QBTSD-Wave Quantum Inc.
Services-Computer Processing & Data Preparation · $4.0B market cap · 388 employees
0.6×
Less likely than average to be taken private
Top 31% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works
Takeover signals
What an activist or buyer would see: cheap, overpaid, diluted or under pressure.
5of 15 firedHow well they predict deals →
- Dilutive SBCYes92% of revenueOver 10% of revenue
- Shareholder dissentYes44% lowest supportAny vote under 80% support
- Low revenue per employeeYes$63K · 3rd pctBottom quartile of its SIC industry
- Buyout-sizedYes$4.0B market capMarket cap $500M–$5B
- Net insider sellingYes−$107M netNet sales over $10M in 12 months
10 other checks
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo$2M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo30% of assetsOver 40% of assets
- Quiet on AINo4.4 per 10K words · 80th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Recurring revenueNo3 of 1010-K business scored 7+ of 10 for recurring revenue
- AI-rollup shapedNo0 of 1010-K business scored 5+ of 10 as an AI-rollup target
- Active 13DNo0 filingsActive-intent 13D in 18 months
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Jul 13, 2022 | DEFM14A | CDPM Sponsor Group, LLC | $348.00 | 45.41% |
Key numbers
- Revenue
- $25M
- 179% YoY
- Operating margin
- -408.2%
- 53% YoY
- EBITDA
- −$99M
- 30% YoY
- Net debt / EBITDA
- —
- −$288M net debt
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% |
13D filers
None on file.
Insider trading
−$107Mnet selling by insiders, open market, last 12 months
Bought $2K · 1 tradeSold $107M · 39 trades
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 | — |