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Side-by-side financial comparison of NEXGEL, INC. (NXGL) and D-Wave Quantum Inc. (QBTS). Click either name above to swap in a different company.
NEXGEL, INC. is the larger business by last-quarter revenue ($2.8M vs $2.8M, roughly 1.0× D-Wave Quantum Inc.). NEXGEL, INC. runs the higher net margin — -34.7% vs -1538.0%, a 1503.3% gap on every dollar of revenue. On growth, D-Wave Quantum Inc. posted the faster year-over-year revenue change (19.2% vs -8.1%). Over the past eight quarters, NEXGEL, INC.'s revenue compounded faster (48.6% CAGR vs -2.7%).
NEXGEL, INC. is a specialty consumer healthcare and medical technology firm that develops, manufactures and distributes ultra-gentle, irritation-free hydrogel products. Its offerings span over-the-counter skincare remedies, wound care solutions, and topical drug delivery platforms, serving consumer, clinical and pharmaceutical partner segments primarily across North America, with growing global distribution channels.
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.
NXGL vs QBTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.8M | $2.8M |
| Net Profit | $-970.0K | $-42.3M |
| Gross Margin | 29.3% | 64.8% |
| Operating Margin | -43.4% | -1266.0% |
| Net Margin | -34.7% | -1538.0% |
| Revenue YoY | -8.1% | 19.2% |
| Net Profit YoY | -14.1% | 50.8% |
| EPS (diluted) | $-0.12 | $-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 | $2.8M | ||
| Q3 25 | $2.9M | $3.7M | ||
| Q2 25 | $2.9M | $3.1M | ||
| Q1 25 | $2.8M | $15.0M | ||
| Q4 24 | $3.0M | $2.3M | ||
| Q3 24 | $2.9M | — | ||
| Q2 24 | $1.4M | $2.2M | ||
| Q1 24 | $1.3M | $2.5M |
| Q4 25 | $-970.0K | $-42.3M | ||
| Q3 25 | $-653.0K | $-140.0M | ||
| Q2 25 | $-665.0K | $-167.3M | ||
| Q1 25 | $-712.0K | $-5.4M | ||
| Q4 24 | $-850.0K | $-86.1M | ||
| Q3 24 | $-693.0K | — | ||
| Q2 24 | $-885.0K | $-17.8M | ||
| Q1 24 | $-853.0K | $-17.3M |
| Q4 25 | 29.3% | 64.8% | ||
| Q3 25 | 42.4% | 71.4% | ||
| Q2 25 | 43.6% | 63.8% | ||
| Q1 25 | 42.3% | 92.5% | ||
| Q4 24 | 37.5% | 63.8% | ||
| Q3 24 | 39.3% | — | ||
| Q2 24 | 20.3% | 63.6% | ||
| Q1 24 | 12.6% | 67.3% |
| Q4 25 | -43.4% | -1266.0% | ||
| Q3 25 | -24.7% | -741.8% | ||
| Q2 25 | -22.1% | -856.3% | ||
| Q1 25 | -27.7% | -75.3% | ||
| Q4 24 | -27.6% | -876.2% | ||
| Q3 24 | -26.8% | — | ||
| Q2 24 | -73.2% | -863.0% | ||
| Q1 24 | -68.8% | -710.6% |
| Q4 25 | -34.7% | -1538.0% | ||
| Q3 25 | -22.3% | -3743.9% | ||
| Q2 25 | -23.1% | -5406.4% | ||
| Q1 25 | -25.4% | -36.1% | ||
| Q4 24 | -27.9% | -3727.9% | ||
| Q3 24 | -23.6% | — | ||
| Q2 24 | -61.5% | -814.4% | ||
| Q1 24 | -67.4% | -702.3% |
| Q4 25 | $-0.12 | $-0.13 | ||
| Q3 25 | $-0.08 | $-0.41 | ||
| Q2 25 | $-0.09 | $-0.55 | ||
| Q1 25 | $-0.09 | $-0.02 | ||
| Q4 24 | $-0.11 | $-0.43 | ||
