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D Wave Quantum Financials

QBTS
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows D Wave Quantum (QBTS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 50 / 100
Financial Profile 50/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
0

D Wave Quantum has an operating margin of -408.2%, meaning the company retains $-408 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -874.9% the prior year.

Growth
100

D Wave Quantum's revenue surged 178.5% year-over-year to $24.6M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage
100

D Wave Quantum carries a low D/E ratio of 0.04, meaning only $0.04 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
100

With a current ratio of 42.38, D Wave Quantum holds $42.38 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow
0

While D Wave Quantum generated -$72.0M in operating cash flow, capex of $3.9M consumed most of it, leaving -$75.8M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns
0

D Wave Quantum generates a -41.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -229.7% the prior year.

Piotroski F-Score Neutral
5/9

D Wave Quantum passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Low Quality
0.20x

For every $1 of reported earnings, D Wave Quantum generates $0.20 in operating cash flow (-$72.0M OCF vs -$355.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk
-25.0x

D Wave Quantum earns $-25.0 in operating income for every $1 of interest expense (-$100.4M vs $4.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$24.6M
YoY+178.5%
5Y CAGR+36.7%

D Wave Quantum generated $24.6M in revenue in fiscal year 2025. This represents an increase of 178.5% from the prior year.

EBITDA
-$98.8M
YoY-29.8%

D Wave Quantum's EBITDA was -$98.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 29.8% from the prior year.

Net Income
-$355.1M
YoY-146.8%

D Wave Quantum reported -$355.1M in net income in fiscal year 2025. This represents a decrease of 146.8% from the prior year.

EPS (Diluted)
$-1.11
YoY-48.0%

D Wave Quantum earned $-1.11 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 48.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow
-$75.8M
YoY-69.5%

D Wave Quantum generated -$75.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 69.5% from the prior year.

Cash & Debt
$635.3M
YoY+257.0%
5Y CAGR+97.1%

D Wave Quantum held $635.3M in cash against $35.8M in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
359M
YoY+34.6%

D Wave Quantum had 359M shares outstanding in fiscal year 2025. This represents an increase of 34.6% from the prior year.

Margins & Returns

Gross Margin
82.6%
YoY+19.6pp
5Y CAGR+0.3pp

D Wave Quantum's gross margin was 82.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 19.6 percentage points from the prior year.

Operating Margin
-408.2%
YoY+466.6pp
5Y CAGR+201.6pp

D Wave Quantum's operating margin was -408.2% in fiscal year 2025, reflecting core business profitability. This is up 466.6 percentage points from the prior year.

Net Margin
-1444.1%
YoY+185.9pp
5Y CAGR-1018.4pp

D Wave Quantum's net profit margin was -1444.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 185.9 percentage points from the prior year.

Return on Equity
-41.7%
YoY+188.0pp
5Y CAGR+64.0pp

D Wave Quantum's ROE was -41.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 188.0 percentage points from the prior year.

Capital Allocation

R&D Spending
$50.7M
YoY+43.7%
5Y CAGR+20.0%

D Wave Quantum invested $50.7M in research and development in fiscal year 2025. This represents an increase of 43.7% from the prior year.

Share Buybacks
N/A
Capital Expenditures
$3.9M
YoY+83.4%
5Y CAGR+39.3%

D Wave Quantum invested $3.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 83.4% from the prior year.

