QBTS · D-Wave Quantum Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.86M | - | $3.74M | $3.10M | $15.00M | - | $1.87M | $2.18M | $2.46M | - |
| Cost of Revenue | $1.04M | - | $1.07M | $1.12M | $1.12M | - | $827.0K | $795.0K | $806.0K | - |
| Gross Profit | $1.82M | - | $2.67M | $1.98M | $13.88M | - | $1.04M | $1.39M | $1.66M | - |
| R&D | $25.79M | - | $14.07M | $12.69M | $10.29M | - | $8.67M | $8.36M | $8.53M | - |
| SG&A | $20.27M | - | $9.38M | $9.15M | $7.96M | - | $9.26M | $7.47M | $7.57M | - |
| Total Operating Expenses | $56.55M | - | $30.41M | $28.48M | $25.17M | - | $21.68M | $20.23M | $19.18M | - |
| D&A | $3.80M | - | $300.0K | $300.0K | $376.0K | - | $200.0K | $200.0K | $229.0K | - |
| Operating Income | ($54.73M) | - | ($27.74M) | ($26.50M) | ($11.29M) | - | ($20.64M) | ($18.84M) | ($17.52M) | - |
| Interest Expense | $226.0K | - | - | - | - | - | - | - | - | - |
| Income Tax | $0 | - | - | - | - | - | - | - | - | - |
| Net Income | ($18.36M) | - | ($139.99M) | ($167.33M) | ($5.42M) | - | ($22.71M) | ($17.78M) | ($17.31M) | - |
| EPS - Basic | ($0.05) | - | ($0.41) | ($0.55) | ($0.02) | - | ($0.11) | ($0.10) | ($0.11) | - |
| EPS - Diluted | ($0.05) | - | ($0.41) | ($0.55) | ($0.02) | - | ($0.11) | ($0.10) | ($0.11) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $338.20M | $635.35M | $836.23M | $819.31M | $304.32M | $177.98M | $29.27M | $40.86M | $27.30M | $41.31M |
| Accounts Receivable | $8.91M | $1.59M | $1.93M | $1.44M | $1.05M | $1.42M | $1.46M | $1.57M | $1.74M | $1.65M |
| Inventory | $2.92M | $2.78M | $2.83M | $2.45M | $1.70M | $1.69M | $1.90M | $2.13M | $2.08M | $2.08M |
| Accounts Payable | $1.71M | $950.0K | $992.0K | $1.19M | $1.02M | $815.0K | $696.0K | $1.17M | $1.04M | $1.47M |
| Current Assets | $607.11M | $896.23M | $848.14M | $828.54M | $310.87M | $185.04M | $35.08M | $46.91M | $33.69M | $47.05M |
| Total Assets | $1.20B | $915.81M | $865.82M | $843.60M | $325.60M | $199.85M | $49.56M | $61.81M | $48.60M | $59.36M |
| Current Liabilities | $28.36M | $21.15M | $15.51M | $19.27M | $15.00M | $30.14M | $25.83M | $42.94M | $10.86M | $11.25M |
| Long-term Debt | $35.42M | $35.83M | $32.05M | $32.06M | $30.37M | $30.13M | $32.01M | $31.45M | $63.04M | $63.85M |
| Total Liabilities | $75.56M | $63.58M | $195.27M | $149.35M | $118.21M | $137.21M | $66.48M | $83.33M | $85.56M | $83.84M |
| Stockholders' Equity | $1.12B | $852.23M | $670.55M | $694.25M | $207.39M | $62.65M | ($16.91M) | ($21.51M) | ($36.96M) | ($24.48M) |
| Retained Earnings | ($1.00B) | ($982.00M) | ($939.68M) | ($799.69M) | ($632.36M) | ($626.94M) | ($540.86M) | ($518.15M) | ($500.37M) | ($483.06M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($44.96M) | - | - | - | ($19.28M) | - | - | - | ($12.12M) | - |
| Investing Cash Flow | ($252.06M) | - | - | - | ($498.0K) | - | - | - | ($1.21M) | - |
| Financing Cash Flow | ($143.0K) | - | - | - | $145.62M | - | - | - | ($726.0K) | - |
| CapEx | $1.08M | - | - | - | $438.0K | - | - | - | $305.0K | - |
| Free Cash Flow | ($46.04M) | - | - | - | ($19.72M) | - | - | - | ($12.42M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 63.6% | - | 71.4% | 63.8% | 92.5% | - | 55.8% | 63.6% | 67.3% | - |
| Operating margin | -1914.9% | - | -741.8% | -856.3% | -75.3% | - | -1103.5% | -863.0% | -710.6% | - |
| EBITDA margin | -1781.8% | - | -733.8% | -846.6% | -72.8% | - | -1092.8% | -853.8% | -701.3% | - |
| Net margin | -642.3% | - | -3743.9% | -5406.4% | -36.1% | - | -1214.5% | -814.4% | -702.3% | - |
