D-Wave Quantum (QBTS) Financials

$14.97 +0.03 (+0.17%)

Closing price 06/24/2025 03:59 PM Eastern

Extended Trading

$15.02 +0.06 (+0.39%)

As of 06:03 AM Eastern

Annual Income Statements for D-Wave Quantum

This table shows D-Wave Quantum's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-22	-41	-54	-83	-144
Consolidated Net Income / (Loss)	-22	-41	-54	-83	-144
Net Income / (Loss) Continuing Operations	-22	-41	-54	-83	-144
Total Pre-Tax Income	-22	-41	-54	-83	-144
Total Operating Income	-31	-39	-59	-81	-77
Total Gross Profit	4.25	4.53	4.25	4.62	5.56
Total Revenue	5.16	6.28	7.17	8.76	8.83
Operating Revenue	5.16	6.28	7.17	8.76	8.83
Total Cost of Revenue	0.92	1.75	2.92	4.14	3.26
Operating Cost of Revenue	0.92	1.75	2.92	4.14	3.26
Total Operating Expenses	36	43	64	85	83
Selling, General & Admin Expense	12	12	22	37	32
Marketing Expense	3.71	6.18	10	10	15
Research & Development Expense	20	25	32	38	35
Total Other Income / (Expense), net	9.50	-2.03	5.76	-2.17	-67
Interest Expense	1.31	4.01	2.34	0.04	3.90
Interest & Investment Income	0.00	1.16	-	0.00	1.50
Other Income / (Expense), net	11	0.83	8.09	-2.13	-64
Basic Earnings per Share	($0.17)	($0.33)	($0.45)	($0.60)	($0.75)
Weighted Average Basic Shares Outstanding	127.16M	125.34M	119.65M	137.99M	192.13M
Diluted Earnings per Share	($0.17)	($0.33)	($0.45)	($0.60)	($0.75)
Weighted Average Diluted Shares Outstanding	127.16M	125.34M	119.65M	137.99M	192.13M
Weighted Average Basic & Diluted Shares Outstanding	-	-	80.39M	116.79M	287.80M

This table shows D-Wave Quantum's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-12	-18	-24	-26	-16	-16	-17	-18	-23	-86	-5.42
Consolidated Net Income / (Loss)	-12	-18	-24	-26	-16	-16	-17	-18	-23	-86	-5.42
Net Income / (Loss) Continuing Operations	-12	-18	-24	-26	-16	-16	-17	-18	-23	-86	-5.42
Total Pre-Tax Income	-12	-18	-24	-26	-16	-16	-17	-18	-23	-86	-5.42
Total Operating Income	-15	-21	-25	-21	-18	-17	-18	-19	-21	-20	-11
Total Gross Profit	1.04	1.36	0.42	0.71	1.53	1.97	1.66	1.39	1.04	1.47	14
Total Revenue	1.70	2.39	1.58	1.71	2.56	2.91	2.47	2.18	1.87	2.31	15
Operating Revenue	1.70	2.39	1.58	1.71	2.56	2.91	2.47	2.18	1.87	2.31	15
Total Cost of Revenue	0.65	1.03	1.16	1.00	1.03	0.94	0.81	0.80	0.83	0.84	1.12
Operating Cost of Revenue	0.65	1.03	1.16	1.00	1.03	0.94	0.81	0.80	0.83	0.84	1.12
Total Operating Expenses	16	22	25	22	20	19	19	20	22	22	25
Selling, General & Admin Expense	5.93	8.01	11	9.58	8.00	8.14	7.57	7.47	9.26	8.13	7.96
Marketing Expense	2.77	3.96	2.90	2.49	2.47	2.41	3.08	4.40	3.75	3.83	6.92
Research & Development Expense	7.51	10	11	9.55	9.46	7.96	8.53	8.36	8.67	9.75	10
Total Other Income / (Expense), net	3.51	2.74	0.28	-5.28	2.30	0.53	0.20	1.06	-2.08	-66	5.87
Interest Expense	0.63	0.60	0.21	0.58	1.04	-1.79	1.14	1.16	1.18	0.42	0.23
Interest & Investment Income	-	-	0.00	0.00	0.00	-	1.66	-0.16	-0.01	-	0.00
Other Income / (Expense), net	4.15	3.34	0.50	-4.71	3.34	-1.26	-0.32	2.38	-0.89	-65	6.10
Basic Earnings per Share	($0.10)	($0.16)	($0.20)	($0.21)	($0.12)	($0.07)	($0.11)	($0.10)	($0.11)	($0.43)	($0.02)
Weighted Average Basic Shares Outstanding	116.26M	119.65M	123.14M	127.34M	133.22M	137.99M	161.31M	172.14M	201.59M	192.13M	286.42M
Diluted Earnings per Share	($0.10)	($0.16)	($0.20)	($0.21)	($0.12)	($0.07)	($0.11)	($0.10)	($0.11)	($0.43)	($0.02)
Weighted Average Diluted Shares Outstanding	116.26M	119.65M	123.14M	127.34M	133.22M	137.99M	161.31M	172.14M	201.59M	192.13M	286.42M
Weighted Average Basic & Diluted Shares Outstanding	63.10M	80.39M	80.60M	98.90M	113.40M	116.79M	126.38M	157.67M	180.25M	287.80M	288.67M

