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Side-by-side financial comparison of D-Wave Quantum Inc. (QBTS) and Tenon Medical, Inc. (TNON). 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 $1.5M, roughly 1.9× Tenon Medical, Inc.). Tenon Medical, Inc. runs the higher net margin — -191.2% vs -1538.0%, a 1346.8% gap on every dollar of revenue. On growth, Tenon Medical, Inc. posted the faster year-over-year revenue change (92.3% vs 19.2%). Over the past eight quarters, Tenon Medical, Inc.'s revenue compounded faster (43.5% 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.
Tenon Medical, Inc. is a specialized medical device company engaged in the R&D, production and commercialization of innovative orthopedic products including surgical instruments and implant systems, with core focus on the spinal surgery and minimally invasive musculoskeletal treatment segments, primarily serving healthcare markets in the U.S. and Europe.
QBTS vs TNON — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.8M | $1.5M |
| Net Profit | $-42.3M | $-2.8M |
| Gross Margin | 64.8% | 68.7% |
| Operating Margin | -1266.0% | -193.5% |
| Net Margin | -1538.0% | -191.2% |
| Revenue YoY | 19.2% | 92.3% |
| Net Profit YoY | 50.8% | 8.3% |
| EPS (diluted) | $-0.13 | $0.07 |
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 | $1.5M | ||
| Q3 25 | $3.7M | $1.2M | ||
| Q2 25 | $3.1M | $564.0K | ||
| Q1 25 | $15.0M | $726.0K | ||
| Q4 24 | $2.3M | $770.0K | ||
| Q3 24 | — | $887.0K | ||
| Q2 24 | $2.2M | $901.0K | ||
| Q1 24 | $2.5M | $719.0K |
| Q4 25 | $-42.3M | $-2.8M | ||
| Q3 25 | $-140.0M | $-3.3M | ||
| Q2 25 | $-167.3M | $-2.8M | ||
| Q1 25 | $-5.4M | $-3.6M | ||
| Q4 24 | $-86.1M | $-3.1M | ||
| Q3 24 | — | $-3.2M | ||
| Q2 24 | $-17.8M | $-3.8M | ||
| Q1 24 | $-17.3M | $-3.6M |
| Q4 25 | 64.8% | 68.7% | ||
| Q3 25 | 71.4% | 65.9% | ||
| Q2 25 | 63.8% | 43.4% | ||
| Q1 25 | 92.5% | 44.5% | ||
| Q4 24 | 63.8% | 45.8% | ||
| Q3 24 | — | 47.1% | ||
| Q2 24 | 63.6% | 52.2% | ||
| Q1 24 | 67.3% | 65.4% |
| Q4 25 | -1266.0% | -193.5% | ||
| Q3 25 | -741.8% | -289.2% | ||
| Q2 25 | -856.3% | -506.6% | ||
| Q1 25 | -75.3% | -506.5% | ||
| Q4 24 | -876.2% | -412.1% | ||
| Q3 24 | — | -362.5% | ||
| Q2 24 | -863.0% | -429.7% | ||
| Q1 24 | -710.6% | -487.6% |
| Q4 25 | -1538.0% | -191.2% | ||
| Q3 25 | -3743.9% | -284.7% | ||
| Q2 25 | -5406.4% | -491.0% | ||
| Q1 25 | -36.1% | -498.1% | ||
| Q4 24 | -3727.9% | -400.9% | ||
| Q3 24 | — | -359.0% | ||
| Q2 24 | -814.4% | -424.6% | ||
| Q1 24 | -702.3% | -497.4% |
| Q4 25 | $-0.13 | $0.07 | ||
| Q3 25 | $-0.41 | $-0.40 | ||
| Q2 25 | $-0.55 | $-0.36 | ||
| Q1 25 | $-0.02 | $-1.01 | ||
| Q4 24 | $-0.43 | $10.55 | ||
| Q3 24 | — | $-3.63 | ||
| Q2 24 | $-0.10 | $-8.16 | ||
| Q1 24 | $-0.11 | $-10.02 |
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 | $3.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $852.2M | $5.0M |
| Total Assets | $915.8M | $10.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $884.5M | $3.8M | ||
| Q3 25 | $836.2M | $3.4M | ||
| Q2 25 | $819.3M | $7.8M | ||
| Q1 25 | $304.3M | $10.3M | ||
| Q4 24 | $178.0M | $6.5M | ||
| Q3 24 | — | $9.2M | ||
| Q2 24 | — | $2.0M | ||
| Q1 24 | — | $4.4M |
| Q4 25 | $852.2M | $5.0M | ||
| Q3 25 | $670.6M | $4.8M | ||
| Q2 25 | $694.3M | $6.7M | ||
| Q1 25 | $207.4M | $9.4M | ||
| Q4 24 | $62.6M | $6.0M | ||
| Q3 24 | — | $8.2M | ||
| Q2 24 | $-21.5M | $832.0K | ||
| Q1 24 | $-37.0M | $3.6M |
| Q4 25 | $915.8M | $10.8M | ||
| Q3 25 | $865.8M | $10.4M | ||
| Q2 25 | $843.6M | $11.1M | ||
| Q1 25 | $325.6M | $13.4M | ||
| Q4 24 | $199.9M | $9.8M | ||
| Q3 24 | — | $13.0M | ||
| Q2 24 | $61.8M | $6.0M | ||
| Q1 24 | $48.6M | $8.0M |
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 | $-2.2M |
| Free Cash FlowOCF − Capex | $-20.0M | — |
| FCF MarginFCF / Revenue | -727.9% | — |
| Capex IntensityCapex / Revenue | 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 | $-2.2M | ||
| Q3 25 | $-19.0M | $-3.8M | ||
| Q2 25 | $-15.3M | $-2.2M | ||
| Q1 25 | $-19.3M | $-2.5M | ||
| Q4 24 | $2.0M | $-2.8M | ||
| Q3 24 | — | $-2.3M | ||
| Q2 24 | $-14.5M | $-2.4M | ||
| Q1 24 | $-12.1M | $-2.3M |
| Q4 25 | $-20.0M | — | ||
| Q3 25 | $-20.1M | $-3.9M | ||
| Q2 25 | $-16.0M | — | ||
| Q1 25 | $-19.7M | — | ||
| Q4 24 | $1.1M | $-2.8M | ||
| Q3 24 | — | $-2.4M | ||
| Q2 24 | $-15.0M | — | ||
| Q1 24 | $-12.4M | $-2.5M |
| Q4 25 | -727.9% | — | ||
| Q3 25 | -536.5% | -335.5% | ||
| Q2 25 | -518.1% | — | ||
| Q1 25 | -131.4% | — | ||
| Q4 24 | 46.2% | -365.5% | ||
| Q3 24 | — | -275.9% | ||
| Q2 24 | -687.7% | — | ||
| Q1 24 | -504.0% | -341.7% |
| Q4 25 | 60.3% | — | ||
| Q3 25 | 27.2% | 9.5% | ||
| Q2 25 | 24.2% | — | ||
| Q1 25 | 2.9% | — | ||
| Q4 24 | 41.1% | 4.8% | ||
| Q3 24 | — | 11.7% | ||
| Q2 24 | 25.0% | 0.0% | ||
| Q1 24 | 12.4% | 16.6% |
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% |
TNON
Segment breakdown not available.
