NYSE : QBTS
D-Wave Quantum Inc. — Financial statements
Technology · Computer Hardware · United States
Last price 10.65 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 3.97B
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Financial statements
D-Wave Quantum Inc. (QBTS) reported revenue of 12.43M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 12.43M | 24.59M | 8.83M | 8.76M | 7.17M | 6.28M |
| Cost of Revenue | 4.45M | 4.28M | 3.26M | 4.14M | 2.92M | 1.75M |
| Gross Profit | 7.97M | 20.31M | 5.56M | 4.62M | 4.25M | 4.53M |
| Selling, General & Admin | 96.77M | 69.94M | 47.49M | 47.29M | 31.61M | 18.34M |
| Research & Development | 81.78M | 50.73M | 35.30M | 37.88M | 32.10M | 25.13M |
| Operating Expenses | 178.56M | 120.67M | 82.79M | 85.17M | 63.71M | 43.48M |
| Operating Income | -170.58M | -100.37M | -77.22M | -80.55M | -59.46M | -38.95M |
| Interest Expense | -4.09M | -4.01M | -3.90M | -2.15M | -2.33M | -1.73M |
| Interest & Investment Income | 27.52M | 24.11M | 1.74M | |||
| Currency Exchange Gain (Loss) | -4.80M | 600.00K | ||||
| Other Non Operating Income (Expenses) | -126.91M | -274.64M | -65.35M | -654.00K | 8.09M | 7.37M |
| EBT Excluding Unusual Items | -278.86M | -354.90M | -144.73M | -83.36M | -53.70M | -32.71M |
| Gain (Loss) on Sale of Investments | 1.72M | -159.00K | 1.50M | 1.16M | ||
| Other Unusual Items | -645.00K | 640.00K | ||||
| Pretax Income | -277.14M | -355.06M | -143.88M | -82.72M | -53.70M | -31.55M |
| Net Income | -248.70M | -355.06M | -143.88M | -82.72M | -53.70M | -31.55M |
| Net Income to Common | -248.70M | -355.06M | -143.88M | -82.72M | -53.70M | -31.55M |
| Shares Outstanding (Basic) | 358.59M | 321.20M | 192.13M | 137.99M | 119.65M | 3.17M |
| Shares Outstanding (Diluted) | 358.59M | 321.20M | 192.13M | 137.99M | 119.65M | 3.17M |
| EPS (Basic) | -0.69 | -1.11 | -0.75 | -0.60 | -0.45 | -9.96 |
| EPS (Diluted) | -0.69 | -1.11 | -0.75 | -0.60 | -0.45 | -9.96 |
| Free Cash Flow | -119.08M | -75.84M | -44.75M | -61.23M | -45.65M | -36.57M |
| Free Cash Flow Per Share | -0.33 | -0.24 | -0.23 | -0.44 | -0.38 | -11.55 |
| Gross Margin | 64.19% | 82.59% | 63.02% | 52.78% | 59.25% | 72.13% |
| Operating Margin | -1,372.88% | -408.22% | -874.85% | -919.68% | -828.91% | -620.29% |
| Profit Margin | -2,001.59% | -1,444.11% | -1,629.99% | -944.45% | -748.67% | -502.39% |
| Free Cash Flow Margin | -958.36% | -308.47% | -506.96% | -699.15% | -636.40% | -582.48% |
| EBITDA | -161.19M | -98.81M | -76.11M | -79.49M | -58.03M | -37.41M |
| D&A For EBITDA | 9.38M | 1.56M | 1.11M | 1.05M | 1.42M | 1.53M |
| EBIT | -170.58M | -100.37M | -77.22M | -80.55M | -59.46M | -38.95M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 296.64M | 635.35M | 177.98M | 41.31M | 7.07M | 9.48M |