This table details how cash moves in and out of D-Wave Quantum's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	13	-12	-2.42	34	137
Net Cash From Operating Activities	-29	-35	-45	-61	-43
Net Cash From Continuing Operating Activities	-29	-35	-45	-61	-43
Net Income / (Loss) Continuing Operations	-22	-41	-54	-83	-144
Consolidated Net Income / (Loss)	-22	-41	-54	-83	-144
Depreciation Expense	1.89	1.53	1.42	1.05	1.11
Amortization Expense	0.84	1.07	0.91	0.79	0.82
Non-Cash Adjustments To Reconcile Net Income	-13	5.98	3.55	23	78
Changes in Operating Assets and Liabilities, net	2.70	-2.39	2.51	-2.96	21
Net Cash From Investing Activities	-0.79	-2.00	-0.50	-0.63	-3.14
Net Cash From Continuing Investing Activities	-0.79	-2.00	-0.50	-0.63	-3.14
Purchase of Property, Plant & Equipment	-0.79	-2.00	-0.50	-0.63	-2.40
Sale and/or Maturity of Investments	-	-	-	0.00	0.25
Other Investing Activities, net	-	-	-	0.00	-1.00
Net Cash From Financing Activities	43	25	43	96	182
Net Cash From Continuing Financing Activities	43	25	44	96	182
Repayment of Debt	0.00	-0.03	-23	-2.26	-30
Issuance of Debt	0.00	0.11	20	29	0.00
Issuance of Common Equity	0.00	0.00	44	64	215
Other Financing Activities, net	0.01	25	2.73	4.72	-1.80
Effect of Exchange Rate Changes	-	0.03	0.04	-0.12	0.01
Cash Interest Paid	-	-	-	0.00	5.18

This table details how cash moves in and out of D-Wave Quantum's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	3.30	-6.70	1.92	-1.47	46	-12	-14	14	-12	149	126
Net Cash From Operating Activities	-13	-11	-14	-15	-17	-15	-12	-14	-18	2.02	-19
Net Cash From Continuing Operating Activities	-13	-11	-14	-15	-17	-15	-12	-14	-18	2.02	-19
Net Income / (Loss) Continuing Operations	-12	-18	-24	-26	-16	-16	-17	-18	-23	-86	-5.42
Consolidated Net Income / (Loss)	-12	-18	-24	-26	-16	-16	-17	-18	-23	-86	-5.42
Depreciation Expense	0.33	0.39	0.34	0.26	0.23	0.23	0.23	0.28	0.28	0.32	0.38
Amortization Expense	0.03	0.42	0.21	0.21	0.16	0.22	0.20	0.20	0.17	0.26	0.18
Non-Cash Adjustments To Reconcile Net Income	-0.59	1.51	6.40	9.26	2.75	4.78	3.40	3.30	2.43	69	0.60
Changes in Operating Assets and Liabilities, net	-0.81	4.49	3.89	0.98	-3.89	-3.95	1.36	-0.47	1.76	18	-15
Net Cash From Investing Activities	-0.10	-0.18	-0.08	-0.00	-0.10	-0.45	-1.21	-0.60	-0.37	-0.96	-0.50
Net Cash From Continuing Investing Activities	-0.10	-0.18	-0.08	-0.00	-0.10	-0.45	-1.21	-0.60	-0.37	-0.96	-0.50
Purchase of Property, Plant & Equipment	-0.10	-0.18	-0.06	-0.02	-0.10	-0.45	-0.37	-0.69	-0.37	-0.96	-0.50
Acquisitions	-	-	-0.01	-	-	-	-0.09	-	-	-	0.00
Sale and/or Maturity of Investments	-	-	0.00	-	-	-	0.25	-	-	-	0.00
Other Investing Activities, net	-	-	0.00	-	-	-	-1.00	-	-	-	0.00
Net Cash From Financing Activities	16	4.30	16	14	63	3.23	-0.73	29	7.01	148	146
Net Cash From Continuing Financing Activities	16	4.70	16	14	63	3.23	-0.73	29	7.01	148	146
Issuance of Common Equity	40	4.25	16	-	46	2.55	0.00	30	23	162	146
Other Financing Activities, net	-2.83	2.25	0.79	0.66	0.72	2.55	-0.73	-0.58	-0.08	-0.41	-0.49
Effect of Exchange Rate Changes	0.03	0.07	-0.02	-0.07	-	-	0.05	0.02	-	-	0.50

This table presents D-Wave Quantum's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	29	27	59	200
Total Current Assets	16	14	47	185
Cash & Equivalents	9.48	7.07	41	178
Accounts Receivable	0.42	0.76	1.65	1.42
Inventories, net	2.11	2.20	2.08	1.69
Prepaid Expenses	1.12	3.64	2.01	3.95
Plant, Property, & Equipment, net	3.25	2.29	2.55	4.13
Total Noncurrent Assets	10	11	9.76	11
Intangible Assets	0.27	0.24	0.18	0.49
Other Noncurrent Operating Assets	9.93	10	9.58	10
Total Liabilities & Shareholders' Equity	29	27	59	200
Total Liabilities	48	56	84	137
Total Current Liabilities	10	16	11	30
Short-Term Debt	0.39	2.28	0.40	0.35
Accounts Payable	2.11	3.76	1.47	0.82
Accrued Expenses	3.59	6.69	5.34	8.78
Current Deferred Revenue	2.67	1.78	2.67	19
Other Current Liabilities	1.69	1.53	1.37	1.51
Total Noncurrent Liabilities	37	40	73	107
Long-Term Debt	30	31	64	30
Noncurrent Deferred Revenue	0.05	0.01	0.08	0.67
Other Noncurrent Operating Liabilities	7.01	9.19	8.66	76
Commitments & Contingencies	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-18	-29	-24	63
Total Preferred & Common Equity	-18	-29	-24	63
Total Common Equity	-208	-29	-24	63
Common Stock	149	381	469	700
Retained Earnings	-347	-400	-483	-627
Accumulated Other Comprehensive Income / (Loss)	-10	-10	-11	-11

