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Side-by-side financial comparison of Hyperfine, Inc. (HYPR) and D-Wave Quantum Inc. (QBTS). Click either name above to swap in a different company.
Hyperfine, Inc. is the larger business by last-quarter revenue ($5.3M vs $2.8M, roughly 1.9× D-Wave Quantum Inc.). Hyperfine, Inc. runs the higher net margin — -111.7% vs -1538.0%, a 1426.3% gap on every dollar of revenue. On growth, Hyperfine, Inc. posted the faster year-over-year revenue change (128.0% vs 19.2%). Hyperfine, Inc. produced more free cash flow last quarter ($-5.3M vs $-20.0M). Over the past eight quarters, Hyperfine, Inc.'s revenue compounded faster (26.7% CAGR vs -2.7%).
Hyperfine, Inc. develops and commercializes innovative portable low-field magnetic resonance imaging (MRI) systems for medical diagnostic use. Its solutions deliver accessible, cost-effective imaging for healthcare providers across acute care, rural clinics, pediatric care, and other underserved clinical settings worldwide.
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.
HYPR vs QBTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.3M | $2.8M |
| Net Profit | $-5.9M | $-42.3M |
| Gross Margin | 50.9% | 64.8% |
| Operating Margin | -144.9% | -1266.0% |
| Net Margin | -111.7% | -1538.0% |
| Revenue YoY | 128.0% | 19.2% |
| Net Profit YoY | 43.1% | 50.8% |
| EPS (diluted) | $-0.05 | $-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 | $5.3M | $2.8M | ||
| Q3 25 | $3.4M | $3.7M | ||
| Q2 25 | $2.7M | $3.1M | ||
| Q1 25 | $2.1M | $15.0M | ||
| Q4 24 | $2.3M | $2.3M | ||
| Q3 24 | $3.6M | — | ||
| Q2 24 | $3.6M | $2.2M | ||
| Q1 24 | $3.3M | $2.5M |
| Q4 25 | $-5.9M | $-42.3M | ||
| Q3 25 | $-11.0M | $-140.0M | ||
| Q2 25 | $-9.2M | $-167.3M | ||
| Q1 25 | $-9.4M | $-5.4M | ||
| Q4 24 | $-10.4M | $-86.1M | ||
| Q3 24 | $-10.3M | — | ||
| Q2 24 | $-10.2M | $-17.8M | ||
| Q1 24 | $-9.8M | $-17.3M |
| Q4 25 | 50.9% | 64.8% | ||
| Q3 25 | 53.8% | 71.4% | ||
| Q2 25 | 49.3% | 63.8% | ||
| Q1 25 | 41.3% | 92.5% | ||
| Q4 24 | 35.6% | 63.8% | ||
| Q3 24 | 52.4% | — | ||
| Q2 24 | 49.7% | 63.6% | ||
| Q1 24 | 41.1% | 67.3% |
| Q4 25 | -144.9% | -1266.0% | ||
| Q3 25 | -259.5% | -741.8% | ||
| Q2 25 | -355.9% | -856.3% | ||
| Q1 25 | -510.2% | -75.3% | ||
| Q4 24 | -463.8% | -876.2% | ||
| Q3 24 | -300.9% | — | ||
| Q2 24 | -298.7% | -863.0% | ||
| Q1 24 | -323.2% | -710.6% |
| Q4 25 | -111.7% | -1538.0% | ||
| Q3 25 | -320.6% | -3743.9% | ||
| Q2 25 | -342.2% | -5406.4% | ||
| Q1 25 | -440.7% | -36.1% | ||
| Q4 24 | -447.7% | -3727.9% | ||
| Q3 24 | -283.4% | — | ||
| Q2 24 | -279.7% | -814.4% | ||
| Q1 24 | -298.9% | -702.3% |
