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Side-by-side financial comparison of Opus Genetics, Inc. (IRD) and D-Wave Quantum Inc. (QBTS). Click either name above to swap in a different company.
Opus Genetics, Inc. is the larger business by last-quarter revenue ($3.9M vs $2.8M, roughly 1.4× D-Wave Quantum Inc.). On growth, D-Wave Quantum Inc. posted the faster year-over-year revenue change (19.2% vs -10.2%). Over the past eight quarters, Opus Genetics, Inc.'s revenue compounded faster (50.3% CAGR vs -2.7%).
Opus Genetics, Inc. is a clinical-stage biotechnology company specializing in the development of targeted gene therapies for inherited retinal diseases. It focuses on addressing unmet medical needs for patients living with rare, vision-threatening ocular conditions, with operations centered on advancing accessible therapeutic candidates for global rare disease patient populations.
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.
IRD vs QBTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.9M | $2.8M |
| Net Profit | — | $-42.3M |
| Gross Margin | — | 64.8% |
| Operating Margin | — | -1266.0% |
| Net Margin | — | -1538.0% |
| Revenue YoY | -10.2% | 19.2% |
| Net Profit YoY | 53.0% | 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 | $3.9M | $2.8M | ||
| Q3 25 | $3.1M | $3.7M | ||
| Q2 25 | $2.9M | $3.1M | ||
| Q1 25 | $4.4M | $15.0M | ||
| Q4 24 | $4.3M | $2.3M | ||
| Q3 24 | $3.9M | — | ||
| Q2 24 | $1.1M | $2.2M | ||
| Q1 24 | $1.7M | $2.5M |
| Q4 25 | — | $-42.3M | ||
| Q3 25 | $-17.5M | $-140.0M | ||
| Q2 25 | $-7.4M | $-167.3M | ||
| Q1 25 | $-8.2M | $-5.4M | ||
| Q4 24 | — | $-86.1M | ||
| Q3 24 | $-7.5M | — | ||
| Q2 24 | $-7.8M | $-17.8M | ||
| Q1 24 | $-7.1M | $-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 | -269.9% | -741.8% | ||
| Q2 25 | -309.0% | -856.3% | ||
| Q1 25 | -227.2% | -75.3% | ||
| Q4 24 | — | -876.2% | ||
| Q3 24 | -207.1% | — | ||
| Q2 24 | -748.9% | -863.0% | ||
| Q1 24 | -450.5% | -710.6% |
| Q4 25 | — | -1538.0% | ||
| Q3 25 | -566.9% | -3743.9% | ||
| Q2 25 | -257.5% | -5406.4% | ||
| Q1 25 | -187.5% | -36.1% | ||
| Q4 24 | — | -3727.9% | ||
| Q3 24 | -194.6% | — | ||
| Q2 24 | -698.3% | -814.4% | ||
| Q1 24 | -415.3% | -702.3% |
| Q4 25 | — | $-0.13 | ||
| Q3 25 | $-0.25 | $-0.41 | ||
| Q2 25 | $-0.12 | $-0.55 | ||
| Q1 25 | $-0.24 | $-0.02 | ||
| Q4 24 | — | $-0.43 | ||
| Q3 24 | $-0.29 | — | ||
| Q2 24 | $-0.30 | $-0.10 | ||
| Q1 24 | $-0.29 | $-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 | $45.1M | $884.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $15.3M | $852.2M |
| Total Assets | $50.2M | $915.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $45.1M | $884.5M | ||
| Q3 25 | $30.8M | $836.2M | ||
| Q2 25 | $32.4M | $819.3M | ||
| Q1 25 | $41.8M | $304.3M | ||
| Q4 24 | $30.3M | $178.0M | ||
| Q3 24 | $36.6M | — | ||
| Q2 24 | $41.4M | — | ||
| Q1 24 | $47.2M | — |
| Q4 25 | $15.3M | $852.2M | ||
| Q3 25 | $6.0M | $670.6M | ||
| Q2 25 | $17.5M | $694.3M | ||
| Q1 25 | $5.1M | $207.4M | ||
| Q4 24 | $6.7M | $62.6M | ||
| Q3 24 | $34.3M | — | ||
| Q2 24 | $40.6M | $-21.5M | ||
| Q1 24 | $46.1M | $-37.0M |
| Q4 25 | $50.2M | $915.8M | ||
| Q3 25 | $36.1M | $865.8M | ||
| Q2 25 | $38.7M | $843.6M | ||
| Q1 25 | $48.2M | $325.6M | ||
| Q4 24 | $36.9M | $199.9M | ||
| Q3 24 | $40.4M | — | ||
| Q2 24 | $44.8M | $61.8M | ||
| Q1 24 | $51.8M | $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 | $-35.3M | $-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 | $-35.3M | $-18.4M | ||
| Q3 25 | $-6.2M | $-19.0M | ||
| Q2 25 | $-10.3M | $-15.3M | ||
| Q1 25 | $-9.0M | $-19.3M | ||
| Q4 24 | $-25.6M | $2.0M | ||
| Q3 24 | $-5.1M | — | ||
| Q2 24 | $-7.3M | $-14.5M | ||
| Q1 24 | $-5.7M | $-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 | — | — | ||
| 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
IRD
Segment breakdown not available.
QBTS
| Transferred Over Time | $2.4M | 89% |
| Other | $306.0K | 11% |