This table presents D-Wave Quantum's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	34	27	25	70	49	62	50	326
Total Current Assets	21	15	13	58	34	47	35	311
Cash & Equivalents	14	8.99	7.51	53	27	41	29	304
Accounts Receivable	0.42	0.54	0.80	0.76	1.74	1.57	1.46	1.05
Inventories, net	2.53	2.24	2.33	2.24	2.08	2.13	1.90	1.70
Prepaid Expenses	4.55	3.14	2.20	1.87	2.57	2.35	2.45	3.80
Plant, Property, & Equipment, net	2.54	2.04	1.79	1.88	2.91	3.21	3.41	4.00
Total Noncurrent Assets	9.67	11	10	10	12	12	11	11
Intangible Assets	0.26	0.23	0.21	0.20	0.30	0.41	0.44	0.53
Other Noncurrent Operating Assets	9.41	10	10	9.91	12	11	11	10
Total Liabilities & Shareholders' Equity	34	27	25	70	49	62	50	326
Total Liabilities	38	58	76	85	86	83	66	118
Total Current Liabilities	14	18	34	44	11	43	26	15
Short-Term Debt	2.65	0.98	16	30	0.37	33	14	0.35
Accounts Payable	2.49	5.61	4.11	1.54	1.04	1.17	0.70	1.02
Accrued Expenses	5.32	9.86	11	9.60	6.01	5.04	6.57	6.56
Current Deferred Revenue	1.67	1.83	2.83	2.18	2.00	2.59	2.91	5.55
Other Current Liabilities	1.46	-	-	-	1.45	1.48	1.58	1.53
Total Noncurrent Liabilities	24	40	43	42	75	40	41	103
Long-Term Debt	13	31	32	33	63	31	32	30
Noncurrent Deferred Revenue	0.00	0.01	0.12	0.09	0.40	0.03	0.06	0.70
Other Noncurrent Operating Liabilities	12	8.42	11	8.86	11	8.90	8.58	72
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-4.27	-31	-52	-15	-37	-22	-17	207
Total Preferred & Common Equity	-4.27	-31	-52	-15	-37	-22	-17	207
Total Common Equity	-4.27	-31	-52	-15	-37	-22	-17	207
Common Stock	370	405	410	462	474	507	535	850
Retained Earnings	-364	-425	-451	-467	-500	-518	-541	-632
Accumulated Other Comprehensive Income / (Loss)	-10	-10	-10	-10	-10	-10	-11	-10

This table displays calculated financial ratios and metrics derived from D-Wave Quantum's official financial filings.

