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Side-by-side financial comparison of NovaBay Pharmaceuticals, Inc. (NBY) and D-Wave Quantum Inc. (QBTS). Click either name above to swap in a different company.
NovaBay Pharmaceuticals, Inc. is the larger business by last-quarter revenue ($4.8M vs $2.8M, roughly 1.7× D-Wave Quantum Inc.). NovaBay Pharmaceuticals, Inc. runs the higher net margin — -25.5% vs -1538.0%, a 1512.5% gap on every dollar of revenue. On growth, NovaBay Pharmaceuticals, Inc. posted the faster year-over-year revenue change (126.1% vs 19.2%). NovaBay Pharmaceuticals, Inc. produced more free cash flow last quarter ($-1.7M vs $-20.0M). Over the past eight quarters, NovaBay Pharmaceuticals, Inc.'s revenue compounded faster (42.5% CAGR vs -2.7%).
NovaBay Pharmaceuticals, Inc. is an Emeryville, California based clinical-stage biopharmaceutical company, focused on products for eye care. Major products include Avenova, cleared by FDA for lid and lash cleansing as part of a regimen for Blepharitis. and NeutroPhase, used in treatment of Necrotizing Fasciitis
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.
NBY vs QBTS — Head-to-Head
Income Statement — Q4 FY2024 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.8M | $2.8M |
| Net Profit | $-1.2M | $-42.3M |
| Gross Margin | 65.2% | 64.8% |
| Operating Margin | -37.2% | -1266.0% |
| Net Margin | -25.5% | -1538.0% |
| Revenue YoY | 126.1% | 19.2% |
| Net Profit YoY | 70.5% | 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 | — | $3.7M | ||
| Q2 25 | — | $3.1M | ||
| Q1 25 | — | $15.0M | ||
| Q4 24 | $4.8M | $2.3M | ||
| Q3 24 | $0 | — | ||
| Q2 24 | $2.4M | $2.2M | ||
| Q1 24 | $2.6M | $2.5M |
| Q4 25 | — | $-42.3M | ||
| Q3 25 | — | $-140.0M | ||
| Q2 25 | — | $-167.3M | ||
| Q1 25 | — | $-5.4M | ||
| Q4 24 | $-1.2M | $-86.1M | ||
| Q3 24 | $-1.2M | — | ||
| Q2 24 | $-1.6M | $-17.8M | ||
| Q1 24 | $-3.2M | $-17.3M |
| Q4 25 | — | 64.8% | ||
| Q3 25 | — | 71.4% | ||
| Q2 25 | — | 63.8% | ||
| Q1 25 | — | 92.5% | ||
| Q4 24 | 65.2% | 63.8% | ||
| Q3 24 | — | — | ||
| Q2 24 | 66.3% | 63.6% | ||
| Q1 24 | 68.2% | 67.3% |
| Q4 25 | — | -1266.0% | ||
| Q3 25 | — | -741.8% | ||
| Q2 25 | — | -856.3% | ||
| Q1 25 | — | -75.3% | ||
| Q4 24 | -37.2% | -876.2% | ||
| Q3 24 | — | — | ||
| Q2 24 | -67.4% | -863.0% | ||
| Q1 24 | -87.1% | -710.6% |
| Q4 25 | — | -1538.0% | ||
| Q3 25 | — | -3743.9% | ||
| Q2 25 | — | -5406.4% | ||
| Q1 25 | — | -36.1% | ||
| Q4 24 | -25.5% | -3727.9% | ||
| Q3 24 | — | — | ||
| Q2 24 | -66.0% | -814.4% | ||
| Q1 24 | -122.2% | -702.3% |
| Q4 25 | — | $-0.13 | ||
| Q3 25 | — | $-0.41 | ||
| Q2 25 | — | $-0.55 | ||
| Q1 25 | — | $-0.02 | ||
| Q4 24 | — | $-0.43 | ||
| Q3 24 | $-1.92 | — | ||
| Q2 24 | $-1.37 | $-0.10 | ||
| Q1 24 | $-29.95 | $-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 | $430.0K | $884.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-129.0K | $852.2M |
| Total Assets | $3.4M | $915.8M |
| Debt / EquityLower = less leverage | — | — |
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 | $430.0K | $178.0M | ||
| Q3 24 | $776.0K | — | ||
| Q2 24 | $751.0K | — | ||
| Q1 24 | $1.8M | — |
| Q4 25 | — | $852.2M | ||
| Q3 25 | — | $670.6M | ||
| Q2 25 | — | $694.3M | ||
| Q1 25 | — | $207.4M | ||
| Q4 24 | $-129.0K | $62.6M | ||
| Q3 24 | $1.1M | — | ||
| Q2 24 | $-617.0K | $-21.5M | ||
| Q1 24 | $160.0K | $-37.0M |
| Q4 25 | — | $915.8M | ||
| Q3 25 | — | $865.8M | ||
| Q2 25 | — | $843.6M | ||
| Q1 25 | — | $325.6M | ||
| Q4 24 | $3.4M | $199.9M | ||
| Q3 24 | $3.9M | — | ||
| Q2 24 | $3.9M | $61.8M | ||
| Q1 24 | $5.4M | $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 | $-1.7M | $-18.4M |
| Free Cash FlowOCF − Capex | $-1.7M | $-20.0M |
| FCF MarginFCF / Revenue | -35.4% | -727.9% |
| Capex IntensityCapex / Revenue | 0.1% | 60.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-75.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-18.4M | ||
| Q3 25 | — | $-19.0M | ||
| Q2 25 | — | $-15.3M | ||
| Q1 25 | — | $-19.3M | ||
| Q4 24 | $-1.7M | $2.0M | ||
| Q3 24 | $-2.4M | — | ||
| Q2 24 | $-1.4M | $-14.5M | ||
| Q1 24 | $-2.0M | $-12.1M |
| Q4 25 | — | $-20.0M | ||
| Q3 25 | — | $-20.1M | ||
| Q2 25 | — | $-16.0M | ||
| Q1 25 | — | $-19.7M | ||
| Q4 24 | $-1.7M | $1.1M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $-15.0M | ||
| Q1 24 | $-2.0M | $-12.4M |
| Q4 25 | — | -727.9% | ||
| Q3 25 | — | -536.5% | ||
| Q2 25 | — | -518.1% | ||
| Q1 25 | — | -131.4% | ||
| Q4 24 | -35.4% | 46.2% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -687.7% | ||
| Q1 24 | -75.3% | -504.0% |
| Q4 25 | — | 60.3% | ||
| Q3 25 | — | 27.2% | ||
| Q2 25 | — | 24.2% | ||
| Q1 25 | — | 2.9% | ||
| Q4 24 | 0.1% | 41.1% | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.0% | 25.0% | ||
| Q1 24 | 0.1% | 12.4% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NBY
| Other | $2.4M | 51% |
| Total Product Revenue | $2.3M | 49% |
QBTS
| Transferred Over Time | $2.4M | 89% |
| Other | $306.0K | 11% |
