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D-Wave Quantum Inc.(QBTS)Earnings, Financials & Key Ratios
QBTS•NYSE
$23.84
$8.48B mkt cap·Price updated May 6, 2026
AboutD-Wave Quantum Inc. develops and delivers quantum computing systems, software, and services worldwide. The company offers Advantage, a fifth-generation quantum computer; Launch, a quantum computing onboarding service; Ocean a full suite of open-source programming tools; and Leap, a cloud-based service that provides real-time access to a live quantum computer, as well as access to Advantage, hybrid solvers, the Ocean software development kit, live code, demos, learning resources, and a vibrant developer community. It also provides D-Wave Launch, a quantum professional service that guides enterprises from problem discovery through in-production application deployment. The company's quantum solutions are used in artificial intelligence, materials sciences, drug discovery, scheduling, cybersecurity, fault detection, and financial modeling. It serves manufacturing and logistics, financial services, life sciences, and other industries. D-Wave Quantum Inc. is based in Burnaby, Canada.Show more
- Revenue$25M+178.5%
- EBITDA-$100M-33.3%
- Net Income-$355M-146.8%
- EPS (Diluted)-1.11-48.0%
- Gross Margin82.59%+31.0%
- EBITDA Margin-408.22%+52.1%
- Operating Margin-408.22%+53.3%
- Net Margin-1444.1%+11.4%
- ROE-77.62%+89.7%
- ROIC-102.03%
- Debt/Equity0.01-98.5%
QBTS Key Insights
D-Wave Quantum Inc. (QBTS) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Company is almost debt free
- ✓Strong 5Y sales CAGR of 36.7%
✗Weaknesses
- ✗Negative free cash flow
- ✗Low quality earnings: Net income not backed by cash flow
- ✗Shares diluted 67.2% in last year
- ✗Trading more than 30% below 52-week high
- ✗Low asset turnover indicates capital-intensive operations
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
QBTS Price & Volume
D-Wave Quantum Inc. (QBTS) stock price & volume — 10-year historical chart
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QBTS Growth Metrics
D-Wave Quantum Inc. (QBTS) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years36.65%
3 Years50.78%
TTM178.54%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM-146.78%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM-62.16%
Return on Capital
10 Years-165.28%
5 Years-180.6%
3 Years-120.91%
Last Year-18.86%
QBTS Recent Earnings
D-Wave Quantum Inc. (QBTS) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 2/12 qtrs (18%)●Beat Revenue 3/12 qtrs (27%)
Q1 2026Latest
Feb 26, 2026EPS
$0.12
Est $0.05
-140.0%
Revenue
$3M
Est $4M
-26.5%
Q4 2025
Nov 6, 2025EPS
$0.41
Est $0.07
-525.1%
Revenue
$4M
Est $3M
+23.3%
Q3 2025
Aug 7, 2025EPS
$0.55
Est $0.06
-816.7%
Revenue
$3M
Est $3M
+2.2%
Q2 2025
May 8, 2025EPS
$0.02
Est $0.05
+60.0%
Revenue
$15M
Est $4M
+305.3%
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q1 2026Latest | Feb 26, 2026 | $0.12vs $0.05-140.0% | $3Mvs $4M-26.5% |
| Q4 2025 | Nov 6, 2025 | $0.41vs $0.07-525.1% | $4Mvs $3M+23.3% |