Metric	2020	2021	2022	2023	2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-
Revenue Growth	0.00%	21.69%	14.24%	22.10%	0.79%
EBITDA Growth	0.00%	-98.04%	-38.04%	-64.85%	-72.63%
EBIT Growth	0.00%	-84.51%	-34.74%	-60.96%	-71.12%
NOPAT Growth	0.00%	-23.77%	-52.66%	-35.47%	4.13%
Net Income Growth	0.00%	-86.52%	-31.07%	-54.03%	-73.95%
EPS Growth	0.00%	-94.12%	-36.36%	-33.33%	-25.00%
Operating Cash Flow Growth	0.00%	-18.82%	-29.96%	-34.10%	29.69%
Free Cash Flow Firm Growth	0.00%	0.00%	-18.40%	-62.35%	150.52%
Invested Capital Growth	0.00%	0.00%	-207.29%	49.98%	-5,413.84%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	6.21%	-6.33%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-0.69%	-92.60%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-0.24%	-90.53%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	5.18%	-5.02%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	2.58%	-94.92%
EPS Q/Q Growth	0.00%	0.00%	0.00%	13.04%	-92.31%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-8.92%	-6.78%	28.21%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	151.54%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	71.54%	-79,954.72%
Profitability Metrics	-	-	-	-	-
Gross Margin	82.27%	72.13%	59.25%	52.77%	63.02%
EBITDA Margin	-347.60%	-565.71%	-683.59%	-922.96%	-1,580.89%
Operating Margin	-609.83%	-620.29%	-828.91%	-919.68%	-874.85%
EBIT Margin	-400.43%	-607.15%	-716.12%	-944.03%	-1,602.78%
Profit (Net Income) Margin	-425.72%	-652.54%	-748.67%	-944.45%	-1,629.99%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	106.32%	107.48%	104.55%	100.04%	101.70%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-1,901.23%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-2,030.42%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	2,347.65%	0.00%	0.00%	0.00%
Return on Equity (ROE)	0.00%	446.43%	224.61%	306.67%	-753.98%
Cash Return on Invested Capital (CROIC)	0.00%	-2,101.23%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	0.00%	-129.37%	-182.10%	-191.60%	-109.16%
Return on Assets (ROA)	0.00%	-139.04%	-190.38%	-191.69%	-111.01%
Return on Common Equity (ROCE)	0.00%	5,064.42%	1,116.47%	306.67%	-753.98%
Return on Equity Simple (ROE_SIMPLE)	0.00%	223.21%	182.27%	337.87%	-229.67%
Net Operating Profit after Tax (NOPAT)	-22	-27	-42	-56	-54
NOPAT Margin	-426.88%	-434.20%	-580.24%	-643.78%	-612.39%
Net Nonoperating Expense Percent (NNEP)	0.00%	129.19%	50.75%	106.77%	-144.22%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-141.78%	-58.05%
Cost of Revenue to Revenue	17.73%	27.87%	40.75%	47.23%	36.98%
SG&A Expenses to Revenue	224.55%	189.47%	300.28%	422.63%	367.30%
R&D to Revenue	395.56%	404.54%	447.53%	432.50%	399.91%
Operating Expenses to Revenue	692.09%	692.42%	888.16%	972.46%	937.87%
Earnings before Interest and Taxes (EBIT)	-21	-38	-51	-83	-141
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-18	-36	-49	-81	-140
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	24.17
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	24.36
Price to Revenue (P/Rev)	0.00	0.00	12.67	11.40	171.53
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	16.35	14.02	154.82
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	46.70
Leverage & Solvency	-	-	-	-	-
Debt to Equity	0.00	-1.67	-1.14	-2.62	0.49
Long-Term Debt to Equity	0.00	-1.65	-1.06	-2.61	0.48
Financial Leverage	0.00	-1.16	-1.00	-0.91	-3.26
Leverage Ratio	0.00	-1.61	-1.18	-1.60	6.79
Compound Leverage Factor	0.00	-1.73	-1.23	-1.60	6.91
Debt to Total Capital	0.00%	248.62%	838.79%	161.56%	32.73%
Short-Term Debt to Total Capital	0.00%	3.18%	57.25%	1.00%	0.37%
Long-Term Debt to Total Capital	0.00%	245.44%	781.54%	160.56%	32.35%
Preferred Equity to Total Capital	0.00%	1,537.37%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	-1,685.99%	-738.79%	-61.56%	67.27%
Debt to EBITDA	0.00	-0.86	-0.68	-0.79	-0.22
Net Debt to EBITDA	0.00	-0.60	-0.54	-0.28	1.06
Long-Term Debt to EBITDA	0.00	-0.85	-0.64	-0.79	-0.22
Debt to NOPAT	0.00	-1.13	-0.80	-1.14	-0.56
Net Debt to NOPAT	0.00	-0.78	-0.63	-0.41	2.73
Long-Term Debt to NOPAT	0.00	-1.11	-0.75	-1.13	-0.56
Altman Z-Score	0.00	0.00	-25.95	-14.40	0.87
Noncontrolling Interest Sharing Ratio	0.00%	-1,034.44%	-397.08%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-
Current Ratio	0.00	1.53	0.87	4.18	6.14
Quick Ratio	0.00	0.95	0.49	3.82	5.95
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-30	-36	-58	29
Operating Cash Flow to CapEx	-3,711.91%	-1,740.87%	-9,081.53%	-9,626.83%	-1,780.50%
Free Cash Flow to Firm to Interest Expense	0.00	-7.51	-15.28	-1,565.41	7.51
Operating Cash Flow to Interest Expense	-22.44	-8.67	-19.37	-1,639.16	-10.94
Operating Cash Flow Less CapEx to Interest Expense	-23.05	-9.17	-19.58	-1,656.19	-11.56
