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QBTS-WT

D-Wave Quantum Inc.

QBTS-WT

D-Wave Quantum Inc. • NYSE
$21.62 ▼ -4.25% (-0.96)
Market Cap $7.50 B
52w High $35.42
52w Low $20.72
Dividend Yield 0%
P/E 0
Volume 307.77K
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 Q3-2024Q4-2024Q1-2025Q2-2025
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 ▲$0 ▲$10.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement D-Wave is still very much in the early, R&D-heavy stage: revenue has stayed tiny and flat for years, while operating losses and net losses have grown as the company has invested more in technology, people, and commercialization. There are no signs yet of scale or profitability; the business model is still being built out, and the income statement looks like that of a young deep‑tech company betting on future adoption rather than current earnings.

Balance Sheet

Balance Sheet The balance sheet shows a small but improving financial base. Cash now makes up most of total assets, which gives some short‑term breathing room, but it is not a large cushion. Debt is meaningful relative to the company’s size, and equity has only recently moved back into positive territory after a period of negative equity, which points to a history of accumulated losses and recapitalizations. Overall, the company is financially fragile and likely dependent on continued access to capital markets.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative over the past several years, reflecting ongoing cash burn to fund research, product development, and commercialization efforts. Free cash flow is also negative and closely tracks operating cash flow, since investment in physical assets has been light. This pattern is typical for a high‑tech, asset‑light company, but it means the business currently relies on external financing to sustain and grow its activities.

Competitive Edge

Competitive Edge D-Wave has a distinctive niche in quantum computing through its focus on quantum annealing and optimization problems, where it has a long head start and a real base of commercial users. Its cloud platform, hybrid solvers, and hands‑on enterprise programs create switching costs and deepen customer relationships. However, the company operates in a field crowded with very large, well‑funded technology players focused on gate‑model quantum systems, so its lead is more about specialization and experience in a particular corner of the market than about overall dominance of quantum computing. Its future competitive strength will hinge on proving that its approach delivers clear, repeatable business value at scale.

Innovation and R&D

Innovation and R&D Innovation is the core of D-Wave’s story. It has iterated through multiple hardware generations, launched a cloud service to make its systems accessible, and built a software stack and hybrid solvers that bridge classical and quantum computing. The roadmap is ambitious: further annealing advancements, a move into gate‑model machines, and a push into quantum‑enhanced AI and machine learning. This creates significant upside potential but also high execution risk, as the company must deliver complex, cutting‑edge technology while competing with much larger firms and managing limited financial resources.

Summary

Overall, D-Wave looks like a classic high‑risk, high‑uncertainty deep‑tech company: technologically advanced and differentiated, but very early in its commercial and financial maturity. The business today is characterized by tiny revenue, persistent and growing losses, and ongoing cash burn supported by a modest balance‑sheet foundation. At the same time, it holds a specialized position in commercial quantum computing with a credible innovation roadmap that spans annealing, gate‑model systems, and quantum‑enhanced AI. For securities tied to this company, such as warrants, outcomes will be highly sensitive to whether D-Wave can convert its technological lead into durable revenue growth before its financial constraints become binding. Key things to watch are customer adoption trends, progress on the product roadmap, and the company’s ability to secure funding on reasonable terms.