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Side-by-side financial comparison of D-Wave Quantum Inc. (QBTS) and VSEE HEALTH, INC. (VSEE). Click either name above to swap in a different company.
VSEE HEALTH, INC. is the larger business by last-quarter revenue ($3.9M vs $2.8M, roughly 1.4× D-Wave Quantum Inc.). VSEE HEALTH, INC. runs the higher net margin — -200.0% vs -1538.0%, a 1338.0% gap on every dollar of revenue. On growth, D-Wave Quantum Inc. posted the faster year-over-year revenue change (19.2% vs 5.1%). VSEE HEALTH, INC. produced more free cash flow last quarter ($-1.9M vs $-20.0M). Over the past eight quarters, VSEE HEALTH, INC.'s revenue compounded faster (55.6% 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.
VSEE HEALTH, INC. is a US-based telehealth technology firm offering HIPAA-compliant virtual care platforms, remote consultation tools, and chronic disease management solutions. It primarily serves healthcare providers, enterprise clients and nonprofits across North America and select global markets.
QBTS vs VSEE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.8M | $3.9M |
| Net Profit | $-42.3M | $-7.9M |
| Gross Margin | 64.8% | 46.7% |
| Operating Margin | -1266.0% | -87.6% |
| Net Margin | -1538.0% | -200.0% |
| Revenue YoY | 19.2% | 5.1% |
| Net Profit YoY | 50.8% | -144.7% |
| EPS (diluted) | $-0.13 | $-0.31 |
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 | $3.9M | ||
| Q3 25 | $3.7M | $4.0M | ||
| Q2 25 | $3.1M | $3.4M | ||
| Q1 25 | $15.0M | $3.3M | ||
| Q4 24 | $2.3M | $3.7M | ||
| Q3 24 | — | $3.4M | ||
| Q2 24 | $2.2M | $1.7M | ||
| Q1 24 | $2.5M | $1.6M |
| Q4 25 | $-42.3M | $-7.9M | ||
| Q3 25 | $-140.0M | $-289.7K | ||
| Q2 25 | $-167.3M | $-2.6M | ||
| Q1 25 | $-5.4M | $-4.0M | ||
| Q4 24 | $-86.1M | $-3.2M | ||
| Q3 24 | — | $-53.9M | ||
| Q2 24 | $-17.8M | $-634.1K | ||
| Q1 24 | $-17.3M | $62.8K |
| Q4 25 | 64.8% | 46.7% | ||
| Q3 25 | 71.4% | 52.1% | ||
| Q2 25 | 63.8% | 46.9% | ||
| Q1 25 | 92.5% | 56.0% | ||
| Q4 24 | 63.8% | 63.8% | ||
| Q3 24 | — | 83.0% | ||
| Q2 24 | 63.6% | 45.4% | ||
| Q1 24 | 67.3% | 76.2% |
| Q4 25 | -1266.0% | -87.6% | ||
| Q3 25 | -741.8% | -51.7% | ||
| Q2 25 | -856.3% | -66.5% | ||
| Q1 25 | -75.3% | -55.1% | ||
| Q4 24 | -876.2% | -81.1% | ||
| Q3 24 | — | -1737.8% | ||
| Q2 24 | -863.0% | -54.5% | ||
| Q1 24 | -710.6% | 6.4% |
| Q4 25 | -1538.0% | -200.0% | ||
| Q3 25 | -3743.9% | -7.3% | ||
| Q2 25 | -5406.4% | -77.1% | ||
| Q1 25 | -36.1% | -119.2% | ||
| Q4 24 | -3727.9% | -85.9% | ||
| Q3 24 | — | -1607.5% | ||
| Q2 24 | -814.4% | -37.0% | ||
| Q1 24 | -702.3% | 3.9% |
| Q4 25 | $-0.13 | $-0.31 | ||
| Q3 25 | $-0.41 | $-0.02 | ||
| Q2 25 | $-0.55 | $-0.16 | ||
| Q1 25 | $-0.02 | $-0.24 | ||
| Q4 24 | $-0.43 | $-1.96 | ||
| Q3 24 | — | $-3.58 | ||
| Q2 24 | $-0.10 | $-0.12 | ||
| Q1 24 | $-0.11 | $0.01 |
