QBTS (D-Wave Quantum Inc.) Stock Financials & Earnings | Market Cap Arena

QBTS (D-Wave Quantum Inc.) Stock Financials & Earnings | Market Cap Arena

QBTSD-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 Margin82.6%

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

Revenue & Profitability

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

Valuation

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	—

Operating 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

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

OpEx vs Revenue Growth (YoY)

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%

Stock-Based Compensation

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%

OpEx Breakdown

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

Revenue Segments

Quarter	Product and Service, Other	Professional Services
Q4 23	$18K	$3M

Revenue by Geography

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

War Chest

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

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%

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