The company's capital structure shows significant instability, with retained earnings deteriorating to a $1.0 billion deficit as of 2026Q1 despite a cash position of $338.2 million.
| Total Current Assets | 607.11M | 896.23M | 185.04M | 47.05M | 13.93M | 16.02M | 41.28M |
| Cash & Short-Term Investments | 588.39M | 884.48M | 177.98M | 41.31M | 7.07M | 9.48M | 21.34M |
| Cash Only | 338.2M | 635.35M | 177.98M | 41.31M | 7.07M | 9.48M | 21.34M |
| Short-Term Investments | 250.2M | 249.13M | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 10.65M | 4.68M | 1.42M | 1.65M | 1.08M | 2.07M | 16.18M |
| Days Sales Outstanding | 162.7 | 69.48 | 58.72 | 68.85 | 54.91 | 120.33 | 1.14K |
| Inventory | 2.92M | 2.78M | 1.69M | 2.08M | 2.2M | 2.11M | 2.52M |
| Days Inventory Outstanding | 238.51 | 236.68 | 188.54 | 183.38 | 274.22 | 440.92 | 1.01K |
| Other Current Assets | 1.17M | 803K | 1.59M | 440K | 1.54M | 1.41M | 0 |
| Total Non-Current Assets | 592.71M | 19.58M | 14.81M | 12.31M | 13.02M | 13.45M | 6.18M |
| Property, Plant & Equipment | 25.4M | 14.36M | 11.39M | 10.77M | 11.43M | 11.83M | 5.84M |
| Fixed Asset Turnover | 0.78x | 1.71x | 0.77x | 0.81x | 0.63x | 0.53x | 0.88x |
| Goodwill | 342.59M | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 215.28M | 915K | 490K | 179K | 244K | 272K | 148K |
| Long-Term Investments | 12.6M | 2.39M | 2.57M | 1.17M | 1.17M | 1.17M | 5K |
| Other Non-Current Assets | 5.21M | 1.92M | 355K | 189K | 183K | 184K | 182K |
| Total Assets | 1.2B | 915.81M | 199.85M | 59.36M | 26.95M | 29.47M | 47.46M |
| Asset Turnover | 0.01x | 0.03x | 0.04x | 0.15x | 0.27x | 0.21x | 0.11x |
| Asset Growth % | 3538.52% | 358.24% | 236.7% | 120.27% | -8.55% | -37.91% | - |
| Total Current Liabilities | 28.36M | 21.15M | 30.14M | 11.25M | 16.04M | 10.45M | 11.97M |
| Accounts Payable | 1.71M | 950K | 815K | 1.47M | 3.76M | 2.11M | 2.18M |
| Days Payables Outstanding | 105.21 | 81 | 91.14 | 129.29 | 469.02 | 439.88 | 868.02 |
| Short-Term Debt | 140K | 134K | 348K | 399K | 2.28M | 432K | 355K |
| Deferred Revenue (Current) | 20.57M | 2.78M | 18.69M | 2.67M | 1.83M | 2.69M | 4.71M |
| Other Current Liabilities | 8.8M | 10.35M | 5.5M | 3.25M | 1.64M | 1.11M | 1.21M |
| Current Ratio | 21.41x | 42.38x | 6.14x | 4.18x | 0.87x | 1.53x | 3.45x |
| Quick Ratio | 21.31x | 42.25x | 6.08x | 4.00x | 0.73x | 1.33x | 3.24x |
| Cash Conversion Cycle | 296 | 225.16 | 156.12 | 122.95 | -139.89 | 121.37 | 1.28K |
| Total Non-Current Liabilities | 47.21M | 42.44M | 107.06M | 72.59M | 40.37M | 37.38M | 2.76M |
| Long-Term Debt | 35.42M | 35.83M | 30.13M | 63.85M | 31.17M | 30.31M | 1.32M |
| Capital Lease Obligations | 28.18M | 6.05M | 6.39M | 7.03M | 7.3M | 6.99M | 1.44M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 69.88M | 1.63M | 1.89M | 18K | 0 |
| Total Liabilities | 75.56M | 63.58M | 137.21M | 83.84M | 56.41M | 47.82M | 14.73M |
| Total Debt | 46.82M | 43.46M | 38.38M | 72.65M | 42.28M | 39.42M | 4.66M |
| Net Debt | -291.38M | -591.89M | -139.6M | 31.34M | 35.22M | 29.94M | -16.68M |
| Debt / Equity | 0.04x | 0.05x | 0.61x | - | - | - | 0.14x |
| Debt / EBITDA | -0.33x | - | - | - | - | - | - |
| Net Debt / EBITDA | 2.05x | - | - | - | - | - | - |
| Interest Coverage | -41.85x | -87.48x | -35.92x | -38.37x | -22.00x | -9.21x | -3.24x |
| Total Equity | 1.12B | 852.23M | 62.65M | -24.48M | -29.46M | -18.36M | 32.73M |
| Equity Growth % | 9093.73% | 1260.39% | 355.9% | 16.91% | -60.51% | -156.08% | - |
