In the rapidly evolving world of quantum computing, two companies stand out: D-Wave Quantum Inc. (QBTS) and Quantum Computing, Inc. (QUBT). Both operate within the same industry and share a commitment to innovation, yet their strategies and offerings diverge significantly. D-Wave focuses on delivering advanced quantum systems and services, while Quantum Computing emphasizes software tools for quantum-ready applications. Join me as we explore which of these companies presents a more compelling investment opportunity.
Table of contents
Company Overview
D-Wave Quantum Inc. Overview
D-Wave Quantum Inc. is a leader in the quantum computing sector, specializing in the development and delivery of quantum computing systems, software, and services on a global scale. The company offers a suite of products, including its fifth-generation quantum computer, Advantage, and innovative cloud-based solutions like Leap, which provides real-time access to quantum computing resources. D-Wave’s technology serves various industries, including manufacturing, logistics, and financial services, enabling advancements in artificial intelligence, drug discovery, and cybersecurity. Founded in 2007 and headquartered in Burnaby, Canada, D-Wave has positioned itself as a key player in the rapidly evolving field of quantum computing.
Quantum Computing, Inc. Overview
Quantum Computing, Inc. focuses on providing software tools and applications specifically designed for quantum computers. The company’s flagship product, Qatalyst, acts as an accelerator for quantum applications, allowing developers to create applications that can seamlessly transition from conventional to quantum computing environments. Founded in 2018 and based in Leesburg, Virginia, Quantum Computing, Inc. primarily serves commercial and governmental entities, positioning itself as a complementary player in the quantum hardware ecosystem by offering access to various quantum processing units.
Key similarities between D-Wave and Quantum Computing, Inc. include their focus on quantum computing and their aim to serve diverse industries. However, D-Wave emphasizes hardware development and comprehensive solutions, while Quantum Computing, Inc. concentrates on software and application development, highlighting their different approaches within the quantum computing landscape.
Income Statement Comparison
The following table outlines the income statements for D-Wave Quantum Inc. (QBTS) and Quantum Computing, Inc. (QUBT) for the most recent fiscal year, allowing for a comparative analysis of their financial performance.
| Metric | D-Wave Quantum Inc. (QBTS) | Quantum Computing, Inc. (QUBT) |
|---|---|---|
| Revenue | 8.83M | 0.37M |
| EBITDA | -138.05M | -62.25M |
| EBIT | -139.98M | -66.05M |
| Net Income | -143.88M | -68.54M |
| EPS | -0.75 | -0.73 |
Interpretation of Income Statement
In the latest fiscal year, D-Wave Quantum Inc. reported a revenue increase to 8.83M, compared to the previous year’s 8.76M, while Quantum Computing, Inc. saw a slight uptick from 0.36M to 0.37M. However, both companies continued to face substantial net losses, with D-Wave’s net income worsening to -143.88M, reflecting ongoing operational challenges. Margins remained under pressure, indicated by negative EBITDA figures for both firms. Overall, while D-Wave showed slight revenue growth, both companies must address their high operational costs and negative income trends to improve their financial sustainability.
Financial Ratios Comparison
In the table below, I present a comparative analysis of the most recent financial ratios for D-Wave Quantum Inc. (QBTS) and Quantum Computing, Inc. (QUBT).
| Metric | D-Wave Quantum Inc. (QBTS) | Quantum Computing, Inc. (QUBT) |
|---|---|---|
| ROE | -2.30% | -0.64% |
| ROIC | -0.45% | -0.17% |
| P/E | -11.22 | -22.67 |
| P/B | 25.76 | 14.48 |
| Current Ratio | 6.14 | 17.36 |
| Quick Ratio | 6.08 | 17.36 |
| D/E | 0.61 | 0.01 |
| Debt-to-Assets | 19.20% | 0.77% |
| Interest Coverage | -19.82 | -10.39 |
| Asset Turnover | 0.044 | 0.002 |
| Fixed Asset Turnover | 0.775 | 0.038 |
| Payout ratio | 0 | -0.003 |
| Dividend yield | 0% | 1.42% |
Interpretation of Financial Ratios
Both companies exhibit negative returns on equity (ROE) and return on invested capital (ROIC), indicating operational challenges. D-Wave has a significantly higher price-to-book (P/B) ratio, suggesting overvaluation, while Quantum Computing maintains a healthy current and quick ratio, indicating better liquidity. However, both companies face high debt levels relative to their assets, raising potential concerns about financial stability. Ultimately, caution is warranted when considering investments in either firm due to their ongoing financial difficulties.
