D-Wave Quantum Inc. (QBTS) Financial Statements
Industry: Computer Processing & Data Preparation (Services)
In fiscal 2025, D-Wave Quantum reported revenue of $24.6M, up 178.5% from $8.8M the year before. Net income was -$355.1M (a -1444.1% net margin), or -$1.11 per diluted share. Gross margin was 82.6% and operating margin was -408.2%. Operating activities generated -$72.0M of cash, leaving -$75.8M of free cash flow. At fiscal year end, D-Wave Quantum held $915.8M in total assets against $63.6M in total liabilities, including $635.3M of cash and equivalents.
Open the full interactive D-Wave Quantum financials → Quarterly statements, key ratios, valuation history and price charts.
D-Wave Quantum Key Stats
| Share Price | $13.38 |
|---|---|
| Market Cap | $4.96B |
| Revenue YoY Growth | +178.5% |
| 52-Week Range | $12.98 – $44.78 |
| Shares Outstanding | 370.8 million (basic, 2026 Q2) |
D-Wave Quantum Income Statement
| FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|
| Revenue | $7.2M | $8.8M | $8.8M | $24.6M |
| Cost of Goods Sold | $2.9M | $4.1M | $3.3M | — |
| Gross Profit | $4.2M | $4.6M | $5.6M | $20.3M |
| Operating Income | -$59.5M | -$80.5M | -$77.2M | -$100.4M |
| Pre-Tax Income | -$51.5M | -$82.7M | -$143.9M | -$355.1M |
| Income Tax | — | — | — | $0 |
| Net Income | -$51.5M | -$82.7M | -$143.9M | -$355.1M |
| Diluted EPS | -$0.43 | -$0.60 | -$0.75 | -$1.11 |
D-Wave Quantum Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $3.7M | $2.8M | $2.9M | $3.1M |
| Net Income | -$140.0M | -$42.3M | -$18.4M | -$48.0M |
| Diluted EPS | -$0.41 | -$0.13 | -$0.05 | -$0.13 |
D-Wave Quantum Balance Sheet
| FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|
| Cash & Equivalents | — | — | $178.0M | $635.3M |
| Current Assets | $13.9M | $47.0M | $185.0M | $896.2M |
| Total Assets | $26.9M | $59.4M | $199.9M | $915.8M |
| Current Liabilities | $15.8M | $11.2M | $30.1M | $21.1M |
| Total Long-Term Debt | $9.5M | $63.9M | $30.1M | $35.8M |
| Total Liabilities | $32.9M | $83.8M | $137.2M | $63.6M |
| Shareholders' Equity | -$5.9M | -$24.5M | $62.6M | $852.2M |
D-Wave Quantum Cash Flow Statement
| FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|
| Cash From Operations | -$45.2M | -$60.6M | -$42.6M | -$72.0M |
| Cash From Investing | -$498,000 | -$630,000 | -$3.1M | -$251.1M |
| Cash From Financing | $43.3M | $95.6M | $182.4M | $779.1M |
| Free Cash Flow | -$45.6M | -$61.2M | -$44.7M | -$75.8M |
Figures from D-Wave Quantum's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full D-Wave Quantum financials page for every line item.
D-Wave Quantum Company Profile
| Ticker | QBTS |
|---|---|
| Exchange | Nasdaq |
| Industry | Computer Processing & Data Preparation (Services) |
| Headquarters | Palo Alto, California |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Non-accelerated filer |
| SEC CIK | 0001907982 |
Frequently Asked Questions
What was D-Wave Quantum's revenue in fiscal 2025?
D-Wave Quantum (QBTS) reported revenue of $24.6M for fiscal 2025.
What is D-Wave Quantum's annual revenue history?
D-Wave Quantum's annual revenue by fiscal year: 2022: $7.2M; 2023: $8.8M; 2024: $8.8M; 2025: $24.6M.
What was D-Wave Quantum's net income in fiscal 2025?
D-Wave Quantum reported net income of -$355.1M for fiscal 2025.
What was D-Wave Quantum's earnings per share (EPS) in fiscal 2025?
D-Wave Quantum's diluted EPS was -$1.11 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did D-Wave Quantum generate in fiscal 2025?
D-Wave Quantum generated -$75.8M of free cash flow in fiscal 2025.
What was D-Wave Quantum's revenue last quarter?
In its most recent reported quarter (2026 Q2), D-Wave Quantum reported revenue of $3.1M.
How much debt does D-Wave Quantum have?
D-Wave Quantum reported $35.8M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of D-Wave Quantum are outstanding?
D-Wave Quantum reported a weighted average of 370.8 million basic shares outstanding in 2026 Q2.
What is D-Wave Quantum's market cap?
Based on its latest closing price, D-Wave Quantum (QBTS) has a market capitalization of about $4.96B.
When does D-Wave Quantum's fiscal year end?
D-Wave Quantum's fiscal year end, as registered with the SEC, is December 31.
Where is D-Wave Quantum headquartered?
D-Wave Quantum lists its business address in Palo Alto, California in its SEC filings.