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Side-by-side financial comparison of MAXCYTE, INC. (MXCT) and D-Wave Quantum Inc. (QBTS). Click either name above to swap in a different company.
MAXCYTE, INC. is the larger business by last-quarter revenue ($4.8M vs $2.8M, roughly 1.7× D-Wave Quantum Inc.). MAXCYTE, INC. runs the higher net margin — -200.5% vs -1538.0%, a 1337.5% gap on every dollar of revenue. On growth, D-Wave Quantum Inc. posted the faster year-over-year revenue change (19.2% vs -20.9%). MAXCYTE, INC. produced more free cash flow last quarter ($-2.9M vs $-20.0M). Over the past eight quarters, D-Wave Quantum Inc.'s revenue compounded faster (-2.7% CAGR vs -7.4%).
MaxCyte Inc. is a global biotechnology company focused on developing cell engineering platforms and enabling technologies for cell and gene therapy advancement. Its proprietary non-viral cell modification systems are widely used by pharmaceutical, biotech and life science research entities to develop immunotherapies, gene-edited treatments and next-generation biologic drugs from preclinical research through commercialization.
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.
MXCT vs QBTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.8M | $2.8M |
| Net Profit | $-9.6M | $-42.3M |
| Gross Margin | — | 64.8% |
| Operating Margin | -234.5% | -1266.0% |
| Net Margin | -200.5% | -1538.0% |
| Revenue YoY | -20.9% | 19.2% |
| Net Profit YoY | 9.4% | 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 | $4.8M | $2.8M | ||
| Q3 25 | $4.6M | $3.7M | ||
| Q2 25 | $5.8M | $3.1M | ||
| Q1 25 | $5.7M | $15.0M | ||
| Q4 24 | $6.1M | $2.3M | ||
| Q3 24 | $5.6M | — | ||
| Q2 24 | $5.0M | $2.2M | ||
| Q1 24 | $5.6M | $2.5M |
| Q4 25 | $-9.6M | $-42.3M | ||
| Q3 25 | $-12.4M | $-140.0M | ||
| Q2 25 | $-12.4M | $-167.3M | ||
| Q1 25 | $-10.3M | $-5.4M | ||
| Q4 24 | $-10.6M | $-86.1M | ||
| Q3 24 | $-11.6M | — | ||
| Q2 24 | $-9.4M | $-17.8M | ||
| Q1 24 | $-9.5M | $-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 | -234.5% | -1266.0% | ||
| Q3 25 | -307.4% | -741.8% | ||
| Q2 25 | -244.3% | -856.3% | ||
| Q1 25 | -214.1% | -75.3% | ||
| Q4 24 | -213.1% | -876.2% | ||
| Q3 24 | -250.4% | — | ||
| Q2 24 | -241.0% | -863.0% | ||
| Q1 24 | -219.8% | -710.6% |
| Q4 25 | -200.5% | -1538.0% | ||
| Q3 25 | -269.7% | -3743.9% | ||
| Q2 25 | -212.2% | -5406.4% | ||
| Q1 25 | -178.7% | -36.1% | ||
| Q4 24 | -175.0% | -3727.9% | ||
| Q3 24 | -205.9% | — | ||
| Q2 24 | -188.8% | -814.4% | ||
| Q1 24 | -170.6% | -702.3% |
| Q4 25 | — | $-0.13 | ||
| Q3 25 | $-0.12 | $-0.41 | ||
| Q2 25 | $-0.12 | $-0.55 | ||
| Q1 25 | — | $-0.02 | ||
| Q4 24 | — | $-0.43 | ||
| Q3 24 | $-0.11 | — | ||
| Q2 24 | $-0.09 | $-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 | $103.0M | $884.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $171.5M | $852.2M |
| Total Assets | $202.5M | $915.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $103.0M | $884.5M | ||
| Q3 25 | $105.7M | $836.2M | ||
| Q2 25 | $126.6M | $819.3M | ||
| Q1 25 | $138.3M | $304.3M | ||
| Q4 24 | $154.5M | $178.0M | ||
| Q3 24 | $153.8M | — | ||
| Q2 24 | $157.3M | — | ||
| Q1 24 | $157.5M | — |
| Q4 25 | $171.5M | $852.2M | ||
| Q3 25 | $180.3M | $670.6M | ||
| Q2 25 | $190.7M | $694.3M | ||
| Q1 25 | $199.4M | $207.4M | ||
| Q4 24 | $206.3M | $62.6M | ||
| Q3 24 | $213.3M | — | ||
| Q2 24 | $221.3M | $-21.5M | ||
| Q1 24 | $226.4M | $-37.0M |
| Q4 25 | $202.5M | $915.8M | ||
| Q3 25 | $213.5M | $865.8M | ||
| Q2 25 | $219.8M | $843.6M | ||
| Q1 25 | $230.0M | $325.6M | ||
| Q4 24 | $239.5M | $199.9M | ||
| Q3 24 | $248.6M | — | ||
| Q2 24 | $251.5M | $61.8M | ||
| Q1 24 | $257.9M | $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 | $-2.7M | $-18.4M |
| Free Cash FlowOCF − Capex | $-2.9M | $-20.0M |
| FCF MarginFCF / Revenue | -61.0% | -727.9% |
| Capex IntensityCapex / Revenue | 4.8% | 60.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-36.2M | $-75.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.7M | $-18.4M | ||
| Q3 25 | $-7.5M | $-19.0M | ||
| Q2 25 | $-9.9M | $-15.3M | ||
| Q1 25 | $-14.4M | $-19.3M | ||
| Q4 24 | $-7.8M | $2.0M | ||
| Q3 24 | $-4.4M | — | ||
| Q2 24 | $-4.8M | $-14.5M | ||
| Q1 24 | $-10.6M | $-12.1M |
| Q4 25 | $-2.9M | $-20.0M | ||
| Q3 25 | $-7.8M | $-20.1M | ||
| Q2 25 | $-10.4M | $-16.0M | ||
| Q1 25 | $-15.1M | $-19.7M | ||
| Q4 24 | $-8.0M | $1.1M | ||
| Q3 24 | $-4.8M | — | ||
| Q2 24 | $-5.1M | $-15.0M | ||
| Q1 24 | $-11.4M | $-12.4M |
| Q4 25 | -61.0% | -727.9% | ||
| Q3 25 | -168.5% | -536.5% | ||
| Q2 25 | -179.2% | -518.1% | ||
| Q1 25 | -262.3% | -131.4% | ||
| Q4 24 | -131.6% | 46.2% | ||
| Q3 24 | -85.5% | — | ||
| Q2 24 | -103.3% | -687.7% | ||
| Q1 24 | -203.6% | -504.0% |
| Q4 25 | 4.8% | 60.3% | ||
| Q3 25 | 6.5% | 27.2% | ||
| Q2 25 | 10.0% | 24.2% | ||
| Q1 25 | 11.4% | 2.9% | ||
| Q4 24 | 2.4% | 41.1% | ||
| Q3 24 | 7.2% | — | ||
| Q2 24 | 5.9% | 25.0% | ||
| Q1 24 | 14.4% | 12.4% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MXCT
| Products | $4.2M | 87% |
| Other | $634.0K | 13% |
QBTS
| Transferred Over Time | $2.4M | 89% |
| Other | $306.0K | 11% |