Dividend and Shareholder Returns
D-Wave Quantum Inc. (QBTS) does not pay dividends, reflecting its ongoing reinvestment strategy amidst negative net income. This is common for companies in high-growth sectors like quantum computing. However, the absence of dividends raises concerns about long-term shareholder value, especially as it engages in share buybacks, albeit with limited financial stability.
In contrast, Quantum Computing, Inc. (QUBT) offers a small dividend yield of approximately 1.42%, despite also experiencing losses. The company’s modest dividend payments, coupled with its own share buybacks, suggest a commitment to returning value to shareholders, though sustainability remains a key concern given its financial metrics. Overall, both firms face risks in their approaches, which may impact long-term value creation for shareholders.
Strategic Positioning
In the quantum computing market, D-Wave Quantum Inc. (QBTS) holds a significant position with a market cap of $7.83B, developing comprehensive quantum systems and services. The company’s Advantage quantum computer and cloud services create a competitive edge amidst rising technological disruption. Meanwhile, Quantum Computing, Inc. (QUBT), with a market cap of $1.58B, focuses on quantum software applications. Both companies face competitive pressure but differ in their operational focus and technological offerings, impacting their market share dynamics.
Stock Comparison
In the past year, both D-Wave Quantum Inc. (QBTS) and Quantum Computing, Inc. (QUBT) exhibited significant price movements, reflecting their respective trading dynamics and investor sentiment.
Trend Analysis
For D-Wave Quantum Inc. (QBTS), the overall price change over the past year is an impressive +2650.52%, indicating a bullish trend. However, the acceleration status suggests a deceleration in the recent price movements, with a notable high of $38.33 and a low of $0.69. The standard deviation of 9.45 indicates some level of volatility, although the overall trend remains strong.
In the recent analysis period from September 14, 2025, to November 30, 2025, QBTS experienced a price change of +27.2%. This aligns with the bullish trend, yet the trend slope of -0.13 indicates slight weakness in momentum.
For Quantum Computing, Inc. (QUBT), the overall price change over the past year is +1318.09%, also reflecting a bullish trend. Similar to QBTS, QUBT’s acceleration status is marked by deceleration, with a high of $24.62 and a low of $0.50. The standard deviation of 7.07 shows moderate volatility.
However, in the recent period from September 14, 2025, to November 30, 2025, QUBT faced a price decline of -31.8%, which shifts the trend to a bearish outlook. The trend slope of -1.09 indicates a stronger downward momentum during this span.
In summary, while both companies have shown substantial growth over the past year, recent trends suggest a divergence in performance, with QBTS maintaining its bullish stance despite recent deceleration, while QUBT has transitioned to a bearish trend.
Analyst Opinions
Recent analyst recommendations for D-Wave Quantum Inc. (QBTS) indicate a cautious stance, with a rating of C- based on various financial metrics. Analysts emphasize concerns over its low scores in return on equity and price-to-earnings ratios. In contrast, Quantum Computing, Inc. (QUBT) holds a slightly better rating of C+, reflecting stronger fundamentals, particularly in debt management. Despite this, both companies display weaknesses that warrant a hold position for investors. The consensus for this year leans toward a cautious hold, as the market remains volatile and uncertain.
Stock Grades
As we analyze the latest stock grades for D-Wave Quantum Inc. (QBTS) and Quantum Computing, Inc. (QUBT), we see a consistent trend among analysts maintaining their ratings.
