D-Wave Quantum (QBTS) Financials

$22.65 +0.66 (+2.99%)

Closing price 05/8/2026 03:58 PM Eastern

Extended Trading

$22.58 -0.07 (-0.30%)

As of 05/8/2026 07:59 PM 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	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

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	-26	-16	-16	-17	-18	-23	-86	-5.42	-167	-140	-41
Consolidated Net Income / (Loss)	-26	-16	-16	-17	-18	-23	-86	-5.42	-167	-140	-42
Net Income / (Loss) Continuing Operations	-26	-16	-16	-17	-18	-23	-86	-5.42	-167	-140	-42
Total Pre-Tax Income	-26	-16	-16	-17	-18	-23	-86	-5.42	-167	-140	-42
Total Operating Income	-21	-18	-17	-18	-19	-21	-20	-11	-27	-28	-35
Total Gross Profit	0.71	1.53	1.97	1.66	1.39	1.04	1.47	14	1.98	2.67	1.78
Total Revenue	1.71	2.56	2.91	2.47	2.18	1.87	2.31	15	3.10	3.74	2.75
Operating Revenue	1.71	2.56	2.91	2.47	2.18	1.87	2.31	15	3.10	3.74	2.75
Total Cost of Revenue	1.00	1.03	0.94	0.81	0.80	0.83	0.84	1.12	1.12	1.07	0.97
Operating Cost of Revenue	1.00	1.03	0.94	0.81	0.80	0.83	0.84	1.12	1.12	1.07	0.97
Total Operating Expenses	22	20	19	19	20	22	22	25	28	30	37
Selling, General & Admin Expense	9.58	8.00	8.14	7.57	7.47	9.26	8.13	7.96	9.15	9.38	15
Marketing Expense	2.49	2.47	2.41	3.08	4.40	3.75	3.83	6.92	6.63	6.95	8.25
Research & Development Expense	9.55	9.46	7.96	8.53	8.36	8.67	9.75	10	13	14	14
Total Other Income / (Expense), net	-5.28	2.30	0.53	0.20	1.06	-2.08	-66	5.87	-141	-112	-7.49
Interest Expense	0.58	1.04	-1.79	1.14	1.16	1.18	0.42	0.23	0.21	0.20	3.38
Interest & Investment Income	0.00	0.00	-	1.66	-0.16	-0.01	-	0.00	0.00	0.85	23
Other Income / (Expense), net	-4.71	3.34	-1.26	-0.32	2.38	-0.89	-65	6.10	-141	-113	-27
Basic Earnings per Share	($0.21)	($0.12)	($0.07)	($0.11)	($0.10)	($0.11)	($0.43)	($0.02)	($0.55)	($0.41)	($0.13)
Weighted Average Basic Shares Outstanding	127.34M	133.22M	137.99M	161.31M	172.14M	201.59M	192.13M	286.42M	302.29M	342.20M	321.20M
Diluted Earnings per Share	($0.21)	($0.12)	($0.07)	($0.11)	($0.10)	($0.11)	($0.43)	($0.02)	($0.55)	($0.41)	($0.13)
Weighted Average Diluted Shares Outstanding	127.34M	133.22M	137.99M	161.31M	172.14M	201.59M	192.13M	286.42M	302.29M	342.20M	321.20M
Weighted Average Basic & Diluted Shares Outstanding	98.90M	113.40M	116.79M	126.38M	157.67M	180.25M	287.80M	288.67M	338.61M	346.72M	366.74M

