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D-Wave Quantum Inc. (QBTS)

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CIK 0001907982 · Nasdaq · Services-Computer Processing & Data Preparation

  • Sector Services
  • Incorporated DE
  • Fiscal year ends Dec 31

For the year ended 2025-12-31, D-Wave Quantum Inc. reported revenue of $24.59M. Revenue grew 178.5% from the prior annual period. Over the twelve months to 2026-06-30, revenue was $12.43M.

Key ratios (year ended 2025-12-31)

82.6%
Gross margin
-408.2%
Operating margin
n/m
Net margin
-41.7%
Return on year-end equity
178.5%
Revenue growth (YoY)

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Latest selected filing: Form 4 (ownership change) · 2026-10-16

Annual financials

Annual flows and balances are grouped by their actual period end. Select a figure to open its SEC filing. n/a means a matching observation is unavailable. Free cash flow is operating cash flow minus capital expenditures, and EBITDA is operating income plus depreciation and amortization, for the same period, computed by TickerFacts.

The first column covers the twelve months to 2026-06-30 from the latest quarterly report: flows are the last fiscal year plus this year to date minus the same months a year earlier, and balances are as of that date. Per-share figures are annual only.

Period endedTTM to
2026-06-30		2025-12-312024-12-312023-12-312022-12-312021-12-312020-12-31
Revenue$12.43M$24.59M$8.83M$8.76M$7.17M$6.28M$5.16M
Cost of Revenue$4.45M$4.28M$3.26M$4.14M$2.92M$1.75M$915.0K
Gross Profit$7.97M$20.31M$5.56M$4.62M$4.25M$4.53M$4.25M
R&D Expense$81.78M$50.73M$35.30M$37.88M$32.10M$25.40M$20.41M
Operating Income-$170.58M-$100.37M-$77.22M-$80.55M-$59.46M-$38.95M-$31.47M
Depreciation & Amortization$9.38M$1.56M$1.11M$1.05M$1.42M$1.53M$1.89M
EBITDA-$161.19M-$98.81M-$76.11M-$79.49M-$58.03M-$37.41M-$29.58M
Net Income-$248.70M-$355.06M-$143.88M-$82.72M-$53.70M-$40.97M-$21.97M
EPS (Diluted)n/a-$1.11-$0.75-$0.60-$0.45-$0.33-$0.17
Total Assets$1.16B$915.81M$199.85M$59.36M$26.95M$29.47M$35.80M
Total Liabilities$75.32M$63.58M$137.21M$83.84M$56.41M$47.82M$15.02M
Long-Term Debtn/an/an/an/a$9.48M$12.45Mn/a
Shareholders' Equity$1.08B$852.23M$62.65M-$24.48M-$29.46M-$18.36M$20.78M
Cash & Equivalents$296.64M$635.35M$177.98M$41.31Mn/an/an/a
Operating Cash Flow-$110.88M-$71.98M-$42.64M-$60.65M-$45.23M-$34.80M-$29.29M
Capital Expenditures$8.20M$3.86M$2.11M$583.0K$423.0K$1.77M$736.0K
Free Cash Flow-$119.08M-$75.84M-$44.75M-$61.23M-$45.65M-$36.57M-$30.02M
Shares Outstanding372.01M358.74M266.60M161.11M113.34M2.82Mn/a
Weighted Average Diluted Sharesn/a321.20M192.13M137.99M119.65M125.34M127.16M
EPS (Basic)n/a-$1.11-$0.75-$0.60-$0.45-$0.33-$0.17

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