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Side-by-side financial comparison of D-Wave Quantum Inc. (QBTS) and Seer, Inc. (SEER). Click either name above to swap in a different company.
Seer, Inc. is the larger business by last-quarter revenue ($4.2M vs $2.8M, roughly 1.5× D-Wave Quantum Inc.). Seer, Inc. runs the higher net margin — -380.7% vs -1538.0%, a 1157.3% gap on every dollar of revenue. On growth, D-Wave Quantum Inc. posted the faster year-over-year revenue change (19.2% vs 5.0%). Seer, Inc. produced more free cash flow last quarter ($-11.1M vs $-20.0M). Over the past eight quarters, Seer, Inc.'s revenue compounded faster (17.1% CAGR vs -2.7%).
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.
Seer, Inc. is an American biotechnology company headquartered in Redwood City, California. Established in 2017, the company develops technologies for proteomics research.
QBTS vs SEER — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.8M | $4.2M |
| Net Profit | $-42.3M | $-16.0M |
| Gross Margin | 64.8% | 52.0% |
| Operating Margin | -1266.0% | -413.8% |
| Net Margin | -1538.0% | -380.7% |
| Revenue YoY | 19.2% | 5.0% |
| Net Profit YoY | 50.8% | 26.4% |
| 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 | $4.2M | ||
| Q3 25 | $3.7M | $4.1M | ||
| Q2 25 | $3.1M | $4.1M | ||
| Q1 25 | $15.0M | $4.2M | ||
| Q4 24 | $2.3M | $4.0M | ||
| Q3 24 | — | $4.0M | ||
| Q2 24 | $2.2M | $3.1M | ||
| Q1 24 | $2.5M | $3.1M |
| Q4 25 | $-42.3M | $-16.0M | ||
| Q3 25 | $-140.0M | $-18.2M | ||
| Q2 25 | $-167.3M | $-19.4M | ||
| Q1 25 | $-5.4M | $-19.9M | ||
| Q4 24 | $-86.1M | $-21.7M | ||
| Q3 24 | — | $-21.3M | ||
| Q2 24 | $-17.8M | $-22.9M | ||
| Q1 24 | $-17.3M | $-20.7M |
| Q4 25 | 64.8% | 52.0% | ||
| Q3 25 | 71.4% | 51.2% | ||
| Q2 25 | 63.8% | 52.1% | ||
| Q1 25 | 92.5% | 49.0% | ||
| Q4 24 | 63.8% | 50.6% | ||
| Q3 24 | — | 48.1% | ||
| Q2 24 | 63.6% | 56.3% | ||
| Q1 24 | 67.3% | 44.4% |
| Q4 25 | -1266.0% | -413.8% | ||
| Q3 25 | -741.8% | -469.4% | ||
| Q2 25 | -856.3% | -506.8% | ||
| Q1 25 | -75.3% | -493.0% | ||
| Q4 24 | -876.2% | -587.2% | ||
| Q3 24 | — | -603.3% | ||
| Q2 24 | -863.0% | -882.0% | ||
| Q1 24 | -710.6% | -821.7% |
| Q4 25 | -1538.0% | -380.7% | ||
| Q3 25 | -3743.9% | -442.5% | ||
| Q2 25 | -5406.4% | -479.5% | ||
| Q1 25 | -36.1% | -474.4% | ||
| Q4 24 | -3727.9% | -543.6% | ||
| Q3 24 | — | -529.0% | ||
| Q2 24 | -814.4% | -743.8% | ||
| Q1 24 | -702.3% | -674.5% |
| Q4 25 | $-0.13 | — | ||
| Q3 25 | $-0.41 | — | ||
| Q2 25 | $-0.55 | — | ||
| Q1 25 | $-0.02 | — | ||
| Q4 24 | $-0.43 | — | ||
| Q3 24 | — | $-0.35 | ||
| Q2 24 | $-0.10 | $-0.35 | ||
| Q1 24 | $-0.11 | $-0.32 |
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 | $47.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $852.2M | $259.3M |
| Total Assets | $915.8M | $296.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $884.5M | $47.3M | ||
| Q3 25 | $836.2M | $45.0M | ||
| Q2 25 | $819.3M | $37.9M | ||
| Q1 25 | $304.3M | $52.4M | ||
| Q4 24 | $178.0M | $40.8M | ||
| Q3 24 | — | $37.6M | ||
| Q2 24 | — | $31.9M | ||
| Q1 24 | — | $54.4M |
| Q4 25 | $852.2M | $259.3M | ||
| Q3 25 | $670.6M | $271.8M | ||
| Q2 25 | $694.3M | $288.3M | ||
| Q1 25 | $207.4M | $311.0M | ||
| Q4 24 | $62.6M | $327.6M | ||
| Q3 24 | — | $344.7M | ||
| Q2 24 | $-21.5M | $364.7M | ||
| Q1 24 | $-37.0M | $383.6M |
| Q4 25 | $915.8M | $296.1M | ||
| Q3 25 | $865.8M | $308.6M | ||
| Q2 25 | $843.6M | $322.5M | ||
| Q1 25 | $325.6M | $347.3M | ||
| Q4 24 | $199.9M | $366.6M | ||
| Q3 24 | — | $383.4M | ||
| Q2 24 | $61.8M | $406.6M | ||
| Q1 24 | $48.6M | $422.0M |
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 | $-18.4M | $-10.8M |
| Free Cash FlowOCF − Capex | $-20.0M | $-11.1M |
| FCF MarginFCF / Revenue | -727.9% | -264.2% |
| Capex IntensityCapex / Revenue | 60.3% | 7.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-75.8M | $-46.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-18.4M | $-10.8M | ||
| Q3 25 | $-19.0M | $-7.6M | ||
| Q2 25 | $-15.3M | $-14.7M | ||
| Q1 25 | $-19.3M | $-11.4M | ||
| Q4 24 | $2.0M | $-11.5M | ||
| Q3 24 | — | $-14.1M | ||
| Q2 24 | $-14.5M | $-10.1M | ||
| Q1 24 | $-12.1M | $-10.5M |
| Q4 25 | $-20.0M | $-11.1M | ||
| Q3 25 | $-20.1M | $-7.8M | ||
| Q2 25 | $-16.0M | $-15.2M | ||
| Q1 25 | $-19.7M | $-12.1M | ||
| Q4 24 | $1.1M | $-12.0M | ||
| Q3 24 | — | $-16.3M | ||
| Q2 24 | $-15.0M | $-11.2M | ||
| Q1 24 | $-12.4M | $-11.2M |
| Q4 25 | -727.9% | -264.2% | ||
| Q3 25 | -536.5% | -190.5% | ||
| Q2 25 | -518.1% | -375.9% | ||
| Q1 25 | -131.4% | -287.1% | ||
| Q4 24 | 46.2% | -299.8% | ||
| Q3 24 | — | -404.7% | ||
| Q2 24 | -687.7% | -366.0% | ||
| Q1 24 | -504.0% | -365.6% |
| Q4 25 | 60.3% | 7.0% | ||
| Q3 25 | 27.2% | 6.9% | ||
| Q2 25 | 24.2% | 14.0% | ||
| Q1 25 | 2.9% | 15.6% | ||
| Q4 24 | 41.1% | 13.4% | ||
| Q3 24 | — | 54.4% | ||
| Q2 24 | 25.0% | 38.2% | ||
| Q1 24 | 12.4% | 24.6% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
QBTS
| Transferred Over Time | $2.4M | 89% |
| Other | $306.0K | 11% |
SEER
Segment breakdown not available.