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

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	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
Net Change in Cash & Equivalents	-1.47	46	-12	-14	14	-12	149	126	515	17	-201
Net Cash From Operating Activities	-15	-17	-15	-12	-14	-18	2.02	-19	-15	-19	-18
Net Cash From Continuing Operating Activities	-15	-17	-15	-12	-14	-18	2.02	-19	-15	-19	-18
Net Income / (Loss) Continuing Operations	-26	-16	-16	-17	-18	-23	-86	-5.42	-167	-140	-42
Consolidated Net Income / (Loss)	-26	-16	-16	-17	-18	-23	-86	-5.42	-167	-140	-42
Depreciation Expense	0.26	0.23	0.23	0.23	0.28	0.28	0.32	0.38	0.34	0.37	0.48
Amortization Expense	0.21	0.16	0.22	0.20	0.20	0.17	0.26	0.18	0.17	0.20	0.20
Non-Cash Adjustments To Reconcile Net Income	9.26	2.75	4.78	3.40	3.30	2.43	69	0.60	151	127	17
Changes in Operating Assets and Liabilities, net	0.98	-3.89	-3.95	1.36	-0.47	1.76	18	-15	0.72	-6.59	6.22
Net Cash From Investing Activities	-0.00	-0.10	-0.45	-1.21	-0.60	-0.37	-0.96	-0.50	0.14	-1.21	-250
Net Cash From Continuing Investing Activities	-0.00	-0.10	-0.45	-1.21	-0.60	-0.37	-0.96	-0.50	0.14	-1.21	-250
Purchase of Property, Plant & Equipment	-0.02	-0.10	-0.45	-0.37	-0.69	-0.37	-0.96	-0.50	-0.82	-1.21	-1.78
Net Cash From Financing Activities	14	63	3.23	-0.73	29	7.01	148	146	529	37	67
Net Cash From Continuing Financing Activities	14	63	3.23	-0.73	29	7.01	148	146	529	37	67
Repayment of Debt	-0.95	1.45	-1.87	-	-0.37	-16	-14	-	-	-0.25	-0.04
Issuance of Common Equity	-	46	2.55	0.00	30	23	162	146	528	40	64
Other Financing Activities, net	0.66	0.72	2.55	-0.73	-0.58	-0.08	-0.41	-0.49	1.69	-2.96	2.93
Effect of Exchange Rate Changes	-0.07	-	-	0.05	0.02	-	-	0.50	0.79	0.10	-0.05
Cash Interest Paid	-	-	-	-	-	-	0.88	-	-	-	0.01

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
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

