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Side-by-side financial comparison of D-Wave Quantum Inc. (QBTS) and Expion360 Inc. (XPON). 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 $2.2M, roughly 1.2× Expion360 Inc.). Expion360 Inc. runs the higher net margin — -199.9% vs -1538.0%, a 1338.1% gap on every dollar of revenue. On growth, D-Wave Quantum Inc. posted the faster year-over-year revenue change (19.2% vs 11.8%). Over the past eight quarters, Expion360 Inc.'s revenue compounded faster (51.1% 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.
Expion360 Inc. is a provider of high-performance lithium iron phosphate (LFP) battery solutions and supporting energy storage products. Its core customer segments cover recreational vehicle owners, marine users, off-grid lifestyle enthusiasts and residential users across the U.S. market, delivering safe, durable and low-carbon energy storage options.
QBTS vs XPON — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.8M | $2.2M |
| Net Profit | $-42.3M | $-4.4M |
| Gross Margin | 64.8% | -14.8% |
| Operating Margin | -1266.0% | -234.4% |
| Net Margin | -1538.0% | -199.9% |
| Revenue YoY | 19.2% | 11.8% |
| Net Profit YoY | 50.8% | -1663.2% |
| EPS (diluted) | $-0.13 | $-0.45 |
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 | $2.2M | ||
| Q3 25 | $3.7M | $2.4M | ||
| Q2 25 | $3.1M | $3.0M | ||
| Q1 25 | $15.0M | $2.0M | ||
| Q4 24 | $2.3M | $2.0M | ||
| Q3 24 | — | $1.4M | ||
| Q2 24 | $2.2M | $1.3M | ||
| Q1 24 | $2.5M | $971.9K |
| Q4 25 | $-42.3M | $-4.4M | ||
| Q3 25 | $-140.0M | $722.8K | ||
| Q2 25 | $-167.3M | $-1.4M | ||
| Q1 25 | $-5.4M | $-1.2M | ||
| Q4 24 | $-86.1M | $-251.6K | ||
| Q3 24 | — | $-8.8M | ||
| Q2 24 | $-17.8M | $-2.2M | ||
| Q1 24 | $-17.3M | $-2.2M |
| Q4 25 | 64.8% | -14.8% | ||
| Q3 25 | 71.4% | 22.7% | ||
| Q2 25 | 63.8% | 20.8% | ||
| Q1 25 | 92.5% | 24.5% | ||
| Q4 24 | 63.8% | 22.1% | ||
| Q3 24 | — | 12.1% | ||
| Q2 24 | 63.6% | 25.5% | ||
| Q1 24 | 67.3% | 22.9% |
| Q4 25 | -1266.0% | -234.4% | ||
| Q3 25 | -741.8% | -125.4% | ||
| Q2 25 | -856.3% | -45.2% | ||
| Q1 25 | -75.3% | -56.0% | ||
| Q4 24 | -876.2% | -59.5% | ||
| Q3 24 | — | -138.7% | ||
| Q2 24 | -863.0% | -131.4% | ||
| Q1 24 | -710.6% | -202.4% |
| Q4 25 | -1538.0% | -199.9% | ||
| Q3 25 | -3743.9% | 30.2% | ||
| Q2 25 | -5406.4% | -45.8% | ||
| Q1 25 | -36.1% | -56.2% | ||
| Q4 24 | -3727.9% | -12.7% | ||
| Q3 24 | — | -634.4% | ||
| Q2 24 | -814.4% | -173.7% | ||
| Q1 24 | -702.3% | -225.6% |
| Q4 25 | $-0.13 | $-0.45 | ||
| Q3 25 | $-0.41 | $0.10 | ||
| Q2 25 | $-0.55 | $-0.41 | ||
| Q1 25 | $-0.02 | $-0.37 | ||
| Q4 24 | $-0.43 | $65.02 | ||
