4 24 | $32.8M | $2.3M | ||
| Q3 24 | $40.2M | — | ||
| Q2 24 | $28.6M | $2.2M | ||
| Q1 24 | $27.4M | $2.5M |
| Q4 25 | — | $-42.3M | ||
| Q3 25 | $-4.3M | $-140.0M | ||
| Q2 25 | $2.4M | $-167.3M | ||
| Q1 25 | $38.0M | $-5.4M | ||
| Q4 24 | $-12.7M | $-86.1M | ||
| Q3 24 | $-21.9M | — | ||
| Q2 24 | $-19.0M | $-17.8M | ||
| Q1 24 | $-31.8M | $-17.3M |
| Q4 25 | — | 64.8% | ||
| Q3 25 | — | 71.4% | ||
| Q2 25 | — | 63.8% | ||
| Q1 25 | — | 92.5% | ||
| Q4 24 | — | 63.8% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 63.6% | ||
| Q1 24 | — | 67.3% |
| Q4 25 | — | -1266.0% | ||
| Q3 25 | -103.5% | -741.8% | ||
| Q2 25 | 18.2% | -856.3% | ||
| Q1 25 | 39.5% | -75.3% | ||
| Q4 24 | -37.3% | -876.2% | ||
| Q3 24 | -54.1% | — | ||
| Q2 24 | -63.7% | -863.0% | ||
| Q1 24 | -114.2% | -710.6% |
| Q4 25 | — | -1538.0% | ||
| Q3 25 | -124.6% | -3743.9% | ||
| Q2 25 | 13.6% | -5406.4% | ||
| Q1 25 | 38.7% | -36.1% | ||
| Q4 24 | -38.8% | -3727.9% | ||
| Q3 24 | -54.5% | — | ||
| Q2 24 | -66.5% | -814.4% | ||
| Q1 24 | -116.1% | -702.3% |
| Q4 25 | — | $-0.13 | ||
| Q3 25 | $-0.32 | $-0.41 | ||
| Q2 25 | $0.19 | $-0.55 | ||
| Q1 25 | $3.50 | $-0.02 | ||
| Q4 24 | $0.27 | $-0.43 | ||
| Q3 24 | $-2.93 | — | ||
| Q2 24 | $-3.10 | $-0.10 | ||
| Q1 24 | $-5.65 | $-0.11 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $8.5M | $884.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-38.5M | $852.2M |
| Total Assets | $20.2M | $915.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.5M | $884.5M | ||
| Q3 25 | $13.7M | $836.2M | ||
| Q2 25 | $22.3M | $819.3M | ||
| Q1 25 | $13.8M | $304.3M | ||
| Q4 24 | $42.5M | $178.0M | ||
| Q3 24 | $67.2M | — | ||
| Q2 24 | $35.3M | — | ||
| Q1 24 | $46.2M | — |
| Q4 25 | $-38.5M | $852.2M | ||
| Q3 25 | $-36.6M | $670.6M | ||
| Q2 25 | $-35.0M | $694.3M | ||
| Q1 25 | $-55.1M | $207.4M | ||
| Q4 24 | $-97.3M | $62.6M | ||
| Q3 24 | $-90.5M | — | ||
| Q2 24 | $-110.9M | $-21.5M | ||
| Q1 24 | $-98.3M | $-37.0M |
| Q4 25 | $20.2M | $915.8M | ||
| Q3 25 | $30.2M | $865.8M | ||
| Q2 25 | $36.9M | $843.6M | ||
| Q1 25 | $62.0M | $325.6M | ||
| Q4 24 | $109.1M | $199.9M | ||
| Q3 24 | $142.7M | — | ||
| Q2 24 | $117.3M | $61.8M | ||
| Q1 24 | $165.3M | $48.6M |
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 | $-50.9M | $-18.4M |
| Free Cash FlowOCF − Capex | — | $-20.0M |
| FCF MarginFCF / Revenue | — | -727.9% |
| Capex IntensityCapex / Revenue | 0.0% | 60.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-75.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-50.9M | $-18.4M | ||
| Q3 25 | $-9.8M | $-19.0M | ||
| Q2 25 | $-7.3M | $-15.3M | ||
| Q1 25 | $-28.1M | $-19.3M | ||
| Q4 24 | $-24.5M | $2.0M | ||
| Q3 24 | $-4.0M | — | ||
| Q2 24 | $-10.6M | $-14.5M | ||
| Q1 24 | $-29.6M | $-12.1M |
| Q4 25 | — | $-20.0M | ||
| Q3 25 | — | $-20.1M | ||
| Q2 25 | — | $-16.0M | ||
| Q1 25 | — | $-19.7M | ||
| Q4 24 | $-24.6M | $1.1M | ||
| Q3 24 | — | — | ||
| Q2 24 | $-10.7M | $-15.0M | ||
| Q1 24 | $-29.7M | $-12.4M |
| Q4 25 | — | -727.9% | ||
| Q3 25 | — | -536.5% | ||
| Q2 25 | — | -518.1% | ||
| Q1 25 | — | -131.4% | ||
| Q4 24 | -75.0% | 46.2% | ||
| Q3 24 | — | — | ||
| Q2 24 | -37.3% | -687.7% | ||
| Q1 24 | -108.7% | -504.0% |
| Q4 25 | 0.0% | 60.3% | ||
| Q3 25 | 0.0% | 27.2% | ||
| Q2 25 | 0.0% | 24.2% | ||
| Q1 25 | 0.0% | 2.9% | ||
| Q4 24 | 0.3% | 41.1% | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.1% | 25.0% | ||
| Q1 24 | 0.5% | 12.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -3.07× | — | ||
| Q1 25 | -0.74× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ATRA
Segment breakdown not available.
QBTS
| Transferred Over Time | $2.4M | 89% |
| Other | $306.0K | 11% |