| Q3 24 | $-0.11 | — | ||
| Q2 24 | $-0.14 | $-0.10 | ||
| Q1 24 | $-0.14 | $-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 | $588.0K | — |
| Stockholders' EquityBook value | $4.5M | $852.2M |
| Total Assets | $10.5M | $915.8M |
| Debt / EquityLower = less leverage | 0.13× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $884.5M | ||
| Q3 25 | $938.0K | $836.2M | ||
| Q2 25 | — | $819.3M | ||
| Q1 25 | — | $304.3M | ||
| Q4 24 | $1.8M | $178.0M | ||
| Q3 24 | $1.1M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $588.0K | — | ||
| Q3 25 | $614.0K | — | ||
| Q2 25 | $638.0K | — | ||
| Q1 25 | $662.0K | — | ||
| Q4 24 | $685.0K | — | ||
| Q3 24 | $709.0K | — | ||
| Q2 24 | $732.0K | — | ||
| Q1 24 | $750.0K | — |
| Q4 25 | $4.5M | $852.2M | ||
| Q3 25 | $5.2M | $670.6M | ||
| Q2 25 | $4.7M | $694.3M | ||
| Q1 25 | $5.2M | $207.4M | ||
| Q4 24 | $5.8M | $62.6M | ||
| Q3 24 | $4.7M | — | ||
| Q2 24 | $4.2M | $-21.5M | ||
| Q1 24 | $4.8M | $-37.0M |
| Q4 25 | $10.5M | $915.8M | ||
| Q3 25 | $11.6M | $865.8M | ||
| Q2 25 | $9.7M | $843.6M | ||
| Q1 25 | $10.4M | $325.6M | ||
| Q4 24 | $11.0M | $199.9M | ||
| Q3 24 | $10.6M | — | ||
| Q2 24 | $9.8M | $61.8M | ||
| Q1 24 | $10.4M | $48.6M |
| Q4 25 | 0.13× | — | ||
| Q3 25 | 0.12× | — | ||
| Q2 25 | 0.14× | — | ||
| Q1 25 | 0.13× | — | ||
| Q4 24 | 0.12× | — | ||
| Q3 24 | 0.15× | — | ||
| Q2 24 | 0.18× | — | ||
| Q1 24 | 0.16× | — |
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 | $281.0K | $-18.4M |
| Free Cash FlowOCF − Capex | — | $-20.0M |
| FCF MarginFCF / Revenue | — | -727.9% |
| Capex IntensityCapex / Revenue | — | 60.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-75.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $281.0K | $-18.4M | ||
| Q3 25 | $-785.0K | $-19.0M | ||
| Q2 25 | $-407.0K | $-15.3M | ||
| Q1 25 | $-400.0K | $-19.3M | ||
| Q4 24 | $-859.0K | $2.0M | ||
| Q3 24 | $-1.2M | — | ||
| Q2 24 | $-700.0K | $-14.5M | ||
| Q1 24 | $-1.1M | $-12.1M |
| Q4 25 | — | $-20.0M | ||
| Q3 25 | $-793.0K | $-20.1M | ||
| Q2 25 | — | $-16.0M | ||
| Q1 25 | — | $-19.7M | ||
| Q4 24 | — | $1.1M | ||
| Q3 24 | $-1.2M | — | ||
| Q2 24 | $-909.0K | $-15.0M | ||
| Q1 24 | $-1.2M | $-12.4M |
| Q4 25 | — | -727.9% | ||
| Q3 25 | -27.0% | -536.5% | ||
| Q2 25 | — | -518.1% | ||
| Q1 25 | — | -131.4% | ||
| Q4 24 | — | 46.2% | ||
| Q3 24 | -41.8% | — | ||
| Q2 24 | -63.1% | -687.7% | ||
| Q1 24 | -98.3% | -504.0% |
| Q4 25 | — | 60.3% | ||
| Q3 25 | 0.3% | 27.2% | ||
| Q2 25 | — | 24.2% | ||
| Q1 25 | — | 2.9% | ||
| Q4 24 | — | 41.1% | ||
| Q3 24 | 0.4% | — | ||
| Q2 24 | 14.5% | 25.0% | ||
| Q1 24 | 12.0% | 12.4% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NXGL
Segment breakdown not available.
QBTS
| Transferred Over Time | $2.4M | 89% |
| Other | $306.0K | 11% |
