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Side-by-side financial comparison of bioAffinity Technologies, Inc. (BIAF) 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 $1.6M, roughly 1.7× bioAffinity Technologies, Inc.). bioAffinity Technologies, Inc. runs the higher net margin — -197.0% vs -1538.0%, a 1341.0% gap on every dollar of revenue. On growth, D-Wave Quantum Inc. posted the faster year-over-year revenue change (19.2% vs -27.8%). bioAffinity Technologies, Inc. produced more free cash flow last quarter ($-2.6M vs $-20.0M). Over the past eight quarters, D-Wave Quantum Inc.'s revenue compounded faster (-2.7% CAGR vs -18.6%).
bioAffinity Technologies, Inc. is a clinical-stage biotechnology firm focused on developing non-invasive in vitro diagnostic tests for early detection of cancer and respiratory diseases. It serves global healthcare markets, with a core mission to deliver accessible, high-accuracy diagnostic solutions that improve patient outcomes and reduce overall healthcare system costs.
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.
BIAF vs QBTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.6M | $2.8M |
| Net Profit | $-3.1M | $-42.3M |
| Gross Margin | — | 64.8% |
| Operating Margin | -196.9% | -1266.0% |
| Net Margin | -197.0% | -1538.0% |
| Revenue YoY | -27.8% | 19.2% |
| Net Profit YoY | -5.7% | 50.8% |
| EPS (diluted) | $-3.59 | $-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 | $1.4M | $3.7M | ||
| Q2 25 | $1.3M | $3.1M | ||
| Q1 25 | $1.9M | $15.0M | ||
| Q4 24 | $2.2M | $2.3M | ||
| Q3 24 | $2.4M | — | ||
| Q2 24 | $2.4M | $2.2M | ||
| Q1 24 | $2.4M | $2.5M |
| Q4 25 | $-3.1M | $-42.3M | ||
| Q3 25 | $-5.1M | $-140.0M | ||
| Q2 25 | $-4.1M | $-167.3M | ||
| Q1 25 | $-2.7M | $-5.4M | ||
| Q4 24 | $-3.0M | $-86.1M | ||
| Q3 24 | $-2.0M | — | ||
| Q2 24 | $-2.1M | $-17.8M | ||
| Q1 24 | $-2.0M | $-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 | -196.9% | -1266.0% | ||
| Q3 25 | -158.6% | -741.8% | ||
| Q2 25 | -198.2% | -856.3% | ||
| Q1 25 | -141.7% | -75.3% | ||
| Q4 24 | -133.5% | -876.2% | ||
| Q3 24 | -84.0% | — | ||
| Q2 24 | -87.1% | -863.0% | ||
| Q1 24 | -80.8% | -710.6% |
| Q4 25 | -197.0% | -1538.0% | ||
| Q3 25 | -349.3% | -3743.9% | ||
| Q2 25 | -319.9% | -5406.4% | ||
| Q1 25 | -143.5% | -36.1% | ||
| Q4 24 | -134.4% | -3727.9% | ||
| Q3 24 | -85.1% | — | ||
| Q2 24 | -88.0% | -814.4% | ||
| Q1 24 | -81.5% | -702.3% |
| Q4 25 | $-3.59 | $-0.13 | ||
| Q3 25 | $-4.74 | $-0.41 | ||
| Q2 25 | $-0.17 | $-0.55 | ||
| Q1 25 | $-0.16 | $-0.02 | ||
| Q4 24 | $-17.27 | $-0.43 | ||
| Q3 24 | $-4.84 | — | ||
| Q2 24 | $-0.19 | $-0.10 | ||
| Q1 24 | $-0.20 | $-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 | $6.4M | $884.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $7.3M | $852.2M |
| Total Assets | $11.0M | $915.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $6.4M | $884.5M | ||
| Q3 25 | $7.7M | $836.2M | ||
| Q2 25 | $802.8K | $819.3M | ||
| Q1 25 | $444.7K | $304.3M | ||
| Q4 24 | $1.1M | $178.0M | ||
| Q3 24 | $756.6K | — | ||
| Q2 24 | $801.3K | — | ||
| Q1 24 | $2.5M | — |
| Q4 25 | $7.3M | $852.2M | ||
| Q3 25 | $8.9M | $670.6M | ||
| Q2 25 | $-2.1M | $694.3M | ||
| Q1 25 | $1.4M | $207.4M | ||
| Q4 24 | $2.6M | $62.6M | ||
| Q3 24 | $3.1M | — | ||
| Q2 24 | $3.4M | $-21.5M | ||
| Q1 24 | $5.3M | $-37.0M |
| Q4 25 | $11.0M | $915.8M | ||
| Q3 25 | $11.5M | $865.8M | ||
| Q2 25 | $4.8M | $843.6M | ||
| Q1 25 | $5.5M | $325.6M | ||
| Q4 24 | $6.5M | $199.9M | ||
| Q3 24 | $6.6M | — | ||
| Q2 24 | $6.7M | $61.8M | ||
| Q1 24 | $8.0M | $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 | $-2.6M | $-18.4M |
| Free Cash FlowOCF − Capex | $-2.6M | $-20.0M |
| FCF MarginFCF / Revenue | -160.7% | -727.9% |
| Capex IntensityCapex / Revenue | 0.0% | 60.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-9.4M | $-75.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.6M | $-18.4M | ||
| Q3 25 | $-2.5M | $-19.0M | ||
| Q2 25 | $-2.6M | $-15.3M | ||
| Q1 25 | $-1.6M | $-19.3M | ||
| Q4 24 | $-1.7M | $2.0M | ||
| Q3 24 | $-1.7M | — | ||
| Q2 24 | $-1.5M | $-14.5M | ||
| Q1 24 | $-2.3M | $-12.1M |
| Q4 25 | $-2.6M | $-20.0M | ||
| Q3 25 | $-2.5M | $-20.1M | ||
| Q2 25 | $-2.7M | $-16.0M | ||
| Q1 25 | $-1.7M | $-19.7M | ||
| Q4 24 | $-1.7M | $1.1M | ||
| Q3 24 | $-1.7M | — | ||
| Q2 24 | $-1.6M | $-15.0M | ||
| Q1 24 | $-2.4M | $-12.4M |
| Q4 25 | -160.7% | -727.9% | ||
| Q3 25 | -171.8% | -536.5% | ||
| Q2 25 | -209.6% | -518.1% | ||
| Q1 25 | -91.3% | -131.4% | ||
| Q4 24 | -76.0% | 46.2% | ||
| Q3 24 | -73.1% | — | ||
| Q2 24 | -65.1% | -687.7% | ||
| Q1 24 | -99.2% | -504.0% |
| Q4 25 | 0.0% | 60.3% | ||
| Q3 25 | 0.3% | 27.2% | ||
| Q2 25 | 1.1% | 24.2% | ||
| Q1 25 | 2.7% | 2.9% | ||
| Q4 24 | 0.0% | 41.1% | ||
| Q3 24 | 0.4% | — | ||
| Q2 24 | 1.2% | 25.0% | ||
| Q1 24 | 1.7% | 12.4% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BIAF
Segment breakdown not available.
QBTS
| Transferred Over Time | $2.4M | 89% |
| Other | $306.0K | 11% |
