D-Wave Quantum Inc. (QBTS) Revenue History
Annual and quarterly revenue from 2020 to present
QBTS Revenue Over Time (2020–2025)
QBTS Revenue Growth History
5 of 5 years with positive growth- FY2020 revenue growth
- N/A
- FY2021 revenue growth
- +21.7%
- FY2022 revenue growth
- +14.2%
- FY2023 revenue growth
- +22.1%
- FY2024 revenue growth
- +0.8%
- FY2025 revenue growth
- +178.5%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $2.9M | -80.9% |
| Q4 2025 | $2.8M | +19.2% |
| Q3 2025 | $3.7M | +99.9% |
| Q2 2025 | $3.1M | +41.8% |
| Q1 2025 | $15.0M | +508.6% |
| Q4 2024 | $2.3M | -20.5% |
| Q3 2024 | $1.9M | -27.0% |
| Q2 2024 | $2.2M | +27.9% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
QBTS's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
QBTS Revenue Analysis (2020–2025)
Current Revenue & Growth
As of June 21, 2026, D-Wave Quantum Inc. (QBTS) generated trailing twelve-month (TTM) revenue of $12.4 million, reflecting significant decline in growth of -80.9% year-over-year. The most recent quarter (Q1 2026) recorded $2.9 million in revenue, up 3.9% sequentially.
Historical Growth Trajectory
QBTS's 5-year compound annual growth rate (CAGR) stands at +36.7%, indicating outstanding long-term growth trajectory. The 3-year CAGR of +50.8% exceeds the 5-year average, indicating an acceleration in the most recent period. D-Wave Quantum Inc.'s highest annual revenue of $24.6 million was recorded in 2025, an all-time high.
Revenue by Segment
QBTS's revenue is primarily driven by System Sales (85%), Professional Services (14%), and Product and Service, Other (1%). With over half of revenue concentrated in System Sales, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Technology sector peers — including IONQ (+334.6% YoY), RGTI (+8.8% YoY), and QUBT (+1025.7% YoY) — QBTS has underperformed the peer group in revenue growth. Compare QBTS vs IONQ →
QBTS Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| QBTSCurrent | $12M | -80.9% | +36.7% | -408.2% | |
 IONQ | $130M | +334.6% | - | -487.4% | |
 RGTI | $7M | +8.8% | +5.0% | -1194.4% | |
 QUBT | $682,000 | +1025.7% | - | -7489.3% | |
 ARQQ | $530,000 | +150.1% | - | -6636.0% | |
 IBM | $67.5B | +9.7% | +4.1% | 15.3% |
QBTS Historical Revenue Data (2020–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $24.6M | +178.5% | $20.3M | 82.6% | $-100,368,000 | -408.2% |
| 2024 | $8.8M | +0.8% | $5.6M | 63.0% | $-77,223,000 | -874.8% |
| 2023 | $8.8M | +22.1% | $4.6M | 52.8% | $-80,546,000 | -919.7% |
| 2022 | $7.2M | +14.2% | $4.3M | 59.3% | $-59,458,000 | -828.9% |
| 2021 | $6.3M | +21.7% | $4.5M | 72.1% | $-38,948,000 | -620.3% |
| 2020 | $5.2M | - | $4.2M | 82.3% | $-31,467,000 | -609.8% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
6+ years return with dividends reinvested.
DCA Calculator
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Peer Comparison
Compare growth, multiples, and margins vs sector.
QBTS — Frequently Asked Questions
Quick answers to the most common questions about buying QBTS stock.
Is QBTS's revenue growth accelerating or slowing?
QBTS revenue is declining -80.9% year-over-year. TTM revenue fell to $12M, contrasting with the 5-year CAGR of +36.7%. The reversal reflects either macro headwinds or company-specific challenges.
What is QBTS's revenue history from 2020 to 2026?
D-Wave Quantum Inc. (QBTS) revenue history spans 2020 to 2026. TTM revenue as of 2026 is $12M, growing at -80.9% YoY. The 5-year CAGR is +36.7%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is QBTS's long-term revenue growth rate (CAGR)?
D-Wave Quantum Inc.'s 5-year revenue CAGR of +36.7% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of -80.9% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for QBTS.
Why does QBTS's quarterly revenue fluctuate?
QBTS quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. D-Wave Quantum Inc.'s revenue data from 2020 to 2026 shows full historical quarterly detail on this page.
How is QBTS's revenue distributed by segment?
QBTS reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does QBTS's revenue compare to industry peers?
D-Wave Quantum Inc. (QBTS) with TTM revenue of $12M and -80.9% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.