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Side-by-side financial comparison of D-Wave Quantum Inc. (QBTS) and cbdMD, Inc. (YCBD). Click either name above to swap in a different company.
cbdMD, Inc. is the larger business by last-quarter revenue ($5.0M vs $2.8M, roughly 1.8× D-Wave Quantum Inc.). cbdMD, Inc. runs the higher net margin — -5.6% vs -1538.0%, a 1532.4% gap on every dollar of revenue. On growth, D-Wave Quantum Inc. posted the faster year-over-year revenue change (19.2% vs -1.9%). cbdMD, Inc. produced more free cash flow last quarter ($-977.3K vs $-20.0M). Over the past eight quarters, cbdMD, Inc.'s revenue compounded faster (7.1% 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.
cbdMD, Inc. is a U.S.-based consumer wellness company that manufactures and distributes hemp-derived CBD products, including tinctures, topicals, gummies, pet care items, and bath products. All offerings undergo third-party quality testing, and are sold via e-commerce platforms, brick-and-mortar retail stores, and wellness partner channels primarily across the United States.
QBTS vs YCBD — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.8M | $5.0M |
| Net Profit | $-42.3M | $-283.1K |
| Gross Margin | 64.8% | 59.8% |
| Operating Margin | -1266.0% | -5.7% |
| Net Margin | -1538.0% | -5.6% |
| Revenue YoY | 19.2% | -1.9% |
| Net Profit YoY | 50.8% | -1975.7% |
| EPS (diluted) | $-0.13 | — |
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 | $5.0M | ||
| Q3 25 | $3.7M | $4.7M | ||
| Q2 25 | $3.1M | $4.6M | ||
| Q1 25 | $15.0M | $4.7M | ||
| Q4 24 | $2.3M | $5.1M | ||
| Q3 24 | — | $4.6M | ||
| Q2 24 | $2.2M | $5.2M | ||
| Q1 24 | $2.5M | $4.4M |
| Q4 25 | $-42.3M | $-283.1K | ||
| Q3 25 | $-140.0M | $-680.0K | ||
| Q2 25 | $-167.3M | $-895.3K | ||
| Q1 25 | $-5.4M | $-480.8K | ||
| Q4 24 | $-86.1M | $15.1K | ||
| Q3 24 | — | $-152.8K | ||
| Q2 24 | $-17.8M | $459.7K | ||
| Q1 24 | $-17.3M | $-3.0M |
| Q4 25 | 64.8% | 59.8% | ||
| Q3 25 | 71.4% | 58.8% | ||
| Q2 25 | 63.8% | 61.5% | ||
| Q1 25 | 92.5% | 62.3% | ||
| Q4 24 | 63.8% | 66.5% | ||
| Q3 24 | — | 53.9% | ||
| Q2 24 | 63.6% | 65.8% | ||
| Q1 24 | 67.3% | 59.0% |
| Q4 25 | -1266.0% | -5.7% | ||
| Q3 25 | -741.8% | -14.5% | ||
| Q2 25 | -856.3% | -19.6% | ||
| Q1 25 | -75.3% | -10.2% | ||
| Q4 24 | -876.2% | -1.7% | ||
| Q3 24 | — | -6.9% | ||
| Q2 24 | -863.0% | -7.4% | ||
| Q1 24 | -710.6% | -35.4% |
| Q4 25 | -1538.0% | -5.6% | ||
| Q3 25 | -3743.9% | -14.4% | ||
| Q2 25 | -5406.4% | -19.4% | ||
| Q1 25 | -36.1% | -10.1% | ||
| Q4 24 | -3727.9% | 0.3% | ||
| Q3 24 | — | -3.4% | ||
| Q2 24 | -814.4% | 8.9% | ||
| Q1 24 | -702.3% | -68.8% |
| Q4 25 | $-0.13 | — | ||
| Q3 25 | $-0.41 | — | ||
| Q2 25 | $-0.55 | — | ||
| Q1 25 | $-0.02 | — | ||
| Q4 24 | $-0.43 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $-0.10 | $-0.15 | ||
| Q1 24 | $-0.11 | $-1.35 |
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 | $3.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $852.2M | $9.0M |
| Total Assets | $915.8M | $11.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $884.5M | $3.4M | ||
| Q3 25 | $836.2M | $2.3M | ||
| Q2 25 | $819.3M | $1.1M | ||
| Q1 25 | $304.3M | $1.8M | ||
| Q4 24 | $178.0M | $2.0M | ||
| Q3 24 | — | $2.5M | ||
| Q2 24 | — | $2.4M | ||
| Q1 24 | — | $2.1M |
| Q4 25 | $852.2M | $9.0M | ||
| Q3 25 | $670.6M | $7.2M | ||
| Q2 25 | $694.3M | $6.1M | ||
| Q1 25 | $207.4M | $665.8K | ||
| Q4 24 | $62.6M | $1.8M | ||
| Q3 24 | — | $2.0M | ||
| Q2 24 | $-21.5M | $3.0M | ||
| Q1 24 | $-37.0M | $3.1M |
| Q4 25 | $915.8M | $11.8M | ||
| Q3 25 | $865.8M | $10.4M | ||
| Q2 25 | $843.6M | $9.9M | ||
| Q1 25 | $325.6M | $10.9M | ||
| Q4 24 | $199.9M | $11.5M | ||
| Q3 24 | — | $10.6M | ||
| Q2 24 | $61.8M | $13.8M | ||
| Q1 24 | $48.6M | $14.6M |
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 | $-812.5K |
| Free Cash FlowOCF − Capex | $-20.0M | $-977.3K |
| FCF MarginFCF / Revenue | -727.9% | -19.5% |
| Capex IntensityCapex / Revenue | 60.3% | 3.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-75.8M | $-2.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-18.4M | $-812.5K | ||
| Q3 25 | $-19.0M | $-240.7K | ||
| Q2 25 | $-15.3M | $-704.2K | ||
| Q1 25 | $-19.3M | $-189.5K | ||
| Q4 24 | $2.0M | $-317.9K | ||
| Q3 24 | — | $167.4K | ||
| Q2 24 | $-14.5M | $289.8K | ||
| Q1 24 | $-12.1M | $-704.1K |
| Q4 25 | $-20.0M | $-977.3K | ||
| Q3 25 | $-20.1M | $-243.6K | ||
| Q2 25 | $-16.0M | $-705.7K | ||
| Q1 25 | $-19.7M | $-205.0K | ||
| Q4 24 | $1.1M | $-482.3K | ||
| Q3 24 | — | $157.4K | ||
| Q2 24 | $-15.0M | — | ||
| Q1 24 | $-12.4M | $-708.7K |
| Q4 25 | -727.9% | -19.5% | ||
| Q3 25 | -536.5% | -5.2% | ||
| Q2 25 | -518.1% | -15.3% | ||
| Q1 25 | -131.4% | -4.3% | ||
| Q4 24 | 46.2% | -9.4% | ||
| Q3 24 | — | 3.5% | ||
| Q2 24 | -687.7% | — | ||
| Q1 24 | -504.0% | -16.2% |
| Q4 25 | 60.3% | 3.3% | ||
| Q3 25 | 27.2% | 0.1% | ||
| Q2 25 | 24.2% | 0.0% | ||
| Q1 25 | 2.9% | 0.3% | ||
| Q4 24 | 41.1% | 3.2% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | 25.0% | 0.0% | ||
| Q1 24 | 12.4% | 0.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -21.06× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.63× | ||
| 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% |
YCBD
| Sales Channel Directly To Consumer | $3.6M | 72% |
| Sales Channel Through Intermediary | $1.4M | 28% |
