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Side-by-side financial comparison of EMERSON RADIO CORP (MSN) and D-Wave Quantum Inc. (QBTS). Click either name above to swap in a different company.
D-Wave Quantum Inc. is the larger business by last-quarter revenue ($2.8M vs $1.9M, roughly 1.5× EMERSON RADIO CORP). EMERSON RADIO CORP runs the higher net margin — -36.7% vs -1538.0%, a 1501.3% gap on every dollar of revenue. On growth, D-Wave Quantum Inc. posted the faster year-over-year revenue change (19.2% vs -52.8%). Over the past eight quarters, D-Wave Quantum Inc.'s revenue compounded faster (-2.7% CAGR vs -7.3%).
Emerson Radio Corporation is one of the United States' largest volume consumer electronics distributors and has a recognized trademark in continuous use since 1912. The company designs, markets, and licenses many product lines worldwide, including products sold, and sometimes licensed, under the brand name G Clef, an homage to Emerson's logo.
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.
MSN vs QBTS — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9M | $2.8M |
| Net Profit | $-694.0K | $-42.3M |
| Gross Margin | 10.9% | 64.8% |
| Operating Margin | -43.7% | -1266.0% |
| Net Margin | -36.7% | -1538.0% |
| Revenue YoY | -52.8% | 19.2% |
| Net Profit YoY | -31.7% | 50.8% |
| EPS (diluted) | $-0.03 | $-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 | $1.9M | $2.8M | ||
| Q3 25 | $1.2M | $3.7M | ||
| Q2 25 | $1.7M | $3.1M | ||
| Q1 25 | $1.8M | $15.0M | ||
| Q4 24 | $4.0M | $2.3M | ||
| Q3 24 | $2.7M | — | ||
| Q2 24 | $2.2M | $2.2M | ||
| Q1 24 | $2.2M | $2.5M |
| Q4 25 | $-694.0K | $-42.3M | ||
| Q3 25 | $-1.0M | $-140.0M | ||
| Q2 25 | $-1.1M | $-167.3M | ||
| Q1 25 | $-2.4M | $-5.4M | ||
| Q4 24 | $-527.0K | $-86.1M | ||
| Q3 24 | $-881.0K | — | ||
| Q2 24 | $-962.0K | $-17.8M | ||
| Q1 24 | $-883.0K | $-17.3M |
| Q4 25 | 10.9% | 64.8% | ||
| Q3 25 | -0.1% | 71.4% | ||
| Q2 25 | 0.7% | 63.8% | ||
| Q1 25 | -3.0% | 92.5% | ||
| Q4 24 | 12.3% | 63.8% | ||
| Q3 24 | 9.9% | — | ||
| Q2 24 | 8.8% | 63.6% | ||
| Q1 24 | 15.9% | 67.3% |
| Q4 25 | -43.7% | -1266.0% | ||
| Q3 25 | -98.4% | -741.8% | ||
| Q2 25 | -78.1% | -856.3% | ||
| Q1 25 | -137.8% | -75.3% | ||
| Q4 24 | -18.3% | -876.2% | ||
| Q3 24 | -40.8% | — | ||
| Q2 24 | -55.6% | -863.0% | ||
| Q1 24 | -52.2% | -710.6% |
| Q4 25 | -36.7% | -1538.0% | ||
| Q3 25 | -85.8% | -3743.9% | ||
| Q2 25 | -68.1% | -5406.4% | ||
| Q1 25 | -127.9% | -36.1% | ||
| Q4 24 | -13.2% | -3727.9% | ||
| Q3 24 | -32.2% | — | ||
| Q2 24 | -43.8% | -814.4% | ||