QBTS Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $2.8M-26.4% $3.7M+20.8% $3.1M-79.4% $15.0M+549.7% $2.3M+23.5% $1.9M-14.3% $2.2M-11.4% $2.5M
Cost of Revenue $968K-9.5% $1.1M-4.4% $1.1M-0.4% $1.1M+34.4% $836K+1.1% $827K+4.0% $795K-1.4% $806K
Gross Profit $1.8M-33.2% $2.7M+35.1% $2.0M-85.8% $13.9M+842.1% $1.5M+41.2% $1.0M-24.9% $1.4M-16.3% $1.7M
R&D Expenses $13.7M-2.8% $14.1M+10.9% $12.7M+23.4% $10.3M+5.5% $9.8M+12.5% $8.7M+3.7% $8.4M-2.0% $8.5M
SG&A Expenses $14.7M+56.6% $9.4M+2.5% $9.2M+15.0% $8.0M-2.1% $8.1M-12.2% $9.3M+23.9% $7.5M-1.3% $7.6M
Operating Income -$34.8M-25.6% -$27.7M-4.7% -$26.5M-134.7% -$11.3M+44.2% -$20.2M+2.0% -$20.6M-9.5% -$18.8M-7.6% -$17.5M
Interest Expense N/A N/A N/A N/A N/A N/A N/A N/A
Income Tax N/A N/A N/A N/A N/A N/A N/A N/A
Net Income -$42.3M+69.8% -$140.0M+16.3% -$167.3M-2986.7% -$5.4M+93.7% -$86.1M-279.0% -$22.7M-27.8% -$17.8M-2.7% -$17.3M
EPS (Diluted) N/A $-0.41+25.5% $-0.55-2650.0% $-0.02 N/A $-0.11-10.0% $-0.10+9.1% $-0.11

QBTS Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $915.8M+5.8% $865.8M+2.6% $843.6M+159.1% $325.6M+62.9% $199.9M+303.2% $49.6M-19.8% $61.8M+27.2% $48.6M
Current Assets $896.2M+5.7% $848.1M+2.4% $828.5M+166.5% $310.9M+68.0% $185.0M+427.5% $35.1M-25.2% $46.9M+39.2% $33.7M
Cash & Equivalents $635.3M-24.0% $836.2M+2.1% $819.3M+169.2% $304.3M+71.0% $178.0M+508.0% $29.3M-28.4% $40.9M+49.7% $27.3M
Inventory $2.8M-1.9% $2.8M+15.6% $2.4M+43.8% $1.7M+0.9% $1.7M-11.4% $1.9M-10.5% $2.1M+2.3% $2.1M
Accounts Receivable $1.6M-17.6% $1.9M+33.6% $1.4M+37.7% $1.0M-26.3% $1.4M-2.5% $1.5M-7.3% $1.6M-9.5% $1.7M
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $63.6M-67.4% $195.3M+30.7% $149.3M+26.3% $118.2M-13.8% $137.2M+106.4% $66.5M-20.2% $83.3M-2.6% $85.6M
Current Liabilities $21.1M+36.3% $15.5M-19.5% $19.3M+28.5% $15.0M-50.2% $30.1M+16.7% $25.8M-39.9% $42.9M+295.4% $10.9M
Long-Term Debt $35.8M+11.8% $32.1M0.0% $32.1M+5.6% $30.4M+0.8% $30.1M-5.9% $32.0M+1.8% $31.5M-50.1% $63.0M
Total Equity $852.2M+27.1% $670.6M-3.4% $694.3M+234.8% $207.4M+231.0% $62.6M+470.4% -$16.9M+21.4% -$21.5M+41.8% -$37.0M
Retained Earnings -$982.0M-4.5% -$939.7M-17.5% -$799.7M-26.5% -$632.4M-0.9% -$626.9M-15.9% -$540.9M-4.4% -$518.2M-3.6% -$500.4M

QBTS Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow -$18.4M+3.5% -$19.0M-24.6% -$15.3M+20.7% -$19.3M-1055.8% $2.0M+111.2% -$18.1M-24.9% -$14.5M-19.4% -$12.1M
Capital Expenditures $1.7M+63.3% $1.0M+35.6% $749K+71.0% $438K-53.9% $950K+210.5% $306K-43.9% $545K+78.7% $305K
Free Cash Flow -$20.0M+0.1% -$20.1M-25.1% -$16.0M+18.7% -$19.7M-1947.9% $1.1M+105.8% -$18.4M-22.4% -$15.0M-20.8% -$12.4M
Investing Cash Flow -$249.6M-20525.5% -$1.2M-958.2% $141K+128.3% -$498K+48.3% -$963K-161.0% -$369K+38.9% -$604K+49.9% -$1.2M
Financing Cash Flow $67.1M+81.0% $37.1M-93.0% $529.3M+263.5% $145.6M-1.3% $147.6M+2006.2% $7.0M-75.5% $28.6M+4040.4% -$726K
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

