Revenue performance remains highly erratic, characterized by a 2026Q1 revenue of $2.9 million and a volatile operating margin that reached -19.1% in the same period.
| Sales/Revenue | 12.44M | 24.59M | 8.83M | 8.76M | 7.17M | 6.28M | 5.16M |
| Revenue Growth % | -41.75% | 178.54% | 0.79% | 22.1% | 14.24% | 21.69% | - |
| Cost of Goods Sold | 4.2M | 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 | 8.25M | 20.31M | 5.56M | 4.62M | 4.25M | 4.53M | 4.25M |
| Gross Margin % | 66.27% | 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 | 152.05M | 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 | 85.81M | 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 | 66.24M | 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 | -143.8M | -100.37M | -77.22M | -80.55M | -59.46M | -38.95M | -31.47M |
| Operating Margin % | -1155.61% | -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 | -142.25M | -98.06M | -75.29M | -78.7M | -57.13M | -36.35M | -28.74M |
| EBITDA Margin % | -1143.12% | -398.84% | -852.96% | -898.62% | -796.39% | -578.85% | -557% |
| EBITDA Growth % | -106.34% | -30.24% | 4.33% | -37.77% | -57.17% | -26.46% | - |
| D&A (Non-Cash Add-back) | 1.55M | 2.31M | 1.93M | 1.84M | 2.33M | 2.6M | 2.73M |
| EBIT | -400.58M | -351.05M | -139.98M | -82.68M | -51.37M | -36.96M | -16.79M |
| Net Interest Income | -1.45M | 20.1M | -3.9M | -2.15M | -2.33M | -4.01M | -5.18M |
| Interest Income | 8.12M | 24.11M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 9.57M | 4.01M | 3.9M | 2.15M | 2.33M | 4.01M | 5.18M |
| Other Income/Expense | -252.65M | -254.69M | -66.66M | -2.17M | 5.76M | -2.02M | 9.5M |
| Pretax Income | -396.45M | -355.06M | -143.88M | -82.72M | -53.7M | -40.97M | -21.97M |
| Pretax Margin % | -3185.87% | -1444.1% | -1629.99% | -944.45% | -748.67% | -652.54% | -425.72% |
| Income Tax | -28.45M | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 7.18% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -368M | -355.06M | -143.88M | -82.72M | -53.7M | -40.97M | -21.97M |
| Net Margin % | -2957.23% | -1444.1% | -1629.99% | -944.45% | -748.67% | -652.54% | -425.72% |
| Net Income Growth % | -178.81% | -146.78% | -73.95% | -54.03% | -31.07% | -86.52% | - |
| Net Income (Continuing) | -368M | -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) | -1.00 | -1.11 | -0.75 | -0.60 | -0.45 | -0.33 | -0.20 |
| EPS Growth % | -92.02% | -48% | -25% | -33.33% | -36.36% | -65% | - |
| EPS (Basic) | - | -1.11 | -0.75 | -0.60 | -0.45 | -0.33 | -0.20 |
| Diluted Shares Outstanding | 367.47M | 321.2M | 192.13M | 137.99M | 119.65M | 125.34M | 109.74M |
| Basic Shares Outstanding | 367.47M | 321.2M | 192.13M | 137.99M | 119.65M | 125.34M | 109.74M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Unsustainable Operating Burn Rate
As indicated by the quarterly income statement data, QBTS exhibits highly inconsistent revenue performance, with a notable -80.9% year-over-year decline in 2026Q1 following periods of erratic growth, suggesting that the company's transition from pilot programs to recurring commercial revenue remains fundamentally unstable and unpredictable.
The revenue volatility suggests that the company relies heavily on lumpy, project-based professional services rather than a predictable subscription-based model. Investors should monitor whether the firm can stabilize its top-line performance, as the current fluctuations make it difficult to forecast long-term scalability or market penetration.
Based on reported financial figures, QBTS maintains a surprisingly robust gross margin profile, peaking at 92.5% in 2025Q1, which implies that the underlying cloud-based quantum service delivery model possesses significant inherent operating leverage despite the company's inability to achieve positive net income at this stage.
The ability to maintain gross margins consistently above 60% suggests that the company's core quantum-as-a-service offering is not being commoditized by price competition. However, this high margin is currently insufficient to cover the substantial R&D and SG&A expenditures required to maintain their proprietary hardware architecture.
According to the provided income statement, operating expenses have consistently outpaced gross profit generation, with R&D costs reaching $25.8 million in 2026Q1, highlighting a structural cost base that appears disconnected from the current revenue scale and necessitates continuous external capital to sustain ongoing operations.
The persistent increase in R&D spending suggests that the company is prioritizing technological advancement over near-term expense discipline. This strategy warrants further investigation, as the lack of operating leverage indicates that the business model may require a much larger revenue base to reach a break-even point.
As reported in financial statements, stock-based compensation remains a significant non-cash expense, consistently ranging between $3.5 million and $8.0 million per quarter, which effectively masks the true cash-based operating losses and complicates the assessment of the company's underlying profitability and long-term shareholder dilution risks.
The reliance on equity-based compensation to retain specialized talent is a common industry practice, yet it creates a persistent drag on EPS that investors must account for. The discrepancy between net income and cash flow suggests that reported earnings are not currently reflective of the company's actual cash-burning operational reality.
Based on the provided data, the company's -408.22% operating margin and the extreme volatility in quarterly revenue growth suggest that the current business model may be fundamentally unsustainable without a significant, and perhaps unlikely, shift in customer adoption rates or a drastic reduction in fixed costs.
Short-sellers would likely focus on the widening gap between R&D investment and revenue growth, which suggests that the company is not yet achieving the expected returns on its technological development. The risk of continued capital dilution remains high as long as the company fails to demonstrate a clear path toward operational self-sufficiency.
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.