Efficiency Ratios	-	-	-	-	-
Asset Turnover	0.00	0.21	0.25	0.20	0.07
Accounts Receivable Turnover	0.00	14.91	12.18	7.27	5.75
Inventory Turnover	0.00	0.83	1.36	1.94	1.73
Fixed Asset Turnover	0.00	1.93	2.59	3.62	2.64
Accounts Payable Turnover	0.00	0.83	1.00	1.58	2.86
Days Sales Outstanding (DSO)	0.00	24.47	29.97	50.20	63.51
Days Inventory Outstanding (DIO)	0.00	440.92	269.10	188.59	210.46
Days Payable Outstanding (DPO)	0.00	439.88	366.19	230.38	127.48
Cash Conversion Cycle (CCC)	0.00	25.52	-67.12	8.41	146.49
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	0.00	2.87	-3.08	-1.54	-85
Invested Capital Turnover	0.00	4.38	-68.64	-3.79	-0.20
Increase / (Decrease) in Invested Capital	0.00	2.87	-5.95	1.54	-83
Enterprise Value (EV)	0.00	0.00	117	123	1,367
Market Capitalization	0.00	0.00	91	100	1,514
Book Value per Share	$0.00	($1.66)	($0.47)	($0.22)	$0.35
Tangible Book Value per Share	$0.00	($1.66)	($0.47)	($0.22)	$0.34
Total Capital	0.00	12	3.99	40	93
Total Debt	0.00	31	33	64	30
Total Long-Term Debt	0.00	30	31	64	30
Net Debt	0.00	21	26	23	-148
Capital Expenditures (CapEx)	0.79	2.00	0.50	0.63	2.40
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-3.52	-6.90	-5.11	-23
Debt-free Net Working Capital (DFNWC)	0.00	5.96	0.17	36	155
Net Working Capital (NWC)	0.00	5.57	-2.12	36	155
Net Nonoperating Expense (NNE)	-0.06	14	12	26	90
Net Nonoperating Obligations (NNO)	0.00	21	26	23	-148
Total Depreciation and Amortization (D&A)	2.73	2.60	2.33	1.85	1.93
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-56.09%	-96.15%	-58.37%	-257.58%
Debt-free Net Working Capital to Revenue	0.00%	94.94%	2.34%	413.28%	1,758.73%
Net Working Capital to Revenue	0.00%	88.68%	-29.49%	408.72%	1,754.79%
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	($0.60)	($0.75)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	137.99M	192.13M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	($0.60)	($0.75)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	137.99M	192.13M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	116.79M	287.80M
Normalized Net Operating Profit after Tax (NOPAT)	-22	-27	-42	-56	-54
Normalized NOPAT Margin	-426.88%	-434.20%	-580.24%	-643.78%	-612.39%
Pre Tax Income Margin	-425.72%	-652.54%	-748.67%	-944.45%	-1,629.99%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	-15.83	-9.50	-22.00	-2,234.54	-36.30
NOPAT to Interest Expense	-16.88	-6.79	-17.82	-1,523.84	-13.87
EBIT Less CapEx to Interest Expense	-16.44	-10.00	-22.21	-2,251.57	-36.92
NOPAT Less CapEx to Interest Expense	-17.48	-7.29	-18.04	-1,540.87	-14.49
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-2.47%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from D-Wave Quantum's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	29.69%	0.00%	-7.59%	24.51%	51.15%	21.39%	55.72%	27.89%	-27.01%	-20.54%	508.56%
EBITDA Growth	-135.98%	0.00%	-117.94%	-134.28%	-37.92%	-3.29%	26.41%	36.43%	-43.48%	-390.27%	73.33%
EBIT Growth	-113.18%	0.00%	-110.57%	-127.56%	-36.80%	-1.11%	26.30%	35.73%	-42.82%	-381.26%	70.87%
NOPAT Growth	-54.85%	0.00%	-125.46%	-68.56%	-21.39%	21.00%	29.06%	9.89%	-12.11%	-22.31%	35.54%
Net Income Growth	-176.79%	0.00%	-111.25%	-112.97%	-38.25%	12.02%	29.07%	32.12%	-41.02%	-437.51%	68.69%
EPS Growth	-233.33%	0.00%	-122.22%	-110.00%	-20.00%	56.25%	45.00%	52.38%	8.33%	-514.29%	81.82%
Operating Cash Flow Growth	-74.77%	-51.52%	-42.75%	-29.02%	-31.36%	-35.38%	10.72%	6.48%	-7.16%	113.68%	-59.08%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	100.70%	-30.13%	0.00%	-86.04%	-30,243.21%	-93.01%	627.21%	407.90%
Invested Capital Growth	0.00%	0.00%	0.00%	-398.19%	-96.40%	49.98%	88.29%	115.80%	98.04%	-5,413.84%	-7,699.41%
Revenue Q/Q Growth	23.63%	41.24%	-33.88%	7.83%	50.09%	13.43%	-15.18%	-11.44%	-14.34%	23.48%	549.68%
EBITDA Q/Q Growth	0.75%	-57.77%	-40.75%	-6.31%	41.58%	-18.16%	3.28%	8.18%	-31.87%	-303.75%	94.54%
EBIT Q/Q Growth	2.12%	-59.79%	-37.43%	-5.87%	41.16%	-18.10%	3.29%	7.69%	-30.76%	-297.97%	93.94%
NOPAT Q/Q Growth	-22.26%	-38.09%	-17.91%	15.32%	11.96%	10.13%	-5.89%	-7.55%	-9.54%	1.96%	44.19%
Net Income Q/Q Growth	5.26%	-56.24%	-34.08%	-7.31%	38.50%	0.57%	-8.11%	-2.69%	-27.75%	-278.99%	93.70%
EPS Q/Q Growth	0.00%	-60.00%	-25.00%	-5.00%	42.86%	41.67%	-57.14%	9.09%	-10.00%	-290.91%	95.35%
Operating Cash Flow Q/Q Growth	-7.09%	15.21%	-24.68%	-13.97%	-9.02%	12.61%	17.78%	-19.38%	-24.92%	111.16%	-1,055.83%
Free Cash Flow Firm Q/Q Growth	36.49%	100.00%	0.00%	100.86%	-11,982.58%	-28.21%	-42.28%	-39.06%	23.92%	450.23%	-16.91%
Invested Capital Q/Q Growth	-174.47%	-11.77%	-135.65%	-52.03%	50.95%	71.54%	44.83%	305.18%	-106.09%	-79,954.72%	21.97%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	61.42%	56.85%	26.60%	41.30%	59.68%	67.69%	67.30%	63.58%	55.78%	63.79%	92.51%
