vs
Side-by-side financial comparison of Solana Co (HSDT) and D-Wave Quantum Inc. (QBTS). Click either name above to swap in a different company.
Solana Co is the larger business by last-quarter revenue ($5.2M vs $2.8M, roughly 1.9× D-Wave Quantum Inc.). Solana Co runs the higher net margin — 6227.1% vs -1538.0%, a 7765.1% gap on every dollar of revenue. On growth, Solana Co posted the faster year-over-year revenue change (2725.9% vs 19.2%). Over the past eight quarters, Solana Co's revenue compounded faster (522.3% CAGR vs -2.7%).
Solana is a Mexican cottage manufacturer of sports, racing, and kids' automobiles based in Mexico City. The family run company has operated since 1936, with a total production of fewer than fifty cars; the majority of them one-offs. The family is heavily involved in motor sports; the most prominent member was Moisés Solana, who raced family-built cars and later in Formula One.
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.
HSDT vs QBTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.2M | $2.8M |
| Net Profit | $325.6M | $-42.3M |
| Gross Margin | 96.6% | 64.8% |
| Operating Margin | -3845.8% | -1266.0% |
| Net Margin | 6227.1% | -1538.0% |
| Revenue YoY | 2725.9% | 19.2% |
| Net Profit YoY | 8388.0% | 50.8% |
| EPS (diluted) | $111.28 | $-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 | $5.2M | $2.8M | ||
| Q3 25 | $697.0K | $3.7M | ||
| Q2 25 | $43.0K | $3.1M | ||
| Q1 25 | $49.0K | $15.0M | ||
| Q4 24 | $185.0K | $2.3M | ||
| Q3 24 | $51.0K | — | ||
| Q2 24 | $182.0K | $2.2M | ||
| Q1 24 | $135.0K | $2.5M |
| Q4 25 | $325.6M | $-42.3M | ||
| Q3 25 | $-352.8M | $-140.0M | ||
| Q2 25 | $-9.8M | $-167.3M | ||
| Q1 25 | $-3.8M | $-5.4M | ||
| Q4 24 | — | $-86.1M | ||
| Q3 24 | $-3.7M | — | ||
| Q2 24 | $-1.6M | $-17.8M | ||
| Q1 24 | $-2.5M | $-17.3M |
| Q4 25 | 96.6% | 64.8% | ||
| Q3 25 | 85.2% | 71.4% | ||
| Q2 25 | — | 63.8% | ||
| Q1 25 | — | 92.5% | ||
| Q4 24 | 16.8% | 63.8% | ||
| Q3 24 | — | — | ||
| Q2 24 | 35.2% | 63.6% | ||
| Q1 24 | 8.9% | 67.3% |
| Q4 25 | -3845.8% | -1266.0% | ||
| Q3 25 | -5086.1% | -741.8% | ||
| Q2 25 | -7725.6% | -856.3% | ||
| Q1 25 | -8185.7% | -75.3% | ||
| Q4 24 | — | -876.2% | ||
| Q3 24 | -7980.4% | — | ||
| Q2 24 | -1796.7% | -863.0% | ||
| Q1 24 | -2530.4% | -710.6% |
| Q4 25 | 6227.1% | -1538.0% | ||
| Q3 25 | -50612.3% | -3743.9% | ||
| Q2 25 | -22867.4% | -5406.4% | ||
| Q1 25 | -7832.7% | -36.1% | ||
| Q4 24 | — | -3727.9% | ||
| Q3 24 | -7227.5% | — | ||
| Q2 24 | -885.7% | -814.4% | ||
| Q1 24 | -1863.7% | -702.3% |
| Q4 25 | $111.28 | $-0.13 | ||
| Q3 25 | $-32.89 | $-0.41 | ||
| Q2 25 | $-79.73 | $-0.55 | ||
| Q1 25 | $-0.51 | $-0.02 | ||
| Q4 24 | — | $-0.43 | ||
| Q3 24 | $-744.35 | — | ||
| Q2 24 | $-485.30 | $-0.10 | ||
| Q1 24 | $-3.08 | $-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 | $7.3M | $884.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $300.9M | $852.2M |
| Total Assets | $303.9M | $915.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.3M | $884.5M | ||
| Q3 25 | $124.1M | $836.2M | ||
| Q2 25 | $6.1M | $819.3M | ||
| Q1 25 | $1.1M | $304.3M | ||
| Q4 24 | $1.1M | $178.0M | ||
| Q3 24 | $3.5M | — | ||
| Q2 24 | $6.4M | — | ||
| Q1 24 | $3.6M | — |
| Q4 25 | $300.9M | $852.2M | ||
| Q3 25 | $-152.4M | $670.6M | ||
| Q2 25 | $6.0M | $694.3M | ||
| Q1 25 | $1.3M | $207.4M | ||
| Q4 24 | $1.1M | $62.6M | ||
| Q3 24 | $3.8M | — | ||
| Q2 24 | $6.3M | $-21.5M | ||
| Q1 24 | $2.0M | $-37.0M |
| Q4 25 | $303.9M | $915.8M | ||
| Q3 25 | $475.9M | $865.8M | ||
| Q2 25 | $7.9M | $843.6M | ||
| Q1 25 | $3.5M | $325.6M | ||
| Q4 24 | $3.5M | $199.9M | ||
| Q3 24 | $5.6M | — | ||
| Q2 24 | $8.8M | $61.8M | ||
| Q1 24 | $5.8M | $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 | $-16.5M | $-18.4M |
| Free Cash FlowOCF − Capex | — | $-20.0M |
| FCF MarginFCF / Revenue | — | -727.9% |
| Capex IntensityCapex / Revenue | — | 60.3% |
| Cash ConversionOCF / Net Profit | -0.05× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-75.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-16.5M | $-18.4M | ||
| Q3 25 | $-4.0M | $-19.0M | ||
| Q2 25 | $-2.8M | $-15.3M | ||
| Q1 25 | $-3.5M | $-19.3M | ||
| Q4 24 | $-11.0M | $2.0M | ||
| Q3 24 | $-2.8M | — | ||
| Q2 24 | $-2.9M | $-14.5M | ||
| Q1 24 | $-3.0M | $-12.1M |
| Q4 25 | — | $-20.0M | ||
| Q3 25 | — | $-20.1M | ||
| Q2 25 | — | $-16.0M | ||
| Q1 25 | — | $-19.7M | ||
| Q4 24 | $-11.0M | $1.1M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $-15.0M | ||
| Q1 24 | $-3.0M | $-12.4M |
| Q4 25 | — | -727.9% | ||
| Q3 25 | — | -536.5% | ||
| Q2 25 | — | -518.1% | ||
| Q1 25 | — | -131.4% | ||
| Q4 24 | -5970.8% | 46.2% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -687.7% | ||
| Q1 24 | -2226.7% | -504.0% |
| Q4 25 | — | 60.3% | ||
| Q3 25 | — | 27.2% | ||
| Q2 25 | — | 24.2% | ||
| Q1 25 | — | 2.9% | ||
| Q4 24 | 2.7% | 41.1% | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.0% | 25.0% | ||
| Q1 24 | 3.7% | 12.4% |
| Q4 25 | -0.05× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| 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
HSDT
Segment breakdown not available.
QBTS
| Transferred Over Time | $2.4M | 89% |
| Other | $306.0K | 11% |
