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Side-by-side financial comparison of INSPIRE VETERINARY PARTNERS, INC. (IVP) and D-Wave Quantum Inc. (QBTS). Click either name above to swap in a different company.
INSPIRE VETERINARY PARTNERS, INC. is the larger business by last-quarter revenue ($4.3M vs $2.8M, roughly 1.6× D-Wave Quantum Inc.). INSPIRE VETERINARY PARTNERS, INC. runs the higher net margin — -58.5% vs -1538.0%, a 1479.5% gap on every dollar of revenue. On growth, D-Wave Quantum Inc. posted the faster year-over-year revenue change (19.2% vs 6.6%). INSPIRE VETERINARY PARTNERS, INC. produced more free cash flow last quarter ($-1.3M vs $-20.0M). Over the past eight quarters, INSPIRE VETERINARY PARTNERS, INC.'s revenue compounded faster (2.4% CAGR vs -2.7%).
Inspire Veterinary Partners, Inc. is a U.S.-based operator of companion animal veterinary clinics. It delivers full-spectrum pet healthcare services including preventive care, diagnostic testing, surgery, dental care, and emergency treatment for dogs, cats and other small pets, serving communities across multiple U.S. states.
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.
IVP vs QBTS — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.3M | $2.8M |
| Net Profit | $-2.5M | $-42.3M |
| Gross Margin | — | 64.8% |
| Operating Margin | -45.6% | -1266.0% |
| Net Margin | -58.5% | -1538.0% |
| Revenue YoY | 6.6% | 19.2% |
| Net Profit YoY | 27.6% | 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 | — | $2.8M | ||
| Q3 25 | $4.3M | $3.7M | ||
| Q2 25 | $4.3M | $3.1M | ||
| Q1 25 | $3.6M | $15.0M | ||
| Q4 24 | $3.3M | $2.3M | ||
| Q3 24 | $4.0M | — | ||
| Q2 24 | $4.4M | $2.2M | ||
| Q1 24 | $4.8M | $2.5M |
| Q4 25 | — | $-42.3M | ||
| Q3 25 | $-2.5M | $-140.0M | ||
| Q2 25 | $-3.0M | $-167.3M | ||
| Q1 25 | $-2.4M | $-5.4M | ||
| Q4 24 | $-4.0M | $-86.1M | ||
| Q3 24 | $-3.5M | — | ||
| Q2 24 | $-3.4M | $-17.8M | ||
| Q1 24 | $-3.4M | $-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 | -45.6% | -741.8% | ||
| Q2 25 | -61.1% | -856.3% | ||
| Q1 25 | -55.2% | -75.3% | ||
| Q4 24 | -46.2% | -876.2% | ||
| Q3 24 | -55.2% | — | ||
| Q2 24 | -54.5% | -863.0% | ||
| Q1 24 | -59.2% | -710.6% |
| Q4 25 | — | -1538.0% | ||
| Q3 25 | -58.5% | -3743.9% | ||
| Q2 25 | -70.8% | -5406.4% | ||
| Q1 25 | -66.4% | -36.1% | ||
| Q4 24 | -119.4% | -3727.9% | ||
| Q3 24 | -86.2% | — | ||
| Q2 24 | -77.1% | -814.4% | ||
| Q1 24 | -70.8% | -702.3% |
| Q4 25 | — | $-0.13 | ||
| Q3 25 | — | $-0.41 | ||
| Q2 25 | — | $-0.55 | ||
| Q1 25 | — | $-0.02 | ||
| Q4 24 | — | $-0.43 | ||
| Q3 24 | — | — | ||
| 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 | — | $884.5M |
