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
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
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.
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.
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.
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.
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.
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.
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.
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.
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
Earnings & Revenue
D Wave Quantum generated $24.6M in revenue in fiscal year 2025. This represents an increase of 178.5% from the prior year.
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.
D Wave Quantum reported -$355.1M in net income in fiscal year 2025. This represents a decrease of 146.8% from the prior year.
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
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.
D Wave Quantum held $635.3M in cash against $35.8M in long-term debt as of fiscal year 2025.
D Wave Quantum had 359M shares outstanding in fiscal year 2025. This represents an increase of 34.6% from the prior year.
Margins & Returns
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.
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.
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.
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
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.
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
What is D Wave Quantum's annual revenue?
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.
How fast is D Wave Quantum's revenue growing?
D Wave Quantum (QBTS) revenue grew by 178.5% year-over-year, from $8.8M to $24.6M in fiscal year 2025.
Is D Wave Quantum profitable?
No, D Wave Quantum (QBTS) reported a net income of -$355.1M in fiscal year 2025, with a net profit margin of -1444.1%.
What is D Wave Quantum's EBITDA?
D Wave Quantum (QBTS) had EBITDA of -$98.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does D Wave Quantum have?
As of fiscal year 2025, D Wave Quantum (QBTS) had $635.3M in cash and equivalents against $35.8M in long-term debt.
What is D Wave Quantum's gross margin?
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.
What is D Wave Quantum's operating margin?
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.
What is D Wave Quantum's net profit margin?
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.
What is D Wave Quantum's return on equity (ROE)?
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.
What is D Wave Quantum's free cash flow?
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.
What is D Wave Quantum's operating cash flow?
D Wave Quantum (QBTS) generated -$72.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are D Wave Quantum's total assets?
D Wave Quantum (QBTS) had $915.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What are D Wave Quantum's capital expenditures?
D Wave Quantum (QBTS) invested $3.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does D Wave Quantum spend on research and development?
D Wave Quantum (QBTS) invested $50.7M in research and development during fiscal year 2025.
What is D Wave Quantum's current ratio?
D Wave Quantum (QBTS) had a current ratio of 42.38 as of fiscal year 2025, which is generally considered healthy.
What is D Wave Quantum's debt-to-equity ratio?
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.
What is D Wave Quantum's return on assets (ROA)?
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.
What is D Wave Quantum's cash runway?
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.
What is D Wave Quantum's Piotroski F-Score?
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.
Are D Wave Quantum's earnings high quality?
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.
Can D Wave Quantum cover its interest payments?
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.
How financially healthy is D Wave Quantum?
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.