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

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%

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	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
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	24.51%	51.15%	21.39%	55.72%	27.89%	-27.01%	-20.54%	508.56%	41.78%	99.95%	19.19%
EBITDA Growth	-134.28%	-37.92%	-3.29%	26.41%	36.43%	-43.48%	-390.27%	73.33%	-942.59%	-564.64%	28.78%
EBIT Growth	-127.56%	-36.80%	-1.11%	26.30%	35.73%	-42.82%	-381.26%	70.87%	-915.27%	-553.39%	28.47%
NOPAT Growth	-68.56%	-21.39%	21.00%	29.06%	9.89%	-12.11%	-22.31%	35.54%	-40.68%	-34.41%	-72.20%
Net Income Growth	-112.97%	-38.25%	12.02%	29.07%	32.12%	-41.02%	-437.51%	68.69%	-841.21%	-516.35%	50.83%
EPS Growth	-110.00%	-20.00%	56.25%	45.00%	52.38%	8.33%	-514.29%	81.82%	-450.00%	-272.73%	69.77%
Operating Cash Flow Growth	-29.02%	-31.36%	-35.38%	10.72%	6.48%	-7.16%	113.68%	-59.08%	-5.65%	-5.38%	-1,010.86%
Free Cash Flow Firm Growth	100.70%	-30.13%	0.00%	-86.04%	-30,243.21%	-93.01%	627.21%	407.90%	393.56%	677.11%	-263.33%
Invested Capital Growth	-398.19%	-96.40%	49.98%	88.29%	115.80%	98.04%	-5,413.84%	-7,699.41%	-5,438.52%	-125,823.58%	104.37%
Revenue Q/Q Growth	7.83%	50.09%	13.43%	-15.18%	-11.44%	-14.34%	23.48%	549.68%	-79.37%	20.81%	-26.40%
EBITDA Q/Q Growth	-6.31%	41.58%	-18.16%	3.28%	8.18%	-31.87%	-303.75%	94.54%	-3,489.32%	15.93%	56.18%
EBIT Q/Q Growth	-5.87%	41.16%	-18.10%	3.29%	7.69%	-30.76%	-297.97%	93.94%	-3,117.00%	15.85%	55.88%
NOPAT Q/Q Growth	15.32%	11.96%	10.13%	-5.89%	-7.55%	-9.54%	1.96%	44.19%	-134.72%	-4.66%	-25.61%
Net Income Q/Q Growth	-7.31%	38.50%	0.57%	-8.11%	-2.69%	-27.75%	-278.99%	93.70%	-2,986.68%	16.34%	69.76%
EPS Q/Q Growth	-5.00%	42.86%	41.67%	-57.14%	9.09%	-10.00%	-290.91%	95.35%	-2,650.00%	25.45%	68.29%
Operating Cash Flow Q/Q Growth	-13.97%	-9.02%	12.61%	17.78%	-19.38%	-24.92%	111.16%	-1,055.83%	20.71%	-24.59%	3.53%
Free Cash Flow Firm Q/Q Growth	100.86%	-11,982.58%	-28.21%	-42.28%	-39.06%	23.92%	450.23%	-16.91%	32.58%	49.58%	-199.12%
Invested Capital Q/Q Growth	-52.03%	50.95%	71.54%	44.83%	305.18%	-106.09%	-79,954.72%	21.97%	-40.44%	-43.53%	102.78%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	41.30%	59.68%	67.69%	67.30%	63.58%	55.78%	63.79%	92.51%	63.84%	71.38%	64.83%
EBITDA Margin	-1,472.82%	-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%
Operating Margin	-1,224.78%	-718.46%	-569.24%	-710.59%	-862.99%	-1,103.53%	-876.22%	-75.27%	-856.28%	-741.80%	-1,265.95%
EBIT Margin	-1,500.53%	-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%
Profit (Net Income) Margin	-1,534.21%	-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%
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	102.24%	106.87%	89.97%	97.08%	108.00%	105.52%	100.49%	104.35%	100.12%	99.54%	68.21%
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)	224.64%	875.92%	306.67%	223.67%	184.02%	460.86%	-753.98%	-154.89%	-83.70%	-122.03%	-77.62%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	-3,598.09%	0.00%	0.00%	0.00%	0.00%	0.00%	-4,283.27%
Operating Return on Assets (OROA)	-365.46%	-93.43%	-124.31%	-183.36%	-175.92%	-181.18%	-252.67%	-3.95%	-265.69%	-198.42%	-99.38%