| Total DebtLower is stronger | $11.8M | — |
| Stockholders' EquityBook value | $4.2M | $852.2M |
| Total Assets | $24.0M | $915.8M |
| Debt / EquityLower = less leverage | 2.82× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $884.5M | ||
| Q3 25 | — | $836.2M | ||
| Q2 25 | — | $819.3M | ||
| Q1 25 | — | $304.3M | ||
| Q4 24 | $523.7K | $178.0M | ||
| Q3 24 | $681.2K | — | ||
| Q2 24 | $7.7K | — | ||
| Q1 24 | $69.1K | — |
| Q4 25 | — | — | ||
| Q3 25 | $11.8M | — | ||
| Q2 25 | $12.0M | — | ||
| Q1 25 | $11.5M | — | ||
| Q4 24 | $12.0M | — | ||
| Q3 24 | $12.4M | — | ||
| Q2 24 | $14.6M | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $852.2M | ||
| Q3 25 | $4.2M | $670.6M | ||
| Q2 25 | $446.3K | $694.3M | ||
| Q1 25 | $3.0M | $207.4M | ||
| Q4 24 | $1.6M | $62.6M | ||
| Q3 24 | $3.0M | — | ||
| Q2 24 | $-3.1M | $-21.5M | ||
| Q1 24 | $269.9K | $-37.0M |
| Q4 25 | — | $915.8M | ||
| Q3 25 | $24.0M | $865.8M | ||
| Q2 25 | $20.8M | $843.6M | ||
| Q1 25 | $20.7M | $325.6M | ||
| Q4 24 | $20.2M | $199.9M | ||
| Q3 24 | $22.4M | — | ||
| Q2 24 | $21.9M | $61.8M | ||
| Q1 24 | $23.4M | $48.6M |
| Q4 25 | — | — | ||
| Q3 25 | 2.82× | — | ||
| Q2 25 | 26.96× | — | ||
| Q1 25 | 3.84× | — | ||
| Q4 24 | 7.67× | — | ||
| Q3 24 | 4.10× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-1.3M | $-18.4M |
| Free Cash FlowOCF − Capex | $-1.3M | $-20.0M |
| FCF MarginFCF / Revenue | -30.7% | -727.9% |
| Capex IntensityCapex / Revenue | 1.0% | 60.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-4.3M | $-75.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-18.4M | ||
| Q3 25 | $-1.3M | $-19.0M | ||
| Q2 25 | $-898.3K | $-15.3M | ||
| Q1 25 | $-1.4M | $-19.3M | ||
| Q4 24 | $-677.5K | $2.0M | ||
| Q3 24 | $-6.3M | — | ||
| Q2 24 | $149.7K | $-14.5M | ||
| Q1 24 | $-3.2M | $-12.1M |
| Q4 25 | — | $-20.0M | ||
| Q3 25 | $-1.3M | $-20.1M | ||
| Q2 25 | $-910.9K | $-16.0M | ||
| Q1 25 | $-1.4M | $-19.7M | ||
| Q4 24 | $-709.4K | $1.1M | ||
| Q3 24 | $-6.3M | — | ||
| Q2 24 | $126.0K | $-15.0M | ||
| Q1 24 | $-3.3M | $-12.4M |
| Q4 25 | — | -727.9% | ||
| Q3 25 | -30.7% | -536.5% | ||
| Q2 25 | -21.3% | -518.1% | ||
| Q1 25 | -38.3% | -131.4% | ||
| Q4 24 | -21.4% | 46.2% | ||
| Q3 24 | -156.4% | — | ||
| Q2 24 | 2.9% | -687.7% | ||
| Q1 24 | -68.8% | -504.0% |
| Q4 25 | — | 60.3% | ||
| Q3 25 | 1.0% | 27.2% | ||
| Q2 25 | 0.3% | 24.2% | ||
| Q1 25 | 0.6% | 2.9% | ||
| Q4 24 | 1.0% | 41.1% | ||
| Q3 24 | 0.6% | — | ||
| Q2 24 | 0.5% | 25.0% | ||
| Q1 24 | 3.2% | 12.4% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IVP
| Services | $3.1M | 73% |
| Products | $1.2M | 27% |
QBTS
| Transferred Over Time | $2.4M | 89% |
| Other | $306.0K | 11% |