| Q3 2025 | Aug 7, 2025 | $0.55vs $0.06-816.7% | $3Mvs $3M+2.2% |
| Q2 2025 | May 8, 2025 | $0.02vs $0.05+60.0% | $15Mvs $4M+305.3% |
Based on last 12 quarters of dataView full earnings history →
QBTS Peer Comparison
D-Wave Quantum Inc. (QBTS) competitors in Advanced Computing and Mining Hardware — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 IONQ | 19.27B | 52.57 | -28.88 | 201.85% | 148.08% | 9.03% | 0.01 | |
 RGTI | 6.65B | 20.07 | -28.67 | -34.31% | -30.5% | -51.53% | 0.01 | |
 QUBT | 2.26B | 10.46 | -95.09 | 82.84% | -27.38% | -2.42% | 0.00 | |
 ARQQ | 79.34M | 15.68 | -6.13 | 80.89% | -97.32% | -5.11% | 0.03 | |
 IBM | 211.75B | 225.74 | 20.21 | 7.62% | 15.61% | 35.44% | 2.05 | |
 GOOGL | 4.81T | 397.82 | 36.80 | 15.13% | 37.91% | 38.98% | 0.14 | |
 MSFT | 3.07T | 413.87 | 30.34 | 14.93% | 39.34% | 33.13% | 0.33 | |
 NVDA | 5.05T | 207.67 | 42.38 | 65.47% | 55.6% | 76.33% | 0.07 |
Compare QBTS vs Peers
D-Wave Quantum Inc. (QBTS) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
QBTS Income Statement
D-Wave Quantum Inc. (QBTS) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|
| Sales/Revenue | 5.16M | 6.28M | 7.17M | 8.76M | 8.83M | 24.59M |
| Revenue Growth % | - | 21.69% | 14.24% | 22.1% | 0.79% | 178.54% |
| Cost of Goods Sold | 915K | 1.75M | 2.92M | 4.14M | 3.26M | 4.28M |
| COGS % of Revenue | 17.73% | 27.87% | 40.75% | 47.23% | 36.98% | 17.41% |
| Gross Profit | 4.25M▲ 0% | 4.53M▲ 6.7% | 4.25M▼ 6.2% | 4.62M▲ 8.8% | 5.56M▲ 20.4% | 20.31M▲ 265.0% |
| Gross Margin % | 82.27% | 72.13% | 59.25% | 52.77% | 63.02% | 82.59% |
| Gross Profit Growth % | - | 6.69% | -6.16% | 8.75% | 20.36% | 265.02% |
| Operating Expenses | 35.71M | 43.48M | 63.71M | 85.17M | 82.79M | 120.67M |
| OpEx % of Revenue | 692.09% | 692.42% | 888.16% | 972.46% | 937.87% | 490.8% |
| Selling, General & Admin | 15.3M | 18.08M | 31.61M | 47.29M | 47.49M | 69.94M |
| SG&A % of Revenue | 296.53% | 287.88% | 440.64% | 539.96% | 537.96% | 284.46% |
| Research & Development | 20.41M | 25.4M | 32.1M | 37.88M | 35.3M | 50.73M |
| R&D % of Revenue | 395.56% | 404.54% | 447.53% | 432.5% | 399.91% | 206.34% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -31.47M▲ 0% | -38.95M▼ 23.8% | -59.46M▼ 52.7% | -80.55M▼ 35.5% | -77.22M▲ 4.1% | -100.37M▼ 30.0% |
| Operating Margin % | -609.83% | -620.29% | -828.91% | -919.68% | -874.85% | -408.22% |
| Operating Income Growth % | - | -23.77% | -52.66% | -35.47% | 4.13% | -29.97% |
| EBITDA | -28.74M | -36.35M | -57.13M | -78.7M | -75.29M | -100.37M |
| EBITDA Margin % | -557% | -578.85% | -796.39% | -898.62% | -852.96% | -408.22% |
| EBITDA Growth % | - | -26.46% | -57.17% | -37.77% | 4.33% | -33.31% |
| D&A (Non-Cash Add-back) | 2.73M | 2.6M | 2.33M | 1.84M | 1.93M | 0 |
| EBIT | -16.79M | -36.96M | -51.37M | -82.68M | -139.98M | 0 |
| Net Interest Income | -5.18M | -4.01M | -2.33M | -2.15M | -3.9M | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 24.11M |
| Interest Expense | 5.18M | 4.01M | 2.33M | 2.15M | 3.9M | -4.01M |