Return on Assets (ROA)	-373.67%	-99.85%	-111.84%	-178.02%	-190.00%	-191.18%	-253.90%	-4.13%	-266.02%	-197.50%	-67.79%
Return on Common Equity (ROCE)	820.17%	875.92%	306.67%	223.67%	184.02%	460.86%	-753.98%	-154.89%	-83.70%	-122.03%	-77.62%
Return on Equity Simple (ROE_SIMPLE)	156.11%	561.56%	0.00%	204.62%	312.40%	436.39%	0.00%	-63.64%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-15	-13	-12	-12	-13	-14	-14	-7.90	-19	-19	-24
NOPAT Margin	-857.35%	-502.92%	-398.47%	-497.41%	-604.09%	-772.47%	-613.36%	-52.69%	-599.40%	-519.26%	-886.17%
Net Nonoperating Expense Percent (NNEP)	35.94%	57.39%	17.98%	16.97%	14.40%	62.34%	-115.47%	2.09%	-38.95%	-30.63%	-3.60%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-29.12%	-	-	-	-15.21%	-3.32%	-2.55%	-2.76%	-2.75%
Cost of Revenue to Revenue	58.70%	40.32%	32.31%	32.70%	36.42%	44.22%	36.21%	7.49%	36.16%	28.62%	35.17%
SG&A Expenses to Revenue	560.98%	312.37%	280.08%	306.94%	342.24%	495.13%	351.93%	53.04%	295.67%	250.95%	533.98%
R&D to Revenue	559.34%	369.20%	273.78%	345.84%	382.73%	463.53%	422.35%	68.58%	410.15%	376.44%	496.98%
Operating Expenses to Revenue	1,266.08%	778.14%	636.92%	777.89%	926.57%	1,159.30%	940.02%	167.78%	920.13%	813.19%	1,330.78%
Earnings before Interest and Taxes (EBIT)	-26	-15	-18	-18	-16	-22	-86	-5.20	-167	-141	-62
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-25	-15	-17	-17	-16	-21	-85	-4.64	-167	-140	-61
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	24.17	10.55	6.09	12.48	10.64
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	24.36	10.57	6.09	12.49	10.65
Price to Revenue (P/Rev)	22.83	11.57	11.40	24.72	14.24	16.44	171.53	102.39	189.73	346.54	368.76
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	96.06	0.00	0.00	0.00	0.00	0.00	2,216.33
Enterprise Value to Revenue (EV/Rev)	28.32	12.75	14.02	28.46	16.54	18.23	154.82	89.58	154.39	313.24	334.25
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	46.70	122.13	86.67	103.12	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-0.93	-4.17	-2.62	-1.72	-2.98	-2.72	0.49	0.15	0.05	0.05	0.04
Long-Term Debt to Equity	-0.62	-2.17	-2.61	-1.71	-1.46	-1.89	0.48	0.15	0.05	0.05	0.04
Financial Leverage	-0.90	-0.58	-0.91	-0.88	-0.87	-0.83	-3.26	-1.39	-1.14	-1.20	-1.09
Leverage Ratio	-0.85	-5.36	-1.60	-1.12	-1.19	-3.74	6.79	2.20	1.35	1.40	1.22
Compound Leverage Factor	-0.87	-5.72	-1.44	-1.09	-1.28	-3.94	6.82	2.29	1.35	1.39	0.83
Debt to Total Capital	-1,368.12%	131.56%	161.56%	239.70%	150.50%	157.99%	32.73%	12.90%	4.41%	4.58%	4.05%
Short-Term Debt to Total Capital	-458.63%	63.03%	1.00%	1.39%	76.68%	48.24%	0.37%	0.15%	0.00%	0.02%	0.02%
Long-Term Debt to Total Capital	-909.49%	68.52%	160.56%	238.30%	73.82%	109.75%	32.35%	12.75%	4.41%	4.56%	4.03%
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	1,468.12%	-31.56%	-61.56%	-139.70%	-50.50%	-57.99%	67.27%	87.10%	95.59%	95.42%	95.95%
Debt to EBITDA	-0.63	-0.79	-0.79	-0.84	-0.97	-0.64	-0.22	-0.24	-0.12	-0.08	-0.10
Net Debt to EBITDA	-0.53	-0.12	-0.28	-0.48	-0.35	-0.23	1.06	2.16	2.84	2.03	2.28
Long-Term Debt to EBITDA	-0.42	-0.41	-0.79	-0.84	-0.48	-0.44	-0.22	-0.24	-0.12	-0.08	-0.10
Debt to NOPAT	-0.84	-1.06	-1.14	-1.23	-1.28	-0.90	-0.56	-0.62	-0.58	-0.54	-0.51
Net Debt to NOPAT	-0.71	-0.16	-0.41	-0.70	-0.47	-0.33	2.73	5.51	14.30	13.39	12.08
