Revenue growth is accelerating on a TTM basis (178.5%), but quarterly revenue remains volatile, with a 2025Q1 spike to $15.0M followed by a drop to $2.8M in 2025Q4, while operating margin deteriorated to -17.3% in 2026Q2.
D-Wave Quantum Inc. (QBTS) annual income statement — 6-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Sales/Revenue | 12.43M | 24.59M | 8.83M | 8.76M | 7.17M | 6.28M | 5.16M |
| Revenue Growth % | -44.22% | 178.54% | 0.79% | 22.1% | 14.24% | 21.69% | - |
| Cost of Goods Sold | 4.45M | 4.28M | 3.26M | 4.14M | 2.92M | 1.75M | 915K |
| COGS % of Revenue | - | 17.41% | 36.98% | 47.23% | 40.75% | 27.87% | 17.73% |
| Gross Profit | 7.97M | 20.31M | 5.56M | 4.62M | 4.25M | 4.53M | 4.25M |
| Gross Margin % | 64.19% | 82.59% | 63.02% | 52.77% | 59.25% | 72.13% | 82.27% |
| Gross Profit Growth % | - | 265.02% | 20.36% | 8.75% | -6.16% | 6.69% | - |
| Operating Expenses | 178.56M | 120.67M | 82.79M | 85.17M | 63.71M | 43.48M | 35.71M |
| OpEx % of Revenue | - | 490.8% | 937.87% | 972.46% | 888.16% | 692.42% | 692.09% |
| Selling, General & Admin | 96.77M | 69.94M | 47.49M | 47.29M | 31.61M | 18.08M | 15.3M |
| SG&A % of Revenue | - | 284.46% | 537.96% | 539.96% | 440.64% | 287.88% | 296.53% |
| Research & Development | 81.78M | 50.73M | 35.3M | 37.88M | 32.1M | 25.4M | 20.41M |
| R&D % of Revenue | - | 206.34% | 399.91% | 432.5% | 447.53% | 404.54% | 395.56% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -170.58M | -100.37M | -77.22M | -80.55M | -59.46M | -38.95M | -31.47M |
| Operating Margin % | -1372.88% | -408.22% | -874.85% | -919.68% | -828.91% | -620.29% | -609.83% |
| Operating Income Growth % | - | -29.97% | 4.13% | -35.47% | -52.66% | -23.77% | - |
| EBITDA | -156.85M | -98.06M | -75.29M | -78.7M | -57.13M | -36.35M | -28.74M |
| EBITDA Margin % | -1262.35% | -398.84% | -852.96% | -898.62% | -796.39% | -578.85% | -557% |
| EBITDA Growth % | -104.82% | -30.24% | 4.33% | -37.77% | -57.17% | -26.46% | - |
| D&A (Non-Cash Add-back) | 13.73M | 2.31M | 1.93M | 1.84M | 2.33M | 2.6M | 2.73M |
| EBIT | -273.05M | -351.05M | -139.98M | -82.68M | -51.37M | -36.96M | -16.79M |
| Net Interest Income | 3.53M | 20.1M | -3.9M | -2.15M | -2.33M | -4.01M | -5.18M |
| Interest Income | 13.15M | 24.11M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 9.62M | 4.01M | 3.9M | 2.15M | 2.33M | 4.01M | 5.18M |
| Other Income/Expense | -106.56M | -254.69M | -66.66M | -2.17M | 5.76M | -2.02M | 9.5M |
| Pretax Income | -277.14M | -355.06M | -143.88M | -82.72M | -53.7M | -40.97M | -21.97M |
| Pretax Margin % | -2230.51% | -1444.1% | -1629.99% | -944.45% | -748.67% | -652.54% | -425.72% |
| Income Tax | -28.44M | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 10.26% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -248.7M | -355.06M | -143.88M | -82.72M | -53.7M | -40.97M | -21.97M |
| Net Margin % | -2001.59% | -1444.1% | -1629.99% | -944.45% | -748.67% | -652.54% | -425.72% |
| Net Income Growth % | 11.67% | -146.78% | -73.95% | -54.03% | -31.07% | -86.52% | - |
| Net Income (Continuing) | -248.7M | -355.06M | -143.88M | -82.72M | -53.7M | -40.97M | -21.97M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.67 | -1.11 | -0.75 | -0.60 | -0.45 | -0.33 | -0.20 |
| EPS Growth % | 33.58% | -48% | -25% | -33.33% | -36.36% | -65% | - |
| EPS (Basic) | - | -1.11 | -0.75 | -0.60 | -0.45 | -0.33 | -0.20 |
| Diluted Shares Outstanding | 370.84M | 321.2M | 192.13M | 137.99M | 119.65M | 125.34M | 109.74M |
| Basic Shares Outstanding | 370.84M | 321.2M | 192.13M | 137.99M | 119.65M | 125.34M | 109.74M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying QBTS stock.
For fiscal year 2025, D-Wave Quantum Inc. (QBTS) reported total revenue of $24.6M. This represents a 376.5% increase compared to $5.2M in 2020.