| Other Income/Expense | 9.5M | -2.02M | 5.76M | -2.17M | -66.66M | -254.69M |
| Pretax Income | -21.97M▲ 0% | -40.97M▼ 86.5% | -53.7M▼ 31.1% | -82.72M▼ 54.0% | -143.88M▼ 73.9% | -355.06M▼ 146.8% |
| Pretax Margin % | -425.72% | -652.54% | -748.67% | -944.45% | -1629.99% | -1444.1% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -21.97M▲ 0% | -40.97M▼ 86.5% | -53.7M▼ 31.1% | -82.72M▼ 54.0% | -143.88M▼ 73.9% | -355.06M▼ 146.8% |
| Net Margin % | -425.72% | -652.54% | -748.67% | -944.45% | -1629.99% | -1444.1% |
| Net Income Growth % | - | -86.52% | -31.07% | -54.03% | -73.95% | -146.78% |
| Net Income (Continuing) | -21.97M | -40.97M | -53.7M | -82.72M | -143.88M | -355.06M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.20▲ 0% | -0.33▼ 65.0% | -0.45▼ 36.4% | -0.60▼ 33.3% | -0.75▼ 25.0% | -1.11▼ 48.0% |
| EPS Growth % | - | -65% | -36.36% | -33.33% | -25% | -48% |
| EPS (Basic) | -0.20 | -0.33 | -0.45 | -0.60 | -0.75 | -1.11 |
| Diluted Shares Outstanding | 109.74M | 125.34M | 119.65M | 137.99M | 192.13M | 321.2M |
| Basic Shares Outstanding | 109.74M | 125.34M | 119.65M | 137.99M | 192.13M | 321.2M |
| Dividend Payout Ratio | - | - | - | - | - | - |
QBTS Balance Sheet
D-Wave Quantum Inc. (QBTS) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|
| Total Current Assets | 41.28M | 16.02M | 13.93M | 47.05M | 185.04M | 896.23M |
| Cash & Short-Term Investments | 21.34M | 9.48M | 7.07M | 41.31M | 177.98M | 884.48M |
| Cash Only | 21.34M | 9.48M | 7.07M | 41.31M | 177.98M | 635.35M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 249.13M |
| Accounts Receivable | 16.18M | 2.07M | 1.08M | 1.65M | 1.42M | 1.59M |
| Days Sales Outstanding | 1.14K | 120.33 | 54.91 | 68.85 | 58.72 | 23.56 |
| Inventory | 2.52M | 2.11M | 2.2M | 2.08M | 1.69M | 2.78M |
| Days Inventory Outstanding | 1.01K | 440.92 | 274.22 | 183.38 | 188.54 | 236.68 |
| Other Current Assets | 0 | 1.41M | 1.54M | 440K | 1.59M | 7.39M |
| Total Non-Current Assets | 6.18M | 13.45M | 13.02M | 12.31M | 14.81M | 19.58M |
| Property, Plant & Equipment | 5.84M | 11.83M | 11.43M | 10.77M | 11.39M | 14.36M |
| Fixed Asset Turnover | 0.88x | 0.53x | 0.63x | 0.81x | 0.77x | 1.71x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 148K | 272K | 244K | 179K | 490K | 915K |
| Long-Term Investments | 5K | 1.17M | 1.17M | 1.17M | 2.57M | 0 |
| Other Non-Current Assets | 182K | 184K | 183K | 189K | 355K | 4.31M |
| Total Assets | 47.46M▲ 0% | 29.47M▼ 37.9% | 26.95M▼ 8.6% | 59.36M▲ 120.3% | 199.85M▲ 236.7% | 915.81M▲ 358.2% |
| Asset Turnover | 0.11x | 0.21x | 0.27x | 0.15x | 0.04x | 0.03x |
| Asset Growth % | - | -37.91% | -8.55% | 120.27% | 236.7% | 358.24% |
| Total Current Liabilities | 11.97M | 10.45M | 16.04M | 11.25M | 30.14M | 21.15M |
| Accounts Payable | 2.18M | 2.11M | 3.76M | 1.47M | 815K | 950K |
| Days Payables Outstanding | 868.02 | 439.88 | 469.02 | 129.29 | 91.14 | 81 |
| Short-Term Debt | 355K | 432K | 2.28M | 399K | 348K | 1.58M |
| Deferred Revenue (Current) | 4.71M | 2.69M | 1.83M | 2.67M | 18.69M | 2.78M |