| Q4 25 | $-0.05 | $-0.13 | ||
| Q3 25 | $-0.14 | $-0.41 | ||
| Q2 25 | $-0.12 | $-0.55 | ||
| Q1 25 | $-0.12 | $-0.02 | ||
| Q4 24 | $-0.14 | $-0.43 | ||
| Q3 24 | $-0.14 | — | ||
| Q2 24 | $-0.14 | $-0.10 | ||
| Q1 24 | $-0.14 | $-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 | $35.1M | $884.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $41.0M | $852.2M |
| Total Assets | $55.3M | $915.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $35.1M | $884.5M | ||
| Q3 25 | $21.6M | $836.2M | ||
| Q2 25 | $25.4M | $819.3M | ||
| Q1 25 | $33.1M | $304.3M | ||
| Q4 24 | $37.6M | $178.0M | ||
| Q3 24 | $45.8M | — | ||
| Q2 24 | $53.8M | — | ||
| Q1 24 | $63.2M | — |
| Q4 25 | $41.0M | $852.2M | ||
| Q3 25 | $26.9M | $670.6M | ||
| Q2 25 | $35.1M | $694.3M | ||
| Q1 25 | $43.1M | $207.4M | ||
| Q4 24 | $49.0M | $62.6M | ||
| Q3 24 | $58.3M | — | ||
| Q2 24 | $66.8M | $-21.5M | ||
| Q1 24 | $75.6M | $-37.0M |
| Q4 25 | $55.3M | $915.8M | ||
| Q3 25 | $41.5M | $865.8M | ||
| Q2 25 | $45.2M | $843.6M | ||
| Q1 25 | $53.4M | $325.6M | ||
| Q4 24 | $58.9M | $199.9M | ||
| Q3 24 | $69.4M | — | ||
| Q2 24 | $76.6M | $61.8M | ||
| Q1 24 | $85.4M | $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 | $-5.2M | $-18.4M |
| Free Cash FlowOCF − Capex | $-5.3M | $-20.0M |
| FCF MarginFCF / Revenue | -99.6% | -727.9% |
| Capex IntensityCapex / Revenue | 1.2% | 60.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-29.1M | $-75.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-5.2M | $-18.4M | ||
| Q3 25 | $-5.6M | $-19.0M | ||
| Q2 25 | $-7.9M | $-15.3M | ||
| Q1 25 | $-9.2M | $-19.3M | ||
| Q4 24 | $-8.4M | $2.0M | ||
| Q3 24 | $-8.5M | — | ||
| Q2 24 | $-9.4M | $-14.5M | ||
| Q1 24 | $-12.5M | $-12.1M |
| Q4 25 | $-5.3M | $-20.0M | ||
| Q3 25 | $-5.7M | $-20.1M | ||
| Q2 25 | $-8.4M | $-16.0M | ||
| Q1 25 | $-9.7M | $-19.7M | ||
| Q4 24 | $-8.4M | $1.1M | ||
| Q3 24 | $-8.7M | — | ||
| Q2 24 | $-9.5M | $-15.0M | ||
| Q1 24 | $-12.7M | $-12.4M |
| Q4 25 | -99.6% | -727.9% | ||
| Q3 25 | -166.2% | -536.5% | ||
| Q2 25 | -312.7% | -518.1% | ||
| Q1 25 | -454.9% | -131.4% | ||
| Q4 24 | -360.4% | 46.2% | ||
| Q3 24 | -238.2% | — | ||
| Q2 24 | -260.4% | -687.7% | ||
| Q1 24 | -384.1% | -504.0% |
| Q4 25 | 1.2% | 60.3% | ||
| Q3 25 | 3.8% | 27.2% | ||
| Q2 25 | 19.3% | 24.2% | ||
| Q1 25 | 22.1% | 2.9% | ||
| Q4 24 | 0.3% | 41.1% | ||
| Q3 24 | 4.4% | — | ||
| Q2 24 | 2.0% | 25.0% | ||
| Q1 24 | 4.4% | 12.4% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HYPR
| Products | $4.9M | 92% |
| Other | $436.0K | 8% |
QBTS
| Transferred Over Time | $2.4M | 89% |
| Other | $306.0K | 11% |
