QBTSD-Wave Quantum Inc.
Services-Computer Processing & Data Preparation
- Revenue
- $25M
- 179% YoY
- Operating margin
- -408.2%
- 53% YoY
- EBITDA
- −$99M
- 30% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- —
- −$288M net debt
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear—Cash flow under 80% of net income
- Dilutive SBCFired92% of revenueOver 10% of revenue
- Payouts exceed cash flowClear0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear30% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $6M | $7M | $9M | $9M | $25M | 179% |
| Operating income | −$39M | −$59M | −$81M | −$77M | −$100M | 30% |
| Net income | −$41M | −$54M | −$83M | −$144M | −$355M | 147% |
| Operating cash flow | −$35M | −$45M | −$61M | −$43M | −$72M | 69% |
| Capex | $2M | $423K | $583K | $2M | $4M | 83% |
| Stock-based comp | $2M | $9M | $22M | $16M | $23M | 45% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $20K · 1
- Net
- −$20K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $5M | $31M | 1816 | — |
| FY2024 | $2M | $8M | 667 | — |
| FY2023 | $1M | −$587K | 58 | — |