| Other Current Liabilities | 1.21M | 1.11M | 1.64M | 3.25M | 5.5M | 16.79M |
| Current Ratio | 3.45x | 1.53x | 0.87x | 4.18x | 6.14x | 42.38x |
| Quick Ratio | 3.24x | 1.33x | 0.73x | 4.00x | 6.08x | 42.25x |
| Cash Conversion Cycle | 1.28K | 121.37 | -139.89 | 122.95 | 156.12 | 179.25 |
| Total Non-Current Liabilities | 2.76M | 37.38M | 40.37M | 72.59M | 107.06M | 42.44M |
| Long-Term Debt | 1.32M | 30.31M | 31.17M | 63.85M | 30.13M | 6.05M |
| Capital Lease Obligations | 1.44M | 6.99M | 7.3M | 7.03M | 6.39M | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 18K | 1.89M | 1.63M | 69.88M | 36.38M |
| Total Liabilities | 14.73M | 47.82M | 56.41M | 83.84M | 137.21M | 63.58M |
| Total Debt | 4.66M | 39.42M | 42.28M | 72.65M | 38.38M | 7.63M |
| Net Debt | -16.68M | 29.94M | 35.22M | 31.34M | -139.6M | -627.72M |
| Debt / Equity | 0.14x | - | - | - | 0.61x | 0.01x |
| Debt / EBITDA | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | - |
| Interest Coverage | -6.08x | -9.71x | -25.46x | -37.38x | -19.82x | - |
| Total Equity | 32.73M▲ 0% | -18.36M▼ 156.1% | -29.46M▼ 60.5% | -24.48M▲ 16.9% | 62.65M▲ 355.9% | 852.23M▲ 1260.4% |
| Equity Growth % | - | -156.08% | -60.51% | 16.91% | 355.9% | 1260.39% |
| Book Value per Share | 0.30 | -0.15 | -0.25 | -0.18 | 0.33 | 2.65 |
| Total Shareholders' Equity | 32.73M | -18.36M | -29.46M | -24.48M | 62.65M | 852.23M |
| Common Stock | 2.49M | 0 | 11K | 16K | 27K | 35K |
| Retained Earnings | -293.72M | -346.64M | -400.35M | -483.06M | -626.94M | -982M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -10.46M | -10.44M | -10.4M | -10.52M | -10.51M | -9.02M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
QBTS Cash Flow Statement
D-Wave Quantum Inc. (QBTS) cash flow — operating, investing & free cash flow history
| Line item | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|
| Cash from Operations | -29.29M | -34.8M | -45.23M | -60.65M | -42.64M | -71.98M |
| Operating CF Margin % | -567.58% | -554.23% | -630.5% | -692.5% | -483.1% | -292.76% |
| Operating CF Growth % | - | -18.82% | -29.96% | -34.1% | 29.69% | -68.8% |
| Net Income | -21.97M | -40.97M | -53.7M | -82.72M | -143.88M | -355.06M |
| Depreciation & Amortization | 2.73M | 2.6M | 2.33M | 1.84M | 1.93M | 2.31M |
| Stock-Based Compensation | 2.99M | 1.74M | 9.16M | 21.92M | 15.66M | 22.66M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -5.95M | 3.02M | -6.04M | 1M | 62.78M | 258.12M |
| Working Capital Changes | -7.09M | -1.19M | 3.02M | -2.7M | 20.86M | 0 |
| Change in Receivables | -1.05M | 2.4M | 995K | -554K | 137K | -204K |
| Change in Inventory | -652K | 182K | -148K | -237K | -215K | -2.4M |
| Change in Payables | 1.28M | -379K | 3.6M | -2.61M | -570K | 268K |
| Cash from Investing | -789K | -2M | -498K | -630K | -3.14M | -251.13M |
| Capital Expenditures | -736K | -1.77M | -423K | -583K | -2.11M | -3.86M |
| CapEx % of Revenue | 14.26% | 28.25% | 5.9% | 6.66% | 23.86% | 15.71% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | -53K | -225K | -75K | -47K | -289K | 514K |
