Financial Analysis
Filing-based analysis. Market pricing is not included. Fundamentals from SEC filings; economic data from FRED and the BLS. About our data
Filing evidence summary
Mixed evidenceCoverage 5/5 core metricsLatest reported free cash flow was -$76M.
Backward-looking filed evidence under visible rules - not a rating, forecast or investment advice. Missing data is never scored.
Evidence signals
- Free cash flow was negative
Latest reported free cash flow was -$76M.
Why this surfaced
Free cash flow = operating cash flow minus capital expenditures; positive is supporting evidence, not a valuation conclusion. Period end 2025-12-31.
- 3 filing risk checks flagged
Flagged areas: Solvency & liquidity, Dilution.
Why this surfaced
The full financial analysis shows each value, threshold, and sector limitation.
- Revenue expanded
Latest reported annual revenue changed +178.5% from the prior reported annual observation.
Why this surfaced
Direction threshold: above +2% constructive; below -2% caution; otherwise monitor. This is not labeled one-year growth when filing periods have a gap. Period end 2025-12-31.
- Operating margin improved
Operating margin changed +466.6 percentage points from the prior annual period.
Why this surfaced
Direction threshold: more than +1 percentage point constructive; below -1 point caution. Period end 2025-12-31.
Core trend metrics
Hover a tile for its exact definition; the Statements tab carries per-cell filing citations.
Where to look next
Risk checks
- Solvency & liquidity
- Dilution
Financial movement
- Cash→ flat
- Long-term debt→ flat
- Inventory→ flat
- Receivables→ flat
- Current assets→ flat
Source & freshness
- Source
- SEC EDGAR XBRL
- Fetched
- 2026-09-06
- Latest period end
- 2025-12-31
- Filings
- EDGAR ↗
Reported segment mix
figures as filed · share of the filed sum · change vs the prior period in the same filing- System Sales$16.2Mshare n/ano prior
- Q Caa S$5.52Mshare n/a-18.2% yoy
- System Upgrade$3.5Mshare n/ano prior
- Professional Services$2.72Mshare n/a+40.4% yoy
- Product And Service Other$168Kshare n/a+16.7% yoy
member sum exceeds the consolidated figure: this axis carries more than one breakdown, so shares are not computed.
- Germany$16.8M68.2%+785.2% yoy
- United States$2.65M10.8%+23.4% yoy
- Other Geographical Areas$2.01M8.2%+13.8% yoy
- Japan$1.32M5.4%+16.2% yoy
- Switzerland$960K3.9%+23.4% yoy
- Canada$878K3.6%-20.3% yoy
Members sum to the consolidated $24.6M for this period.
- Q Caa S$1.76M61.5%+14.7% yoy
- Professional Services$983K34.4%+26.5% yoy
- System Sales$86K3.0%-99.3% yoy
- Product And Service Other$30K1.0%-31.8% yoy
Change is against the same quarter a year earlier, as reported in the same 10-Q.
Source: SEC DERA Financial Statement and Notes data sets. Dimensional XBRL facts on the business-segment, product/service and geographic axes; the engine keeps the accession of every figure. Descriptive and educational, not advice.
Peer percentiles
latest fiscal year ending 2025-12-31 · among 4,122 US-listed filers · 817 in Technology| Metric | Value | vs all filers | vs sector |
|---|---|---|---|
Revenue latest fiscal-year revenue as filed | $25M | 16thof 3,301 bottom third | 14thof 778 bottom third |
Revenue growth latest fiscal-year revenue vs the prior fiscal year | 178.5% | 96thof 3,135 top third | 96thof 743 top third |
Gross margin gross profit ÷ revenue | 82.6% | 95thof 1,603 top third | 94thof 555 top third |
Operating margin operating income ÷ revenue | -408.2% | 9thof 2,819 bottom third | 6thof 752 bottom third |
Net margin net income ÷ revenue | -1444.1% | 5thof 3,263 bottom third | 3rdof 770 bottom third |
Free-cash-flow margin (operating cash flow − |capex|) ÷ revenue | -308.5% | 8thof 2,679 bottom third | 4thof 701 bottom third |
Return on equity net income ÷ stockholders' equity (positive equity only) | -41.7% | 20thof 3,577 bottom third | 17thof 720 bottom third |
Stock comp ÷ revenue stock-based compensation ÷ revenue · lower is ranked higher | 92.2% | 7thof 2,895 bottom third | 5thof 729 bottom third |
Days sales outstanding receivables ÷ revenue × 365 · lower is ranked higher | 24 days | 79thof 2,398 top third | 89thof 712 top third |
Cash-flow accrual ratio (net income − operating cash flow) ÷ average total assets · lower is ranked higher | -50.8% | 97thof 3,577 top third | 97thof 722 top third |
Balance-sheet accrual ratio change in net operating assets ÷ average net operating assets · lower is ranked higher | 403.5% | 2ndof 3,059 bottom third | 1stof 634 bottom third |
Each filer's latest fiscal year as stored by the nightly crawl; fiscal year ends differ across the universe. A metric ranks only filers for which it is computable from filed facts. Ties split; a rank reads "better than N% of filers" in the metric's own direction. Descriptive and educational, not a rating.