| Short-Term Investments | 249.57M | 249.13M | ||||
| Cash & Short-Term Investments | 546.22M | 884.48M | 177.98M | 41.31M | 7.07M | 9.48M |
| Accounts Receivable | 2.02M | 1.59M | 1.42M | 1.65M | 815.00K | 438.00K |
| Other Receivables | 2.85M | 3.09M | 339.00K | 264.00K | 4.77M | |
| Receivables | 4.87M | 4.68M | 1.76M | 1.65M | 1.08M | 5.21M |
| Inventory | 3.49M | 2.78M | 1.69M | 2.08M | 2.20M | 2.11M |
| Prepaid Expenses | 2.31M | 1.94M | 1.51M | 1.47M | 2.99M | 516.00K |
| Other Current Assets | 3.71M | 2.35M | 2.10M | 543.00K | 595.00K | 1.83M |
| Total Current Assets | 560.59M | 896.23M | 185.04M | 47.05M | 13.93M | 19.16M |
| Property, Plant & Equipment | 34.12M | 14.36M | 11.39M | 10.77M | 11.43M | 11.83M |
| Long-Term Investments | 4.23M | 2.39M | 2.57M | 1.17M | 1.17M | 1.17M |
| Other Intangible Assets | 211.82M | 915.00K | 490.00K | 179.00K | 244.00K | 272.00K |
| Long-Term Deferred Charges | 4.78M | 1.67M | 174.00K | |||
| Other Long-Term Assets | 298.00K | 251.00K | 181.00K | 189.00K | 183.00K | 184.00K |
| Total Assets | 1.16B | 915.81M | 199.85M | 59.36M | 26.95M | 32.61M |
| Accounts Payable | 4.52M | 950.00K | 815.00K | 1.47M | 3.76M | 2.11M |
| Accrued Expenses | 12.13M | 15.84M | 8.78M | 5.34M | 6.64M | 3.55M |
| Short-Term Debt | 420.00K | |||||
| Current Portion of Long-Term Debt | 146.00K | 134.00K | 348.00K | 399.00K | 1.86M | 259.00K |
| Current Portion of Leases | 1.25M | 1.45M | 1.51M | 1.37M | 1.53M | 1.69M |
| Current Unearned Revenue | 9.23M | 2.78M | 18.69M | 2.67M | 1.78M | 2.67M |
| Other Current Liabilities | 45.00K | 21.00K | ||||
| Total Current Liabilities | 27.29M | 21.15M | 30.14M | 11.25M | 16.04M | 10.29M |
| Long-Term Debt | 34.89M | 35.83M | 30.13M | 63.85M | 31.17M | 12.23M |
| Long-Term Leases | 11.83M | 6.05M | 6.39M | 7.03M | 7.30M | 6.99M |
| Long-Term Unearned Revenue | 1.32M | 560.00K | 670.00K | 79.00K | 9.00K | 54.00K |
| Other Long-Term Liabilities | 69.88M | 1.63M | 1.89M | 18.00K | ||
| Total Liabilities | 75.32M | 63.58M | 137.21M | 83.84M | 56.41M | 29.59M |
| Common Stock | 37.00K | 35.00K | 27.00K | 16.00K | 11.00K | |
| Additional Paid-In Capital | 2.14B | 1.84B | 700.07M | 469.08M | 381.27M | 148.85M |
| Retained Earnings | -1.05B | -982.00M | -626.94M | -483.06M | -400.35M | -325.27M |
| Comprehensive Income & Other | -9.04M | -9.02M | -10.51M | -10.52M | -10.40M | -10.44M |
| Total Common Equity | 1.08B | 852.23M | 62.65M | -24.48M | -29.46M | -186.86M |
| Shareholders' Equity | 1.08B | 852.23M | 62.65M | -24.48M | -29.46M | 3.02M |
| Total Liabilities & Equity | 1.16B | 915.81M | 199.85M | 59.36M | 26.95M | 32.61M |
