Free cash flow remains deeply negative, with quarterly outflows reaching $46.0 million in 2026Q1, further pressured by a $250.8 million acquisition-related cash outflow.
| Cash from Operations | -97.66M | -71.98M | -42.64M | -60.65M | -45.23M | -34.8M | -29.29M |
| Operating CF Margin % | - | -292.76% | -483.1% | -692.5% | -630.5% | -554.23% | -567.58% |
| Operating CF Growth % | -1155.1% | -68.8% | 29.69% | -34.1% | -29.96% | -18.82% | - |
| Net Income | -368M | -355.06M | -143.88M | -82.72M | -53.7M | -40.97M | -21.97M |
| Depreciation & Amortization | 5.56M | 2.31M | 1.93M | 1.84M | 2.33M | 2.6M | 2.73M |
| Stock-Based Compensation | 26.68M | 22.66M | 15.66M | 21.92M | 9.16M | 1.74M | 2.99M |
| Deferred Taxes | -28.36M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 275.91M | 272.41M | 62.78M | 1M | -6.04M | 3.02M | -5.95M |
| Working Capital Changes | -9.45M | -14.3M | 20.86M | -2.7M | 3.02M | -1.19M | -7.09M |
| Change in Receivables | -7.88M | -204K | 137K | -554K | 995K | 2.4M | -1.05M |
| Change in Inventory | -3.86M | -2.4M | -215K | -237K | -148K | 182K | -652K |
| Change in Payables | -961K | 268K | -570K | -2.61M | 3.6M | -379K | 1.28M |
| Cash from Investing | -502.7M | -251.13M | -3.14M | -630K | -498K | -2M | -789K |
| Capital Expenditures | -4.5M | -3.86M | -2.11M | -583K | -423K | -1.77M | -736K |
| CapEx % of Revenue | 36.2% | 15.71% | 23.86% | 6.66% | 5.9% | 28.25% | 14.26% |
| Acquisitions | -250.82M | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 411K | 514K | -289K | -47K | -75K | -225K | -53K |
| Cash from Financing | 633.39M | 779.15M | 182.45M | 95.64M | 43.27M | 24.91M | 43.14M |
| Debt Issued (Net) | -399K | 0 | -30.37M | 26.75M | -1.91M | -319K | 0 |
| Equity Issued (Net) | -54.05M | 574.53M | 214.19M | 63.68M | 40M | 0 | 43.68M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -37.99M | 37.79M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 687.83M | 204.62M | -1.37M | 5.21M | 5.17M | 25.23M | -535K |
| Net Change in Cash | 33.88M | 457.37M | 136.67M | 34.24M | -2.42M | -11.85M | 13.05M |
| Free Cash Flow | -102.17M | -75.84M | -44.75M | -61.28M | -45.72M | -36.8M | -30.08M |
| FCF Margin % | -821.02% | -308.47% | -506.96% | -699.69% | -637.45% | -586.06% | -582.87% |
| FCF Growth % | -95.81% | -69.49% | 26.97% | -34.02% | -24.25% | -22.35% | - |
| FCF per Share | -0.28 | -0.24 | -0.23 | -0.44 | -0.38 | -0.29 | -0.27 |
| FCF Conversion (FCF/Net Income) | 0.28x | 0.20x | 0.30x | 0.73x | 0.84x | 0.85x | 1.33x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Unsustainable Cash Burn Rate
According to reported financial statements, QBTS consistently reports net losses that significantly exceed operating cash outflows, with the OCF/NI ratio fluctuating wildly, such as the 2.45x observed in 2026Q1, suggesting that non-cash charges and working capital swings are heavily distorting the company's true cash-generating capability.
The persistent divergence between net income and operating cash flow indicates that accounting earnings are not a reliable proxy for the company's liquidity health. Investors should monitor the high reliance on non-cash adjustments, which appear to mask the underlying cash-burning nature of the core quantum hardware business.
As reported in recent filings, QBTS continues to experience significant free cash flow deficits, with quarterly outflows reaching as high as $46.0 million in 2026Q1, highlighting a trajectory that remains firmly in the burning phase despite the company's efforts to scale its cloud-based quantum service offerings.
The inability to generate positive free cash flow suggests that the company's current revenue growth is insufficient to cover the massive R&D and infrastructure costs required to maintain its competitive position. This trajectory implies that the firm will likely remain dependent on external financing to fund its ongoing operations.
Based on the provided data, QBTS maintains a high capital intensity, with CapEx/Revenue ratios peaking at 60.3% in 2025Q4, which reflects the heavy investment required to fabricate and maintain specialized superconducting quantum processors rather than just software-based service delivery costs.
The high level of capital expenditure relative to revenue suggests that the company is still in a heavy asset-build phase, which limits the potential for near-term cash flow improvement. Investors should scrutinize whether these investments are yielding proportional increases in long-term system utilization or if they represent maintenance-heavy hardware cycles.
As indicated by quarterly cash flow data, working capital changes have been highly erratic, swinging from a $17.9 million inflow in 2024Q4 to a $15.0 million outflow in 2025Q1, which suggests significant instability in the company's ability to manage its receivables and payables effectively.
This volatility in working capital appears to be a primary driver of the unpredictable quarterly cash flow results, potentially reflecting lumpy revenue recognition or inconsistent payment terms with enterprise clients. Such fluctuations warrant further investigation into the company's underlying cash conversion cycle and its ability to manage liquidity during periods of growth.
Based on reported figures, the cash flow statement is significantly impacted by non-cash stock-based compensation, which averaged over $5 million per quarter, and a massive $250.8 million acquisition outflow in 2026Q1, both of which obscure the true underlying cash burn of the core operating business.
The reliance on stock-based compensation to retain talent effectively shifts the cost of operations from cash to equity, which may dilute shareholders without addressing the fundamental cash burn. Furthermore, the large acquisition outflow suggests that the company is attempting to buy growth or technology, which adds another layer of complexity to assessing its long-term cash sustainability.
Quick answers to the most common questions about buying QBTS stock.
D-Wave Quantum Inc. (QBTS) generated $-72.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
D-Wave Quantum Inc. (QBTS) reported negative free cash flow of $75.8M in 2025, indicating capital requirements exceeded cash from operations.
D-Wave Quantum Inc. (QBTS) spent $3.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, D-Wave Quantum Inc. (QBTS) spent $37.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.