| Q1 24 | -40.1% | -702.3% |
| Q4 25 | $-0.03 | $-0.13 | ||
| Q3 25 | $-0.05 | $-0.41 | ||
| Q2 25 | $-0.05 | $-0.55 | ||
| Q1 25 | $-0.10 | $-0.02 | ||
| Q4 24 | $-0.03 | $-0.43 | ||
| Q3 24 | $-0.04 | — | ||
| Q2 24 | $-0.05 | $-0.10 | ||
| Q1 24 | $-0.04 | $-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 | $13.3M | $884.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $18.6M | $852.2M |
| Total Assets | $20.1M | $915.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.3M | $884.5M | ||
| Q3 25 | $13.5M | $836.2M | ||
| Q2 25 | $15.5M | $819.3M | ||
| Q1 25 | $16.1M | $304.3M | ||
| Q4 24 | $16.4M | $178.0M | ||
| Q3 24 | $16.7M | — | ||
| Q2 24 | $18.9M | — | ||
| Q1 24 | $19.9M | — |
| Q4 25 | $18.6M | $852.2M | ||
| Q3 25 | $19.3M | $670.6M | ||
| Q2 25 | $20.4M | $694.3M | ||
| Q1 25 | $21.5M | $207.4M | ||
| Q4 24 | $23.9M | $62.6M | ||
| Q3 24 | $24.4M | — | ||
| Q2 24 | $25.3M | $-21.5M | ||
| Q1 24 | $26.2M | $-37.0M |
| Q4 25 | $20.1M | $915.8M | ||
| Q3 25 | $20.7M | $865.8M | ||
| Q2 25 | $23.3M | $843.6M | ||
| Q1 25 | $23.5M | $325.6M | ||
| Q4 24 | $26.4M | $199.9M | ||
| Q3 24 | $26.6M | — | ||
| Q2 24 | $28.5M | $61.8M | ||
| Q1 24 | $29.1M | $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 | $-228.0K | $-18.4M |
| Free Cash FlowOCF − Capex | — | $-20.0M |
| FCF MarginFCF / Revenue | — | -727.9% |
| Capex IntensityCapex / Revenue | 0.0% | 60.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-75.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-228.0K | $-18.4M | ||
| Q3 25 | $-2.0M | $-19.0M | ||
| Q2 25 | $-514.0K | $-15.3M | ||
| Q1 25 | $-391.0K | $-19.3M | ||
| Q4 24 | $-293.0K | $2.0M | ||
| Q3 24 | $-2.1M | — | ||
| Q2 24 | $-840.0K | $-14.5M | ||
| Q1 24 | $-2.2M | $-12.1M |
| Q4 25 | — | $-20.0M | ||
| Q3 25 | — | $-20.1M | ||
| Q2 25 | — | $-16.0M | ||
| Q1 25 | — | $-19.7M | ||
| Q4 24 | $-301.0K | $1.1M | ||
| Q3 24 | $-2.1M | — | ||
| Q2 24 | $-1.0M | $-15.0M | ||
| Q1 24 | $-2.3M | $-12.4M |
| Q4 25 | — | -727.9% | ||
| Q3 25 | — | -536.5% | ||
| Q2 25 | — | -518.1% | ||
| Q1 25 | — | -131.4% | ||
| Q4 24 | -7.5% | 46.2% | ||
| Q3 24 | -77.8% | — | ||
| Q2 24 | -46.4% | -687.7% | ||
| Q1 24 | -102.3% | -504.0% |
| Q4 25 | 0.0% | 60.3% | ||
| Q3 25 | 0.0% | 27.2% | ||
| Q2 25 | 0.0% | 24.2% | ||
| Q1 25 | 0.0% | 2.9% | ||
| Q4 24 | 0.2% | 41.1% | ||
| Q3 24 | 0.3% | — | ||
| Q2 24 | 8.2% | 25.0% | ||
| Q1 24 | 0.5% | 12.4% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MSN
| Products | $1.8M | 95% |
| Other | $87.0K | 5% |
QBTS
| Transferred Over Time | $2.4M | 89% |
| Other | $306.0K | 11% |