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 | $5.3M |
| Total DebtLower is stronger | — | $2.7M |
| Stockholders' EquityBook value | $852.2M | $5.5M |
| Total Assets | $915.8M | $22.4M |
| Debt / EquityLower = less leverage | — | 0.50× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $884.5M | $5.3M | ||
| Q3 25 | $836.2M | $472.8K | ||
| Q2 25 | $819.3M | $291.6K | ||
| Q1 25 | $304.3M | $410.1K | ||
| Q4 24 | $178.0M | $326.1K | ||
| Q3 24 | — | $2.3M | ||
| Q2 24 | — | $1.1M | ||
| Q1 24 | — | $724 |
| Q4 25 | — | $2.7M | ||
| Q3 25 | — | $3.4M | ||
| Q2 25 | — | $3.0M | ||
| Q1 25 | — | $2.6M | ||
| Q4 24 | — | $1.9M | ||
| Q3 24 | — | $1.9M | ||
| Q2 24 | — | $2.4M | ||
| Q1 24 | — | — |
| Q4 25 | $852.2M | $5.5M | ||
| Q3 25 | $670.6M | $-5.6M | ||
| Q2 25 | $694.3M | $-5.7M | ||
| Q1 25 | $207.4M | $-3.5M | ||
| Q4 24 | $62.6M | $-18.5K | ||
| Q3 24 | — | $933.1K | ||
| Q2 24 | $-21.5M | $53.1M | ||
| Q1 24 | $-37.0M | $-13.2M |
| Q4 25 | $915.8M | $22.4M | ||
| Q3 25 | $865.8M | $18.7M | ||
| Q2 25 | $843.6M | $18.2M | ||
| Q1 25 | $325.6M | $19.4M | ||
| Q4 24 | $199.9M | $20.0M | ||
| Q3 24 | — | $22.3M | ||
| Q2 24 | $61.8M | $78.6M | ||
| Q1 24 | $48.6M | $1.4M |
| Q4 25 | — | 0.50× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.08× | ||
| Q2 24 | — | 0.05× | ||
| Q1 24 | — | — |
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 | $-1.9M |
| Free Cash FlowOCF − Capex | $-20.0M | $-1.9M |
| FCF MarginFCF / Revenue | -727.9% | -49.2% |
| Capex IntensityCapex / Revenue | 60.3% | 0.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-75.8M | $-3.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-18.4M | $-1.9M | ||
| Q3 25 | $-19.0M | $-754.5K | ||
| Q2 25 | $-15.3M | $-324.6K | ||
| Q1 25 | $-19.3M | $-440.5K | ||
| Q4 24 | $2.0M | $-3.0M | ||
| Q3 24 | — | $-221.0K | ||
| Q2 24 | $-14.5M | $-3.2M | ||
| Q1 24 | $-12.1M | $579.3K |
| Q4 25 | $-20.0M | $-1.9M | ||
| Q3 25 | $-20.1M | $-761.8K | ||
| Q2 25 | $-16.0M | $-328.2K | ||
| Q1 25 | $-19.7M | $-452.4K | ||
| Q4 24 | $1.1M | $-3.0M | ||
| Q3 24 | — | $-226.0K | ||
| Q2 24 | $-15.0M | $-3.2M | ||
| Q1 24 | $-12.4M | $570.5K |
| Q4 25 | -727.9% | -49.2% | ||
| Q3 25 | -536.5% | -19.1% | ||
| Q2 25 | -518.1% | -9.7% | ||
| Q1 25 | -131.4% | -13.6% | ||
| Q4 24 | 46.2% | -79.8% | ||
| Q3 24 | — | -6.7% | ||
| Q2 24 | -687.7% | -187.6% | ||
| Q1 24 | -504.0% | 35.2% |
| Q4 25 | 60.3% | 0.2% | ||
| Q3 25 | 27.2% | 0.2% | ||
| Q2 25 | 24.2% | 0.1% | ||
| Q1 25 | 2.9% | 0.4% | ||
| Q4 24 | 41.1% | 0.1% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | 25.0% | 2.1% | ||
| Q1 24 | 12.4% | 0.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 9.23× |
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% |
VSEE
| Professional Services And Other Fees | $3.1M | 79% |
| Other | $823.2K | 21% |
