D Wave Quantum Financials

QBTS

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 45/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

D Wave Quantum has an operating margin of -874.9%, meaning the company retains $-875 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 -919.7% the prior year.

Growth

D Wave Quantum's revenue grew a modest 0.8% year-over-year to $8.8M. This slow but positive growth earns a score of 31/100.

Leverage

D Wave Quantum carries a low D/E ratio of 0.48, meaning only $0.48 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 93/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 6.14, D Wave Quantum holds $6.14 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

While D Wave Quantum generated -$42.6M in operating cash flow, capex of $2.1M consumed most of it, leaving -$44.7M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

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

0.30x

For every $1 of reported earnings, D Wave Quantum generates $0.30 in operating cash flow (-$42.6M OCF vs -$143.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

This page shows D Wave Quantum (QBTS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 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).

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Key Financial Metrics

Revenue

$8.8M

YoY+0.8%

D Wave Quantum generated $8.8M in revenue in fiscal year 2024. This represents an increase of 0.8% from the prior year.

EBITDA

-$76.1M

YoY+4.2%

D Wave Quantum's EBITDA was -$76.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 4.2% from the prior year.

Free Cash Flow

-$44.7M

YoY+26.9%

D Wave Quantum generated -$44.7M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 26.9% from the prior year.

Net Income

-$143.9M

YoY-73.9%

D Wave Quantum reported -$143.9M in net income in fiscal year 2024. This represents a decrease of 73.9% from the prior year.

EPS (Diluted)

$-0.75

YoY-25.0%

D Wave Quantum earned $-0.75 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 25.0% from the prior year.

Cash & Debt

$178.0M

YoY+330.9%

D Wave Quantum held $178.0M in cash against $30.1M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

267M

YoY+65.5%

D Wave Quantum had 267M shares outstanding in fiscal year 2024. This represents an increase of 65.5% from the prior year.

Gross Margin

63.0%

YoY+10.3pp

D Wave Quantum's gross margin was 63.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 10.3 percentage points from the prior year.

Operating Margin

-874.9%

YoY+44.8pp

D Wave Quantum's operating margin was -874.9% in fiscal year 2024, reflecting core business profitability. This is up 44.8 percentage points from the prior year.

Net Margin

-1630.0%

YoY-685.5pp

D Wave Quantum's net profit margin was -1630.0% in fiscal year 2024, showing the share of revenue converted to profit. This is down 685.5 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$35.3M

YoY-6.8%

D Wave Quantum invested $35.3M in research and development in fiscal year 2024. This represents a decrease of 6.8% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$2.1M

YoY+261.2%

D Wave Quantum invested $2.1M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 261.2% from the prior year.

QBTS Income Statement

Metric	FY24	FY23	FY22	FY21	FY20
Revenue	$8.8M+0.8%	$8.8M+22.1%	$7.2M+14.2%	$6.3M+21.7%	$5.2M
Cost of Revenue	$3.3M-21.1%	$4.1M+41.5%	$2.9M+67.0%	$1.8M+91.3%	$915K
Gross Profit	$5.6M+20.4%	$4.6M+8.8%	$4.3M-6.2%	$4.5M+6.7%	$4.2M
R&D Expenses	$35.3M-6.8%	$37.9M+18.0%	$32.1M+26.4%	$25.4M+24.4%	$20.4M
SG&A Expenses	$32.4M-12.4%	$37.0M+71.8%	$21.5M+81.0%	$11.9M+2.7%	$11.6M
Operating Income	-$77.2M+4.1%	-$80.5M-35.5%	-$59.5M-52.7%	-$38.9M-23.8%	-$31.5M
Interest Expense	N/A	N/A	$4.6M+168.1%	$1.7M-67.1%	$5.3M
Income Tax	N/A	N/A	N/A	N/A	N/A
Net Income	-$143.9M-73.9%	-$82.7M-54.0%	-$53.7M-31.1%	-$41.0M-86.5%	-$22.0M
EPS (Diluted)	$-0.75-25.0%	$-0.60-33.3%	$-0.45	$-0.33-94.1%	$-0.17