| Book Value per Share | 3.06 | 2.65 | 0.33 | -0.18 | -0.25 | -0.15 | 0.30 |
| Total Shareholders' Equity | 1.12B | 852.23M | 62.65M | -24.48M | -29.46M | -18.36M | 32.73M |
| Common Stock | 37K | 35K | 27K | 16K | 11K | 0 | 2.49M |
| Retained Earnings | -1B | -982M | -626.94M | -483.06M | -400.35M | -346.64M | -293.72M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -9.16M | -9.02M | -10.51M | -10.52M | -10.4M | -10.44M | -10.46M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Unsustainable Cash Burn Rate
As reported in financial statements, QBTS has experienced extreme fluctuations in total assets, which surged from $49.6 million in 2024Q3 to $1.2 billion by 2026Q1, a trend that appears driven by aggressive capital raises and acquisitions rather than organic growth in core operating assets.
The rapid expansion of the balance sheet suggests a reliance on external financing to mask the underlying lack of operational self-sufficiency. Investors should monitor whether these asset additions provide tangible long-term value or if they represent a temporary inflation of the balance sheet that will require future impairment.
Based on reported figures, the company's cash position has shown significant volatility, peaking at $836.2 million in 2025Q3 before declining to $338.2 million in 2026Q1, a trend that warrants caution given the company's persistent and deep negative operating cash flow requirements.
While the current ratio of 21.41 suggests a strong short-term liquidity buffer, this metric is heavily skewed by the reported cash balance and may not reflect the true burn rate of the business. The discrepancy in reported cash levels necessitates a conservative approach to modeling the company's actual operational runway.
According to recent SEC filings, the company's retained earnings have deteriorated to a deficit of $1.0 billion as of 2026Q1, reflecting a consistent pattern of value destruction that has been partially offset by equity issuance rather than organic profit generation.
The reliance on equity financing to sustain operations suggests that shareholders are bearing the brunt of the company's R&D-heavy business model. This persistent dilution may continue to pressure per-share value unless the company can demonstrate a clear path toward positive net income.
As indicated by the balance sheet data, goodwill has ballooned to $342.6 million in 2026Q1 from negligible levels in previous periods, representing a significant portion of total assets that may be subject to future impairment if acquisition synergies fail to materialize.
The sudden emergence of substantial goodwill suggests that recent inorganic growth strategies may be masking the lack of internal development progress. Investors should be wary of potential write-downs, which could further erode the company's already fragile equity base.
Quick answers to the most common questions about buying QBTS stock.
As of 2025, D-Wave Quantum Inc. (QBTS) had total assets of $915.8M including $896.2M in current assets.
D-Wave Quantum Inc. (QBTS) carries total debt of $43.5M, offset by $884.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
D-Wave Quantum Inc. (QBTS) has total shareholders' equity (book value) of $852.2M ($2.65 book value per share). Book value represents the net worth of the company belonging to common stock holders.
D-Wave Quantum Inc. (QBTS) reported a current ratio of 42.38x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.