QBTS Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin 64.8%-6.6pp 71.4%+7.5pp 63.8%-28.7pp 92.5%+28.7pp 63.8%+8.0pp 55.8%-7.8pp 63.6%-3.7pp 67.3%
Operating Margin -1266.0%-524.1pp -741.8%+114.5pp -856.3%-781.0pp -75.3%+800.9pp -876.2%+227.3pp -1103.5%-240.5pp -863.0%-152.4pp -710.6%
Net Margin -1538.0%+2205.9pp -3743.9%+1662.5pp -5406.4%-5370.3pp -36.1%+3691.7pp -3727.9%-2513.3pp -1214.5%-400.2pp -814.4%-112.1pp -702.3%
Return on Equity -5.0%+15.9pp -20.9%+3.2pp -24.1%-21.5pp -2.6%+134.8pp -137.4% N/A N/A N/A
Return on Assets -4.6%+11.6pp -16.2%+3.7pp -19.8%-18.2pp -1.7%+41.4pp -43.1%+2.8pp -45.8%-17.1pp -28.8%+6.9pp -35.6%
Current Ratio 42.38-12.3 54.68+11.7 42.99+22.3 20.73+14.6 6.14+4.8 1.36+0.3 1.09-2.0 3.10
Debt-to-Equity 0.040.0 0.050.0 0.05-0.1 0.15-0.3 0.48+2.4 -1.89-0.4 -1.46+0.2 -1.71
FCF Margin -727.9%-191.3pp -536.5%-18.4pp -518.1%-386.7pp -131.4%-177.7pp 46.2%+1029.0pp -982.8%-295.1pp -687.7%-183.7pp -504.0%

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Frequently Asked Questions

D Wave Quantum (QBTS) reported $24.6M in total revenue for fiscal year 2025. This represents a 178.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

D Wave Quantum (QBTS) revenue grew by 178.5% year-over-year, from $8.8M to $24.6M in fiscal year 2025.

No, D Wave Quantum (QBTS) reported a net income of -$355.1M in fiscal year 2025, with a net profit margin of -1444.1%.

D Wave Quantum (QBTS) reported diluted earnings per share of $-1.11 for fiscal year 2025. This represents a -48.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

D Wave Quantum (QBTS) had EBITDA of -$98.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, D Wave Quantum (QBTS) had $635.3M in cash and equivalents against $35.8M in long-term debt.

D Wave Quantum (QBTS) had a gross margin of 82.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

D Wave Quantum (QBTS) had an operating margin of -408.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

D Wave Quantum (QBTS) had a net profit margin of -1444.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

D Wave Quantum (QBTS) has a return on equity of -41.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

D Wave Quantum (QBTS) generated -$75.8M in free cash flow during fiscal year 2025. This represents a -69.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

D Wave Quantum (QBTS) generated -$72.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

D Wave Quantum (QBTS) had $915.8M in total assets as of fiscal year 2025, including both current and long-term assets.

D Wave Quantum (QBTS) invested $3.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

D Wave Quantum (QBTS) invested $50.7M in research and development during fiscal year 2025.

D Wave Quantum (QBTS) had 359M shares outstanding as of fiscal year 2025.

D Wave Quantum (QBTS) had a current ratio of 42.38 as of fiscal year 2025, which is generally considered healthy.

D Wave Quantum (QBTS) had a debt-to-equity ratio of 0.04 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

D Wave Quantum (QBTS) had a return on assets of -38.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2025 data, D Wave Quantum (QBTS) had $635.3M in cash against an annual operating cash burn of $72.0M. This gives an estimated cash runway of approximately 106 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

D Wave Quantum (QBTS) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

D Wave Quantum (QBTS) has an earnings quality ratio of 0.20x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

D Wave Quantum (QBTS) has an interest coverage ratio of -25.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

D Wave Quantum (QBTS) scores 50 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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