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$3.7M+20.8%	$3.1M-79.4%	$15.0M+549.7%	$2.3M+5.8%	$2.2M-11.4%	$2.5M-15.2%	$2.9M+13.4%	$2.6M
Cost of Revenue	$1.1M-4.4%	$1.1M-0.4%	$1.1M+34.4%	$836K+5.2%	$795K-1.4%	$806K-14.2%	$939K-9.1%	$1.0M
Gross Profit	$2.7M+35.1%	$2.0M-85.8%	$13.9M+842.1%	$1.5M+6.1%	$1.4M-16.3%	$1.7M-15.7%	$2.0M+28.6%	$1.5M
R&D Expenses	$14.1M+10.9%	$12.7M+23.4%	$10.3M+5.5%	$9.8M+16.7%	$8.4M-2.0%	$8.5M+7.2%	$8.0M-15.9%	$9.5M
SG&A Expenses	$9.4M+2.5%	$9.2M+15.0%	$8.0M-2.1%	$8.1M+8.8%	$7.5M-1.3%	$7.6M-7.0%	$8.1M+1.7%	$8.0M
Operating Income	-$27.7M-4.7%	-$26.5M-134.7%	-$11.3M+44.2%	-$20.2M-7.4%	-$18.8M-7.6%	-$17.5M-5.9%	-$16.5M+10.1%	-$18.4M
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	-$140.0M+16.3%	-$167.3M-2986.7%	-$5.4M+93.7%	-$86.1M-384.2%	-$17.8M-2.7%	-$17.3M-8.1%	-$16.0M+0.6%	-$16.1M
EPS (Diluted)	$-0.41+25.5%	$-0.55-2650.0%	$-0.02+95.3%	$-0.43-330.0%	$-0.10+9.1%	$-0.11-57.1%	$-0.07+41.7%	$-0.12

QBTS Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20
Total Assets	$199.9M+236.7%	$59.4M+120.3%	$26.9M-8.6%	$29.5M-17.7%	$35.8M
Current Assets	$185.0M+293.3%	$47.0M+237.9%	$13.9M-13.1%	$16.0M-45.9%	$29.6M
Cash & Equivalents	$178.0M+330.9%	$41.3M+484.7%	$7.1M-25.5%	$9.5M-55.6%	$21.3M
Inventory	$1.7M-18.9%	$2.1M-5.4%	$2.2M+3.9%	$2.1M	N/A
Accounts Receivable	$1.4M-14.0%	$1.7M+118.2%	$757K+79.8%	$421K	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$137.2M+63.7%	$83.8M+48.6%	$56.4M+18.0%	$47.8M+218.4%	$15.0M
Current Liabilities	$30.1M+168.0%	$11.3M-29.9%	$16.0M+53.5%	$10.4M-12.7%	$12.0M
Long-Term Debt	$30.1M-52.8%	$63.9M+104.9%	$31.2M+2.8%	$30.3M+1785.2%	$1.6M
Total Equity	$62.6M+355.9%	-$24.5M+16.9%	-$29.5M-60.5%	-$18.4M-188.3%	$20.8M
Retained Earnings	-$626.9M-29.8%	-$483.1M-20.7%	-$400.3M-15.5%	-$346.6M-13.4%	-$305.7M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$865.8M+2.6%	$843.6M+159.1%	$325.6M+62.9%	$199.9M+223.3%	$61.8M+27.2%	$48.6M-18.1%	$59.4M-15.4%	$70.2M
Current Assets	$848.1M+2.4%	$828.5M+166.5%	$310.9M+68.0%	$185.0M+294.5%	$46.9M+39.2%	$33.7M-28.4%	$47.0M-19.2%	$58.2M
Cash & Equivalents	$836.2M+2.1%	$819.3M+169.2%	$304.3M+71.0%	$178.0M+335.6%	$40.9M+49.7%	$27.3M-33.9%	$41.3M-22.5%	$53.3M
Inventory	$2.8M+15.6%	$2.4M+43.8%	$1.7M+0.9%	$1.7M-20.7%	$2.1M+2.3%	$2.1M0.0%	$2.1M-7.4%	$2.2M
Accounts Receivable	$1.9M+33.6%	$1.4M+37.7%	$1.0M-26.3%	$1.4M-9.6%	$1.6M-9.5%	$1.7M+5.0%	$1.7M+116.5%	$763K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$195.3M+30.7%	$149.3M+26.3%	$118.2M-13.8%	$137.2M+64.7%	$83.3M-2.6%	$85.6M+2.1%	$83.8M-1.7%	$85.3M
Current Liabilities	$15.5M-19.5%	$19.3M+28.5%	$15.0M-50.2%	$30.1M-29.8%	$42.9M+295.4%	$10.9M-3.5%	$11.3M-74.2%	$43.5M
Long-Term Debt	$32.1M0.0%	$32.1M+5.6%	$30.4M+0.8%	$30.1M-4.2%	$31.5M-50.1%	$63.0M-1.3%	$63.9M+94.5%	$32.8M
Total Equity	$670.6M-3.4%	$694.3M+234.8%	$207.4M+231.0%	$62.6M+391.2%	-$21.5M+41.8%	-$37.0M-51.0%	-$24.5M-61.9%	-$15.1M
Retained Earnings	-$939.7M-17.5%	-$799.7M-26.5%	-$632.4M-0.9%	-$626.9M-21.0%	-$518.2M-3.6%	-$500.4M-3.6%	-$483.1M-3.4%	-$467.0M