Long-Term Debt to NOPAT	-0.56	-0.55	-1.13	-1.23	-0.63	-0.62	-0.56	-0.61	-0.58	-0.53	-0.51
Altman Z-Score	-28.13	-8.99	-10.80	-13.19	-11.34	-14.90	1.79	9.49	16.18	24.84	85.01
Noncontrolling Interest Sharing Ratio	-265.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.38	1.34	4.18	3.10	1.09	1.36	6.14	20.73	42.99	54.68	42.38
Quick Ratio	0.25	1.24	3.82	2.67	0.99	1.19	5.95	20.36	42.58	54.03	41.90
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.09	-10	-13	-19	-26	-20	69	57	76	114	-113
Operating Cash Flow to CapEx	-103,133.33%	-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%
Free Cash Flow to Firm to Interest Expense	0.15	-9.88	0.00	-16.37	-22.37	-16.73	165.84	254.27	369.84	566.95	-33.42
Operating Cash Flow to Interest Expense	-26.90	-16.30	0.00	-10.63	-12.47	-15.32	4.84	-85.31	-74.20	-94.75	-5.44
Operating Cash Flow Less CapEx to Interest Expense	-26.93	-16.39	0.00	-10.96	-13.07	-15.63	2.53	-87.51	-78.17	-100.77	-5.96
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.24	0.16	0.20	0.25	0.23	0.16	0.07	0.11	0.05	0.05	0.04
Accounts Receivable Turnover	8.58	13.95	7.27	8.47	8.53	8.49	5.75	15.36	14.79	14.27	16.35
Inventory Turnover	1.72	1.77	1.94	1.75	1.61	1.62	1.73	1.89	1.71	1.75	1.92
Fixed Asset Turnover	3.23	3.73	3.62	3.89	4.04	3.56	2.64	6.19	5.77	5.35	4.11
Accounts Payable Turnover	1.17	2.10	1.58	1.14	1.35	3.01	2.86	3.48	3.31	4.92	4.85
Days Sales Outstanding (DSO)	42.56	26.16	50.20	43.11	42.81	42.97	63.51	23.77	24.68	25.57	22.32
Days Inventory Outstanding (DIO)	211.98	206.10	188.59	208.52	227.35	224.78	210.46	192.64	213.71	208.23	190.22
Days Payable Outstanding (DPO)	312.25	173.78	230.38	320.82	269.38	121.25	127.48	104.85	110.17	74.25	75.24
Cash Conversion Cycle (CCC)	-57.71	58.48	8.41	-69.19	0.77	146.50	146.49	111.55	128.22	159.55	137.29
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-11	-5.41	-1.54	-0.85	1.74	-0.11	-85	-66	-93	-133	3.71
Invested Capital Turnover	-2.01	-2.02	-3.79	-2.38	-2.18	-3.42	-0.20	-0.64	-0.49	-0.36	-0.61
Increase / (Decrease) in Invested Capital	-15	-2.65	1.54	6.40	13	5.30	-83	-65	-95	-133	89
Enterprise Value (EV)	209	105	123	274	167	172	1,367	1,914	3,439	7,563	8,218
Market Capitalization	168	95	100	238	144	155	1,514	2,187	4,226	8,367	9,067
Book Value per Share	($0.64)	($0.15)	($0.22)	($0.32)	($0.17)	($0.11)	$0.35	$0.72	$2.41	$1.98	$2.46
Tangible Book Value per Share	($0.64)	($0.15)	($0.22)	($0.32)	($0.17)	($0.11)	$0.34	$0.72	$2.40	$1.98	$2.46
Total Capital	-3.51	48	40	26	43	29	93	238	726	703	888
Total Debt	48	63	64	63	64	46	30	31	32	32	36
Total Long-Term Debt	32	33	64	63	31	32	30	30	32	32	36
Net Debt	41	9.71	23	36	23	17	-148	-274	-787	-804	-849
Capital Expenditures (CapEx)	0.02	0.10	0.45	0.37	0.69	0.37	0.96	0.50	0.82	1.21	1.78
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-12	-8.45	-5.11	-4.11	-4.23	-5.95	-23	-8.11	-10	-3.46	-9.26
Debt-free Net Working Capital (DFNWC)	-4.89	45	36	23	37	23	155	296	809	833	875
Net Working Capital (NWC)	-21	15	36	23	3.97	9.25	155	296	809	833	875
Net Nonoperating Expense (NNE)	12	3.22	4.43	5.05	4.59	8.27	72	-2.48	149	121	18
Net Nonoperating Obligations (NNO)	41	9.71	23	36	23	17	-148	-274	-787	-804	-849
Total Depreciation and Amortization (D&A)	0.47	0.38	0.44	0.43	0.48	0.45	0.57	0.55	0.51	0.57	0.68
