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Side-by-side financial comparison of CADIZ INC (CDZI) and D-Wave Quantum Inc. (QBTS). Click either name above to swap in a different company.
CADIZ INC is the larger business by last-quarter revenue ($5.1M vs $2.8M, roughly 1.8× D-Wave Quantum Inc.). On growth, D-Wave Quantum Inc. posted the faster year-over-year revenue change (19.2% vs 7.0%). CADIZ INC produced more free cash flow last quarter ($-8.2M vs $-20.0M). Over the past eight quarters, CADIZ INC's revenue compounded faster (113.0% CAGR vs -2.7%).
Cadiz Inc is a U.S.-based natural resources and sustainable development company focused on managing water resources, agricultural land, and renewable energy projects. It operates primarily in California, serving municipal, agricultural, and commercial clients with reliable water supply solutions and land stewardship services.
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.
CDZI vs QBTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.1M | $2.8M |
| Net Profit | — | $-42.3M |
| Gross Margin | 33.0% | 64.8% |
| Operating Margin | -145.4% | -1266.0% |
| Net Margin | — | -1538.0% |
| Revenue YoY | 7.0% | 19.2% |
| Net Profit YoY | — | 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 | $5.1M | $2.8M | ||
| Q3 25 | $4.1M | $3.7M | ||
| Q2 25 | $4.1M | $3.1M | ||
| Q1 25 | $3.0M | $15.0M | ||
| Q4 24 | $4.8M | $2.3M | ||
| Q3 24 | $3.2M | — | ||
| Q2 24 | $513.0K | $2.2M | ||
| Q1 24 | $1.1M | $2.5M |
| Q4 25 | — | $-42.3M | ||
| Q3 25 | $-7.1M | $-140.0M | ||
| Q2 25 | $-7.7M | $-167.3M | ||
| Q1 25 | $-9.6M | $-5.4M | ||
| Q4 24 | — | $-86.1M | ||
| Q3 24 | $-6.8M | — | ||
| Q2 24 | $-8.9M | $-17.8M | ||
| Q1 24 | $-6.8M | $-17.3M |
| Q4 25 | 33.0% | 64.8% | ||
| Q3 25 | 27.3% | 71.4% | ||
| Q2 25 | 35.4% | 63.8% | ||
| Q1 25 | 29.7% | 92.5% | ||
| Q4 24 | 36.1% | 63.8% | ||
| Q3 24 | 25.3% | — | ||
| Q2 24 | — | 63.6% | ||
| Q1 24 | 10.4% | 67.3% |
| Q4 25 | -145.4% | -1266.0% | ||
| Q3 25 | -118.0% | -741.8% | ||
| Q2 25 | -140.0% | -856.3% | ||
| Q1 25 | -255.0% | -75.3% | ||
| Q4 24 | -139.5% | -876.2% | ||
| Q3 24 | -147.9% | — | ||
| Q2 24 | -1354.6% | -863.0% | ||
| Q1 24 | -437.8% | -710.6% |
| Q4 25 | — | -1538.0% | ||
| Q3 25 | -170.5% | -3743.9% | ||
| Q2 25 | -187.3% | -5406.4% | ||
| Q1 25 | -324.7% | -36.1% | ||
| Q4 24 | — | -3727.9% | ||
| Q3 24 | -210.7% | — | ||
| Q2 24 | -1729.4% | -814.4% | ||
| Q1 24 | -611.1% | -702.3% |
| Q4 25 | — | $-0.13 | ||
| Q3 25 | — | $-0.41 | ||
| Q2 25 | — | $-0.55 | ||
| Q1 25 | — | $-0.02 | ||
| Q4 24 | — | $-0.43 | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $-0.10 | ||
| Q1 24 | — | $-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 | $8.6M | $884.5M |
| Total DebtLower is stronger | $72.7M | — |
| Stockholders' EquityBook value | $23.3M | $852.2M |
| Total Assets | $140.9M | $915.8M |
| Debt / EquityLower = less leverage | 3.13× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.6M | $884.5M | ||
| Q3 25 | $4.4M | $836.2M | ||
| Q2 25 | $13.2M | $819.3M | ||
| Q1 25 | $21.6M | $304.3M | ||
| Q4 24 | $17.3M | $178.0M | ||
| Q3 24 | $3.3M | — | ||
| Q2 24 | $10.1M | — | ||
| Q1 24 | $19.2M | — |
| Q4 25 | $72.7M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $56.7M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $23.3M | $852.2M | ||
| Q3 25 | $27.7M | $670.6M | ||
| Q2 25 | $35.6M | $694.3M | ||
| Q1 25 | $44.0M | $207.4M | ||
| Q4 24 | $34.0M | $62.6M | ||
| Q3 24 | $20.7M | — | ||
| Q2 24 | $27.6M | $-21.5M | ||
| Q1 24 | $36.6M | $-37.0M |
| Q4 25 | $140.9M | $915.8M | ||
| Q3 25 | $128.0M | $865.8M | ||
| Q2 25 | $136.4M | $843.6M | ||
| Q1 25 | $145.6M | $325.6M | ||
| Q4 24 | $134.5M | $199.9M | ||
| Q3 24 | $112.6M | — | ||
| Q2 24 | $118.1M | $61.8M | ||
| Q1 24 | $118.1M | $48.6M |
| Q4 25 | 3.13× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.67× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-6.9M | $-18.4M |
| Free Cash FlowOCF − Capex | $-8.2M | $-20.0M |
| FCF MarginFCF / Revenue | -162.2% | -727.9% |
| Capex IntensityCapex / Revenue | 26.1% | 60.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-26.5M | $-75.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.9M | $-18.4M | ||
| Q3 25 | $-7.0M | $-19.0M | ||
| Q2 25 | $-1.4M | $-15.3M | ||
| Q1 25 | $-3.6M | $-19.3M | ||
| Q4 24 | $-6.2M | $2.0M | ||
| Q3 24 | $-5.4M | — | ||
| Q2 24 | $-7.1M | $-14.5M | ||
| Q1 24 | $-2.9M | $-12.1M |
| Q4 25 | $-8.2M | $-20.0M | ||
| Q3 25 | $-7.5M | $-20.1M | ||
| Q2 25 | $-5.9M | $-16.0M | ||
| Q1 25 | $-4.9M | $-19.7M | ||
| Q4 24 | $-6.6M | $1.1M | ||
| Q3 24 | $-5.4M | — | ||
| Q2 24 | $-7.3M | $-15.0M | ||
| Q1 24 | $-3.1M | $-12.4M |
| Q4 25 | -162.2% | -727.9% | ||
| Q3 25 | -179.8% | -536.5% | ||
| Q2 25 | -142.2% | -518.1% | ||
| Q1 25 | -167.0% | -131.4% | ||
| Q4 24 | -139.4% | 46.2% | ||
| Q3 24 | -168.8% | — | ||
| Q2 24 | -1431.6% | -687.7% | ||
| Q1 24 | -272.9% | -504.0% |
| Q4 25 | 26.1% | 60.3% | ||
| Q3 25 | 10.8% | 27.2% | ||
| Q2 25 | 109.3% | 24.2% | ||
| Q1 25 | 43.6% | 2.9% | ||
| Q4 24 | 8.7% | 41.1% | ||
| Q3 24 | 1.7% | — | ||
| Q2 24 | 54.8% | 25.0% | ||
| Q1 24 | 16.6% | 12.4% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CDZI
| Water Treatment | $4.4M | 86% |
| Other | $724.0K | 14% |
QBTS
| Transferred Over Time | $2.4M | 89% |
| Other | $306.0K | 11% |
