D Wave Quantum Financials
D Wave Quantum (QBTS) reported $24.6M in revenue for fiscal year 2025, up 178.5% from the prior fiscal year. This page shows its 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).
Fresh capital, not operating cash, is funding D-Wave's push to turn high-R&D commercialization into real revenue.
The most important shift is earnings quality versus funding need: FY2025 net loss expanded to-$355.1M while operating cash outflow was-$72.0M . Because that gap widened sharply from FY2024, accounting losses are no longer a clean proxy for cash burn; the company can look much more unprofitable on paper without creating the same immediate drain on liquidity.
FY2025 revenue reached
The balance-sheet posture changed more than operations did between FY2023 and FY2025: negative equity turned into a cash-heavy capital structure, with cash of
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of D Wave Quantum's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
D Wave Quantum scores 72.66, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($7.8B) relative to total liabilities ($63.6M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
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.
D Wave Quantum reported a net loss of $355.1M while operations used $72.0M of cash. With neither figure positive, the ratio between the two carries no quality signal.
D Wave Quantum reported an operating loss of $100.4M against $4.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
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.
Cash & Balance Sheet
D Wave Quantum recorded an outflow of $75.8M in free cash flow in fiscal year 2025, representing a cash shortfall 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.
Not reported for fiscal year 2025.
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 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.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
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.
Not reported for fiscal year 2025.
QBTS Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Revenue | $12.4M | $24.6M+178.5% | $8.8M+0.8% | $8.8M+22.1% | $7.2M+14.2% | $6.3M+21.7% | $5.2M |
| Cost of Revenue | $4.5M | $4.3M+31.2% | $3.3M-21.1% | $4.1M+41.5% | $2.9M+67.0% | $1.8M+91.3% | $915K |
| Gross Profit | $8.0M | $20.3M+265.0% | $5.6M+20.4% | $4.6M+8.8% | $4.3M-6.2% | $4.5M+6.7% | $4.2M |
| R&D Expenses | $81.8M | $50.7M+43.7% | $35.3M-6.8% | $37.9M+18.0% | $32.1M+26.4% | $25.4M+24.4% | $20.4M |
| SG&A Expenses | $59.7M | $41.2M+27.0% | $32.4M-12.4% | $37.0M+71.8% | $21.5M+81.0% | $11.9M+2.7% | $11.6M |
| Operating Income | -$170.6M | -$100.4M-30.0% | -$77.2M+4.1% | -$80.5M-35.5% | -$59.5M-52.7% | -$38.9M-23.8% | -$31.5M |
| Interest Expense | N/A | $4.0M+3.0% | $3.9M | N/A | $4.6M+168.1% | $1.7M-67.1% | $5.3M |
| Income Tax | N/A | $0 | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$248.7M | -$355.1M-146.8% | -$143.9M-73.9% | -$82.7M-54.0% | -$53.7M-31.1% | -$41.0M-86.5% | -$22.0M |
| EPS (Diluted) | — | -$1.11 | -$0.75-25.0% | -$0.60-33.3% | -$0.45 | -$0.33-94.1% | -$0.17 |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
QBTS Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Total Assets | $915.8M+358.2% | $199.9M+236.7% | $59.4M+120.3% | $26.9M-8.6% | $29.5M-17.7% | $35.8M |
| Current Assets | $896.2M+384.3% | $185.0M+293.3% | $47.0M+237.9% | $13.9M-13.1% | $16.0M-45.9% | $29.6M |
| Cash & Equivalents | $635.3M+257.0% | $178.0M+330.9% | $41.3M+484.7% | $7.1M-25.5% | $9.5M-55.6% | $21.3M |
| Inventory | $2.8M+64.7% | $1.7M-18.9% | $2.1M-5.4% | $2.2M+3.9% | $2.1M | N/A |
| Accounts Receivable | $1.6M+11.8% | $1.4M-14.0% | $1.7M+118.2% | $757K+79.8% | $421K | N/A |
| Goodwill | $0 | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $63.6M-53.7% | $137.2M+63.7% | $83.8M+48.6% | $56.4M+18.0% | $47.8M+218.4% | $15.0M |
| Current Liabilities | $21.1M-29.8% | $30.1M+168.0% | $11.3M-29.9% | $16.0M+53.5% | $10.4M-12.7% | $12.0M |
| Long-Term Debt | $35.8M+18.9% | $30.1M-52.8% | $63.9M+104.9% | $31.2M+2.8% | $30.3M+1785.2% | $1.6M |
| Total Equity | $852.2M+1260.4% | $62.6M+355.9% | -$24.5M+16.9% | -$29.5M-60.5% | -$18.4M-188.3% | $20.8M |
| Retained Earnings | -$982.0M-56.6% | -$626.9M-29.8% | -$483.1M-20.7% | -$400.3M-15.5% | -$346.6M-13.4% | -$305.7M |
QBTS Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$110.9M | -$72.0M-68.8% | -$42.6M+29.7% | -$60.6M-34.1% | -$45.2M-30.0% | -$34.8M-18.8% | -$29.3M |
| Capital Expenditures | $8.2M | $3.9M+83.4% | $2.1M+261.2% | $583K+37.8% | $423K-76.2% | $1.8M+141.0% | $736K |
| Free Cash Flow | -$119.1M | -$75.8M-69.5% | -$44.7M+26.9% | -$61.2M-34.1% | -$45.6M-24.8% | -$36.6M-21.8% | -$30.0M |
| Investing Cash Flow | -$511.4M | -$251.1M-7895.4% | -$3.1M-398.6% | -$630K-26.5% | -$498K+75.1% | -$2.0M-153.4% | -$789K |
| Financing Cash Flow | $99.4M | $779.1M+327.0% | $182.4M+90.8% | $95.6M+121.0% | $43.3M+73.7% | $24.9M-42.3% | $43.1M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
QBTS Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Gross Margin | 82.6%+19.6pp | 63.0%+10.3pp | 52.8%-6.5pp | 59.3%-12.9pp | 72.1%-10.1pp | 82.3% |
| Operating Margin | -408.2% | -874.9% | -919.7% | -828.9% | -620.3% | -609.8% |
| Net Margin | -1444.1% | -1630.0% | -944.4% | -748.7% | -652.5% | -425.7% |
| Return on Equity | -41.7%+188.0pp | -229.7% | N/A | N/A | N/A | -105.7% |
| Return on Assets | -38.8%+33.2pp | -72.0%+67.4pp | -139.3%+59.9pp | -199.3%-60.2pp | -139.0%-77.7pp | -61.4% |
| Current Ratio | 42.38+36.2x | 6.14+2.0x | 4.18+3.3x | 0.87-0.7x | 1.53-0.9x | 2.47 |
| Debt-to-Equity | 0.04-0.4x | 0.48 | N/A | N/A | N/A | 0.08 |
| FCF Margin | -308.5% | -507.0% | -699.2% | -636.4% | -582.5% | -581.8% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where D Wave Quantum Ranks
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.
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 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) recorded an outflow of $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) recorded an outflow of $72.0M in operating cash flow during fiscal year 2025, representing cash used by 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 Altman Z-Score?
D Wave Quantum (QBTS) has an Altman Z-Score of 72.66, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
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 to 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) reported a net loss of $355.1M while operations used $72.0M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $100.4M against $4.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 65 out of 100 on our Financial Health Score, indicating strong standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.