Debt-free, Cash-free Net Working Capital to Revenue	-168.11%	-102.41%	-58.37%	-42.61%	-41.81%	-63.17%	-257.58%	-37.95%	-45.10%	-14.33%	-37.67%
Debt-free Net Working Capital to Revenue	-66.28%	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%
Net Working Capital to Revenue	-284.44%	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%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($0.07)	($0.11)	($0.10)	($0.11)	($0.43)	($0.02)	($0.55)	($0.41)	($0.13)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	137.99M	161.31M	172.14M	201.59M	192.13M	286.42M	302.29M	342.20M	321.20M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($0.07)	($0.11)	($0.10)	($0.11)	($0.43)	($0.02)	($0.55)	($0.41)	($0.13)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	137.99M	161.31M	172.14M	201.59M	192.13M	286.42M	302.29M	342.20M	321.20M
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	0.00	116.79M	126.38M	157.67M	180.25M	287.80M	288.67M	338.61M	346.72M	366.74M
Normalized Net Operating Profit after Tax (NOPAT)	-15	-13	-12	-12	-13	-14	-14	-7.90	-19	-19	-24
Normalized NOPAT Margin	-857.35%	-502.92%	-398.47%	-497.41%	-604.09%	-772.47%	-613.36%	-52.69%	-599.40%	-519.26%	-886.17%
Pre Tax Income Margin	-1,534.21%	-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%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-44.55	-14.56	0.00	-15.64	-14.19	-18.24	-205.42	-22.99	-811.28	-699.68	-18.36
NOPAT to Interest Expense	-25.45	-12.45	0.00	-10.76	-11.37	-12.24	-33.96	-34.97	-90.06	-96.59	-7.22
EBIT Less CapEx to Interest Expense	-44.57	-14.66	0.00	-15.97	-14.79	-18.55	-207.73	-25.19	-815.25	-705.70	-18.89
NOPAT Less CapEx to Interest Expense	-25.48	-12.54	0.00	-11.08	-11.96	-12.55	-36.27	-37.18	-94.03	-102.61	-7.74
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.

05/10/26 06:41 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. See where experts think D-Wave Quantum is headed by visiting D-Wave Quantum's forecast page.

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%.

Related Companies

Financial statements for NYSE:QBTS last updated on 2/27/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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D-Wave Quantum (QBTS) Financials

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D-Wave Quantum (QBTS) Financials

Annual Income Statements for D-Wave Quantum

Quarterly Income Statements for D-Wave Quantum

Annual Cash Flow Statements for D-Wave Quantum

Quarterly Cash Flow Statements for D-Wave Quantum

Annual Balance Sheets for D-Wave Quantum

Quarterly Balance Sheets for D-Wave Quantum

Annual Metrics And Ratios for D-Wave Quantum

Quarterly Metrics And Ratios for D-Wave Quantum

Financials Breakdown Chart

Key Financial Trends

D-Wave Quantum Financials - Frequently Asked Questions

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

How has D-Wave Quantum's net income changed over the last 5 years?

What is D-Wave Quantum's operating income?

How has D-Wave Quantum's revenue changed over the last 5 years?

How much debt does D-Wave Quantum have?

How much cash does D-Wave Quantum have?

How has D-Wave Quantum's book value per share changed over the last 5 years?

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