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Side-by-side financial comparison of D-Wave Quantum Inc. (QBTS) and SES AI Corp (SES). Click either name above to swap in a different company.
SES AI Corp is the larger business by last-quarter revenue ($4.6M vs $2.8M, roughly 1.7× D-Wave Quantum Inc.). SES AI Corp runs the higher net margin — -373.5% vs -1538.0%, a 1164.6% gap on every dollar of revenue. SES AI Corp produced more free cash flow last quarter ($-11.1M vs $-20.0M).
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.
SES S.A. is a Luxembourgish communications satellite operator supplying video and data connectivity worldwide to broadcasters, content and internet service providers, mobile and fixed network operators, governments and institutions.
QBTS vs SES — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.8M | $4.6M |
| Net Profit | $-42.3M | $-17.0M |
| Gross Margin | 64.8% | 11.3% |
| Operating Margin | -1266.0% | -387.7% |
| Net Margin | -1538.0% | -373.5% |
| Revenue YoY | 19.2% | — |
| Net Profit YoY | 50.8% | 50.7% |
| EPS (diluted) | $-0.13 | $-0.05 |
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 | $4.6M | ||
| Q3 25 | $3.7M | $7.1M | ||
| Q2 25 | $3.1M | $3.5M | ||
| Q1 25 | $15.0M | $5.8M | ||
| Q4 24 | $2.3M | — | ||
| Q2 24 | $2.2M | — | ||
| Q1 24 | $2.5M | — | ||
| Q4 23 | $2.9M | — |
| Q4 25 | $-42.3M | $-17.0M | ||
| Q3 25 | $-140.0M | $-20.9M | ||
| Q2 25 | $-167.3M | $-22.7M | ||
| Q1 25 | $-5.4M | $-12.4M | ||
| Q4 24 | $-86.1M | — | ||
| Q2 24 | $-17.8M | — | ||
| Q1 24 | $-17.3M | — | ||
| Q4 23 | $-16.0M | — |
| Q4 25 | 64.8% | 11.3% | ||
| Q3 25 | 71.4% | 51.1% | ||
| Q2 25 | 63.8% | 73.7% | ||
| Q1 25 | 92.5% | 78.7% | ||
| Q4 24 | 63.8% | — | ||
| Q2 24 | 63.6% | — | ||
| Q1 24 | 67.3% | — | ||
| Q4 23 | 67.7% | — |
| Q4 25 | -1266.0% | -387.7% | ||
| Q3 25 | -741.8% | -262.0% | ||
| Q2 25 | -856.3% | -652.3% | ||
| Q1 25 | -75.3% | -401.7% | ||
| Q4 24 | -876.2% | — | ||
| Q2 24 | -863.0% | — | ||
| Q1 24 | -710.6% | — | ||
| Q4 23 | -569.2% | — |
| Q4 25 | -1538.0% | -373.5% | ||
| Q3 25 | -3743.9% | -293.9% | ||
| Q2 25 | -5406.4% | -642.2% | ||
| Q1 25 | -36.1% | -214.6% | ||
| Q4 24 | -3727.9% | — | ||
| Q2 24 | -814.4% | — | ||
| Q1 24 | -702.3% | — | ||
| Q4 23 | -551.1% | — |
| Q4 25 | $-0.13 | $-0.05 | ||
| Q3 25 | $-0.41 | $-0.06 | ||
| Q2 25 | $-0.55 | $-0.07 | ||
| Q1 25 | $-0.02 | $-0.04 | ||
| Q4 24 | $-0.43 | — | ||
| Q2 24 | $-0.10 | — | ||
| Q1 24 | $-0.11 | — | ||
| Q4 23 | $-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 | $884.5M | $29.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $852.2M | $214.8M |
| Total Assets | $915.8M | $272.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $884.5M | $29.5M | ||
| Q3 25 | $836.2M | $35.3M | ||
| Q2 25 | $819.3M | $11.8M | ||
| Q1 25 | $304.3M | $56.1M | ||
| Q4 24 | $178.0M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | $41.3M | — |
| Q4 25 | $852.2M | $214.8M | ||
| Q3 25 | $670.6M | $228.2M | ||
| Q2 25 | $694.3M | $249.2M | ||
| Q1 25 | $207.4M | $269.9M | ||
| Q4 24 | $62.6M | — | ||
| Q2 24 | $-21.5M | — | ||
| Q1 24 | $-37.0M | — | ||
| Q4 23 | $-24.5M | — |
| Q4 25 | $915.8M | $272.6M | ||
| Q3 25 | $865.8M | $288.8M | ||
| Q2 25 | $843.6M | $290.5M | ||
| Q1 25 | $325.6M | $306.0M | ||
| Q4 24 | $199.9M | — | ||
| Q2 24 | $61.8M | — | ||
| Q1 24 | $48.6M | — | ||
| Q4 23 | $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 | $-18.4M | $-10.4M |
| Free Cash FlowOCF − Capex | $-20.0M | $-11.1M |
| FCF MarginFCF / Revenue | -727.9% | -243.7% |
| Capex IntensityCapex / Revenue | 60.3% | 15.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-75.8M | $-61.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-18.4M | $-10.4M | ||
| Q3 25 | $-19.0M | $-14.3M | ||
| Q2 25 | $-15.3M | $-10.8M | ||
| Q1 25 | $-19.3M | $-22.8M | ||
| Q4 24 | $2.0M | — | ||
| Q2 24 | $-14.5M | — | ||
| Q1 24 | $-12.1M | — | ||
| Q4 23 | $-14.7M | — |
| Q4 25 | $-20.0M | $-11.1M | ||
| Q3 25 | $-20.1M | $-14.7M | ||
| Q2 25 | $-16.0M | $-11.6M | ||
| Q1 25 | $-19.7M | $-23.7M | ||
| Q4 24 | $1.1M | — | ||
| Q2 24 | $-15.0M | — | ||
| Q1 24 | $-12.4M | — | ||
| Q4 23 | $-15.2M | — |
| Q4 25 | -727.9% | -243.7% | ||
| Q3 25 | -536.5% | -206.9% | ||
| Q2 25 | -518.1% | -329.6% | ||
| Q1 25 | -131.4% | -410.0% | ||
| Q4 24 | 46.2% | — | ||
| Q2 24 | -687.7% | — | ||
| Q1 24 | -504.0% | — | ||
| Q4 23 | -522.4% | — |
| Q4 25 | 60.3% | 15.6% | ||
| Q3 25 | 27.2% | 6.0% | ||
| Q2 25 | 24.2% | 22.8% | ||
| Q1 25 | 2.9% | 15.8% | ||
| Q4 24 | 41.1% | — | ||
| Q2 24 | 25.0% | — | ||
| Q1 24 | 12.4% | — | ||
| Q4 23 | 15.2% | — |
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% |
SES
Segment breakdown not available.
