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Side-by-side financial comparison of Spectral AI, Inc. (MDAI) and D-Wave Quantum Inc. (QBTS). Click either name above to swap in a different company.
Spectral AI, Inc. is the larger business by last-quarter revenue ($4.1M vs $2.8M, roughly 1.5× D-Wave Quantum Inc.). Spectral AI, Inc. runs the higher net margin — 25.7% vs -1538.0%, a 1563.8% gap on every dollar of revenue. On growth, D-Wave Quantum Inc. posted the faster year-over-year revenue change (19.2% vs -46.3%). Over the past eight quarters, D-Wave Quantum Inc.'s revenue compounded faster (-2.7% CAGR vs -19.6%).
Spectral AI, Inc. is a medical technology firm specializing in AI-powered diagnostic imaging solutions primarily for burn and wound care. It develops non-invasive imaging tools that enable healthcare providers to deliver faster, more accurate treatment assessments, serving clinical and healthcare partner networks across North America and European markets.
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.
MDAI vs QBTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.1M | $2.8M |
| Net Profit | $1.1M | $-42.3M |
| Gross Margin | 45.2% | 64.8% |
| Operating Margin | -54.9% | -1266.0% |
| Net Margin | 25.7% | -1538.0% |
| Revenue YoY | -46.3% | 19.2% |
| Net Profit YoY | 113.9% | 50.8% |
| EPS (diluted) | $0.04 | $-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 | $4.1M | $2.8M | ||
| Q3 25 | $3.8M | $3.7M | ||
| Q2 25 | $5.1M | $3.1M | ||
| Q1 25 | $6.7M | $15.0M | ||
| Q4 24 | $7.6M | $2.3M | ||
| Q3 24 | $8.2M | — | ||
| Q2 24 | $7.5M | $2.2M | ||
| Q1 24 | $6.3M | $2.5M |
| Q4 25 | $1.1M | $-42.3M | ||
| Q3 25 | $-3.6M | $-140.0M | ||
| Q2 25 | $-8.0M | $-167.3M | ||
| Q1 25 | $2.9M | $-5.4M | ||
| Q4 24 | $-7.6M | $-86.1M | ||
| Q3 24 | $-1.5M | — | ||
| Q2 24 | $-2.9M | $-17.8M | ||
| Q1 24 | $-3.2M | $-17.3M |
| Q4 25 | 45.2% | 64.8% | ||
| Q3 25 | 42.7% | 71.4% | ||
| Q2 25 | 45.2% | 63.8% | ||
| Q1 25 | 47.2% | 92.5% | ||
| Q4 24 | 44.0% | 63.8% | ||
| Q3 24 | 44.9% | — | ||
| Q2 24 | 44.3% | 63.6% | ||
| Q1 24 | 46.6% | 67.3% |
| Q4 25 | -54.9% | -1266.0% | ||
| Q3 25 | -88.1% | -741.8% | ||
| Q2 25 | -41.9% | -856.3% | ||
| Q1 25 | -13.4% | -75.3% | ||
| Q4 24 | -14.6% | -876.2% | ||
| Q3 24 | -10.8% | — | ||
| Q2 24 | -32.7% | -863.0% | ||
| Q1 24 | -33.9% | -710.6% |
| Q4 25 | 25.7% | -1538.0% | ||
| Q3 25 | -93.7% | -3743.9% | ||
| Q2 25 | -157.3% | -5406.4% | ||
| Q1 25 | 43.2% | -36.1% | ||
| Q4 24 | -99.8% | -3727.9% | ||
| Q3 24 | -18.4% | — | ||
| Q2 24 | -38.3% | -814.4% | ||
| Q1 24 | -50.7% | -702.3% |
| Q4 25 | $0.04 | $-0.13 | ||
| Q3 25 | $-0.13 | $-0.41 | ||
| Q2 25 | $-0.31 | $-0.55 | ||
| Q1 25 | $0.11 | $-0.02 | ||
| Q4 24 | $-0.42 | $-0.43 | ||
| Q3 24 | $-0.08 | — | ||
| Q2 24 | $-0.16 | $-0.10 | ||
| Q1 24 | $-0.19 | $-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 | $15.4M | $884.5M |
| Total DebtLower is stronger | $9.3M | — |
| Stockholders' EquityBook value | $-5.7M | $852.2M |
| Total Assets | $21.4M | $915.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $15.4M | $884.5M | ||
| Q3 25 | $10.5M | $836.2M | ||
| Q2 25 | $10.5M | $819.3M | ||
| Q1 25 | $14.1M | $304.3M | ||
| Q4 24 | $5.2M | $178.0M | ||
| Q3 24 | $3.7M | — | ||
| Q2 24 | $6.9M | — | ||
| Q1 24 | $10.2M | — |
| Q4 25 | $9.3M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $7.8M | — | ||
| Q4 24 | $2.8M | — | ||
| Q3 24 | $1.0M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $-5.7M | $852.2M | ||
| Q3 25 | $-8.2M | $670.6M | ||
| Q2 25 | $-9.2M | $694.3M | ||
| Q1 25 | $-1.6M | $207.4M | ||
| Q4 24 | $-7.3M | $62.6M | ||
| Q3 24 | $-4.8M | — | ||
| Q2 24 | $-4.7M | $-21.5M | ||
| Q1 24 | $-2.5M | $-37.0M |
| Q4 25 | $21.4M | $915.8M | ||
| Q3 25 | $15.3M | $865.8M | ||
| Q2 25 | $16.0M | $843.6M | ||
| Q1 25 | $20.7M | $325.6M | ||
| Q4 24 | $12.1M | $199.9M | ||
| Q3 24 | $11.6M | — | ||
| Q2 24 | $13.9M | $61.8M | ||
| Q1 24 | $15.5M | $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 | $-2.6M | $-18.4M |
| Free Cash FlowOCF − Capex | — | $-20.0M |
| FCF MarginFCF / Revenue | — | -727.9% |
| Capex IntensityCapex / Revenue | — | 60.3% |
| Cash ConversionOCF / Net Profit | -2.43× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-75.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.6M | $-18.4M | ||
| Q3 25 | $-2.5M | $-19.0M | ||
| Q2 25 | $-3.4M | $-15.3M | ||
| Q1 25 | $-1.5M | $-19.3M | ||
| Q4 24 | $469.0K | $2.0M | ||
| Q3 24 | $-1.6M | — | ||
| Q2 24 | $-5.4M | $-14.5M | ||
| Q1 24 | $-2.7M | $-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% |
| Q4 25 | -2.43× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -0.52× | — | ||
| 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
MDAI
Segment breakdown not available.
QBTS
| Transferred Over Time | $2.4M | 89% |
| Other | $306.0K | 11% |