D-Wave Quantum Inc. (QBTS) reported a net loss of $355.1M for the fiscal year ending 2025.
D-Wave Quantum Inc. (QBTS) reported an operating income of $-100.4M, resulting in an operating profit margin of -408.2%. This margin reflects the operational efficiency of the business before interest and taxes.
D-Wave Quantum Inc. (QBTS) generated $20.3M in gross profit for the year, representing a gross profit margin of 82.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Cash runway and dilution risk
Metrics are mathematically derived from official filings.
Revenue Growth Masked by Volatility
QBTS reported 178.5% YoY revenue growth on a TTM basis, but quarterly figures show extreme lumpiness, including a 2025Q1 spike to $15.0M followed by a drop to $2.8M in 2025Q4, per the income statement data.
The 2025Q1 revenue spike appears to be an outlier, likely reflecting a large one-time contract, as subsequent quarters reverted to the $2.8-$3.7M range. This suggests that the headline growth rate may overstate the underlying recurring revenue momentum. Investors should monitor the mix between recurring Leap subscriptions and one-time Launch services, as the latter can create volatile quarter-to-quarter comparisons.
Gross Margin Resilience Amidst Scale-Up
Gross margin averaged around 63% over the last four quarters, excluding the anomalous 92.5% in 2025Q1, indicating that the cloud-based delivery model maintains software-like economics despite revenue volatility, as shown in the quarterly data.
The gross margin stability suggests that the incremental cost of serving additional customers on existing quantum hardware is low, consistent with a QCaaS model. However, the 2025Q1 margin of 92.5% was likely inflated by the $15.0M revenue spike, which may have included high-margin professional services. Excluding that quarter, margins have been consistent, implying that the underlying business can sustain healthy gross margins as revenue scales.
Operating Leverage Absent in Hyper-Burn Phase
Operating losses have widened from -$17.5M in 2024Q1 to -$53.3M in 2026Q2, with operating margin deteriorating to -17.3% despite revenue growth, indicating that R&D and SG&A costs are scaling faster than gross profit, per the income statement.
The company is in a heavy investment phase, with R&D and SG&A expenses growing sequentially each quarter, far outpacing the modest revenue increases. This suggests that management is prioritizing technology development and market expansion over near-term profitability. The lack of operating leverage is typical for early-stage quantum hardware firms, but the pace of expense growth relative to revenue warrants close monitoring for any signs of discipline.
Net Losses Distorted by Non-Cash Items
Net income swung from -$5.4M in 2025Q1 to -$140.0M in 2025Q3, with stock-based compensation averaging $6.5M per quarter, indicating that reported losses are significantly impacted by non-cash charges and possibly warrant revaluations, as per the financial data.
The massive net loss in 2025Q3 (-$140.0M) appears to be driven by non-operating items, likely fair value adjustments on warrants or other liabilities, as operating loss was only -$27.7M. This highlights the importance of focusing on operating income and cash burn rather than net income, which can be highly volatile. Stock-based compensation is a meaningful expense, but it is non-cash and should be excluded when assessing cash runway.
R&D and SG&A Escalation Outpaces Revenue
Combined R&D and SG&A expenses grew from $19.2M in 2024Q1 to $54.9M in 2026Q2, a 186% increase, while revenue only grew from $2.5M to $3.1M over the same period, based on the quarterly income statement data.
The cost structure is dominated by R&D (averaging $15M per quarter recently) and SG&A (averaging $25M), reflecting the company's dual investment in hardware development and commercial expansion. The rapid escalation in SG&A, particularly in 2026Q1 ($30.8M), suggests aggressive sales and marketing efforts to drive bookings. However, the lack of corresponding revenue growth raises questions about the efficiency of these expenditures and whether they will translate into sustainable top-line expansion.
2025Q1 Spike: An Inflection or Anomaly?
The 2025Q1 quarter stands out with revenue of $15.0M and a gross margin of 92.5%, a dramatic departure from the $2-3M range seen in adjacent quarters, suggesting a one-time event rather than a sustainable trend, as reported in the income statement.
This quarter likely included a large, non-recurring contract or milestone payment, which inflated revenue and margins. The subsequent reversion to ~$3M quarterly revenue indicates that the underlying business has not yet achieved a step-change in scale. Investors should treat this quarter as an outlier and focus on the underlying run-rate, which appears to be stabilizing around $3M per quarter, implying an annualized revenue of ~$12M, still minuscule relative to the company's cost base.
What Could Invalidate the Base Case
Despite the 178.5% TTM revenue growth, the underlying quarterly run-rate remains near $3M, and operating losses are widening, suggesting that the growth narrative may be overstated and the company faces significant dilution risk, per the income statement data.
Short-sellers would likely focus on the fact that revenue growth is driven by a single anomalous quarter, while operating expenses continue to escalate, leading to a deteriorating cash position. The company's reliance on external financing to fund operations is evident from the persistent negative operating cash flow and the need for capital raises. If the revenue growth does not accelerate meaningfully in the coming quarters, the stock could face significant downside as the market reprices the company's fundamentals.