D-Wave Quantum Inc. Grades
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Benchmark | maintain | Buy | 2025-11-10 |
| Rosenblatt | maintain | Buy | 2025-11-07 |
| Canaccord Genuity | maintain | Buy | 2025-11-07 |
| Cantor Fitzgerald | maintain | Overweight | 2025-11-07 |
| B. Riley Securities | maintain | Buy | 2025-09-22 |
| Piper Sandler | maintain | Overweight | 2025-08-08 |
| Benchmark | maintain | Buy | 2025-08-04 |
| B. Riley Securities | maintain | Buy | 2025-07-23 |
| B. Riley Securities | maintain | Buy | 2025-06-18 |
| Benchmark | maintain | Buy | 2025-06-18 |
Quantum Computing, Inc. Grades
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Lake Street | maintain | Buy | 2025-11-17 |
| Ascendiant Capital | maintain | Buy | 2025-10-03 |
| Ascendiant Capital | maintain | Buy | 2025-06-06 |
| Ascendiant Capital | maintain | Buy | 2025-04-28 |
| Ascendiant Capital | maintain | Buy | 2024-11-13 |
| Ascendiant Capital | maintain | Buy | 2023-11-24 |
Overall, both companies are receiving consistent “Buy” ratings, indicating a strong positive sentiment from analysts. The maintenance of these grades suggests confidence in their performance moving forward, which could be a strong signal for investors considering their portfolios.
Target Prices
Based on the latest data, here are the target price expectations for the companies analyzed:
| Company | Target High | Target Low | Consensus |
|---|---|---|---|
| D-Wave Quantum Inc. (QBTS) | 40 | 26 | 35.25 |
| Quantum Computing, Inc. (QUBT) | 40 | 10 | 22 |
Analysts expect D-Wave Quantum Inc. to reach a consensus target price of 35.25, which is significantly higher than its current price of 22.59. Similarly, Quantum Computing, Inc. has a consensus target of 22, above its current price of 11.6, indicating positive sentiment for both stocks.
Strengths and Weaknesses
Below is a comparative analysis of the strengths and weaknesses of two notable companies in the quantum computing sector.
| Criterion | D-Wave Quantum Inc. (QBTS) | Quantum Computing, Inc. (QUBT) |
|---|---|---|
| Diversification | Strong product range in quantum systems and software | Focused on software tools for quantum applications |
| Profitability | Negative margins across all metrics | Negative margins in all key areas |
| Innovation | Advanced quantum technology and services | Developing quantum-ready software solutions |
| Global presence | Operates globally with a strong market footprint | Primarily serves local and some international clients |
| Market Share | Significant presence in the quantum computing market | Smaller market share with growing recognition |
| Debt level | Moderate debt with manageable ratios | Very low debt levels, indicating less financial risk |
Key takeaways reveal that D-Wave Quantum Inc. has a broader product range and greater market presence, while Quantum Computing, Inc. exhibits lower debt levels and focuses on software solutions. Both companies currently operate at a loss, highlighting the high-risk nature of investing in this emerging sector.
Risk Analysis
The table below outlines the key risks associated with D-Wave Quantum Inc. (QBTS) and Quantum Computing, Inc. (QUBT).
| Metric | D-Wave Quantum Inc. (QBTS) | Quantum Computing, Inc. (QUBT) |
|---|---|---|
| Market Risk | High | High |
| Regulatory Risk | Moderate | High |
| Operational Risk | Moderate | High |
| Environmental Risk | Low | Low |
| Geopolitical Risk | Moderate | High |
Both companies face significant market and regulatory risks, particularly in a rapidly evolving tech landscape. QUBT has notably higher operational and geopolitical risks, which may impact its growth potential.
Which one to choose?
When comparing D-Wave Quantum Inc. (QBTS) and Quantum Computing, Inc. (QUBT), both companies exhibit significant challenges in profitability, as reflected in their negative net profit margins and high operating expenses. However, QBTS shows a higher market cap of 1.61B compared to QUBT’s 1.55B, indicating better market confidence. In terms of financial ratios, QUBT has a slightly better rating of C+ versus QBTS’s C-, suggesting more stability. Stock trends have been bullish for both, but QBTS has demonstrated a higher price change percentage of 2650.52% compared to QUBT’s 1318.09%, albeit with signs of recent deceleration.
For growth-oriented investors, QBTS may be more appealing due to its stronger market performance, while those focused on stability might prefer QUBT given its better rating and lower volatility.
It’s essential to consider risks such as market dependence and competition in the rapidly evolving tech landscape.
Disclaimer: This article is not financial advice. Each investor is responsible for their own investment decisions.
Go further
I encourage you to read the complete analyses of D-Wave Quantum Inc. and Quantum Computing, Inc. to enhance your investment decisions:
