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D-Wave Quantum (QBTS) Financials

D-Wave Quantum logo
$30.07 +0.58 (+1.96%)
Closing price 05/29/2026 03:59 PM Eastern
Extended Trading
$29.84 -0.23 (-0.77%)
As of 05/29/2026 08:00 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for D-Wave Quantum

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 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -22 -41 -54 -83 -144 -354
Consolidated Net Income / (Loss)		 -22 -41 -54 -83 -144 -355
Net Income / (Loss) Continuing Operations		 -22 -41 -54 -83 -144 -355
Total Pre-Tax Income 		-22 -41 -54 -83 -144 -355
Total Operating Income		 -31 -39 -59 -81 -77 -100
Total Gross Profit		 4.25 4.53 4.25 4.62 5.56 20
Total Revenue		 5.16 6.28 7.17 8.76 8.83 25
Operating Revenue		 5.16 6.28 7.17 8.76 8.83 25
Total Cost of Revenue		 0.92 1.75 2.92 4.14 3.26 4.28
Operating Cost of Revenue		 0.92 1.75 2.92 4.14 3.26 4.28
Total Operating Expenses		 36 43 64 85 83 121
Selling, General & Admin Expense		 12 12 22 37 32 41
Marketing Expense		 3.71 6.18 10 10 15 29
Research & Development Expense		 20 25 32 38 35 51
Total Other Income / (Expense), net		 9.50 -2.03 5.76 -2.17 -67 -255
Interest Expense		 1.31 4.01 2.34 0.04 3.90 4.01
Interest & Investment Income		 0.00 1.16 - 0.00 3.23 24
Other Income / (Expense), net		 11 0.83 8.09 -2.13 -65 -275
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)		 - - - - -0.01 -1.49
Basic Earnings per Share		 ($0.17) ($0.33) ($0.45) ($0.60) ($0.75) ($1.11)
Weighted Average Basic Shares Outstanding		 127.16M 125.34M 119.65M 137.99M 192.13M 321.20M
Diluted Earnings per Share		 ($0.17) ($0.33) ($0.45) ($0.60) ($0.75) ($1.11)
Weighted Average Diluted Shares Outstanding		 127.16M 125.34M 119.65M 137.99M 192.13M 321.20M
Weighted Average Basic & Diluted Shares Outstanding		 - - 80.39M 116.79M 287.80M 366.74M

Quarterly Income Statements for D-Wave Quantum

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -16 -16 -17 -18 -23 -86 -4.92 -167 -140 -41 -18
Consolidated Net Income / (Loss)		 -16 -16 -17 -18 -23 -86 -5.42 -167 -140 -42 -18
Net Income / (Loss) Continuing Operations		 -16 -16 -17 -18 -23 -86 -5.42 -167 -140 -42 -18
Total Pre-Tax Income 		-16 -16 -17 -18 -23 -86 -5.42 -167 -140 -42 -47
Total Operating Income		 -18 -17 -18 -19 -21 -20 -11 -27 -28 -35 -55
Total Gross Profit		 1.53 1.97 1.66 1.39 1.04 1.47 14 1.98 2.67 1.78 1.82
Total Revenue		 2.56 2.91 2.47 2.18 1.87 2.31 15 3.10 3.74 2.75 2.86
Operating Revenue		 2.56 2.91 2.47 2.18 1.87 2.31 15 3.10 3.74 2.75 2.86
Total Cost of Revenue		 1.03 0.94 0.81 0.80 0.83 0.84 1.12 1.12 1.07 0.97 1.04
Operating Cost of Revenue		 1.03 0.94 0.81 0.80 0.83 0.84 1.12 1.12 1.07 0.97 1.04
Total Operating Expenses		 20 19 19 20 22 22 25 28 30 37 57
Selling, General & Admin Expense		 8.00 8.14 7.57 7.47 9.26 8.13 7.96 9.15 9.38 15 20
Marketing Expense		 2.47 2.41 3.08 4.40 3.75 3.83 6.92 6.63 6.95 8.25 10
Research & Development Expense		 9.46 7.96 8.53 8.36 8.67 9.75 10 13 14 14 26
Total Other Income / (Expense), net		 2.30 0.53 0.20 1.06 -2.08 -66 5.87 -141 -112 -7.49 7.92
Interest Expense		 1.04 -1.79 1.14 1.16 1.18 0.42 0.23 0.21 0.20 3.38 0.26
Interest & Investment Income		 0.00 - 1.66 -0.16 -0.01 - 3.10 0.00 0.85 23 7.67
Other Income / (Expense), net		 3.34 -1.26 -0.32 2.38 -0.89 -65 3.00 -141 -113 -27 0.51
Income Tax Expense		 - - - - - - 0.00 - - - -28
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)		 - - - - - - -0.50 - - - 0.14
Basic Earnings per Share		 ($0.12) ($0.07) ($0.11) ($0.10) ($0.11) ($0.43) ($0.02) ($0.55) ($0.41) ($0.13) ($0.05)
Weighted Average Basic Shares Outstanding		 133.22M 137.99M 161.31M 172.14M 201.59M 192.13M 286.42M 302.29M 342.20M 321.20M 367.47M
Diluted Earnings per Share		 ($0.12) ($0.07) ($0.11) ($0.10) ($0.11) ($0.43) ($0.02) ($0.55) ($0.41) ($0.13) ($0.05)
Weighted Average Diluted Shares Outstanding		 133.22M 137.99M 161.31M 172.14M 201.59M 192.13M 286.42M 302.29M 342.20M 321.20M 367.47M
Weighted Average Basic & Diluted Shares Outstanding		 113.40M 116.79M 126.38M 157.67M 180.25M 287.80M 288.67M 338.61M 346.72M 366.74M 366.74M

Annual Cash Flow Statements for D-Wave Quantum

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 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 13 -12 -2.42 34 137 457
Net Cash From Operating Activities		 -29 -35 -45 -61 -43 -72
Net Cash From Continuing Operating Activities		 -29 -35 -45 -61 -43 -72
Net Income / (Loss) Continuing Operations		 -22 -41 -54 -83 -144 -355
Consolidated Net Income / (Loss)		 -22 -41 -54 -83 -144 -355
Depreciation Expense		 1.89 1.53 1.42 1.05 1.11 1.56
Amortization Expense		 0.84 1.07 0.91 0.79 0.82 0.74
Non-Cash Adjustments To Reconcile Net Income		 -13 5.98 3.55 23 78 295
Changes in Operating Assets and Liabilities, net		 2.70 -2.39 2.51 -2.96 21 -15
Net Cash From Investing Activities		 -0.79 -2.00 -0.50 -0.63 -3.14 -251
Net Cash From Continuing Investing Activities		 -0.79 -2.00 -0.50 -0.63 -3.14 -251
Purchase of Property, Plant & Equipment		 -0.79 -2.00 -0.50 -0.63 -2.40 -4.31
Purchase of Investments		 - - - - 0.00 -248
Sale and/or Maturity of Investments		 - - - 0.00 0.25 0.00
Other Investing Activities, net		 - - - 0.00 -1.00 0.96
Net Cash From Financing Activities		 43 25 43 96 182 779
Net Cash From Continuing Financing Activities		 43 25 44 96 182 779
Repayment of Debt		 0.00 -0.03 -23 -2.26 -30 -0.66
Issuance of Debt		 0.00 0.11 20 29 0.00 0.41
Issuance of Common Equity		 0.00 0.00 44 64 215 778
Other Financing Activities, net		 0.01 25 2.73 4.72 -1.80 1.17
Effect of Exchange Rate Changes		 - 0.03 0.04 -0.12 0.01 1.34
Cash Interest Paid		 - - - 0.00 5.18 0.03

Quarterly Cash Flow Statements for D-Wave Quantum

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 46 -12 -14 14 -12 149 126 515 17 -201 -297
Net Cash From Operating Activities		 -17 -15 -12 -14 -18 2.02 -19 -15 -19 -18 -45
Net Cash From Continuing Operating Activities		 -17 -15 -12 -14 -18 2.02 -19 -15 -19 -18 -45
Net Income / (Loss) Continuing Operations		 -16 -16 -17 -18 -23 -86 -5.42 -167 -140 -42 -18
Consolidated Net Income / (Loss)		 -16 -16 -17 -18 -23 -86 -5.42 -167 -140 -42 -18
Depreciation Expense		 0.23 0.23 0.23 0.28 0.28 0.32 0.38 0.34 0.37 0.48 3.80
Amortization Expense		 0.16 0.22 0.20 0.20 0.17 0.26 0.18 0.17 0.20 0.20 0.35
Non-Cash Adjustments To Reconcile Net Income		 2.75 4.78 3.40 3.30 2.43 69 0.62 151 127 17 4.35
Changes in Operating Assets and Liabilities, net		 -3.89 -3.95 1.36 -0.47 1.76 18 -15 0.72 -6.59 6.22 -35
Net Cash From Investing Activities		 -0.10 -0.45 -1.21 -0.60 -0.37 -0.96 -0.50 0.14 -1.21 -250 -252
Net Cash From Continuing Investing Activities		 -0.10 -0.45 -1.21 -0.60 -0.37 -0.96 -0.50 0.14 -1.21 -250 -252
Purchase of Property, Plant & Equipment		 -0.10 -0.45 -0.37 -0.69 -0.37 -0.96 -0.50 -0.82 -1.21 -1.78 -1.24
Acquisitions		 - - -0.09 - - - 0.00 - - - -251
Net Cash From Financing Activities		 63 3.23 -0.73 29 7.01 148 146 529 37 67 -0.14
Net Cash From Continuing Financing Activities		 63 3.23 -0.73 29 7.01 148 146 529 37 67 -0.14
Repayment of Debt		 1.45 -1.87 - -0.37 -16 -14 0.00 - -0.25 -0.04 -0.03
Repurchase of Common Equity		 - - - - - - 0.00 - - - -0.20
Issuance of Common Equity		 46 2.55 0.00 30 23 162 146 528 40 64 0.00
Other Financing Activities, net		 0.72 2.55 -0.73 -0.58 -0.08 -0.41 -0.49 1.69 -2.96 2.93 0.09
Effect of Exchange Rate Changes		 - - 0.05 0.02 - - 0.50 0.79 0.10 -0.05 0.02
Cash Interest Paid		 - - - - - 0.88 0.00 - - 0.01 0.02

Annual Balance Sheets for D-Wave Quantum

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 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 29 27 59 200 916
Total Current Assets		 16 14 47 185 896
Cash & Equivalents		 9.48 7.07 41 178 635
Short-Term Investments		 - - - 0.00 249
Accounts Receivable		 0.42 0.76 1.65 1.42 1.59
Inventories, net		 2.11 2.20 2.08 1.69 2.78
Prepaid Expenses		 1.12 3.64 2.01 3.95 7.39
Plant, Property, & Equipment, net		 3.25 2.29 2.55 4.13 7.84
Total Noncurrent Assets		 10 11 9.76 11 12
Goodwill		 - - - - 0.00
Intangible Assets		 0.27 0.24 0.18 0.49 0.92
Other Noncurrent Operating Assets		 9.93 10 9.58 10 11
Total Liabilities & Shareholders' Equity		 29 27 59 200 916
Total Liabilities		 48 56 84 137 64
Total Current Liabilities		 10 16 11 30 21
Short-Term Debt		 0.39 2.28 0.40 0.35 0.13
Accounts Payable		 2.11 3.76 1.47 0.82 0.95
Accrued Expenses		 3.59 6.69 5.34 8.78 16
Current Deferred Revenue		 2.67 1.78 2.67 19 2.78
Other Current Liabilities		 1.69 1.53 1.37 1.51 1.45
Total Noncurrent Liabilities		 37 40 73 107 42
Long-Term Debt		 30 31 64 30 36
Noncurrent Deferred Revenue		 0.05 0.01 0.08 0.67 0.56
Other Noncurrent Operating Liabilities		 7.01 9.19 8.66 76 6.05
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -18 -29 -24 63 852
Total Preferred & Common Equity		 -18 -29 -24 63 852
Total Common Equity		 -208 -29 -24 63 852
Common Stock		 149 381 469 700 1,843
Retained Earnings		 -347 -400 -483 -627 -982
Accumulated Other Comprehensive Income / (Loss)		 -10 -10 -11 -11 -9.02

Quarterly Balance Sheets for D-Wave Quantum

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 Q2 2025 Q3 2025 Q1 2026
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 6/30/2025 9/30/2025 3/31/2026
Total Assets		 34 27 25 70 49 62 50 326 844 866 1,200
Total Current Assets		 21 15 13 58 34 47 35 311 829 848 607
Cash & Equivalents		 14 8.99 7.51 53 27 41 29 304 819 836 338
Short-Term Investments		 - - - - - - - - - - 250
Accounts Receivable		 0.42 0.54 0.80 0.76 1.74 1.57 1.46 1.05 1.44 1.93 8.91
Inventories, net		 2.53 2.24 2.33 2.24 2.08 2.13 1.90 1.70 2.45 2.83 2.92
Prepaid Expenses		 4.55 3.14 2.20 1.87 2.57 2.35 2.45 3.80 5.34 7.15 6.89
Plant, Property, & Equipment, net		 2.54 2.04 1.79 1.88 2.91 3.21 3.41 4.00 4.50 5.61 15
Total Noncurrent Assets		 9.67 11 10 10 12 12 11 11 11 12 578
Goodwill		 - - - - - - - - - - 343
Intangible Assets		 0.26 0.23 0.21 0.20 0.30 0.41 0.44 0.53 0.59 0.80 215
Other Noncurrent Operating Assets		 9.41 10 10 9.91 12 11 11 10 9.97 11 20
Total Liabilities & Shareholders' Equity		 34 27 25 70 49 62 50 326 844 866 1,200
Total Liabilities		 38 58 76 85 86 83 66 118 149 195 76
Total Current Liabilities		 14 18 34 44 11 43 26 15 19 16 28
Short-Term Debt		 2.65 0.98 16 30 0.37 33 14 0.35 0.00 0.14 0.14
Accounts Payable		 2.49 5.61 4.11 1.54 1.04 1.17 0.70 1.02 1.19 0.99 1.71
Accrued Expenses		 5.32 9.86 11 9.60 6.01 5.04 6.57 6.56 12 9.50 15
Current Deferred Revenue		 1.67 1.83 2.83 2.18 2.00 2.59 2.91 5.55 4.91 3.39 9.50
Other Current Liabilities		 1.46 - - - 1.45 1.48 1.58 1.53 1.60 1.49 1.55
Total Noncurrent Liabilities		 24 40 43 42 75 40 41 103 130 180 47
Long-Term Debt		 13 31 32 33 63 31 32 30 32 32 35
Noncurrent Deferred Revenue		 0.00 0.01 0.12 0.09 0.40 0.03 0.06 0.70 0.65 0.63 2.08
Other Noncurrent Operating Liabilities		 12 8.42 11 8.86 11 8.90 8.58 72 97 147 9.70
Commitments & Contingencies		 0.00 0.00 0.00 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 -17 207 694 671 1,124
Total Preferred & Common Equity		 -4.27 -31 -52 -15 -37 -22 -17 207 694 671 1,124
Total Common Equity		 -4.27 -31 -52 -15 -37 -22 -17 207 694 671 1,124
Common Stock		 370 405 410 462 474 507 535 850 1,503 1,619 2,134
Retained Earnings		 -364 -425 -451 -467 -500 -518 -541 -632 -800 -940 -1,000
Accumulated Other Comprehensive Income / (Loss)		 -10 -10 -10 -10 -10 -10 -11 -10 -9.23 -9.13 -9.16

Annual Metrics And Ratios for D-Wave Quantum

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

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - -
Revenue Growth		 0.00% 21.69% 14.24% 22.10% 0.79% 178.54%
EBITDA Growth		 0.00% -98.04% -38.04% -64.85% -72.63% -165.01%
EBIT Growth		 0.00% -84.51% -34.74% -60.96% -71.12% -163.03%
NOPAT Growth		 0.00% -23.77% -52.66% -35.47% 4.13% -29.97%
Net Income Growth		 0.00% -86.52% -31.07% -54.03% -73.95% -146.78%
EPS Growth		 0.00% -94.12% -36.36% -33.33% -25.00% -48.00%
Operating Cash Flow Growth		 0.00% -18.82% -29.96% -34.10% 29.69% -68.80%
Free Cash Flow Firm Growth		 0.00% 0.00% -18.40% -62.35% 150.52% -642.75%
Invested Capital Growth		 0.00% 0.00% -207.29% 49.98% -5,413.84% 104.37%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 6.21% -6.33% 1.83%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% -0.69% -92.60% 5.98%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% -0.24% -90.53% 5.92%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% 5.18% -5.02% -17.03%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% 2.58% -94.92% 10.97%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 13.04% -92.31% 21.28%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% -8.92% -6.78% 28.21% -39.52%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 151.54% -316.56%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 71.54% -79,954.72% 102.78%
Profitability Metrics		 - - - - - -
Gross Margin		 82.27% 72.13% 59.25% 52.77% 63.02% 82.59%
EBITDA Margin		 -347.60% -565.71% -683.59% -922.96% -1,580.89% -1,515.84%
Operating Margin		 -609.83% -620.29% -828.91% -919.68% -874.85% -408.22%
EBIT Margin		 -400.43% -607.15% -716.12% -944.03% -1,602.78% -1,525.22%
Profit (Net Income) Margin		 -425.72% -652.54% -748.67% -944.45% -1,629.99% -1,444.10%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 106.32% 107.48% 104.55% 100.04% 101.70% 94.68%
Effective Tax Rate		 0.00% 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% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -2,030.42% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 2,347.65% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 0.00% 446.43% 224.61% 306.67% -753.98% -77.62%
Cash Return on Invested Capital (CROIC)		 0.00% -2,101.23% 0.00% 0.00% 0.00% -4,283.27%
Operating Return on Assets (OROA)		 0.00% -129.37% -182.10% -191.60% -109.16% -67.23%
Return on Assets (ROA)		 0.00% -139.04% -190.38% -191.69% -111.01% -63.65%
Return on Common Equity (ROCE)		 0.00% 5,064.42% 1,116.47% 306.67% -753.98% -77.62%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 223.21% 182.27% 337.87% -229.67% 0.00%
Net Operating Profit after Tax (NOPAT)		 -22 -27 -42 -56 -54 -70
NOPAT Margin		 -426.88% -434.20% -580.24% -643.78% -612.39% -285.75%
Net Nonoperating Expense Percent (NNEP)		 0.00% 129.19% 50.75% 106.77% -144.22% -57.19%
Return On Investment Capital (ROIC_SIMPLE)		 - - - -141.78% -58.05% -7.91%
Cost of Revenue to Revenue		 17.73% 27.87% 40.75% 47.23% 36.98% 17.41%
SG&A Expenses to Revenue		 224.55% 189.47% 300.28% 422.63% 367.30% 167.51%
R&D to Revenue		 395.56% 404.54% 447.53% 432.50% 399.91% 206.34%
Operating Expenses to Revenue		 692.09% 692.42% 888.16% 972.46% 937.87% 490.80%
Earnings before Interest and Taxes (EBIT)		 -21 -38 -51 -83 -141 -375
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -18 -36 -49 -81 -140 -373
Valuation Ratios		 - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.00 24.17 10.64
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 24.36 10.65
Price to Revenue (P/Rev)		 0.00 0.00 12.67 11.40 171.53 368.76
Price to Earnings (P/E)		 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%
Earnings Yield		 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 2,216.33
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 16.35 14.02 154.82 334.25
Enterprise Value to EBITDA (EV/EBITDA)		 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
Enterprise Value to NOPAT (EV/NOPAT)		 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
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 46.70 0.00
Leverage & Solvency		 - - - - - -
Debt to Equity		 0.00 -1.67 -1.14 -2.62 0.49 0.04
Long-Term Debt to Equity		 0.00 -1.65 -1.06 -2.61 0.48 0.04
Financial Leverage		 0.00 -1.16 -1.00 -0.91 -3.26 -1.09
Leverage Ratio		 0.00 -1.61 -1.18 -1.60 6.79 1.22
Compound Leverage Factor		 0.00 -1.73 -1.23 -1.60 6.91 1.15
Debt to Total Capital		 0.00% 248.62% 838.79% 161.56% 32.73% 4.05%
Short-Term Debt to Total Capital		 0.00% 3.18% 57.25% 1.00% 0.37% 0.02%
Long-Term Debt to Total Capital		 0.00% 245.44% 781.54% 160.56% 32.35% 4.03%
Preferred Equity to Total Capital		 0.00% 1,537.37% 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%
Common Equity to Total Capital		 0.00% -1,685.99% -738.79% -61.56% 67.27% 95.95%
Debt to EBITDA		 0.00 -0.86 -0.68 -0.79 -0.22 -0.10
Net Debt to EBITDA		 0.00 -0.60 -0.54 -0.28 1.06 2.28
Long-Term Debt to EBITDA		 0.00 -0.85 -0.64 -0.79 -0.22 -0.10
Debt to NOPAT		 0.00 -1.13 -0.80 -1.14 -0.56 -0.51
Net Debt to NOPAT		 0.00 -0.78 -0.63 -0.41 2.73 12.08
Long-Term Debt to NOPAT		 0.00 -1.11 -0.75 -1.13 -0.56 -0.51
Altman Z-Score		 0.00 0.00 -25.95 -14.40 0.87 83.88
Noncontrolling Interest Sharing Ratio		 0.00% -1,034.44% -397.08% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - -
Current Ratio		 0.00 1.53 0.87 4.18 6.14 42.38
Quick Ratio		 0.00 0.95 0.49 3.82 5.95 41.90
Cash Flow Metrics		 - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -30 -36 -58 29 -159
Operating Cash Flow to CapEx		 -3,711.91% -1,740.87% -9,081.53% -9,626.83% -1,780.50% -1,671.28%
Free Cash Flow to Firm to Interest Expense		 0.00 -7.51 -15.28 -1,565.41 7.51 -39.58
Operating Cash Flow to Interest Expense		 -22.44 -8.67 -19.37 -1,639.16 -10.94 -17.94
Operating Cash Flow Less CapEx to Interest Expense		 -23.05 -9.17 -19.58 -1,656.19 -11.56 -19.01
Efficiency Ratios		 - - - - - -
Asset Turnover		 0.00 0.21 0.25 0.20 0.07 0.04
Accounts Receivable Turnover		 0.00 14.91 12.18 7.27 5.75 16.35
Inventory Turnover		 0.00 0.83 1.36 1.94 1.73 1.92
Fixed Asset Turnover		 0.00 1.93 2.59 3.62 2.64 4.11
Accounts Payable Turnover		 0.00 0.83 1.00 1.58 2.86 4.85
Days Sales Outstanding (DSO)		 0.00 24.47 29.97 50.20 63.51 22.32
Days Inventory Outstanding (DIO)		 0.00 440.92 269.10 188.59 210.46 190.22
Days Payable Outstanding (DPO)		 0.00 439.88 366.19 230.38 127.48 75.24
Cash Conversion Cycle (CCC)		 0.00 25.52 -67.12 8.41 146.49 137.29
Capital & Investment Metrics		 - - - - - -
Invested Capital		 0.00 2.87 -3.08 -1.54 -85 3.71
Invested Capital Turnover		 0.00 4.38 -68.64 -3.79 -0.20 -0.61
Increase / (Decrease) in Invested Capital		 0.00 2.87 -5.95 1.54 -83 89
Enterprise Value (EV)		 0.00 0.00 117 123 1,367 8,218
Market Capitalization		 0.00 0.00 91 100 1,514 9,067
Book Value per Share		 $0.00 ($1.66) ($0.47) ($0.22) $0.35 $2.46
Tangible Book Value per Share		 $0.00 ($1.66) ($0.47) ($0.22) $0.34 $2.46
Total Capital		 0.00 12 3.99 40 93 888
Total Debt		 0.00 31 33 64 30 36
Total Long-Term Debt		 0.00 30 31 64 30 36
Net Debt		 0.00 21 26 23 -148 -849
Capital Expenditures (CapEx)		 0.79 2.00 0.50 0.63 2.40 4.31
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 -3.52 -6.90 -5.11 -23 -9.26
Debt-free Net Working Capital (DFNWC)		 0.00 5.96 0.17 36 155 875
Net Working Capital (NWC)		 0.00 5.57 -2.12 36 155 875
Net Nonoperating Expense (NNE)		 -0.06 14 12 26 90 285
Net Nonoperating Obligations (NNO)		 0.00 21 26 23 -148 -849
Total Depreciation and Amortization (D&A)		 2.73 2.60 2.33 1.85 1.93 2.31
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -56.09% -96.15% -58.37% -257.58% -37.67%
Debt-free Net Working Capital to Revenue		 0.00% 94.94% 2.34% 413.28% 1,758.73% 3,559.68%
Net Working Capital to Revenue		 0.00% 88.68% -29.49% 408.72% 1,754.79% 3,559.13%
Earnings Adjustments		 - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 ($0.60) ($0.75) ($1.11)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 137.99M 192.13M 321.20M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 ($0.60) ($0.75) ($1.11)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 137.99M 192.13M 321.20M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $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 366.74M
Normalized Net Operating Profit after Tax (NOPAT)		 -22 -27 -42 -56 -54 -70
Normalized NOPAT Margin		 -426.88% -434.20% -580.24% -643.78% -612.39% -285.75%
Pre Tax Income Margin		 -425.72% -652.54% -748.67% -944.45% -1,629.99% -1,444.10%
Debt Service Ratios		 - - - - - -
EBIT to Interest Expense		 -15.83 -9.50 -22.00 -2,234.54 -36.30 -93.45
NOPAT to Interest Expense		 -16.88 -6.79 -17.82 -1,523.84 -13.87 -17.51
EBIT Less CapEx to Interest Expense		 -16.44 -10.00 -22.21 -2,251.57 -36.92 -94.52
NOPAT Less CapEx to Interest Expense		 -17.48 -7.29 -18.04 -1,540.87 -14.49 -18.58
Payout Ratios		 - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 -2.47% 0.00% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for D-Wave Quantum

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 366,737,601.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 366,737,601.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - -0.05
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 51.15% 21.39% 55.72% 27.89% -27.01% -20.54% 508.56% 41.78% 99.95% 19.19% -80.95%
EBITDA Growth		 -37.92% -3.29% 26.41% 36.43% -43.48% -390.27% 73.33% -942.59% -564.64% 28.78% -546.75%
EBIT Growth		 -36.80% -1.11% 26.30% 35.73% -42.82% -381.26% 70.87% -915.27% -553.39% 28.47% -553.67%
NOPAT Growth		 -21.39% 21.00% 29.06% 9.89% -12.11% -22.31% 35.54% -40.68% -34.41% -72.20% -384.70%
Net Income Growth		 -38.25% 12.02% 29.07% 32.12% -41.02% -437.51% 68.69% -841.21% -516.35% 50.83% -238.63%
EPS Growth		 -20.00% 56.25% 45.00% 52.38% 8.33% -514.29% 81.82% -450.00% -272.73% 69.77% -150.00%
Operating Cash Flow Growth		 -31.36% -35.38% 10.72% 6.48% -7.16% 113.68% -59.08% -5.65% -5.38% -1,010.86% -133.21%
Free Cash Flow Firm Growth		 -30.13% 0.00% -86.04% -30,243.21% -93.01% 627.21% 407.90% 393.56% 677.11% -263.33% -1,276.29%
Invested Capital Growth		 -96.40% 49.98% 88.29% 115.80% 98.04% -5,413.84% -7,699.41% -5,438.52% -125,823.58% 104.37% 962.95%
Revenue Q/Q Growth		 50.09% 13.43% -15.18% -11.44% -14.34% 23.48% 549.68% -79.37% 20.81% -26.40% 3.85%
EBITDA Q/Q Growth		 41.58% -18.16% 3.28% 8.18% -31.87% -303.75% 94.54% -3,489.32% 15.93% 56.18% 18.43%
EBIT Q/Q Growth		 41.16% -18.10% 3.29% 7.69% -30.76% -297.97% 93.94% -3,117.00% 15.85% 55.88% 12.63%
NOPAT Q/Q Growth		 11.96% 10.13% -5.89% -7.55% -9.54% 1.96% 44.19% -134.72% -4.66% -25.61% -57.09%
Net Income Q/Q Growth		 38.50% 0.57% -8.11% -2.69% -27.75% -278.99% 93.70% -2,986.68% 16.34% 69.76% 56.63%
EPS Q/Q Growth		 42.86% 41.67% -57.14% 9.09% -10.00% -290.91% 95.35% -2,650.00% 25.45% 68.29% 61.54%
Operating Cash Flow Q/Q Growth		 -9.02% 12.61% 17.78% -19.38% -24.92% 111.16% -1,055.83% 20.71% -24.59% 3.53% -144.72%
Free Cash Flow Firm Q/Q Growth		 -11,982.58% -28.21% -42.28% -39.06% 23.92% 450.23% -16.91% 32.58% 49.58% -199.12% -498.43%
Invested Capital Q/Q Growth		 50.95% 71.54% 44.83% 305.18% -106.09% -79,954.72% 21.97% -40.44% -43.53% 102.78% 15,310.46%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 59.68% 67.69% 67.30% 63.58% 55.78% 63.79% 92.51% 63.84% 71.38% 64.83% 63.61%
EBITDA Margin		 -573.30% -597.21% -706.04% -732.07% -1,126.95% -3,684.97% -30.94% -5,383.39% -3,746.11% -2,230.16% -1,751.75%
Operating Margin		 -718.46% -569.24% -710.59% -862.99% -1,103.53% -876.22% -75.27% -856.28% -741.80% -1,265.95% -1,914.87%
EBIT Margin		 -588.25% -612.49% -723.41% -754.05% -1,151.02% -3,709.83% -34.63% -5,399.77% -3,761.30% -2,254.80% -1,896.96%
Profit (Net Income) Margin		 -628.65% -551.07% -702.31% -814.38% -1,214.55% -3,727.89% -36.14% -5,406.43% -3,743.94% -1,538.01% -642.30%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 39.22%
Interest Burden Percent		 106.87% 89.97% 97.08% 108.00% 105.52% 100.49% 104.35% 100.12% 99.54% 68.21% 86.34%
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% -66.03%
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% -70.86%
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% 43.98%
Return on Equity (ROE)		 875.92% 306.67% 223.67% 184.02% 460.86% -753.98% -154.89% -83.70% -122.03% -77.62% -22.06%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% -3,598.09% 0.00% 0.00% 0.00% 0.00% 0.00% -4,283.27% -129.20%
Operating Return on Assets (OROA)		 -93.43% -124.31% -183.36% -175.92% -181.18% -252.67% -3.95% -265.69% -198.42% -99.38% -30.95%
Return on Assets (ROA)		 -99.85% -111.84% -178.02% -190.00% -191.18% -253.90% -4.13% -266.02% -197.50% -67.79% -10.48%
Return on Common Equity (ROCE)		 875.92% 306.67% 223.67% 184.02% 460.86% -753.98% -154.89% -83.70% -122.03% -77.62% -22.06%
Return on Equity Simple (ROE_SIMPLE)		 561.56% 0.00% 204.62% 312.40% 436.39% 0.00% -63.64% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -13 -12 -12 -13 -14 -14 -7.90 -19 -19 -24 -38
NOPAT Margin		 -502.92% -398.47% -497.41% -604.09% -772.47% -613.36% -52.69% -599.40% -519.26% -886.17% -1,340.41%
Net Nonoperating Expense Percent (NNEP)		 57.39% 17.98% 16.97% 14.40% 62.34% -115.47% 2.09% -38.95% -30.63% -3.60% 4.83%
Return On Investment Capital (ROIC_SIMPLE)		 - -29.12% - - - -15.21% -3.32% -2.55% -2.76% -2.75% -3.30%
Cost of Revenue to Revenue		 40.32% 32.31% 32.70% 36.42% 44.22% 36.21% 7.49% 36.16% 28.62% 35.17% 36.39%
SG&A Expenses to Revenue		 312.37% 280.08% 306.94% 342.24% 495.13% 351.93% 53.04% 295.67% 250.95% 533.98% 709.41%
R&D to Revenue		 369.20% 273.78% 345.84% 382.73% 463.53% 422.35% 68.58% 410.15% 376.44% 496.98% 902.48%
Operating Expenses to Revenue		 778.14% 636.92% 777.89% 926.57% 1,159.30% 940.02% 167.78% 920.13% 813.19% 1,330.78% 1,978.48%
Earnings before Interest and Taxes (EBIT)		 -15 -18 -18 -16 -22 -86 -5.20 -167 -141 -62 -54
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -15 -17 -17 -16 -21 -85 -4.64 -167 -140 -61 -50
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.00 0.00 24.17 10.55 6.09 12.48 10.64 4.71
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 24.36 10.57 6.09 12.49 10.65 9.34
Price to Revenue (P/Rev)		 11.57 11.40 24.72 14.24 16.44 171.53 102.39 189.73 346.54 368.76 425.27
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 96.06 0.00 0.00 0.00 0.00 0.00 2,216.33 8.29
Enterprise Value to Revenue (EV/Rev)		 12.75 14.02 28.46 16.54 18.23 154.82 89.58 154.39 313.24 334.25 380.84
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 46.70 122.13 86.67 103.12 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 -4.17 -2.62 -1.72 -2.98 -2.72 0.49 0.15 0.05 0.05 0.04 0.03
Long-Term Debt to Equity		 -2.17 -2.61 -1.71 -1.46 -1.89 0.48 0.15 0.05 0.05 0.04 0.03
Financial Leverage		 -0.58 -0.91 -0.88 -0.87 -0.83 -3.26 -1.39 -1.14 -1.20 -1.09 -0.62
Leverage Ratio		 -5.36 -1.60 -1.12 -1.19 -3.74 6.79 2.20 1.35 1.40 1.22 1.15
Compound Leverage Factor		 -5.72 -1.44 -1.09 -1.28 -3.94 6.82 2.29 1.35 1.39 0.83 0.99
Debt to Total Capital		 131.56% 161.56% 239.70% 150.50% 157.99% 32.73% 12.90% 4.41% 4.58% 4.05% 3.07%
Short-Term Debt to Total Capital		 63.03% 1.00% 1.39% 76.68% 48.24% 0.37% 0.15% 0.00% 0.02% 0.02% 0.01%
Long-Term Debt to Total Capital		 68.52% 160.56% 238.30% 73.82% 109.75% 32.35% 12.75% 4.41% 4.56% 4.03% 3.05%
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		 -31.56% -61.56% -139.70% -50.50% -57.99% 67.27% 87.10% 95.59% 95.42% 95.95% 96.93%
Debt to EBITDA		 -0.79 -0.79 -0.84 -0.97 -0.64 -0.22 -0.24 -0.12 -0.08 -0.10 -0.09
Net Debt to EBITDA		 -0.12 -0.28 -0.48 -0.35 -0.23 1.06 2.16 2.84 2.03 2.28 1.33
Long-Term Debt to EBITDA		 -0.41 -0.79 -0.84 -0.48 -0.44 -0.22 -0.24 -0.12 -0.08 -0.10 -0.09
Debt to NOPAT		 -1.06 -1.14 -1.23 -1.28 -0.90 -0.56 -0.62 -0.58 -0.54 -0.51 -0.35
Net Debt to NOPAT		 -0.16 -0.41 -0.70 -0.47 -0.33 2.73 5.51 14.30 13.39 12.08 5.49
Long-Term Debt to NOPAT		 -0.55 -1.13 -1.23 -0.63 -0.62 -0.56 -0.61 -0.58 -0.53 -0.51 -0.35
Altman Z-Score		 -8.99 -10.80 -13.19 -11.34 -14.90 1.79 9.49 16.18 24.84 85.01 41.29
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.34 4.18 3.10 1.09 1.36 6.14 20.73 42.99 54.68 42.38 21.41
Quick Ratio		 1.24 3.82 2.67 0.99 1.19 5.95 20.36 42.58 54.03 41.90 21.06
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -10 -13 -19 -26 -20 69 57 76 114 -113 -676
Operating Cash Flow to CapEx		 -17,387.63% -3,246.48% -3,257.80% -2,093.78% -4,897.83% 209.45% -3,871.29% -1,868.70% -1,573.97% -1,031.56% -3,614.15%
Free Cash Flow to Firm to Interest Expense		 -9.88 0.00 -16.37 -22.37 -16.73 165.84 254.27 369.84 566.95 -33.42 -2,609.83
Operating Cash Flow to Interest Expense		 -16.30 0.00 -10.63 -12.47 -15.32 4.84 -85.31 -74.20 -94.75 -5.44 -173.59
Operating Cash Flow Less CapEx to Interest Expense		 -16.39 0.00 -10.96 -13.07 -15.63 2.53 -87.51 -78.17 -100.77 -5.96 -178.39
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.16 0.20 0.25 0.23 0.16 0.07 0.11 0.05 0.05 0.04 0.02
Accounts Receivable Turnover		 13.95 7.27 8.47 8.53 8.49 5.75 15.36 14.79 14.27 16.35 2.50
Inventory Turnover		 1.77 1.94 1.75 1.61 1.62 1.73 1.89 1.71 1.75 1.92 1.82
Fixed Asset Turnover		 3.73 3.62 3.89 4.04 3.56 2.64 6.19 5.77 5.35 4.11 1.31
Accounts Payable Turnover		 2.10 1.58 1.14 1.35 3.01 2.86 3.48 3.31 4.92 4.85 3.08
Days Sales Outstanding (DSO)		 26.16 50.20 43.11 42.81 42.97 63.51 23.77 24.68 25.57 22.32 146.04
Days Inventory Outstanding (DIO)		 206.10 188.59 208.52 227.35 224.78 210.46 192.64 213.71 208.23 190.22 200.76
Days Payable Outstanding (DPO)		 173.78 230.38 320.82 269.38 121.25 127.48 104.85 110.17 74.25 75.24 118.62
Cash Conversion Cycle (CCC)		 58.48 8.41 -69.19 0.77 146.50 146.49 111.55 128.22 159.55 137.29 228.18
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -5.41 -1.54 -0.85 1.74 -0.11 -85 -66 -93 -133 3.71 571
Invested Capital Turnover		 -2.02 -3.79 -2.38 -2.18 -3.42 -0.20 -0.64 -0.49 -0.36 -0.61 0.05
Increase / (Decrease) in Invested Capital		 -2.65 1.54 6.40 13 5.30 -83 -65 -95 -133 89 638
Enterprise Value (EV)		 105 123 274 167 172 1,367 1,914 3,439 7,563 8,218 4,739
Market Capitalization		 95 100 238 144 155 1,514 2,187 4,226 8,367 9,067 5,292
Book Value per Share		 ($0.15) ($0.22) ($0.32) ($0.17) ($0.11) $0.35 $0.72 $2.41 $1.98 $2.46 $3.07
Tangible Book Value per Share		 ($0.15) ($0.22) ($0.32) ($0.17) ($0.11) $0.34 $0.72 $2.40 $1.98 $2.46 $1.54
Total Capital		 48 40 26 43 29 93 238 726 703 888 1,160
Total Debt		 63 64 63 64 46 30 31 32 32 36 36
Total Long-Term Debt		 33 64 63 31 32 30 30 32 32 36 35
Net Debt		 9.71 23 36 23 17 -148 -274 -787 -804 -849 -553
Capital Expenditures (CapEx)		 0.10 0.45 0.37 0.69 0.37 0.96 0.50 0.82 1.21 1.78 1.24
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -8.45 -5.11 -4.11 -4.23 -5.95 -23 -8.11 -10 -3.46 -9.26 -9.50
Debt-free Net Working Capital (DFNWC)		 45 36 23 37 23 155 296 809 833 875 579
Net Working Capital (NWC)		 15 36 23 3.97 9.25 155 296 809 833 875 579
Net Nonoperating Expense (NNE)		 3.22 4.43 5.05 4.59 8.27 72 -2.48 149 121 18 -20
Net Nonoperating Obligations (NNO)		 9.71 23 36 23 17 -148 -274 -787 -804 -849 -553
Total Depreciation and Amortization (D&A)		 0.38 0.44 0.43 0.48 0.45 0.57 0.55 0.51 0.57 0.68 4.15
Debt-free, Cash-free Net Working Capital to Revenue		 -102.41% -58.37% -42.61% -41.81% -63.17% -257.58% -37.95% -45.10% -14.33% -37.67% -76.36%
Debt-free Net Working Capital to Revenue		 544.17% 413.28% 240.62% 362.11% 247.46% 1,758.73% 1,386.57% 3,633.07% 3,449.18% 3,559.68% 4,651.98%
Net Working Capital to Revenue		 177.94% 408.72% 236.79% 39.20% 98.16% 1,754.79% 1,384.95% 3,633.07% 3,448.59% 3,559.13% 4,650.86%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($0.07) ($0.11) ($0.10) ($0.11) ($0.43) ($0.02) ($0.55) ($0.41) ($0.13) ($0.05)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 137.99M 161.31M 172.14M 201.59M 192.13M 286.42M 302.29M 342.20M 321.20M 367.47M
Adjusted Diluted Earnings per Share		 $0.00 ($0.07) ($0.11) ($0.10) ($0.11) ($0.43) ($0.02) ($0.55) ($0.41) ($0.13) ($0.05)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 137.99M 161.31M 172.14M 201.59M 192.13M 286.42M 302.29M 342.20M 321.20M 367.47M
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		 0.00 116.79M 126.38M 157.67M 180.25M 287.80M 288.67M 338.61M 346.72M 366.74M 366.74M
Normalized Net Operating Profit after Tax (NOPAT)		 -13 -12 -12 -13 -14 -14 -7.90 -19 -19 -24 -38
Normalized NOPAT Margin		 -502.92% -398.47% -497.41% -604.09% -772.47% -613.36% -52.69% -599.40% -519.26% -886.17% -1,340.41%
Pre Tax Income Margin		 -628.65% -551.07% -702.31% -814.38% -1,214.55% -3,727.89% -36.14% -5,406.43% -3,743.94% -1,538.01% -1,637.82%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -14.56 0.00 -15.64 -14.19 -18.24 -205.42 -22.99 -811.28 -699.68 -18.36 -209.32
NOPAT to Interest Expense		 -12.45 0.00 -10.76 -11.37 -12.24 -33.96 -34.97 -90.06 -96.59 -7.22 -147.91
EBIT Less CapEx to Interest Expense		 -14.66 0.00 -15.97 -14.79 -18.55 -207.73 -25.19 -815.25 -705.70 -18.89 -214.13
NOPAT Less CapEx to Interest Expense		 -12.54 0.00 -11.08 -11.96 -12.55 -36.27 -37.18 -94.03 -102.61 -7.74 -152.71
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%

