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Side-by-side financial comparison of PureCycle Technologies, Inc. (PCT) 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 $2.7M, roughly 1.0× PureCycle Technologies, Inc.). PureCycle Technologies, Inc. runs the higher net margin — -697.1% vs -1538.0%, a 840.9% gap on every dollar of revenue. D-Wave Quantum Inc. produced more free cash flow last quarter ($-20.0M vs $-42.0M).
PureCycle Technologies, Inc. is a sustainable materials firm with proprietary advanced polypropylene recycling technology. It converts contaminated polypropylene waste into high-purity virgin-equivalent resin for use in consumer goods, automotive parts, packaging and industrial products, serving global partners.
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.
PCT vs QBTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.7M | $2.8M |
| Net Profit | $-18.8M | $-42.3M |
| Gross Margin | — | 64.8% |
| Operating Margin | -2196.1% | -1266.0% |
| Net Margin | -697.1% | -1538.0% |
| Revenue YoY | — | 19.2% |
| Net Profit YoY | 71.0% | 50.8% |
| EPS (diluted) | $-0.14 | $-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 | $2.7M | $2.8M | ||
| Q3 25 | $2.4M | $3.7M | ||
| Q2 25 | $1.6M | $3.1M | ||
| Q1 25 | $1.6M | $15.0M | ||
| Q4 24 | $0 | $2.3M | ||
| Q3 24 | $0 | — | ||
| Q2 24 | $0 | $2.2M | ||
| Q1 24 | $0 | $2.5M |
| Q4 25 | $-18.8M | $-42.3M | ||
| Q3 25 | $-28.4M | $-140.0M | ||
| Q2 25 | $-144.2M | $-167.3M | ||
| Q1 25 | $8.8M | $-5.4M | ||
| Q4 24 | $-64.7M | $-86.1M | ||
| Q3 24 | $-90.6M | — | ||
| Q2 24 | $-48.2M | $-17.8M | ||
| Q1 24 | $-85.6M | $-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 | -2196.1% | -1266.0% | ||
| Q3 25 | -1602.2% | -741.8% | ||
| Q2 25 | -2763.5% | -856.3% | ||
| Q1 25 | -2387.4% | -75.3% | ||
| Q4 24 | — | -876.2% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -863.0% | ||
| Q1 24 | — | -710.6% |
| Q4 25 | -697.1% | -1538.0% | ||
| Q3 25 | -1167.5% | -3743.9% | ||
| Q2 25 | -8741.8% | -5406.4% | ||
| Q1 25 | 559.0% | -36.1% | ||
| Q4 24 | — | -3727.9% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -814.4% | ||
| Q1 24 | — | -702.3% |
| Q4 25 | $-0.14 | $-0.13 | ||
| Q3 25 | $-0.31 | $-0.41 | ||
| Q2 25 | $-0.81 | $-0.55 | ||
| Q1 25 | $0.05 | $-0.02 | ||
| Q4 24 | $-0.40 | $-0.43 | ||
| Q3 24 | $-0.54 | — | ||
| Q2 24 | $-0.29 | $-0.10 | ||
| Q1 24 | $-0.52 | $-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 | $156.7M | $884.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $45.9M | $852.2M |
| Total Assets | $922.7M | $915.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $156.7M | $884.5M | ||
| Q3 25 | $234.4M | $836.2M | ||
| Q2 25 | $284.1M | $819.3M | ||
| Q1 25 | $22.5M | $304.3M | ||
| Q4 24 | $15.7M | $178.0M | ||
| Q3 24 | $83.7M | — | ||
| Q2 24 | $10.9M | — | ||
| Q1 24 | $25.0M | — |
| Q4 25 | $45.9M | $852.2M | ||
| Q3 25 | $68.2M | $670.6M | ||
| Q2 25 | $98.9M | $694.3M | ||
| Q1 25 | $238.2M | $207.4M | ||
| Q4 24 | $180.4M | $62.6M | ||
| Q3 24 | $241.4M | — | ||
| Q2 24 | $291.6M | $-21.5M | ||
| Q1 24 | $336.8M | $-37.0M |
| Q4 25 | $922.7M | $915.8M | ||
| Q3 25 | $989.1M | $865.8M | ||
| Q2 25 | $1.0B | $843.6M | ||
| Q1 25 | $787.3M | $325.6M | ||
| Q4 24 | $798.4M | $199.9M | ||
| Q3 24 | $788.8M | — | ||
| Q2 24 | $719.8M | $61.8M | ||
| Q1 24 | $734.0M | $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 | $-28.7M | $-18.4M |
| Free Cash FlowOCF − Capex | $-42.0M | $-20.0M |
| FCF MarginFCF / Revenue | -1559.6% | -727.9% |
| Capex IntensityCapex / Revenue | 495.1% | 60.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-183.6M | $-75.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-28.7M | $-18.4M | ||
| Q3 25 | $-38.5M | $-19.0M | ||
| Q2 25 | $-36.7M | $-15.3M | ||
| Q1 25 | $-38.9M | $-19.3M | ||
| Q4 24 | $-31.8M | $2.0M | ||
| Q3 24 | $-33.4M | — | ||
| Q2 24 | $-40.4M | $-14.5M | ||
| Q1 24 | $-39.2M | $-12.1M |
| Q4 25 | $-42.0M | $-20.0M | ||
| Q3 25 | $-42.4M | $-20.1M | ||
| Q2 25 | $-45.3M | $-16.0M | ||
| Q1 25 | $-53.9M | $-19.7M | ||
| Q4 24 | $-53.4M | $1.1M | ||
| Q3 24 | $-42.6M | — | ||
| Q2 24 | $-50.8M | $-15.0M | ||
| Q1 24 | $-53.5M | $-12.4M |
| Q4 25 | -1559.6% | -727.9% | ||
| Q3 25 | -1743.1% | -536.5% | ||
| Q2 25 | -2747.1% | -518.1% | ||
| Q1 25 | -3409.6% | -131.4% | ||
| Q4 24 | — | 46.2% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -687.7% | ||
| Q1 24 | — | -504.0% |
| Q4 25 | 495.1% | 60.3% | ||
| Q3 25 | 160.3% | 27.2% | ||
| Q2 25 | 521.5% | 24.2% | ||
| Q1 25 | 949.6% | 2.9% | ||
| Q4 24 | — | 41.1% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 25.0% | ||
| Q1 24 | — | 12.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -4.40× | — | ||
| 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
PCT
Segment breakdown not available.
QBTS
| Transferred Over Time | $2.4M | 89% |
| Other | $306.0K | 11% |