| Cash from Financing | 43.14M | 24.91M | 43.27M | 95.64M | 182.45M | 779.15M |
| Debt Issued (Net) | 0 | -319K | -1.91M | 26.75M | -30.37M | 0 |
| Equity Issued (Net) | 1000K | 0 | 1000K | 1000K | 1000K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 37.79M |
| Other Financing | -535K | 25.23M | 5.17M | 5.21M | -1.37M | 779.15M |
| Net Change in Cash | 13.05M▲ 0% | -11.85M▼ 190.8% | -2.42M▲ 79.6% | 34.24M▲ 1516.1% | 136.67M▲ 299.1% | 457.37M▲ 234.6% |
| Free Cash Flow | -30.08M▲ 0% | -36.8M▼ 22.4% | -45.72M▼ 24.3% | -61.28M▼ 34.0% | -44.75M▲ 27.0% | -75.84M▼ 69.5% |
| FCF Margin % | -582.87% | -586.06% | -637.45% | -699.69% | -506.96% | -308.47% |
| FCF Growth % | - | -22.35% | -24.25% | -34.02% | 26.97% | -69.49% |
| FCF per Share | -0.27 | -0.29 | -0.38 | -0.44 | -0.23 | -0.24 |
| FCF Conversion (FCF/Net Income) | 1.33x | 0.85x | 0.84x | 0.73x | 0.30x | 0.20x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
QBTS Key Ratios
D-Wave Quantum Inc. (QBTS) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Return on Equity (ROE) | -67.12% | -570.14% | - | - | -753.98% | -77.62% |
| Return on Invested Capital (ROIC) | - | -211.38% | -514.31% | -957.36% | - | -102.03% |
| Gross Margin | 82.27% | 72.13% | 59.25% | 52.77% | 63.02% | 82.59% |
| Net Margin | -425.72% | -652.54% | -748.67% | -944.45% | -1629.99% | -1444.1% |
| Debt / Equity | 0.14x | - | - | - | 0.61x | 0.01x |
| Interest Coverage | -6.08x | -9.71x | -25.46x | -37.38x | -19.82x | - |
| FCF Conversion | 1.33x | 0.85x | 0.84x | 0.73x | 0.30x | 0.20x |
| Revenue Growth | - | 21.69% | 14.24% | 22.1% | 0.79% | 178.54% |
QBTS SEC Filings & Documents
D-Wave Quantum Inc. (QBTS) SEC filings — annual & quarterly reports (10-K, 10-Q)
QBTS Frequently Asked Questions
D-Wave Quantum Inc. (QBTS) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
D-Wave Quantum Inc. (QBTS) reported $24.6M in revenue for fiscal year 2025. This represents a 376% increase from $5.2M in 2020.
D-Wave Quantum Inc. (QBTS) grew revenue by 178.5% over the past year. This is strong growth.
D-Wave Quantum Inc. (QBTS) reported a net loss of $355.1M for fiscal year 2025.
Dividend & Returns
D-Wave Quantum Inc. (QBTS) has a return on equity (ROE) of -77.6%. Negative ROE indicates the company is unprofitable.
D-Wave Quantum Inc. (QBTS) had negative free cash flow of $75.8M in fiscal year 2025, likely due to heavy capital investments.
Explore More QBTS
D-Wave Quantum Inc. (QBTS) financial analysis — history, returns, DCA and operating performance tools
Total Return Calculator
Historical returns with dividends reinvested
DCA Calculator
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Dividend History
Yield, growth, payout safety & DRIP
Earnings History
EPS trends, net income & profitability
Price History
Long-term charts & historical price data
Revenue History
Sales growth patterns & revenue breakdown
Financial Ratios
30 years of market, efficiency and balance-sheet ratios
Valuation
DCF intrinsic value, peer multiples & estimates