EBITDA Margin	-628.32%	-701.84%	-1,493.94%	-1,472.82%	-573.30%	-597.21%	-706.04%	-732.07%	-1,126.95%	-3,684.97%	-30.94%
Operating Margin	-894.63%	-874.69%	-1,559.70%	-1,224.78%	-718.46%	-569.24%	-710.59%	-862.99%	-1,103.53%	-876.22%	-75.27%
EBIT Margin	-649.97%	-735.34%	-1,528.36%	-1,500.53%	-588.25%	-612.49%	-723.41%	-754.05%	-1,151.02%	-3,709.83%	-34.63%
Profit (Net Income) Margin	-687.32%	-760.32%	-1,541.76%	-1,534.21%	-628.65%	-551.07%	-702.31%	-814.38%	-1,214.55%	-3,727.89%	-36.14%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	105.75%	103.40%	100.88%	102.24%	106.87%	89.97%	97.08%	108.00%	105.52%	100.49%	104.35%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	0.00%	224.61%	217.07%	224.64%	875.92%	306.67%	223.67%	184.02%	460.86%	-753.98%	-154.89%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-3,598.09%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	0.00%	-186.99%	-392.01%	-365.46%	-93.43%	-124.31%	-183.36%	-175.92%	-181.18%	-252.67%	-3.95%
Return on Assets (ROA)	0.00%	-193.34%	-395.45%	-373.67%	-99.85%	-111.84%	-178.02%	-190.00%	-191.18%	-253.90%	-4.13%
Return on Common Equity (ROCE)	0.00%	1,116.47%	217.07%	820.17%	875.92%	306.67%	223.67%	184.02%	460.86%	-753.98%	-154.89%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	217.07%	156.11%	561.56%	0.00%	204.62%	312.40%	436.39%	0.00%	-63.64%
Net Operating Profit after Tax (NOPAT)	-11	-15	-17	-15	-13	-12	-12	-13	-14	-14	-7.90
NOPAT Margin	-626.24%	-612.28%	-1,091.79%	-857.35%	-502.92%	-398.47%	-497.41%	-604.09%	-772.47%	-613.36%	-52.69%
Net Nonoperating Expense Percent (NNEP)	136.75%	13.43%	60.86%	35.94%	57.39%	17.98%	16.97%	14.40%	62.34%	-115.47%	2.09%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-29.12%	-	-	-	-15.21%	-3.32%
Cost of Revenue to Revenue	38.58%	43.15%	73.40%	58.70%	40.32%	32.31%	32.70%	36.42%	44.22%	36.21%	7.49%
SG&A Expenses to Revenue	349.56%	334.54%	713.58%	560.98%	312.37%	280.08%	306.94%	342.24%	495.13%	351.93%	53.04%
R&D to Revenue	442.89%	431.75%	689.51%	559.34%	369.20%	273.78%	345.84%	382.73%	463.53%	422.35%	68.58%
Operating Expenses to Revenue	956.05%	931.54%	1,586.29%	1,266.08%	778.14%	636.92%	777.89%	926.57%	1,159.30%	940.02%	167.78%
Earnings before Interest and Taxes (EBIT)	-11	-18	-24	-26	-15	-18	-18	-16	-22	-86	-5.20
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-11	-17	-24	-25	-15	-17	-17	-16	-21	-85	-4.64
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	24.17	10.55
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	24.36	10.57
Price to Revenue (P/Rev)	0.00	12.67	5.95	22.83	11.57	11.40	24.72	14.24	16.44	171.53	102.39
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	96.06	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	16.35	9.27	28.32	12.75	14.02	28.46	16.54	18.23	154.82	89.58
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	46.70	122.13
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-3.58	-1.14	-1.06	-0.93	-4.17	-2.62	-1.72	-2.98	-2.72	0.49	0.15
Long-Term Debt to Equity	-2.96	-1.06	-1.02	-0.62	-2.17	-2.61	-1.71	-1.46	-1.89	0.48	0.15
Financial Leverage	-0.35	-0.90	-0.76	-0.90	-0.58	-0.91	-0.88	-0.87	-0.83	-3.26	-1.39
Leverage Ratio	-7.89	-1.18	-0.90	-0.85	-5.36	-1.60	-1.12	-1.19	-3.74	6.79	2.20
Compound Leverage Factor	-8.34	-1.22	-0.90	-0.87	-5.72	-1.44	-1.09	-1.28	-3.94	6.82	2.29
Debt to Total Capital	138.75%	838.79%	1,865.11%	-1,368.12%	131.56%	161.56%	239.70%	150.50%	157.99%	32.73%	12.90%
Short-Term Debt to Total Capital	24.09%	57.25%	56.65%	-458.63%	63.03%	1.00%	1.39%	76.68%	48.24%	0.37%	0.15%
Long-Term Debt to Total Capital	114.67%	781.54%	1,808.46%	-909.49%	68.52%	160.56%	238.30%	73.82%	109.75%	32.35%	12.75%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-38.75%	-738.79%	-1,765.11%	1,468.12%	-31.56%	-61.56%	-139.70%	-50.50%	-57.99%	67.27%	87.10%
Debt to EBITDA	0.00	-0.68	-0.52	-0.63	-0.79	-0.79	-0.84	-0.97	-0.64	-0.22	-0.24
Net Debt to EBITDA	0.00	-0.54	-0.38	-0.53	-0.12	-0.28	-0.48	-0.35	-0.23	1.06	2.16
Long-Term Debt to EBITDA	0.00	-0.64	-0.51	-0.42	-0.41	-0.79	-0.84	-0.48	-0.44	-0.22	-0.24
Debt to NOPAT	0.00	-0.80	-0.63	-0.84	-1.06	-1.14	-1.23	-1.28	-0.90	-0.56	-0.62
Net Debt to NOPAT	0.00	-0.63	-0.46	-0.71	-0.16	-0.41	-0.70	-0.47	-0.33	2.73	5.51
Long-Term Debt to NOPAT	0.00	-0.75	-0.61	-0.56	-0.55	-1.13	-1.23	-0.63	-0.62	-0.56	-0.61
Altman Z-Score	0.00	-21.82	-24.02	-28.13	-8.99	-10.80	-13.19	-11.34	-14.90	1.79	9.49
Noncontrolling Interest Sharing Ratio	0.00%	-397.08%	0.00%	-265.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.58	0.87	0.82	0.38	1.34	4.18	3.10	1.09	1.36	6.14	20.73
Quick Ratio	1.04	0.49	0.52	0.25	1.24	3.82	2.67	0.99	1.19	5.95	20.36
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-7.86	0.00	-10	0.09	-10	-13	-19	-26	-20	69	57