QBTS Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$42.6M+29.7%	-$60.6M-34.1%	-$45.2M-30.0%	-$34.8M-18.8%	-$29.3M
Capital Expenditures	$2.1M+261.2%	$583K+37.8%	$423K-76.2%	$1.8M+141.0%	$736K
Free Cash Flow	-$44.7M+26.9%	-$61.2M-34.1%	-$45.6M-24.8%	-$36.6M-21.8%	-$30.0M
Investing Cash Flow	-$3.1M-398.6%	-$630K-26.5%	-$498K+75.1%	-$2.0M-153.4%	-$789K
Financing Cash Flow	$182.4M+90.8%	$95.6M+121.0%	$43.3M+73.7%	$24.9M-42.3%	$43.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	-$19.0M-24.6%	-$15.3M+20.7%	-$19.3M-1055.8%	$2.0M+113.9%	-$14.5M-19.4%	-$12.1M+17.8%	-$14.7M+12.6%	-$16.9M
Capital Expenditures	$1.0M+35.6%	$749K+71.0%	$438K-53.9%	$950K+74.3%	$545K+78.7%	$305K-31.0%	$442K+612.9%	$62K
Free Cash Flow	-$20.1M-25.1%	-$16.0M+18.7%	-$19.7M-1947.9%	$1.1M+107.1%	-$15.0M-20.8%	-$12.4M+18.2%	-$15.2M+10.3%	-$16.9M
Investing Cash Flow	-$1.2M-958.2%	$141K+128.3%	-$498K+48.3%	-$963K-59.4%	-$604K+49.9%	-$1.2M-165.4%	-$454K-368.0%	-$97K
Financing Cash Flow	$37.1M-93.0%	$529.3M+263.5%	$145.6M-1.3%	$147.6M+415.8%	$28.6M+4040.4%	-$726K-122.5%	$3.2M-94.9%	$62.8M
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	FY24	FY23	FY22	FY21	FY20
Gross Margin	63.0%+10.3pp	52.8%-6.5pp	59.3%-12.9pp	72.1%-10.1pp	82.3%
Operating Margin	-874.9%+44.8pp	-919.7%-90.8pp	-828.9%-208.6pp	-620.3%-10.5pp	-609.8%
Net Margin	-1630.0%-685.5pp	-944.4%-195.8pp	-748.7%-96.1pp	-652.5%-226.8pp	-425.7%
Return on Equity	N/A	N/A	N/A	N/A	N/A
Return on Assets	-72.0%+67.4pp	-139.3%+59.9pp	-199.3%-60.2pp	-139.0%-77.7pp	-61.4%
Current Ratio	6.14+2.0	4.18+3.3	0.87-0.7	1.53-0.9	2.47
Debt-to-Equity	0.48+3.1	-2.61-1.6	-1.06+0.6	-1.65-1.7	0.08
FCF Margin	-507.0%+192.2pp	-699.2%-62.8pp	-636.4%-53.9pp	-582.5%-0.6pp	-581.8%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	71.4%+7.5pp	63.8%-28.7pp	92.5%+28.7pp	63.8%+0.2pp	63.6%-3.7pp	67.3%-0.4pp	67.7%+8.0pp	59.7%
Operating Margin	-741.8%+114.5pp	-856.3%-781.0pp	-75.3%+800.9pp	-876.2%-13.2pp	-863.0%-152.4pp	-710.6%-141.3pp	-569.2%+149.2pp	-718.5%
Net Margin	-3743.9%+1662.5pp	-5406.4%-5370.3pp	-36.1%+3691.7pp	-3727.9%-2913.5pp	-814.4%-112.1pp	-702.3%-151.2pp	-551.1%+77.6pp	-628.6%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-16.2%+3.7pp	-19.8%-18.2pp	-1.7%+41.4pp	-43.1%-14.3pp	-28.8%+6.9pp	-35.6%-8.6pp	-27.0%-4.0pp	-22.9%
Current Ratio	54.68+11.7	42.99+22.3	20.73+14.6	6.14+5.0	1.09-2.0	3.10-1.1	4.18+2.8	1.34
Debt-to-Equity	0.050.0	0.05-0.1	0.15-0.3	0.48+1.9	-1.46+0.2	-1.71+0.9	-2.61-0.4	-2.17
FCF Margin	-536.5%-18.4pp	-518.1%-386.7pp	-131.4%-177.7pp	46.2%+733.9pp	-687.7%-183.7pp	-504.0%+18.4pp	-522.4%+138.3pp	-660.7%

