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D-Wave Quantum Inc.

QBTS

D-Wave Quantum Inc. • NYSE
$22.78 ▲ 1.65% (+0.37)
Market Cap $7.90 B
52w High $46.75
52w Low $2.50
Dividend Yield 0%
P/E -15.82
Volume 9.18M
Outstanding Shares 346.72M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.739M ▲ $30.405M ▲ $-139.986M ▲ -3.744K% ▲ $-0.41 ▲ $-139.416M ▲
Q2-2025 $3.095M ▼ $28.478M ▲ $-167.329M ▼ -5.406K% ▼ $-0.57 ▼ $-166.616M ▼
Q1-2025 $15.001M ▲ $25.168M ▲ $-5.421M ▲ -36.138% ▲ $-0.019 ▲ $-4.642M ▲
Q4-2024 $2.309M ▲ $21.705M ▲ $-86.077M ▼ -3.728K% ▼ $-0.37 ▼ $-85.086M ▼
Q3-2024 $1.87M $21.679M $-22.712M -1.215K% $-0.11 $-21.082M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $836.231M ▲ $865.82M ▲ $195.266M ▲ $670.554M ▼
Q2-2025 $819.312M ▲ $843.602M ▲ $149.348M ▲ $694.254M ▲
Q1-2025 $304.321M ▲ $325.6M ▲ $118.211M ▼ $207.389M ▲
Q4-2024 $177.98M ▲ $199.853M ▲ $137.207M ▲ $62.646M ▲
Q3-2024 $29.274M $49.561M $66.476M $-16.915M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-139.986M ▲ $-19.045M ▼ $-1.21M ▼ $37.075M ▼ $16.919M ▼ $-20.061M ▼
Q2-2025 $-167.329M ▼ $-15.286M ▲ $141K ▲ $529.349M ▲ $514.991M ▲ $-16.035M ▲
Q1-2025 $-5.421M ▲ $-19.279M ▼ $-498K ▲ $145.62M ▼ $126.341M ▼ $-19.717M ▼
Q4-2024 $-86.077M ▼ $2.017M ▲ $-963K ▼ $147.563M ▲ $148.706M ▲ $1.054M ▲
Q3-2024 $-22.712M $-18.073M $-369K $7.006M $-11.587M $-18.442M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product and Service Other
Product and Service Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Professional Services
Professional Services
 $0 ▲$0 ▲$0 ▲$0 ▲
System Sales
System Sales
 $0 ▲$10.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement D-Wave is still a very early-stage, revenue-light company with sales that are small and growing only gradually. The business runs at a sizeable loss, and those losses have widened over the last several years as the company invests heavily in people, technology, and go‑to‑market efforts. Profitability is not yet in sight, so the story here is about funding long-term growth and technology development rather than near-term earnings. In essence, the income statement looks like a classic deep‑tech R&D company: modest revenue, high operating costs, and persistent net losses.

Balance Sheet

Balance Sheet The most recent period shows a healthier cash cushion and a larger asset base than in prior years, helped by fresh funding, but against that sits a noticeable level of debt for a company at this stage. Shareholders’ equity has swung from negative to positive, suggesting recent recapitalization or new equity issuance has shored up the balance sheet. Even so, the company remains financially fragile and dependent on continued access to capital markets. The balance sheet is improving, but it does not yet provide the stability you’d see in a mature, self‑funding tech business.

Cash Flow

Cash Flow D-Wave consistently uses cash rather than generating it, mainly to fund operating expenses and R&D, with very little spent on physical assets. Operating and free cash flows have been negative for years, although the burn rate appears relatively steady rather than exploding. The company’s survival depends on its ability to regularly raise new funds as it moves toward broader commercial adoption. In practical terms, this is a cash‑consuming innovation engine, not a cash‑producing business yet.

Competitive Edge

Competitive Edge D-Wave holds a distinctive niche in quantum computing by focusing on quantum annealing and real‑world optimization problems, rather than competing head‑on in the dominant gate‑based approach. Its long operating history, patent portfolio, cloud platform, and roster of brand‑name pilot customers give it genuine first‑mover advantages and know‑how that are difficult to replicate quickly. However, it operates alongside very large, well‑funded players such as major cloud and hardware companies, and the overall market is still emerging and unproven. The moat is based more on specialized expertise, ecosystem, and head start than on scale or financial strength at this point.

Innovation and R&D

Innovation and R&D Innovation is clearly the heart of D-Wave’s strategy: it is pushing its annealing systems forward, building next‑generation processors, and simultaneously developing a gate‑model roadmap. The company is also expanding into quantum‑enhanced AI, hybrid quantum‑classical solvers, and developer tools that make its systems more accessible. This requires heavy, ongoing R&D spending, which weighs on profits but is central to the company’s value proposition and differentiation. The big uncertainty is execution: translating an ambitious technology roadmap and promising demonstrations into broad, durable, and paying commercial usage over time.

Summary

D-Wave Quantum is best understood as a high‑risk, high‑uncertainty deep‑tech platform rather than a conventional hardware company. Financially, it is small, loss‑making, and reliant on external funding, but its balance sheet has recently strengthened and its cash burn appears managed rather than uncontrolled. Strategically, it has a unique and credible position in quantum annealing and optimization, supported by long experience, patents, and early commercial use cases. The main opportunity lies in being an early leader as practical quantum computing and quantum‑enabled AI mature; the main risks are technology execution, slow or limited commercial adoption, and competition from much larger players and alternative quantum architectures.

NEWS

November 25, 2025 · 1:10 PM UTC

UPDATED: GraniteShares Expands YieldBOOST™ Lineup with Two New ETFs on Quantum Computing Leaders RGYY and QBY

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November 25, 2025 · 8:00 AM UTC

GraniteShares Expands YieldBOOST™ Lineup with Two New ETFs on Quantum Computing Leaders RGYY and QBYY

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November 24, 2025 · 8:00 AM UTC

ExperienceFlow.AI Appoints Dr. Geordie Rose, Founder of D-Wave Systems, Kindred Systems and Sanctuary AI, as a Strategic Advisor

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November 21, 2025 · 7:00 AM UTC

D-Wave Completes Redemption of Public Warrants

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November 13, 2025 · 4:15 PM UTC

D-Wave Reminds Public Warrant Holders of Upcoming Redemption

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