Operating Cash Flow to CapEx	-13,102.04%	-5,981.87%	-21,209.38%	-103,133.33%	-17,387.63%	-3,246.48%	-3,257.80%	-2,093.78%	-4,897.83%	209.45%	-3,871.29%
Free Cash Flow to Firm to Interest Expense	-12.42	0.00	-47.32	0.15	-9.88	0.00	-16.37	-22.37	-16.73	165.84	254.27
Operating Cash Flow to Interest Expense	-20.28	-18.21	-64.03	-26.90	-16.30	0.00	-10.63	-12.47	-15.32	4.84	-85.31
Operating Cash Flow Less CapEx to Interest Expense	-20.44	-18.51	-64.33	-26.93	-16.39	0.00	-10.96	-13.07	-15.63	2.53	-87.51
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.25	0.26	0.24	0.16	0.20	0.25	0.23	0.16	0.07	0.11
Accounts Receivable Turnover	0.00	12.18	12.99	8.58	13.95	7.27	8.47	8.53	8.49	5.75	15.36
Inventory Turnover	0.00	1.36	1.55	1.72	1.77	1.94	1.75	1.61	1.62	1.73	1.89
Fixed Asset Turnover	0.00	2.59	3.45	3.23	3.73	3.62	3.89	4.04	3.56	2.64	6.19
Accounts Payable Turnover	0.00	1.00	0.62	1.17	2.10	1.58	1.14	1.35	3.01	2.86	3.48
Days Sales Outstanding (DSO)	0.00	29.97	28.09	42.56	26.16	50.20	43.11	42.81	42.97	63.51	23.77
Days Inventory Outstanding (DIO)	0.00	269.10	235.69	211.98	206.10	188.59	208.52	227.35	224.78	210.46	192.64
Days Payable Outstanding (DPO)	0.00	366.19	590.06	312.25	173.78	230.38	320.82	269.38	121.25	127.48	104.85
Cash Conversion Cycle (CCC)	0.00	-67.12	-326.28	-57.71	58.48	8.41	-69.19	0.77	146.50	146.49	111.55
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-2.75	-3.08	-7.25	-11	-5.41	-1.54	-0.85	1.74	-0.11	-85	-66
Invested Capital Turnover	0.00	-2.33	-1.94	-2.01	-2.02	-3.79	-2.38	-2.18	-3.42	-0.20	-0.64
Increase / (Decrease) in Invested Capital	-2.75	0.00	-7.25	-15	-2.65	1.54	6.40	13	5.30	-83	-65
Enterprise Value (EV)	486	117	65	209	105	123	274	167	172	1,367	1,914
Market Capitalization	485	91	42	168	95	100	238	144	155	1,514	2,187
Book Value per Share	($0.07)	($0.47)	($0.49)	($0.64)	($0.15)	($0.22)	($0.32)	($0.17)	($0.11)	$0.35	$0.72
Tangible Book Value per Share	($0.07)	($0.47)	($0.49)	($0.64)	($0.15)	($0.22)	($0.32)	($0.17)	($0.11)	$0.34	$0.72
Total Capital	11	3.99	1.74	-3.51	48	40	26	43	29	93	238
Total Debt	15	33	32	48	63	64	63	64	46	30	31
Total Long-Term Debt	13	31	31	32	33	64	63	31	32	30	30
Net Debt	1.51	26	23	41	9.71	23	36	23	17	-148	-274
Capital Expenditures (CapEx)	0.10	0.18	0.06	0.02	0.10	0.45	0.37	0.69	0.37	0.96	0.50
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-3.25	-6.90	-11	-12	-8.45	-5.11	-4.11	-4.23	-5.95	-23	-8.11
Debt-free Net Working Capital (DFNWC)	11	0.17	-2.38	-4.89	45	36	23	37	23	155	296
Net Working Capital (NWC)	7.86	-2.12	-3.37	-21	15	36	23	3.97	9.25	155	296
Net Nonoperating Expense (NNE)	1.04	3.54	7.12	12	3.22	4.43	5.05	4.59	8.27	72	-2.48
Net Nonoperating Obligations (NNO)	1.51	26	23	41	9.71	23	36	23	17	-148	-274
Total Depreciation and Amortization (D&A)	0.37	0.80	0.55	0.47	0.38	0.44	0.43	0.48	0.45	0.57	0.55
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-96.15%	-161.44%	-168.11%	-102.41%	-58.37%	-42.61%	-41.81%	-63.17%	-257.58%	-37.95%
Debt-free Net Working Capital to Revenue	0.00%	2.34%	-33.82%	-66.28%	544.17%	413.28%	240.62%	362.11%	247.46%	1,758.73%	1,386.57%
Net Working Capital to Revenue	0.00%	-29.49%	-47.79%	-284.44%	177.94%	408.72%	236.79%	39.20%	98.16%	1,754.79%	1,384.95%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($0.16)	$0.00	$0.00	$0.00	($0.07)	($0.11)	($0.10)	($0.11)	($0.43)	($0.02)
Adjusted Weighted Average Basic Shares Outstanding	0.00	119.65M	0.00	0.00	0.00	137.99M	161.31M	172.14M	201.59M	192.13M	286.42M
Adjusted Diluted Earnings per Share	$0.00	($0.16)	$0.00	$0.00	$0.00	($0.07)	($0.11)	($0.10)	($0.11)	($0.43)	($0.02)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	119.65M	0.00	0.00	0.00	137.99M	161.31M	172.14M	201.59M	192.13M	286.42M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	80.39M	0.00	0.00	0.00	116.79M	126.38M	157.67M	180.25M	287.80M	288.67M
Normalized Net Operating Profit after Tax (NOPAT)	-11	-15	-17	-15	-13	-12	-12	-13	-14	-14	-7.90
Normalized NOPAT Margin	-626.24%	-612.28%	-1,091.79%	-857.35%	-502.92%	-398.47%	-497.41%	-604.09%	-772.47%	-613.36%	-52.69%
Pre Tax Income Margin	-687.32%	-760.32%	-1,541.76%	-1,534.21%	-628.65%	-551.07%	-702.31%	-814.38%	-1,214.55%	-3,727.89%	-36.14%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-17.40	-29.44	-114.12	-44.55	-14.56	0.00	-15.64	-14.19	-18.24	-205.42	-22.99
NOPAT to Interest Expense	-16.77	-24.51	-81.52	-25.45	-12.45	0.00	-10.76	-11.37	-12.24	-33.96	-34.97
EBIT Less CapEx to Interest Expense	-17.56	-29.74	-114.42	-44.57	-14.66	0.00	-15.97	-14.79	-18.55	-207.73	-25.19
NOPAT Less CapEx to Interest Expense	-16.92	-24.82	-81.83	-25.48	-12.54	0.00	-11.08	-11.96	-12.55	-36.27	-37.18
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Key Financial Trends

