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Side-by-side financial comparison of Bolt Biotherapeutics, Inc. (BOLT) 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 $2.5M, roughly 1.1× Bolt Biotherapeutics, Inc.). Bolt Biotherapeutics, Inc. runs the higher net margin — -265.2% vs -1538.0%, a 1272.8% gap on every dollar of revenue. Over the past eight quarters, D-Wave Quantum Inc.'s revenue compounded faster (-2.7% CAGR vs -31.2%).
Bolt Biotherapeutics, Inc. is a clinical-stage biotechnology company specializing in immune-stimulating antibody conjugate (ISAC) therapies for cancer treatment. Its core pipeline targets hard-to-treat solid tumors, serving global oncology markets and advancing novel immunotherapies that trigger targeted anti-tumor immune responses to improve patient outcomes.
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.
BOLT vs QBTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.5M | $2.8M |
| Net Profit | $-6.6M | $-42.3M |
| Gross Margin | — | 64.8% |
| Operating Margin | -283.4% | -1266.0% |
| Net Margin | -265.2% | -1538.0% |
| Revenue YoY | — | 19.2% |
| Net Profit YoY | 58.4% | 50.8% |
| EPS (diluted) | $-9.38 | $-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 | $2.5M | $2.8M | ||
| Q3 25 | $2.2M | $3.7M | ||
| Q2 25 | $1.8M | $3.1M | ||
| Q1 25 | $1.2M | $15.0M | ||
| Q4 24 | $0 | $2.3M | ||
| Q3 24 | $1.1M | — | ||
| Q2 24 | $1.3M | $2.2M | ||
| Q1 24 | $5.3M | $2.5M |
| Q4 25 | $-6.6M | $-42.3M | ||
| Q3 25 | $-7.1M | $-140.0M | ||
| Q2 25 | $-8.6M | $-167.3M | ||
| Q1 25 | $-11.0M | $-5.4M | ||
| Q4 24 | $-15.9M | $-86.1M | ||
| Q3 24 | $-15.2M | — | ||
| Q2 24 | $-21.2M | $-17.8M | ||
| Q1 24 | $-10.8M | $-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 | -283.4% | -1266.0% | ||
| Q3 25 | -355.1% | -741.8% | ||
| Q2 25 | -510.5% | -856.3% | ||
| Q1 25 | -991.4% | -75.3% | ||
| Q4 24 | — | -876.2% | ||
| Q3 24 | -1441.1% | — | ||
| Q2 24 | -1772.3% | -863.0% | ||
| Q1 24 | -324.1% | -710.6% |
| Q4 25 | -265.2% | -1538.0% | ||
| Q3 25 | -329.4% | -3743.9% | ||
| Q2 25 | -474.6% | -5406.4% | ||
| Q1 25 | -903.4% | -36.1% | ||
| Q4 24 | — | -3727.9% | ||
| Q3 24 | -1330.1% | — | ||
| Q2 24 | -1662.4% | -814.4% | ||
| Q1 24 | -205.0% | -702.3% |
| Q4 25 | $-9.38 | $-0.13 | ||
| Q3 25 | $-3.72 | $-0.41 | ||
| Q2 25 | $-4.46 | $-0.55 | ||
| Q1 25 | $-0.29 | $-0.02 | ||
| Q4 24 | $-13.73 | $-0.43 | ||
| Q3 24 | $-7.93 | — | ||
| Q2 24 | $-11.12 | $-0.10 | ||
| Q1 24 | $-0.28 | $-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 | $27.5M | $884.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $26.5M | $852.2M |
| Total Assets | $56.7M | $915.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.5M | $884.5M | ||
| Q3 25 | $31.9M | $836.2M | ||
| Q2 25 | $34.8M | $819.3M | ||
| Q1 25 | $38.8M | $304.3M | ||
| Q4 24 | $47.3M | $178.0M | ||
| Q3 24 | $53.8M | — | ||
| Q2 24 | $73.7M | — | ||
| Q1 24 | $91.3M | — |
| Q4 25 | $26.5M | $852.2M | ||
| Q3 25 | $32.1M | $670.6M | ||
| Q2 25 | $38.8M | $694.3M | ||
| Q1 25 | $46.8M | $207.4M | ||
| Q4 24 | $57.2M | $62.6M | ||
| Q3 24 | $72.0M | — | ||
| Q2 24 | $85.9M | $-21.5M | ||
| Q1 24 | $104.2M | $-37.0M |
| Q4 25 | $56.7M | $915.8M | ||
| Q3 25 | $65.1M | $865.8M | ||
| Q2 25 | $75.5M | $843.6M | ||
| Q1 25 | $85.9M | $325.6M | ||
| Q4 24 | $99.6M | $199.9M | ||
| Q3 24 | $109.3M | — | ||
| Q2 24 | $124.2M | $61.8M | ||
| Q1 24 | $142.9M | $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 | $-7.2M | $-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 | $-7.2M | $-18.4M | ||
| Q3 25 | $-9.7M | $-19.0M | ||
| Q2 25 | $-9.6M | $-15.3M | ||
| Q1 25 | $-13.4M | $-19.3M | ||
| Q4 24 | $-14.4M | $2.0M | ||
| Q3 24 | $-14.0M | — | ||
| Q2 24 | $-16.1M | $-14.5M | ||
| Q1 24 | $-16.8M | $-12.1M |
| Q4 25 | — | $-20.0M | ||
| Q3 25 | — | $-20.1M | ||
| Q2 25 | — | $-16.0M | ||
| Q1 25 | — | $-19.7M | ||
| Q4 24 | — | $1.1M | ||
| Q3 24 | $-14.0M | — | ||
| Q2 24 | — | $-15.0M | ||
| Q1 24 | — | $-12.4M |
| Q4 25 | — | -727.9% | ||
| Q3 25 | — | -536.5% | ||
| Q2 25 | — | -518.1% | ||
| Q1 25 | — | -131.4% | ||
| Q4 24 | — | 46.2% | ||
| Q3 24 | -1227.6% | — | ||
| Q2 24 | — | -687.7% | ||
| Q1 24 | — | -504.0% |
| Q4 25 | — | 60.3% | ||
| Q3 25 | — | 27.2% | ||
| Q2 25 | — | 24.2% | ||
| Q1 25 | — | 2.9% | ||
| Q4 24 | — | 41.1% | ||
| Q3 24 | 3.6% | — | ||
| Q2 24 | 0.0% | 25.0% | ||
| Q1 24 | 0.0% | 12.4% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BOLT
Segment breakdown not available.
QBTS
| Transferred Over Time | $2.4M | 89% |
| Other | $306.0K | 11% |