Earnings quality
latest fiscal year ending 2025-12-31 · accruals and cash conversion as filedPer fiscal year from filed facts: cash conversion = operating cash flow / net income (net income > 0); cash-flow accrual ratio = (net income - operating cash flow) / average total assets; balance-sheet accrual ratio = change in net operating assets / average net operating assets, NOA = (assets - cash) - (liabilities - debt). Descriptive; a missing input yields a missing ratio. High accrual ratios and cash conversion well below one are the measures the accruals literature associates with less persistent earnings; they are screens to read the cash-flow statement with, not conclusions. The per-year series is part of Pro risk analysis.
Point-in-time ledger
first-reported vs latest filing · periods since 2020-01-01 · 44 changed periods, 30 largest shown| Line item | Period | First reported | Latest filing | Change | Filings |
|---|---|---|---|---|---|
| Stockholders' equity StockholdersEquity | balance at 2022-09-30 | -$710K 10-Q 2022-11-10 | -$22.8M 10-Q/A 2024-03-18 | -3114.9% | first · latest · 4 filings carry it |
| Stockholders' equity StockholdersEquity | balance at 2021-12-31 | $3.02M 10-Q 2022-08-26 | -$18.4M 10-K 2024-03-29 | -707.8% | first · latest · 12 filings carry it |
| Stockholders' equity StockholdersEquity | balance at 2022-12-31 | -$5.91M 10-K 2023-04-18 | -$29.5M 10-K 2025-03-14 | -398.2% | first · latest · 13 filings carry it |
| Stockholders' equity StockholdersEquity | balance at 2023-03-31 | -$7.31M 10-Q 2023-05-19 | -$30.7M 10-Q 2024-08-08 | -319.3% | first · latest · 5 filings carry it |
| Long-term debt LongTermDebtNoncurrent | balance at 2022-12-31 | $7.81M 10-K 2023-04-18 | $31.2M 10-K 2024-03-29 | +299.0% | first · latest · 9 filings carry it |
| Long-term debt LongTermDebtNoncurrent | balance at 2023-03-31 | $8.26M 10-Q 2023-05-19 | $31.4M 10-Q/A 2024-03-18 | +280.3% | first · latest |
| Long-term debt LongTermDebtNoncurrent | balance at 2023-06-30 | $8.47M 10-Q 2023-08-10 | $31.9M 10-Q/A 2024-03-18 | +276.8% | first · latest |
| Stockholders' equity StockholdersEquity | balance at 2022-03-31 | -$7.92M 10-Q 2023-05-19 | -$29.4M 10-Q/A 2024-03-18 | -272.0% | first · latest · 3 filings carry it |
| Stockholders' equity StockholdersEquity | balance at 2023-09-30 | $8.8M 10-Q 2023-11-09 | -$15.1M 10-Q 2024-11-14 | -271.9% | first · latest · 3 filings carry it |
| Long-term debt LongTermDebtNoncurrent | balance at 2023-09-30 | $9.11M 10-Q 2023-11-09 | $32.8M 10-Q/A 2024-03-18 | +260.4% | first · latest |
| Long-term debt LongTermDebtNoncurrent | balance at 2021-12-31 | $12.2M 10-Q 2022-08-26 | $30.3M 10-K/A 2024-03-18 | +147.8% | first · latest · 5 filings carry it |
| Net income NetIncomeLoss | fiscal year 2020-12-31 | -$10M 10-K 2023-04-18 | -$22M 10-K/A 2024-03-18 | -119.3% | first · latest |
| Stockholders' equity StockholdersEquity | balance at 2022-06-30 | -$20.1M 10-Q 2022-08-26 | -$40.8M 10-Q/A 2024-03-18 | -102.9% | first · latest · 7 filings carry it |
| Interest expense InterestExpense | quarter 2022-03-31 | $525K 10-Q 2023-05-19 | $63K 10-Q/A 2024-03-18 | -88.0% | first · latest |