| Q3 24 | — | $-24.55 | ||
| Q2 24 | $-0.10 | $-30.20 | ||
| Q1 24 | $-0.11 | $-31.30 |
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 | $3.0M |
| Total DebtLower is stronger | — | $197.2K |
| Stockholders' EquityBook value | $852.2M | $6.5M |
| Total Assets | $915.8M | $8.1M |
| Debt / EquityLower = less leverage | — | 0.03× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $884.5M | $3.0M | ||
| Q3 25 | $836.2M | $4.3M | ||
| Q2 25 | $819.3M | $684.9K | ||
| Q1 25 | $304.3M | $1.1M | ||
| Q4 24 | $178.0M | $547.6K | ||
| Q3 24 | — | $3.3M | ||
| Q2 24 | — | $902.3K | ||
| Q1 24 | — | $2.3M |
| Q4 25 | — | $197.2K | ||
| Q3 25 | — | $205.6K | ||
| Q2 25 | — | $213.6K | ||
| Q1 25 | — | $221.8K | ||
| Q4 24 | — | $230.2K | ||
| Q3 24 | — | $239.9K | ||
| Q2 24 | — | $247.7K | ||
| Q1 24 | — | $255.4K |
| Q4 25 | $852.2M | $6.5M | ||
| Q3 25 | $670.6M | $9.0M | ||
| Q2 25 | $694.3M | $2.1M | ||
| Q1 25 | $207.4M | $3.2M | ||
| Q4 24 | $62.6M | $2.5M | ||
| Q3 24 | — | $2.5M | ||
| Q2 24 | $-21.5M | $2.5M | ||
| Q1 24 | $-37.0M | $3.7M |
| Q4 25 | $915.8M | $8.1M | ||
| Q3 25 | $865.8M | $10.7M | ||
| Q2 25 | $843.6M | $8.6M | ||
| Q1 25 | $325.6M | $9.2M | ||
| Q4 24 | $199.9M | $9.1M | ||
| Q3 24 | — | $10.1M | ||
| Q2 24 | $61.8M | $8.8M | ||
| Q1 24 | $48.6M | $10.0M |
| Q4 25 | — | 0.03× | ||
| Q3 25 | — | 0.02× | ||
| Q2 25 | — | 0.10× | ||
| Q1 25 | — | 0.07× | ||
| Q4 24 | — | 0.09× | ||
| Q3 24 | — | 0.09× | ||
| Q2 24 | — | 0.10× | ||
| Q1 24 | — | 0.07× |
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 | $-2.4M |
| 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 | $-2.4M | ||
| Q3 25 | $-19.0M | $-2.1M | ||
| Q2 25 | $-15.3M | $-401.0K | ||
| Q1 25 | $-19.3M | $-1.2M | ||
| Q4 24 | $2.0M | $-2.9M | ||
| Q3 24 | — | $-3.2M | ||
| Q2 24 | $-14.5M | $-1.7M | ||
| Q1 24 | $-12.1M | $-1.7M |
| Q4 25 | $-20.0M | — | ||
| Q3 25 | $-20.1M | — | ||
| Q2 25 | $-16.0M | — | ||
| Q1 25 | $-19.7M | — | ||
| Q4 24 | $1.1M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $-15.0M | — | ||
| Q1 24 | $-12.4M | $-1.7M |
| Q4 25 | -727.9% | — | ||
| Q3 25 | -536.5% | — | ||
| Q2 25 | -518.1% | — | ||
| Q1 25 | -131.4% | — | ||
| Q4 24 | 46.2% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -687.7% | — | ||
| Q1 24 | -504.0% | -173.1% |
| Q4 25 | 60.3% | — | ||
| Q3 25 | 27.2% | — | ||
| Q2 25 | 24.2% | — | ||
| Q1 25 | 2.9% | — | ||
| Q4 24 | 41.1% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 25.0% | — | ||
| Q1 24 | 12.4% | 1.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | -2.90× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
XPON
Segment breakdown not available.
