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Side-by-side financial comparison of D-Wave Quantum Inc. (QBTS) and TECOGEN INC. (TGEN). Click either name above to swap in a different company.
TECOGEN INC. is the larger business by last-quarter revenue ($5.3M vs $2.8M, roughly 1.9× D-Wave Quantum Inc.). TECOGEN INC. runs the higher net margin — -75.1% vs -1538.0%, a 1462.9% gap on every dollar of revenue. On growth, D-Wave Quantum Inc. posted the faster year-over-year revenue change (19.2% vs -12.5%). TECOGEN INC. produced more free cash flow last quarter ($-2.6M vs $-20.0M). Over the past eight quarters, D-Wave Quantum Inc.'s revenue compounded faster (-2.7% CAGR vs -7.3%).
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.
QBTS vs TGEN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.8M | $5.3M |
| Net Profit | $-42.3M | $-4.0M |
| Gross Margin | 64.8% | 36.8% |
| Operating Margin | -1266.0% | -77.8% |
| Net Margin | -1538.0% | -75.1% |
| Revenue YoY | 19.2% | -12.5% |
| Net Profit YoY | 50.8% | -236.7% |
| EPS (diluted) | $-0.13 | $-0.14 |
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 | $5.3M | ||
| Q3 25 | $3.7M | $7.2M | ||
| Q2 25 | $3.1M | $7.3M | ||
| Q1 25 | $15.0M | $7.3M | ||
| Q4 24 | $2.3M | $6.1M | ||
| Q3 24 | — | $5.6M | ||
| Q2 24 | $2.2M | $4.7M | ||
| Q1 24 | $2.5M | $6.2M |
| Q4 25 | $-42.3M | $-4.0M | ||
| Q3 25 | $-140.0M | $-2.1M | ||
| Q2 25 | $-167.3M | $-1.5M | ||
| Q1 25 | $-5.4M | $-659.9K | ||
| Q4 24 | $-86.1M | $-1.2M | ||
| Q3 24 | — | $-930.4K | ||
| Q2 24 | $-17.8M | $-1.5M | ||
| Q1 24 | $-17.3M | $-1.1M |
| Q4 25 | 64.8% | 36.8% | ||
| Q3 25 | 71.4% | 30.4% | ||
| Q2 25 | 63.8% | 33.8% | ||
| Q1 25 | 92.5% | 44.3% | ||
| Q4 24 | 63.8% | 45.0% | ||
| Q3 24 | — | 44.1% | ||
| Q2 24 | 63.6% | 44.0% | ||
| Q1 24 | 67.3% | 41.6% |
| Q4 25 | -1266.0% | -77.8% | ||
| Q3 25 | -741.8% | -29.2% | ||
| Q2 25 | -856.3% | -19.4% | ||
| Q1 25 | -75.3% | -8.2% | ||
| Q4 24 | -876.2% | -18.7% | ||
| Q3 24 | — | -15.5% | ||
| Q2 24 | -863.0% | -31.2% | ||
| Q1 24 | -710.6% | -17.0% |
| Q4 25 | -1538.0% | -75.1% | ||
| Q3 25 | -3743.9% | -29.7% | ||
| Q2 25 | -5406.4% | -20.1% | ||
| Q1 25 | -36.1% | -9.1% | ||
| Q4 24 | -3727.9% | -19.5% | ||
| Q3 24 | — | -16.5% | ||
| Q2 24 | -814.4% | -32.5% | ||
| Q1 24 | -702.3% | -17.9% |
| Q4 25 | $-0.13 | $-0.14 | ||
| Q3 25 | $-0.41 | $-0.07 | ||
| Q2 25 | $-0.55 | $-0.06 | ||
| Q1 25 | $-0.02 | $-0.03 | ||
| Q4 24 | $-0.43 | $-0.05 | ||
| Q3 24 | — | $-0.04 | ||
| Q2 24 | $-0.10 | $-0.06 | ||
| Q1 24 | $-0.11 | $-0.04 |
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 | $12.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $852.2M | $21.6M |
| Total Assets | $915.8M | $37.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $884.5M | $12.4M | ||
| Q3 25 | $836.2M | $15.3M | ||
| Q2 25 | $819.3M | $1.6M | ||
| Q1 25 | $304.3M | $4.1M | ||
| Q4 24 | $178.0M | $5.4M | ||
| Q3 24 | — | $1.3M | ||
| Q2 24 | — | $841.9K | ||
| Q1 24 | — | $1.5M |
| Q4 25 | $852.2M | $21.6M | ||
| Q3 25 | $670.6M | $25.5M | ||
| Q2 25 | $694.3M | $9.1M | ||
| Q1 25 | $207.4M | $9.6M | ||
| Q4 24 | $62.6M | $10.2M | ||
| Q3 24 | — | $11.3M | ||
| Q2 24 | $-21.5M | $12.2M | ||
| Q1 24 | $-37.0M | $13.7M |
| Q4 25 | $915.8M | $37.0M | ||
| Q3 25 | $865.8M | $41.5M | ||
| Q2 25 | $843.6M | $28.4M | ||
| Q1 25 | $325.6M | $29.7M | ||
| Q4 24 | $199.9M | $31.1M | ||
| Q3 24 | — | $27.5M | ||
| Q2 24 | $61.8M | $27.2M | ||
| Q1 24 | $48.6M | $28.5M |
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 | $-2.6M |
| Free Cash FlowOCF − Capex | $-20.0M | $-2.6M |
| FCF MarginFCF / Revenue | -727.9% | -49.3% |
| Capex IntensityCapex / Revenue | 60.3% | 0.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-75.8M | $-10.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-18.4M | $-2.6M | ||
| Q3 25 | $-19.0M | $-3.6M | ||
| Q2 25 | $-15.3M | $-2.6M | ||
| Q1 25 | $-19.3M | $-1.2M | ||
| Q4 24 | $2.0M | $4.2M | ||
| Q3 24 | — | $-207.3K | ||
| Q2 24 | $-14.5M | $-157.9K | ||
| Q1 24 | $-12.1M | $248.2K |
| Q4 25 | $-20.0M | $-2.6M | ||
| Q3 25 | $-20.1M | $-3.6M | ||
| Q2 25 | $-16.0M | $-2.7M | ||
| Q1 25 | $-19.7M | $-1.3M | ||
| Q4 24 | $1.1M | $4.0M | ||
| Q3 24 | — | $-489.6K | ||
| Q2 24 | $-15.0M | $-609.6K | ||
| Q1 24 | $-12.4M | $143.3K |
| Q4 25 | -727.9% | -49.3% | ||
| Q3 25 | -536.5% | -50.6% | ||
| Q2 25 | -518.1% | -37.7% | ||
| Q1 25 | -131.4% | -17.9% | ||
| Q4 24 | 46.2% | 66.6% | ||
| Q3 24 | — | -8.7% | ||
| Q2 24 | -687.7% | -12.9% | ||
| Q1 24 | -504.0% | 2.3% |
| Q4 25 | 60.3% | 0.9% | ||
| Q3 25 | 27.2% | 1.0% | ||
| Q2 25 | 24.2% | 2.0% | ||
| Q1 25 | 2.9% | 1.8% | ||
| Q4 24 | 41.1% | 2.1% | ||
| Q3 24 | — | 5.0% | ||
| Q2 24 | 25.0% | 9.6% | ||
| Q1 24 | 12.4% | 1.7% |
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% |
TGEN
| Installation Services | $4.5M | 84% |
| Products Segment | $460.5K | 9% |
| Other | $394.7K | 7% |