| Stockholders' equity StockholdersEquity | balance at 2023-06-30 | -$27.9M 10-Q 2023-08-10 | -$51.5M 10-Q 2024-11-14 | -84.8% | first · latest · 6 filings carry it |
| Total liabilities Liabilities | balance at 2022-12-31 | $32.9M 10-K 2023-04-18 | $56.4M 10-K 2024-03-29 | +71.7% | first · latest · 9 filings carry it |
| Total liabilities Liabilities | balance at 2023-03-31 | $34.8M 10-Q 2023-05-19 | $58.1M 10-Q/A 2024-03-18 | +67.1% | first · latest |
| Total liabilities Liabilities | balance at 2021-12-31 | $29.6M 10-Q 2022-08-26 | $47.8M 10-K/A 2024-03-18 | +61.6% | first · latest · 5 filings carry it |
| Interest expense InterestExpense | quarter 2023-03-31 | $454K 10-Q 2023-05-19 | $212K 10-Q/A 2024-03-18 | -53.3% | first · latest |
| Total liabilities Liabilities | balance at 2023-06-30 | $52.8M 10-Q 2023-08-10 | $76.4M 10-Q/A 2024-03-18 | +44.8% | first · latest |
| Receivables AccountsReceivableNetCurrent | balance at 2022-09-30 | $740K 10-Q 2022-11-10 | $419K 10-Q/A 2023-04-18 | -43.4% | first · latest |
| Total liabilities Liabilities | balance at 2023-09-30 | $61.4M 10-Q 2023-11-09 | $85.3M 10-Q/A 2024-03-18 | +39.0% | first · latest |
| Stockholders' equity StockholdersEquity | balance at 2020-12-31 | $32.7M 10-Q 2022-08-26 | $20.8M 10-K/A 2024-03-18 | -36.5% | first · latest · 5 filings carry it |
| Net income NetIncomeLoss | fiscal year 2021-12-31 | -$31.5M 10-K 2023-04-18 | -$41M 10-K/A 2024-03-18 | -29.9% | first · latest |
| Interest expense InterestExpense | quarter 2022-09-30 | $1.34M 10-Q 2022-11-10 | $1.07M 10-Q/A 2023-04-18 | -20.0% | first · latest |
| Deferred revenue (current) ContractWithCustomerLiabilityCurrent | balance at 2022-09-30 | $1.99M 10-Q 2022-11-10 | $1.67M 10-Q/A 2023-04-18 | -16.1% | first · latest |
| Stockholders' equity StockholdersEquity | balance at 2021-06-30 | $19.6M 10-Q 2022-08-26 | $17.1M 10-Q/A 2023-04-18 | -13.2% | first · latest · 3 filings carry it |
| Total assets Assets | balance at 2022-09-30 | $38.5M 10-Q 2022-11-10 | $33.7M 10-Q/A 2023-04-18 | -12.6% | first · latest |
| Diluted shares WeightedAverageNumberOfDilutedSharesOutstanding | quarter 2022-06-30 | 112,023,503 shares 10-Q 2022-08-26 | 125,472,590 shares 10-Q/A 2024-03-18 | +12.0% | first · latest · 3 filings carry it |
| Basic shares WeightedAverageNumberOfSharesOutstandingBasic | quarter 2022-06-30 | 112,023,503 shares 10-Q 2022-08-26 | 125,472,590 shares 10-Q/A 2024-03-18 | +12.0% | first · latest · 3 filings carry it |
First filing reporting each period vs the latest filing carrying it (10-K and 10-Q only, periods since 2020, the extractor's winning tag per concept); a change under 0.5% is treated as rounding. A change can be a restatement, a reclassification or a re-tagging in a later comparative column; the two filings are linked so the reader can see which. Descriptive, not a verdict.
Notes by disclosure type
Not available for QBTS yet: no footnote text blocks on file for this filer in the ingested DERA files.
Fundamentals from SEC EDGAR. Scores, the DCF, and every model shown are educational analysis, not investment advice or price predictions.