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Frequently Asked Questions

What is D Wave Quantum's annual revenue?

D Wave Quantum (QBTS) reported $8.8M in total revenue for fiscal year 2024. This represents a 0.8% 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 0.8% year-over-year, from $8.8M to $8.8M in fiscal year 2024.

Is D Wave Quantum profitable?

No, D Wave Quantum (QBTS) reported a net income of -$143.9M in fiscal year 2024, with a net profit margin of -1630.0%.

What is D Wave Quantum's earnings per share (EPS)?

D Wave Quantum (QBTS) reported diluted earnings per share of $-0.75 for fiscal year 2024. This represents a -25.0% 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.

What is D Wave Quantum's EBITDA?

D Wave Quantum (QBTS) had EBITDA of -$76.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does D Wave Quantum have?

As of fiscal year 2024, D Wave Quantum (QBTS) had $178.0M in cash and equivalents against $30.1M in long-term debt.

What is D Wave Quantum's gross margin?

D Wave Quantum (QBTS) had a gross margin of 63.0% in fiscal year 2024, 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 -874.9% in fiscal year 2024, 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 -1630.0% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is D Wave Quantum's free cash flow?

D Wave Quantum (QBTS) generated -$44.7M in free cash flow during fiscal year 2024. This represents a 26.9% 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 -$42.6M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are D Wave Quantum's total assets?

D Wave Quantum (QBTS) had $199.9M in total assets as of fiscal year 2024, including both current and long-term assets.

What are D Wave Quantum's capital expenditures?

D Wave Quantum (QBTS) invested $2.1M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does D Wave Quantum spend on research and development?

D Wave Quantum (QBTS) invested $35.3M in research and development during fiscal year 2024.

How many shares does D Wave Quantum have outstanding?

D Wave Quantum (QBTS) had 267M shares outstanding as of fiscal year 2024.

What is D Wave Quantum's current ratio?

D Wave Quantum (QBTS) had a current ratio of 6.14 as of fiscal year 2024, 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 0.48 as of fiscal year 2024, 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 -72.0% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is D Wave Quantum's cash runway?

Based on fiscal year 2024 data, D Wave Quantum (QBTS) had $178.0M in cash against an annual operating cash burn of $42.6M. This gives an estimated cash runway of approximately 50 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 0.30x, 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.

How financially healthy is D Wave Quantum?

D Wave Quantum (QBTS) scores 45 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.