D-Wave Quantum reported mixed results in Q1 2025, with revenue growth and strong liquidity offset by continued losses and high operating burn.

Revenue Growth of 5.1% Y/Y to $15.0 million in Q1 2025
Gross Margin expanded sharply to 92.5%, up from ~63.8% in Q4 2024
Free Cash Flow to Firm of $57.5 million, reflecting solid cash generation
Raised $146 million via equity issuance, boosting cash & equivalents to $304 million
Current Ratio of 20.7x, underscoring a robust liquidity position
R&D spending remains elevated at 68.6% of revenue as the company invests in product development
Book Value per Share rose to $0.72, up from $0.35 in Q4 2024
Net Loss narrowed to $(5.4) million, but the company remains unprofitable
Operating Expenses equal 167.8% of revenue, indicating a high cash burn rate
Operating Cash Flow was negative $(19.3) million, reflecting continued cash outflows from operations

06/25/25 05:03 AMAI Generated. May Contain Errors.

Frequently Asked Questions About D-Wave Quantum's Financials

When does D-Wave Quantum's fiscal year end?

According to the most recent income statement we have on file, D-Wave Quantum's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has D-Wave Quantum's net income changed over the last 4 years?

D-Wave Quantum's net income appears to be on an upward trend, with a most recent value of -$143.88 million in 2024, rising from -$21.97 million in 2020. The previous period was -$82.72 million in 2023. View D-Wave Quantum's forecast to see where analysts expect D-Wave Quantum to go next.

What is D-Wave Quantum's operating income?

D-Wave Quantum's total operating income in 2024 was -$77.22 million, based on the following breakdown:

Total Gross Profit: $5.56 million
Total Operating Expenses: $82.79 million

How has D-Wave Quantum's revenue changed over the last 4 years?

Over the last 4 years, D-Wave Quantum's total revenue changed from $5.16 million in 2020 to $8.83 million in 2024, a change of 71.1%.

How much debt does D-Wave Quantum have?

D-Wave Quantum's total liabilities were at $137.21 million at the end of 2024, a 63.7% increase from 2023, and a 186.9% increase since 2021.

How much cash does D-Wave Quantum have?

In the past 3 years, D-Wave Quantum's cash and equivalents has ranged from $7.07 million in 2022 to $177.98 million in 2024, and is currently $177.98 million as of their latest financial filing in 2024.

How has D-Wave Quantum's book value per share changed over the last 4 years?

Over the last 4 years, D-Wave Quantum's book value per share changed from 0.00 in 2020 to 0.35 in 2024, a change of 34.8%.

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This page (NYSE:QBTS) was last updated on 6/25/2025 by MarketBeat.com Staff

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D-Wave Quantum (QBTS) Financials

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