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Side-by-side financial comparison of Pulmatrix, Inc. (PULM) 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 $1.6M, roughly 1.8× Pulmatrix, Inc.). Pulmatrix, Inc. runs the higher net margin — -374.4% vs -1538.0%, a 1163.6% gap on every dollar of revenue. On growth, D-Wave Quantum Inc. posted the faster year-over-year revenue change (19.2% vs -15.8%). Pulmatrix, Inc. produced more free cash flow last quarter ($-3.9M vs $-20.0M). Over the past eight quarters, D-Wave Quantum Inc.'s revenue compounded faster (-2.7% CAGR vs -8.9%).
Pulmatrix, Inc. is a clinical-stage biopharmaceutical firm specializing in developing innovative inhaled therapies for severe respiratory diseases including chronic obstructive pulmonary disease, cystic fibrosis and idiopathic pulmonary fibrosis. It uses its proprietary dry powder platform to improve inhaled medication efficacy and safety, advancing its product candidate pipeline via partnerships with global pharmaceutical players.
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.
PULM vs QBTS — Head-to-Head
Income Statement — Q2 FY2024 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.6M | $2.8M |
| Net Profit | $-5.8M | $-42.3M |
| Gross Margin | — | 64.8% |
| Operating Margin | -380.2% | -1266.0% |
| Net Margin | -374.4% | -1538.0% |
| Revenue YoY | -15.8% | 19.2% |
| Net Profit YoY | -52.3% | 50.8% |
| EPS (diluted) | $-1.59 | $-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 | — | $2.3M | ||
| Q2 24 | $1.6M | $2.2M | ||
| Q1 24 | $5.9M | $2.5M | ||
| Q4 23 | $2.2M | $2.9M |
| Q4 25 | — | $-42.3M | ||
| Q3 25 | — | $-140.0M | ||
| Q2 25 | — | $-167.3M | ||
| Q1 25 | — | $-5.4M | ||
| Q4 24 | — | $-86.1M | ||
| Q2 24 | $-5.8M | $-17.8M | ||
| Q1 24 | $825.0K | $-17.3M | ||
| Q4 23 | $-2.1M | $-16.0M |
| Q4 25 | — | 64.8% | ||
| Q3 25 | — | 71.4% | ||
| Q2 25 | — | 63.8% | ||
| Q1 25 | — | 92.5% | ||
| Q4 24 | — | 63.8% | ||
| Q2 24 | — | 63.6% | ||
| Q1 24 | — | 67.3% | ||
| Q4 23 | — | 67.7% |
| Q4 25 | — | -1266.0% | ||
| Q3 25 | — | -741.8% | ||
| Q2 25 | — | -856.3% | ||
| Q1 25 | — | -75.3% | ||
| Q4 24 | — | -876.2% | ||
| Q2 24 | -380.2% | -863.0% | ||
| Q1 24 | 12.7% | -710.6% | ||
| Q4 23 | -101.0% | -569.2% |
| Q4 25 | — | -1538.0% | ||
| Q3 25 | — | -3743.9% | ||
| Q2 25 | — | -5406.4% | ||
| Q1 25 | — | -36.1% | ||
| Q4 24 | — | -3727.9% | ||
| Q2 24 | -374.4% | -814.4% | ||
| Q1 24 | 14.0% | -702.3% | ||
| Q4 23 | -94.6% | -551.1% |
| Q4 25 | — | $-0.13 | ||
| Q3 25 | — | $-0.41 | ||
| Q2 25 | — | $-0.55 | ||
| Q1 25 | — | $-0.02 | ||
| Q4 24 | — | $-0.43 | ||
| Q2 24 | $-1.59 | $-0.10 | ||
| Q1 24 | $0.23 | $-0.11 | ||
| Q4 23 | $-0.58 | $-0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $12.4M | $884.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $13.3M | $852.2M |
| Total Assets | $15.8M | $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 | — | $178.0M | ||
| Q2 24 | $12.4M | — | ||
| Q1 24 | $16.3M | — | ||
| Q4 23 | $19.2M | $41.3M |
| Q4 25 | — | $852.2M | ||
| Q3 25 | — | $670.6M | ||
| Q2 25 | — | $694.3M | ||
| Q1 25 | — | $207.4M | ||
| Q4 24 | — | $62.6M | ||
| Q2 24 | $13.3M | $-21.5M | ||
| Q1 24 | $19.0M | $-37.0M | ||
| Q4 23 | $18.0M | $-24.5M |
| Q4 25 | — | $915.8M | ||
| Q3 25 | — | $865.8M | ||
| Q2 25 | — | $843.6M | ||
| Q1 25 | — | $325.6M | ||
| Q4 24 | — | $199.9M | ||
| Q2 24 | $15.8M | $61.8M | ||
| Q1 24 | $30.4M | $48.6M | ||
| Q4 23 | $34.0M | $59.4M |
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 | $-3.7M | $-18.4M |
| Free Cash FlowOCF − Capex | $-3.9M | $-20.0M |
| FCF MarginFCF / Revenue | -252.6% | -727.9% |
| Capex IntensityCapex / Revenue | 15.7% | 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 | — | $2.0M | ||
| Q2 24 | $-3.7M | $-14.5M | ||
| Q1 24 | $-2.7M | $-12.1M | ||
| Q4 23 | $-2.0M | $-14.7M |
| Q4 25 | — | $-20.0M | ||
| Q3 25 | — | $-20.1M | ||
| Q2 25 | — | $-16.0M | ||
| Q1 25 | — | $-19.7M | ||
| Q4 24 | — | $1.1M | ||
| Q2 24 | $-3.9M | $-15.0M | ||
| Q1 24 | $-2.9M | $-12.4M | ||
| Q4 23 | — | $-15.2M |
| Q4 25 | — | -727.9% | ||
| Q3 25 | — | -536.5% | ||
| Q2 25 | — | -518.1% | ||
| Q1 25 | — | -131.4% | ||
| Q4 24 | — | 46.2% | ||
| Q2 24 | -252.6% | -687.7% | ||
| Q1 24 | -48.8% | -504.0% | ||
| Q4 23 | — | -522.4% |
| Q4 25 | — | 60.3% | ||
| Q3 25 | — | 27.2% | ||
| Q2 25 | — | 24.2% | ||
| Q1 25 | — | 2.9% | ||
| Q4 24 | — | 41.1% | ||
| Q2 24 | 15.7% | 25.0% | ||
| Q1 24 | 2.6% | 12.4% | ||
| Q4 23 | — | 15.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -3.30× | — | ||
| Q4 23 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PULM
Segment breakdown not available.
QBTS
| Transferred Over Time | $2.4M | 89% |
| Other | $306.0K | 11% |