| Total Debt | 48.11M | 43.46M | 38.38M | 72.65M | 42.28M | 21.17M |
| Net Cash (Debt) | 498.11M | 841.02M | 139.60M | -31.34M | -35.22M | -11.69M |
| Net Cash Per Share | 1.39 | 2.62 | 0.73 | -0.23 | -0.29 | -3.69 |
| Filing Date Shares Outstanding | 372.44M | 369.91M | 291.35M | 161.68M | 127.17M | 3.17M |
| Total Common Shares Outstanding | 372.01M | 358.74M | 266.60M | 161.12M | 113.34M | 3.17M |
| Working Capital | 533.31M | 875.08M | 154.90M | 35.80M | -2.12M | 8.86M |
| Book Value Per Share | 2.91 | 2.38 | 0.23 | -0.15 | -0.26 | -59.00 |
| Tangible Book Value | 528.71M | 851.32M | 62.16M | -24.66M | -29.71M | -187.13M |
| Tangible Book Value Per Share | 1.42 | 2.37 | 0.23 | -0.15 | -0.26 | -59.09 |
| Machinery | 33.98M | 28.78M | 26.41M | 24.64M | 24.24M | 23.69M |
| Construction In Progress | 7.26M | 2.51M | 836.00K | 894.00K | 86.00K | 285.00K |
| Leasehold Improvements | 2.48M | 2.41M | 1.89M | 1.07M | 1.07M | 1.07M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -248.70M | -355.06M | -143.88M | -82.72M | -53.70M | -31.55M |
| Depreciation & Amortization | 10.48M | 2.31M | 1.93M | 1.84M | 2.33M | 2.60M |
| Other Amortization | 993.00K | |||||
| Loss (Gain) From Sale of Investments | -1.72M | 159.00K | -1.50M | -1.16M | ||
| Stock-Based Compensation | 31.12M | 22.66M | 15.66M | 21.92M | 9.16M | 1.74M |
| Provision & Write-off of Bad Debts | 1.00K | |||||
| Other Operating Activities | 103.39M | 272.63M | 64.28M | 7.00K | -6.04M | -5.27M |
| Change in Accounts Receivable | -579.00K | -204.00K | 137.00K | -818.00K | -337.00K | 163.00K |
| Change in Inventory | -4.24M | -2.40M | -215.00K | -237.00K | -148.00K | 182.00K |
| Change in Accounts Payable | -1.12M | 268.00K | -570.00K | -2.61M | 3.60M | -379.00K |
| Change in Unearned Revenue | 5.00M | -16.02M | 16.61M | 958.00K | -929.00K | -1.90M |
| Change in Other Net Operating Assets | -4.51M | 3.68M | 4.90M | 13.00K | 839.00K | 771.00K |
| Operating Cash Flow | -110.88M | -71.98M | -42.64M | -60.65M | -45.23M | -34.80M |
| Capital Expenditures | -8.20M | -3.86M | -2.11M | -583.00K | -423.00K | -1.77M |
| Sale (Purchase) of Intangibles | -679.00K | -445.00K | -289.00K | -47.00K | -75.00K | -225.00K |
| Investment in Securities | -249.66M | -247.79M | 254.00K | |||
| Other Investing Activities | 959.00K | -1.00M | ||||
| Investing Cash Flow | -511.36M | -251.13M | -3.14M | -630.00K | -498.00K | -2.00M |
| Long-Term Debt Issued | 412.00K | 29.01M | 20.00M | 111.00K | ||
| Short-Term Debt Repaid | -420.00K | |||||
| Long-Term Debt Repaid | -408.00K | -30.37M | -1.84M | -21.91M | -430.00K | |
| Total Debt Repaid | -112.00K | -408.00K | -30.37M | -2.26M | -21.91M | -430.00K |
