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Side-by-side financial comparison of ETHZilla Corp (ETHZ) and D-Wave Quantum Inc. (QBTS). Click either name above to swap in a different company.
ETHZilla Corp is the larger business by last-quarter revenue ($4.1M vs $2.8M, roughly 1.5× D-Wave Quantum Inc.). D-Wave Quantum Inc. runs the higher net margin — -1538.0% vs -5273.3%, a 3735.3% gap on every dollar of revenue. D-Wave Quantum Inc. produced more free cash flow last quarter ($-20.0M vs $-259.9M).
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.
ETHZ vs QBTS — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.1M | $2.8M |
| Net Profit | $-216.7M | $-42.3M |
| Gross Margin | — | 64.8% |
| Operating Margin | -5364.6% | -1266.0% |
| Net Margin | -5273.3% | -1538.0% |
| Revenue YoY | — | 19.2% |
| Net Profit YoY | -25803.8% | 50.8% |
| EPS (diluted) | $-16.80 | $-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 | — | $2.8M | ||
| Q3 25 | $4.1M | $3.7M | ||
| Q2 25 | — | $3.1M | ||
| Q1 25 | — | $15.0M | ||
| Q4 24 | — | $2.3M | ||
| Q3 24 | $0 | — | ||
| Q2 24 | — | $2.2M | ||
| Q1 24 | — | $2.5M |
| Q4 25 | — | $-42.3M | ||
| Q3 25 | $-216.7M | $-140.0M | ||
| Q2 25 | — | $-167.3M | ||
| Q1 25 | — | $-5.4M | ||
| Q4 24 | — | $-86.1M | ||
| Q3 24 | $-836.7K | — | ||
| Q2 24 | — | $-17.8M | ||
| Q1 24 | — | $-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 | -5364.6% | -741.8% | ||
| Q2 25 | — | -856.3% | ||
| Q1 25 | — | -75.3% | ||
| Q4 24 | — | -876.2% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -863.0% | ||
| Q1 24 | — | -710.6% |
| Q4 25 | — | -1538.0% | ||
| Q3 25 | -5273.3% | -3743.9% | ||
| Q2 25 | — | -5406.4% | ||
| Q1 25 | — | -36.1% | ||
| Q4 24 | — | -3727.9% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -814.4% | ||
| Q1 24 | — | -702.3% |
| Q4 25 | — | $-0.13 | ||
| Q3 25 | $-16.80 | $-0.41 | ||
| Q2 25 | — | $-0.55 | ||
| Q1 25 | — | $-0.02 | ||
| Q4 24 | — | $-0.43 | ||
| Q3 24 | $-5.43 | — | ||
| 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 | $62.1M | $884.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $445.1M | $852.2M |
| Total Assets | $1.0B | $915.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $884.5M | ||
| Q3 25 | $62.1M | $836.2M | ||
| Q2 25 | — | $819.3M | ||
| Q1 25 | — | $304.3M | ||
| Q4 24 | — | $178.0M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $852.2M | ||
| Q3 25 | $445.1M | $670.6M | ||
| Q2 25 | — | $694.3M | ||
| Q1 25 | — | $207.4M | ||
| Q4 24 | — | $62.6M | ||
| Q3 24 | $3.7M | — | ||
| Q2 24 | — | $-21.5M | ||
| Q1 24 | — | $-37.0M |
| Q4 25 | — | $915.8M | ||
| Q3 25 | $1.0B | $865.8M | ||
| Q2 25 | — | $843.6M | ||
| Q1 25 | — | $325.6M | ||
| Q4 24 | — | $199.9M | ||
| Q3 24 | $10.5M | — | ||
| Q2 24 | — | $61.8M | ||
| Q1 24 | — | $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 | $-16.4M | $-18.4M |
| Free Cash FlowOCF − Capex | $-259.9M | $-20.0M |
| FCF MarginFCF / Revenue | -6323.7% | -727.9% |
| Capex IntensityCapex / Revenue | 5923.8% | 60.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-75.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-18.4M | ||
| Q3 25 | $-16.4M | $-19.0M | ||
| Q2 25 | — | $-15.3M | ||
| Q1 25 | — | $-19.3M | ||
| Q4 24 | — | $2.0M | ||
| Q3 24 | $-239.9K | — | ||
| Q2 24 | — | $-14.5M | ||
| Q1 24 | — | $-12.1M |
| Q4 25 | — | $-20.0M | ||
| Q3 25 | $-259.9M | $-20.1M | ||
| Q2 25 | — | $-16.0M | ||
| Q1 25 | — | $-19.7M | ||
| Q4 24 | — | $1.1M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $-15.0M | ||
| Q1 24 | — | $-12.4M |
| Q4 25 | — | -727.9% | ||
| Q3 25 | -6323.7% | -536.5% | ||
| Q2 25 | — | -518.1% | ||
| Q1 25 | — | -131.4% | ||
| Q4 24 | — | 46.2% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -687.7% | ||
| Q1 24 | — | -504.0% |
| Q4 25 | — | 60.3% | ||
| Q3 25 | 5923.8% | 27.2% | ||
| Q2 25 | — | 24.2% | ||
| Q1 25 | — | 2.9% | ||
| Q4 24 | — | 41.1% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 25.0% | ||
| Q1 24 | — | 12.4% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ETHZ
Segment breakdown not available.
QBTS
| Transferred Over Time | $2.4M | 89% |
| Other | $306.0K | 11% |
