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Side-by-side financial comparison of D-Wave Quantum Inc. (QBTS) and Solid Power, Inc. (SLDP). Click either name above to swap in a different company.
Solid Power, Inc. is the larger business by last-quarter revenue ($3.6M vs $2.8M, roughly 1.3× D-Wave Quantum Inc.). On growth, D-Wave Quantum Inc. posted the faster year-over-year revenue change (19.2% vs -18.6%). D-Wave Quantum Inc. produced more free cash flow last quarter ($-20.0M vs $-23.0M). Over the past eight quarters, D-Wave Quantum Inc.'s revenue compounded faster (-2.7% CAGR vs -21.9%).
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.
Solid Energy was the largest coal mining company in New Zealand and is a state owned enterprise of the New Zealand Government.
QBTS vs SLDP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.8M | $3.6M |
| Net Profit | $-42.3M | — |
| Gross Margin | 64.8% | — |
| Operating Margin | -1266.0% | -730.1% |
| Net Margin | -1538.0% | — |
| Revenue YoY | 19.2% | -18.6% |
| Net Profit YoY | 50.8% | — |
| EPS (diluted) | $-0.13 | $-0.15 |
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 | $3.6M | ||
| Q3 25 | $3.7M | $3.7M | ||
| Q2 25 | $3.1M | $6.5M | ||
| Q1 25 | $15.0M | $6.0M | ||
| Q4 24 | $2.3M | $4.5M | ||
| Q3 24 | — | $4.7M | ||
| Q2 24 | $2.2M | $5.1M | ||
| Q1 24 | $2.5M | $6.0M |
| Q4 25 | $-42.3M | — | ||
| Q3 25 | $-140.0M | $-25.9M | ||
| Q2 25 | $-167.3M | $-25.3M | ||
| Q1 25 | $-5.4M | $-15.2M | ||
| Q4 24 | $-86.1M | — | ||
| Q3 24 | — | $-22.4M | ||
| Q2 24 | $-17.8M | $-22.3M | ||
| Q1 24 | $-17.3M | $-21.2M |
| 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 | -1266.0% | -730.1% | ||
| Q3 25 | -741.8% | -654.4% | ||
| Q2 25 | -856.3% | -398.9% | ||
| Q1 25 | -75.3% | -399.4% | ||
| Q4 24 | -876.2% | -561.1% | ||
| Q3 24 | — | -593.2% | ||
| Q2 24 | -863.0% | -530.8% | ||
| Q1 24 | -710.6% | -433.1% |
| Q4 25 | -1538.0% | — | ||
| Q3 25 | -3743.9% | -693.1% | ||
| Q2 25 | -5406.4% | -390.7% | ||
| Q1 25 | -36.1% | -251.8% | ||
| Q4 24 | -3727.9% | — | ||
| Q3 24 | — | -482.0% | ||
| Q2 24 | -814.4% | -438.9% | ||
| Q1 24 | -702.3% | -356.2% |
| Q4 25 | $-0.13 | $-0.15 | ||
| Q3 25 | $-0.41 | $-0.14 | ||
| Q2 25 | $-0.55 | $-0.14 | ||
| Q1 25 | $-0.02 | $-0.08 | ||
| Q4 24 | $-0.43 | $-0.16 | ||
| Q3 24 | — | $-0.13 | ||
| Q2 24 | $-0.10 | $-0.13 | ||
| Q1 24 | $-0.11 | $-0.12 |
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 | $250.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $852.2M | $415.7M |
| Total Assets | $915.8M | $455.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $884.5M | $250.8M | ||
| Q3 25 | $836.2M | $251.2M | ||
| Q2 25 | $819.3M | $230.9M | ||
| Q1 25 | $304.3M | $240.9M | ||
| Q4 24 | $178.0M | $118.2M | ||
| Q3 24 | — | $132.0M | ||
| Q2 24 | — | $140.5M | ||
| Q1 24 | — | $146.6M |
| Q4 25 | $852.2M | $415.7M | ||
| Q3 25 | $670.6M | $381.2M | ||
| Q2 25 | $694.3M | $370.6M | ||
| Q1 25 | $207.4M | $397.1M | ||
| Q4 24 | $62.6M | $410.3M | ||
| Q3 24 | — | $439.4M | ||
| Q2 24 | $-21.5M | $456.8M | ||
| Q1 24 | $-37.0M | $479.4M |
| Q4 25 | $915.8M | $455.1M | ||
| Q3 25 | $865.8M | $416.1M | ||
| Q2 25 | $843.6M | $398.0M | ||
| Q1 25 | $325.6M | $419.4M | ||
| Q4 24 | $199.9M | $448.3M | ||
| Q3 24 | — | $470.9M | ||
| Q2 24 | $61.8M | $492.6M | ||
| Q1 24 | $48.6M | $516.2M |
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 | $-18.4M |
| Free Cash FlowOCF − Capex | $-20.0M | $-23.0M |
| FCF MarginFCF / Revenue | -727.9% | -633.0% |
| Capex IntensityCapex / Revenue | 60.3% | 126.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-75.8M | $-83.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-18.4M | $-18.4M | ||
| Q3 25 | $-19.0M | $-14.3M | ||
| Q2 25 | $-15.3M | $-14.4M | ||
| Q1 25 | $-19.3M | $-26.3M | ||
| Q4 24 | $2.0M | $-13.9M | ||
| Q3 24 | — | $-9.9M | ||
| Q2 24 | $-14.5M | $-11.1M | ||
| Q1 24 | $-12.1M | $-29.1M |
| Q4 25 | $-20.0M | $-23.0M | ||
| Q3 25 | $-20.1M | $-14.8M | ||
| Q2 25 | $-16.0M | $-17.1M | ||
| Q1 25 | $-19.7M | $-28.6M | ||
| Q4 24 | $1.1M | $-18.6M | ||
| Q3 24 | — | $-12.6M | ||
| Q2 24 | $-15.0M | $-15.5M | ||
| Q1 24 | $-12.4M | $-33.1M |
| Q4 25 | -727.9% | -633.0% | ||
| Q3 25 | -536.5% | -397.6% | ||
| Q2 25 | -518.1% | -264.2% | ||
| Q1 25 | -131.4% | -476.1% | ||
| Q4 24 | 46.2% | -416.5% | ||
| Q3 24 | — | -271.5% | ||
| Q2 24 | -687.7% | -305.8% | ||
| Q1 24 | -504.0% | -556.3% |
| Q4 25 | 60.3% | 126.5% | ||
| Q3 25 | 27.2% | 15.3% | ||
| Q2 25 | 24.2% | 41.5% | ||
| Q1 25 | 2.9% | 39.1% | ||
| Q4 24 | 41.1% | 105.5% | ||
| Q3 24 | — | 59.7% | ||
| Q2 24 | 25.0% | 86.8% | ||
| Q1 24 | 12.4% | 68.1% |
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% |
SLDP
Segment breakdown not available.
