D-Wave Quantum Inc.
QBTS- Exchange
- Nasdaq
- Industry
- Services-Computer Processing & Data Preparation
- SEC CIK
- 0001907982
In the last 90 days, D-Wave Quantum Inc. insiders filed 0 open-market purchases and 1 sale; 557 institutions reported holding it in 13F filings for Q2 2026, worth $4.73B in total; no superinvestor holds it.
- Currency
- USD
- Source
- SEC XBRL data (10-K, 10-Q, 20-F, 40-F)
- Updated
- Oct 8, 2026, 3:00 PM ET
Revenue flow, FY2025
Where the revenue went in FY2025, from the income statement below. Green is profit; orange is costs, expenses and taxes. Percentages are shares of revenue; hover over a band or a bar for the exact amount.
Net loss for FY2025: $355.1M (1444.1% of revenue).
Income statement
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 |
| Filing | 10-K | 10-K | 10-K | 10-K/A |
| Reported | Feb 26, 2026 | Jan 10, 2025 | Mar 28, 2024 | Apr 14, 2023 |
| Revenue | $24.6M | $8.83M | $8.76M | $7.17M |
| Cost of revenue | $4.28M | $3.26M | $4.14M | $2.92M |
| Gross profit | $20.3M | $5.56M | $4.62M | $4.25M |
| Operating expenses | $120.7M | $82.8M | $85.2M | $63.7M |
| Research and development | $50.7M | $35.3M | $37.9M | $32.1M |
| Selling, general and administrative | $41.2M | $32.4M | $37.0M | $21.5M |
| Operating income | -$100.4M | -$77.2M | -$80.5M | -$59.5M |
| Interest expense | – | – | – | $4.63M |
| Income tax | $0 | – | – | – |
| Net income | -$355.1M | -$143.9M | -$82.7M | -$53.7M |
| EPS, basic | $-1.11 | $-0.75 | $-0.60 | $-0.45 |
| EPS, diluted | $-1.11 | $-0.75 | $-0.60 | $-0.45 |
| Weighted shares, basic | 321.2M | 192.1M | 138.0M | 119.6M |
| Weighted shares, diluted | 321.2M | 192.1M | 138.0M | 119.6M |
| Margins and growth | ||||
| Gross margin | 82.6% | 63.0% | 52.8% | 59.2% |
| Operating margin | -408.2% | -874.8% | -919.7% | -828.9% |
| Net margin | -1444.1% | -1630.0% | -944.5% | -748.7% |
| Revenue growth, year over year | +178.5% | +0.8% | +22.1% | – |
Balance sheet
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 |
| Filing | 10-K | 10-K | 10-K | 10-K/A |
| Reported | Feb 26, 2026 | Jan 10, 2025 | Mar 28, 2024 | Apr 14, 2023 |
| Cash and equivalents | $635.3M | $178.0M | $41.3M | $7.07M |
| Short-term investments | $249.1M | – | – | – |
| Accounts receivable | $1.59M | $1.42M | $1.65M | $757.0K |
| Inventory | $2.78M | $1.69M | $2.08M | $2.20M |
| Total current assets | $896.2M | $185.0M | $47.0M | $13.9M |
| Property, plant and equipment | $7.84M | $4.13M | $2.55M | $2.29M |
| Intangible assets | $915.0K | $490.0K | $179.0K | $244.0K |
| Total assets | $915.8M | $199.9M | $59.4M | $26.9M |
| Short-term debt | – | – | – | $1.67M |
| Total current liabilities | $21.1M | $30.1M | $11.3M | $16.0M |
| Long-term debt | $35.8M | $30.1M | $63.9M | $31.2M |
| Total liabilities | $63.6M | $137.2M | $83.8M | $56.4M |
| Shareholders' equity | $852.2M | $62.6M | -$24.5M | -$29.5M |
Cash flow statement
Each column is one fiscal year, newest first. Free cash flow is operating cash flow minus capital expenditures.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 |
| Filing | 10-K | 10-K | 10-K | 10-K/A |
| Reported | Feb 26, 2026 | Jan 10, 2025 | Mar 28, 2024 | Apr 14, 2023 |
| Operating cash flow | -$72.0M | -$42.6M | -$60.6M | -$45.2M |
| Capital expenditures | $3.86M | $2.11M | $583.0K | $423.0K |
| Free cash flow | -$75.8M | -$44.7M | -$61.2M | -$45.6M |
| Depreciation and amortization | $1.56M | $1.11M | $1.05M | $1.42M |
| Stock-based compensation | $22.7M | $15.7M | $21.9M | $9.16M |
| Investing cash flow | -$251.1M | -$3.14M | -$630.0K | -$498.0K |
| Financing cash flow | $779.1M | $182.4M | $95.6M | $43.3M |
| Net change in cash | $457.4M | $136.7M | $34.2M | -$2.42M |
| Ratio | ||||
| Stock-based compensation, % of revenue | 92.2% | 177.4% | 250.3% | 127.8% |
Shares outstanding
Common shares outstanding as stated on the cover of each 10-K and 10-Q. The date is the cover date, not the period end; a rising count means dilution.
| Cover date | Shares outstanding | Change in a year | Filing |
|---|---|---|---|
| Aug 5, 2026 | 369.3M | +9.1% | SEC |
| May 11, 2026 | 366.7M | +27.0% | SEC |
| Feb 25, 2026 | 366.7M | +27.4% | SEC |
| Nov 5, 2025 | 346.7M | +92.4% | SEC |
| Aug 5, 2025 | 338.6M | +114.8% | SEC |
| May 6, 2025 | 288.7M | +128.4% | SEC |
| Mar 12, 2025 | 287.8M | +146.4% | SEC |
| Nov 13, 2024 | 180.3M | +59.0% | SEC |
Notes and known gaps
How these numbers are put together, and what they can't tell you.
- Numbers come from the XBRL data in each period's original 10-K, 10-Q, 20-F or 40-F, or its amendment. They are shown as filed: later filings don't restate earlier periods here.
- Reported is the filing date of the first 8-K with Item 2.02 (results of operations) after the period ended, no later than the 10-Q or 10-K and within 120 days. Companies that release results only in the 10-Q, and foreign companies, which use Form 6-K, have none.
Known gaps
- Foreign companies that file Form 20-F or 40-F have annual statements only: their quarterly results are furnished on Form 6-K, which has no XBRL data.
- EPS and share counts are as reported at the time, not adjusted for later stock splits.
- For ADRs, EPS is per ordinary share, not per ADS (one TSMC ADS is five ordinary shares).
- For banks, revenue may be interest income only, depending on how the bank tags its filings; cost of revenue and gross profit are usually blank.
- Companies with several share classes, such as Berkshire Hathaway, may have no EPS and no cover share count.
- Depreciation and amortization is missing for some companies that report it under their own XBRL tags.