Financials Breakdown Chart

Key Financial Trends

Below is a concise, numbers-focused look at D-Wave Quantum (QBTS) across the last four calendar years, based on the quarterly income statements, cash flow statements, and balance sheets provided. The goal is to highlight where the company is showing strength, where it remains challenged, and how liquidity is being managed through equity financing versus operating results.

  • Healthy gross margins in late 2025: In Q4 2025, operating revenue was 2,752,000 and total gross profit was 1,784,000, implying a gross margin of about 65%. In Q3 2025, gross margin was even higher (about 71%), indicating the core product/service profitability remains solid even as operating expenses rise.
  • Very large cash balance observed in 2025 Q3: Cash & equivalents totaled 836,231,000 at Q3 2025, providing a substantial liquidity runway despite ongoing losses.
  • Significant equity financing/issuances in 2025: The company raised cash via equity issuances in 2025, including about 39.9 million in Q3 2025 and 64.2 million in Q4 2025, bolstering liquidity as operating losses persist.
  • Financing activity supports liquidity in multiple quarters: Net cash from continuing financing activities was positive in several periods (e.g., Q3 2025 and Q4 2025), helping offset ongoing cash burn from operations.
  • Strong equity cushion on the balance sheet: As of Q3 2025, Total Equity was about 670.6 million versus Total Liabilities of roughly 195.3 million, indicating a solid equity base relative to debt and obligations.
  • Substantial asset base alongside modest leverage in late 2025: Total Assets were around 865.8 million in Q3 2025, with long-term debt around 32 million and total liabilities near 195 million, suggesting a conservative debt profile relative to assets and equity.
  • Revenue growth is uneven over four years: Revenue trends show growth from 2022 into 2023, then a dip in 2024 and uneven progress in 2025, indicating volatility in top-line performance rather than a clear, sustained upward trajectory.
  • Cash flow from operations is mixed: Net cash from continuing operating activities has been negative in several quarters, meaning the company often burns cash from core operations even when gross margins look healthy.
  • Persistent net losses weigh on earnings: Net income (to common shareholders) remained negative across periods, with significant quarterly losses such as -139.986 million in Q3 2025 and -40.837 million in Q4 2025, underscoring ongoing profitability challenges.
  • Operating expenses outpace gross profit in late 2025: In Q4 2025, SG&A was 14.695 million and R&D was 13.677 million, with total operating expenses of 36.623 million, contributing to a negative operating income of -34.839 million for that quarter and pressuring cash flow.
05/30/26 07:09 PM ETAI Generated. May Contain Errors.

D-Wave Quantum Financials - Frequently Asked Questions

According to the most recent income statement we have on file, D-Wave Quantum's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

D-Wave Quantum's net income appears to be on an upward trend, with a most recent value of -$355.06 million in 2025, rising from -$21.97 million in 2020. The previous period was -$143.88 million in 2024. Check out D-Wave Quantum's forecast to explore projected trends and price targets.

D-Wave Quantum's total operating income in 2025 was -$100.37 million, based on the following breakdown:
  • Total Gross Profit: $20.31 million
  • Total Operating Expenses: $120.67 million

Over the last 5 years, D-Wave Quantum's total revenue changed from $5.16 million in 2020 to $24.59 million in 2025, a change of 376.5%.

D-Wave Quantum's total liabilities were at $63.58 million at the end of 2025, a 53.7% decrease from 2024, and a 33.0% increase since 2021.

In the past 4 years, D-Wave Quantum's cash and equivalents has ranged from $7.07 million in 2022 to $635.35 million in 2025, and is currently $635.35 million as of their latest financial filing in 2025.

Over the last 5 years, D-Wave Quantum's book value per share changed from 0.00 in 2020 to 2.46 in 2025, a change of 245.8%.


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Financial statements for NYSE:QBTS last updated on 5/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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