| Net Debt Issued (Repaid) | 300.00K | 4.00K | -30.37M | 26.75M | -1.91M | -319.00K |
| Issuance of Common Stock | 110.99M | 789.65M | 215.96M | 66.06M | 46.25M | 85.00K |
| Repurchase of Common Stock | -11.48M | -10.26M | -3.14M | -416.00K | ||
| Other Financing Activities | -451.00K | -248.00K | 3.24M | -1.08M | 25.15M | |
| Financing Cash Flow | 99.36M | 779.15M | 182.45M | 95.64M | 43.27M | 24.91M |
| Foreign Exchange Rate Adjustments | 208.00K | 1.33M | 7.00K | -115.00K | 41.00K | 34.00K |
| Net Cash Flow | -522.67M | 457.37M | 136.67M | 34.24M | -2.42M | -11.85M |
| Free Cash Flow | -119.08M | -75.84M | -44.75M | -61.23M | -45.65M | -36.57M |
| Free Cash Flow Margin | -958.36% | -308.47% | -506.96% | -699.15% | -636.40% | -582.48% |
| Free Cash Flow Per Share | -0.33 | -0.24 | -0.23 | -0.44 | -0.38 | -11.55 |
| Levered Free Cash Flow | -73.38M | -57.99M | -18.02M | -29.19M | -20.93M | -14.53M |
| Unlevered Free Cash Flow | -70.82M | -55.48M | -15.58M | -28.83M | -19.47M | -13.45M |
| Cash Interest Paid | 58.00K | 25.00K | 5.18M | 1.81M | ||
| Change in Working Capital | -5.46M | -14.67M | 20.86M | -2.70M | 3.02M | -1.17M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.99B | 9.16B | 2.26B | 140.75M | 160.57M | 368.25M |
| Enterprise Value | 3.49B | 8.36B | 2.29B | 134.93M | 170.07M | |
| Last Close Price | 10.65 | 26.15 | 8.40 | 0.88 | 1.44 | 9.82 |
| PS Ratio | 322.53 | 372.38 | 256.13 | 16.07 | 22.39 | 58.65 |
| PB Ratio | 3.66 | 10.74 | 36.09 | -5.75 | -5.45 | 121.94 |
| P/TBV Ratio | 7.58 | 10.76 | 36.37 | |||
| EV/Sales Ratio | 282.44 | 339.99 | 259.00 | 15.41 | 23.71 | |
| Debt / Equity Ratio | 0.04 | 0.05 | 0.61 | -2.97 | -1.44 | 7.01 |
| Net Debt / Equity Ratio | -0.46 | -0.99 | -2.23 | -1.28 | -1.20 | 3.87 |
| Net Debt / EBITDA Ratio | 3.09 | 8.51 | 1.83 | -0.39 | -0.61 | -0.31 |
| Net Debt / FCF Ratio | 4.18 | 11.09 | 3.12 | -0.51 | -0.77 | -0.32 |
| Asset Turnover | 0.01 | 0.04 | 0.07 | 0.20 | 0.24 | 0.16 |
| Inventory Turnover | 1.50 | 1.92 | 1.73 | 1.94 | 1.36 | 0.76 |
| Quick Ratio | 20.20 | 42.05 | 5.96 | 3.82 | 0.51 | 1.43 |
| Current Ratio | 20.55 | 42.38 | 6.14 | 4.18 | 0.87 | 1.86 |
| Return on Equity (ROE) | -27.98% | -77.62% | -753.98% | -176.48% | ||
| Return on Assets (ROA) | -10.65% | -11.24% | -37.24% | -116.66% | -124.79% | -60.80% |
| Return on Capital Employed (ROCE) | -15.10% | -11.20% | -45.50% | -167.40% | -545.10% | -174.50% |
| Earnings Yield | -6.48% | -3.88% | -6.36% | -58.77% | -33.45% | -8.57% |
| FCF Yield | -2.97% | -0.83% | -1.98% | -43.50% | -28.43% | -9.93% |
| Buyback Yield / Dilution | -40.09% | -67.18% | -39.23% | -15.33% | -3,678.01% |