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Side-by-side financial comparison of HeartCore Enterprises, Inc. (HTCR) and D-Wave Quantum Inc. (QBTS). Click either name above to swap in a different company.
HeartCore Enterprises, Inc. is the larger business by last-quarter revenue ($3.0M vs $2.8M, roughly 1.1× D-Wave Quantum Inc.). HeartCore Enterprises, Inc. runs the higher net margin — 14.5% vs -1538.0%, a 1552.5% gap on every dollar of revenue. On growth, D-Wave Quantum Inc. posted the faster year-over-year revenue change (19.2% vs -81.6%). Over the past eight quarters, D-Wave Quantum Inc.'s revenue compounded faster (-2.7% CAGR vs -5.2%).
HeartCore Enterprises, Inc. is a global SaaS provider specializing in customer experience management, digital transformation solutions, and marketing technology tools. It operates mainly in Japan, Asia-Pacific, and North America, serving small-to-medium businesses and large enterprises with content management systems, marketing automation platforms, and CRM solutions.
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.
HTCR vs QBTS — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.0M | $2.8M |
| Net Profit | $434.1K | $-42.3M |
| Gross Margin | 49.1% | 64.8% |
| Operating Margin | -0.4% | -1266.0% |
| Net Margin | 14.5% | -1538.0% |
| Revenue YoY | -81.6% | 19.2% |
| Net Profit YoY | -96.1% | 50.8% |
| EPS (diluted) | $0.02 | $-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 | $3.0M | $3.7M | ||
| Q2 25 | $4.7M | $3.1M | ||
| Q1 25 | $3.6M | $15.0M | ||
| Q4 24 | $-2.7M | $2.3M | ||
| Q3 24 | $16.2M | — | ||
| Q2 24 | $4.1M | $2.2M | ||
| Q1 24 | $5.0M | $2.5M |
| Q4 25 | — | $-42.3M | ||
| Q3 25 | $434.1K | $-140.0M | ||
| Q2 25 | $1.1M | $-167.3M | ||
| Q1 25 | $-3.1M | $-5.4M | ||
| Q4 24 | $-9.3M | $-86.1M | ||
| Q3 24 | $11.1M | — | ||
| Q2 24 | $-2.0M | $-17.8M | ||
| Q1 24 | $-1.3M | $-17.3M |
| Q4 25 | — | 64.8% | ||
| Q3 25 | 49.1% | 71.4% | ||
| Q2 25 | 46.7% | 63.8% | ||
| Q1 25 | 30.7% | 92.5% | ||
| Q4 24 | — | 63.8% | ||
| Q3 24 | 86.3% | — | ||
| Q2 24 | 19.8% | 63.6% | ||
| Q1 24 | 40.3% | 67.3% |
| Q4 25 | — | -1266.0% | ||
| Q3 25 | -0.4% | -741.8% | ||
| Q2 25 | 2.3% | -856.3% | ||
| Q1 25 | -34.7% | -75.3% | ||
| Q4 24 | 386.5% | -876.2% | ||
| Q3 24 | 76.0% | — | ||
| Q2 24 | -37.1% | -863.0% | ||
| Q1 24 | -13.5% | -710.6% |
| Q4 25 | — | -1538.0% | ||
| Q3 25 | 14.5% | -3743.9% | ||
| Q2 25 | 23.2% | -5406.4% | ||
| Q1 25 | -86.1% | -36.1% | ||
| Q4 24 | 346.8% | -3727.9% | ||
| Q3 24 | 68.1% | — | ||
| Q2 24 | -48.0% | -814.4% | ||
| Q1 24 | -26.4% | -702.3% |
| Q4 25 | — | $-0.13 | ||
| Q3 25 | $0.02 | $-0.41 | ||
| Q2 25 | $0.04 | $-0.55 | ||
| Q1 25 | $-0.14 | $-0.02 | ||
| Q4 24 | $-0.45 | $-0.43 | ||
| Q3 24 | $0.53 | — | ||
| Q2 24 | $-0.09 | $-0.10 | ||
| Q1 24 | $-0.06 | $-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 | $4.4M | $884.5M |
| Total DebtLower is stronger | $510.9K | — |
| Stockholders' EquityBook value | $5.2M | $852.2M |
| Total Assets | $13.3M | $915.8M |
| Debt / EquityLower = less leverage | 0.10× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $884.5M | ||
| Q3 25 | $4.4M | $836.2M | ||
| Q2 25 | $2.5M | $819.3M | ||
| Q1 25 | $2.3M | $304.3M | ||
| Q4 24 | $6.5M | $178.0M | ||
| Q3 24 | $8.6M | — | ||
| Q2 24 | $4.2M | — | ||
| Q1 24 | $1.6M | — |
| Q4 25 | — | — | ||
| Q3 25 | $510.9K | — | ||
| Q2 25 | $1.5M | — | ||
| Q1 25 | $1.5M | — | ||
| Q4 24 | $545.1K | — | ||
| Q3 24 | $1.9M | — | ||
| Q2 24 | $1.9M | — | ||
| Q1 24 | $2.0M | — |
| Q4 25 | — | $852.2M | ||
| Q3 25 | $5.2M | $670.6M | ||
| Q2 25 | $4.8M | $694.3M | ||
| Q1 25 | $1.8M | $207.4M | ||
| Q4 24 | $4.7M | $62.6M | ||
| Q3 24 | $12.4M | — | ||
| Q2 24 | $1.6M | $-21.5M | ||
| Q1 24 | $3.9M | $-37.0M |
| Q4 25 | — | $915.8M | ||
| Q3 25 | $13.3M | $865.8M | ||
| Q2 25 | $13.5M | $843.6M | ||
| Q1 25 | $10.2M | $325.6M | ||
| Q4 24 | $14.0M | $199.9M | ||
| Q3 24 | $25.5M | — | ||
| Q2 24 | $24.1M | $61.8M | ||
| Q1 24 | $22.3M | $48.6M |
| Q4 25 | — | — | ||
| Q3 25 | 0.10× | — | ||
| Q2 25 | 0.31× | — | ||
| Q1 25 | 0.84× | — | ||
| Q4 24 | 0.12× | — | ||
| Q3 24 | 0.15× | — | ||
| Q2 24 | 1.20× | — | ||
| Q1 24 | 0.50× | — |
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 | — | $-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 | — | $-18.4M | ||
| Q3 25 | — | $-19.0M | ||
| Q2 25 | $-674.1K | $-15.3M | ||
| Q1 25 | $-2.0M | $-19.3M | ||
| Q4 24 | $-1.3M | $2.0M | ||
| Q3 24 | $-1.8M | — | ||
| Q2 24 | $-837.1K | $-14.5M | ||
| Q1 24 | $-898.6K | $-12.1M |
| Q4 25 | — | $-20.0M | ||
| Q3 25 | — | $-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 | — | -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 | — | 27.2% | ||
| Q2 25 | — | 24.2% | ||
| Q1 25 | — | 2.9% | ||
| Q4 24 | — | 41.1% | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | — | 25.0% | ||
| Q1 24 | — | 12.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.61× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.16× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HTCR
| Customised Software Development And Services | $1.7M | 58% |
| Software Related Cost Of Revenues | $1.4M | 46% |
QBTS
| Transferred Over Time | $2.4M | 89% |
| Other | $306.0K | 11% |
