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: $4.0B
Employees: 388; $63K revenue each
Net debt / EBITDA: —; −$288M net debt
AI in 10-K: 4.4; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
$2M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
92% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
30% of assets
Over 40% of assets
Shareholder dissentYes
44% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$63K · 3rd pct
Bottom quartile of its SIC industry
Quiet on AINo
4.4 per 10K words · 80th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.0B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$107M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
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

Filed	Form	Acquirer	Price	Premium
Jul 13, 2022	DEFM14A	CDPM Sponsor Group, LLC	$348.00	45.41%

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $2K · 1
Open-market sells, 12 mo: $107M · 39
Net: −$107M

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	—