| Free cash flow margin | -1611.0% | - | - | - | -131.4% | - | - | - | -504.0% | - |
| FCF / Net income | 2.51 | - | - | - | 3.64 | - | - | - | 0.72 | - |
| R&D / Revenue | 902.5% | - | 376.4% | 410.1% | 68.6% | - | 463.5% | 382.7% | 345.8% | - |
| SG&A / Revenue | 709.4% | - | 250.9% | 295.7% | 53.0% | - | 495.1% | 342.2% | 306.9% | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -1.5% | - | -16.2% | -19.8% | -1.7% | - | -45.8% | -28.8% | -35.6% | - |
| Return on equity | -1.6% | - | -20.9% | -24.1% | -2.6% | - | 134.3% | 82.6% | 46.8% | - |
| Return on invested capital | -3.7% | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 21.41 | 42.38 | 54.68 | 42.99 | 20.73 | 6.14 | 1.36 | 1.09 | 3.10 | 4.18 |
| Quick ratio | 21.31 | 42.25 | 54.49 | 42.86 | 20.61 | 6.08 | 1.28 | 1.04 | 2.91 | 4.00 |
| Cash ratio | 11.93 | 30.04 | 53.91 | 42.51 | 20.29 | 5.90 | 1.13 | 0.95 | 2.51 | 3.67 |
| Leverage | ||||||||||
| Debt / Equity | 0.03 | 0.04 | 0.05 | 0.05 | 0.15 | 0.48 | -1.89 | -1.46 | -1.71 | -2.61 |
| Debt / Assets | 0.03 | 0.04 | 0.04 | 0.04 | 0.09 | 0.15 | 0.65 | 0.51 | 1.30 | 1.08 |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | -242.2x | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 1.07 | 1.07 | 1.29 | 1.22 | 1.57 | 3.19 | -2.93 | -2.87 | -1.32 | -2.42 |
| Liabilities / Assets | 0.06 | 0.07 | 0.23 | 0.18 | 0.36 | 0.69 | 1.34 | 1.35 | 1.76 | 1.41 |
| Efficiency | ||||||||||
| Asset turnover | 0.00 | - | 0.00 | 0.00 | 0.05 | - | 0.04 | 0.04 | 0.05 | - |
| Inventory turnover | 0.36 | - | 0.38 | 0.46 | 0.66 | - | 0.43 | 0.37 | 0.39 | - |
| Days sales outstanding | 1138d | - | 188d | 170d | 25d | - | 284d | 263d | 257d | - |
| Days inventory outstanding | 1023d | - | 966d | 798d | 553d | - | 840d | 976d | 941d | - |
| Days payable outstanding | 599d | - | 338d | 388d | 332d | - | 307d | 536d | 470d | - |
| Cash conversion cycle | 1562d | - | 815d | 580d | 247d | - | 817d | 702d | 729d | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | 4.7x | - | 12.6x | 6.4x | 10.5x | - | - | - | - | - |
| P / S | 1855.4x | - | 2261.5x | 1429.9x | 145.1x | - | 106.0x | 89.9x | 133.5x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -80.9% | - | 99.9% | 41.8% | 508.6% | - | -27.0% | 27.9% | 43.9% | - |
| Revenue CAGR (3y) | 18.6% | - | 30.2% | 31.2% | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | -86.9% | - | 155.9% | 42.4% | 736.5% | - | -31.8% | 96.9% | 294.1% | - |
| Operating income growth (YoY) | -384.7% | - | -34.4% | -40.7% | 35.5% | - | -12.1% | 9.9% | 29.1% | - |
| Net income growth (YoY) | -238.6% | - | -516.4% | -841.2% | 68.7% | - | -43.5% | 31.4% | 29.6% | - |
| EPS growth (YoY) | -150.0% | - | -272.7% | -450.0% | 81.8% | - | 8.3% | 50.0% | 45.0% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | -133.5% | - | - | - | -58.7% | - | - | - | -29.8% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 442.1% | 1260.4% | - | - | - | - | - | 22.9% | -405.4% | -313.9% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$28.09M totalSystem Sales$16.18M · 57.6%
QCaa S$5.52M · 19.6%
System Upgrade$3.50M · 12.5%
Professional Services$2.72M · 9.7%
Product And Service Other$168.0K · 0.6%
Geographic
$24.59M totalDE$16.77M · 68.2%
US$2.65M · 10.8%
Other Geographical Areas$2.01M · 8.2%
JP$1.32M · 5.4%
CH$960.0K · 3.9%
CA$878.0K · 3.6%
Peer comparison
Same SIC group: Services-Computer Processing & Data Preparation
Comparing D-Wave Quantum Inc. against the 5 most active filers in the same SIC group.