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QBTS (D-Wave Quantum Inc.) Stock Financials & Earnings | Market Cap Arena
QBTS
D-Wave Quantum Inc.
Mkt Cap
$7B
Technology
·
Computer Hardware
·
🇨🇦 Canada
·
NYSE
Revenue (TTM)
$25M
Net Income (TTM)
-$355M
EPS (TTM)
-$1.12
Free Cash Flow (TTM)
-$76M
Gross Margin
82.6%
Op. Margin
-408.2%
Net Margin
-1444.1%
FCF Margin
-308.5%
P/S Ratio (TTM)
290.7x
P/E Ratio (TTM)
—
YoY Rev Growth
+178.5%
Employees
—
Earnings Reports
▶
Q4 2025
NEW
Browse All Reports
Quarterly
FY
Revenue & Profitability
Revenue
Gross Profit
Operating Income
Quarter
Revenue
Gross Profit
Op. Income
Q1 23
$2M
$421K
-$25M
Q2 23
$2M
$705K
-$21M
Q3 23
$3M
$2M
-$18M
Q4 23
$3M
$2M
-$17M
Q1 24
$2M
$2M
-$18M
Q2 24
$2M
$1M
-$19M
Q3 24
$2M
$1M
-$21M
Q4 24
$2M
$1M
-$20M
Q1 25
$15M
$14M
-$11M
Q2 25
$3M
$2M
-$27M
Q3 25
$4M
$3M
-$28M
Q4 25
$3M
$2M
-$35M
marketcaparena.com
Valuation
P/S Ratio
P/E Ratio
Quarter
P/S
P/E
Q1 23
1014.7x
—
Q2 23
968.5x
—
Q3 23
866.7x
—
Q4 23
816.1x
—
Q1 24
741.5x
—
Q2 24
706.6x
—
Q3 24
758.5x
—
Q4 24
809.8x
—
Q1 25
334.6x
—
Q2 25
320.9x
—
Q3 25
296.0x
—
Q4 25
290.7x
—
marketcaparena.com
Operating Cash Flow
Operating Cash Flow
Free Cash Flow
Quarter
Operating CF
Free CF
Q1 23
-$14M
-$14M
Q2 23
-$15M
-$15M
Q3 23
-$17M
-$17M
Q4 23
-$15M
-$15M
Q1 24
-$12M
-$13M
Q2 24
-$14M
-$15M
Q3 24
-$18M
-$18M
Q4 24
$2M
$1M
Q1 25
-$19M
-$20M
Q2 25
-$15M
-$16M
Q3 25
-$19M
-$20M
Q4 25
-$18M
-$20M
marketcaparena.com
Capital Expenditures
CapEx
Quarter
CapEx
Q1 23
$76K
Q2 23
$3K
Q3 23
$97K
Q4 23
$454K
Q1 24
$459K
Q2 24
$604K
Q3 24
$306K
Q4 24
$963K
Q1 25
$438K
Q2 25
$749K
Q3 25
$1M
Q4 25
$2M
marketcaparena.com
OpEx vs Revenue Growth (YoY)
Revenue Growth
OpEx Growth
Quarter
Revenue Growth
OpEx Growth
Q1 23
-7.6%
+107.5%
Q2 23
+24.5%
+64.2%
Q3 23
+51.2%
+24.4%
Q4 23
+21.3%
-18.8%
Q1 24
+55.7%
-23.9%
Q2 24
+27.9%
-7.0%
Q3 24
-27.0%
+7.3%
Q4 24
-20.5%
+15.9%
Q1 25
+508.6%
+31.6%
Q2 25
+41.8%
+40.8%
Q3 25
+99.9%
+39.9%
Q4 25
+19.2%
+66.8%
marketcaparena.com
Stock-Based Compensation
SBC ($)
% of Revenue
Quarter
SBC ($)
% of Revenue
Q1 23
$7M
426.7%
Q2 23
$5M
276.6%
Q3 23
$6M
229.7%
Q4 23
$5M
156.8%
Q1 24
$4M
142.4%
Q2 24
$4M
193.4%
Q3 24
$4M
216.8%
Q4 24
$4M
167.9%
Q1 25
$4M
26.6%
Q2 25
$7M
215.5%
Q3 25
$6M
172.6%
Q4 25
$6M
201.2%
marketcaparena.com
OpEx Breakdown
R&D
G&A
S&M
Quarter
R&D
G&A
S&M
Q1 23
$11M
$11M
$3M
Q2 23
$10M
$10M
$2M
Q3 23
$9M
$8M
$2M
Q4 23
$8M
$8M
$2M
Q1 24
$9M
$8M
$3M
Q2 24
$8M
$7M
$4M
Q3 24
$9M
$9M
$4M
Q4 24
$10M
$8M
$4M
Q1 25
$10M
$8M
$7M
Q2 25
$13M
$9M
$7M
Q3 25
$14M
$9M
$7M
Q4 25
$14M
$15M
$8M
marketcaparena.com
Revenue Segments
Product and Service, Other
Professional Services
Quarter
Product and Service, Other
Professional Services
Q4 23
$18K
$3M
marketcaparena.com
Revenue by Geography
Germany
Japan
Other Geographical Areas
United Kingdom
United States
Switzerland
Canada
Quarter
Germany
Japan
Other Geographical Areas
United Kingdom
United States
Switzerland
Canada
Q1 23
$288K
$308K
$509K
$231K
$247K
—
—
Q2 23
$284K
$263K
$231K
$170K
$485K
$274K
—
Q3 23
$287K
$299K
$582K
—
$1M
$311K
—
Q1 24
$512K
$325K
$905K
—
$723K
—
—
Q2 24
$492K
$124K
$381K
—
$638K
$129K
$350K
Q3 24
$483K
$175K
$301K
—
$484K
$197K
$230K
Q1 25
$13M
$482K
$915K
—
$497K
—
$304K
Q2 25
$1M
$156K
$382K
$62K
$710K
$331K
$268K
Q3 25
$2M
$266K
$594K
—
$715K
—
$192K
Q4 25
$803K
$412K
$123K
—
$732K
$629K
$114K
marketcaparena.com
War Chest
Cash & Equivalents
Short-Term Investments
Quarter
Cash
Short-term Investments
Total
Q1 23
$9M
$0
$9M
Q2 23
$8M
$0
$8M
Q3 23
$53M
$0
$53M
Q4 23
$41M
$0
$41M
Q1 24
$27M
$0
$27M
Q2 24
$41M
$0
$41M
Q3 24
$29M
$0
$29M
Q4 24
$178M
$0
$178M
Q1 25
$304M
$0
$304M
Q2 25
$819M
$0
$819M
Q3 25
$836M
$0
$836M
Q4 25
$635M
$249M
$884M
marketcaparena.com
Shares Outstanding
Shares Outstanding
Quarter
Shares (Diluted)
QoQ Change
Q1 23
123M
+4.4%
Q2 23
127M
+3.4%
Q3 23
133M
+4.6%
Q4 23
159M
+19.3%
Q1 24
161M
+1.5%
Q2 24
172M
+6.7%
Q3 24
202M
+17.1%
Q4 24
233M
+15.6%
Q1 25
286M
+22.9%
Q2 25
294M
+2.8%
Q3 25
342M
+16.2%
Q4 25
353M
+3.1%
marketcaparena.com
Revenue Per Employee
Revenue / Employee
Year
Revenue/Employee
Employees
FY 20
—
—
FY 21
—
—
FY 22
$33K
215
FY 23
$44K
200
FY 24
$40K
220
FY 25
$63K
388
marketcaparena.com