QBTS

MKT CAP:$7B

D-Wave Quantum Inc.

Market Cap

$7B

Technology·Computer Hardware·🇨🇦 Canada·NYSE

Technology·Computer Hardware·🇨🇦·NYSE

Stock Price

$21.69-$6.44 (-22.89%)

Apr 17, 2026

Company Details

D-Wave Quantum Inc. develops and delivers quantum computing systems, software, and services worldwide. The company offers Advantage, a fifth-generation quantum computer; Launch, a quantum computing onboarding service; Ocean a full suite of ...

CEO

Alan E. Baratz

IPO Date

Dec 11, 2020

Website

www.dwavesys.com

Key Metrics TTM

Revenue

$25M

+178.5% YoY

Net Income

-$355M

EPS (Diluted)

-$1.12

Free Cash Flow

-$76M

Revenue / Share

$0.07

Gross Margin

82.6%

Operating Margin

-408.2%

Net Margin

-1444.1%

FCF Margin

-308.5%

P/S

274.8x

P/E

—

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Feb 26, 2026

$25M+178.5%EPS -$1.11

Q4 2025

Feb 26, 2026

$3M+19.2%EPS -$0.12

Q3 2025

Nov 6, 2025

$4M+99.9%EPS -$0.41

Q2 2025

Aug 7, 2025

$3M+41.8%EPS -$0.57

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$1M	$1M	-$10M
Q4 21	$2M	$2M	-$11M
Q1 22	$2M	$1M	-$11M
Q4 22	$2M	$1M	-$22M
Q1 23	$2M	$421.0K	-$25M
Q2 23	$2M	$705.0K	-$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
Q3 21	—	—
Q4 21	171.6x	—
Q1 22	165.0x	—
Q4 22	16.5x	—
Q1 23	11.4x	—
Q2 23	38.4x	—
Q3 23	18.8x	—
Q4 23	16.2x	—
Q1 24	35.5x	—
Q2 24	21.5x	—
Q3 24	24.3x	—
Q4 24	245.5x	—
Q1 25	101.9x	—
Q2 25	188.2x	—
Q3 25	308.6x	—
Q4 25	364.0x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	-$7M	-$8M
Q4 21	-$7M	-$7M
Q1 22	-$10M	-$10M
Q4 22	-$11M	-$11M
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

Quarter	CapEx
Q3 21	$442.0K
Q4 21	$292.0K
Q1 22	$144.0K
Q4 22	$182.0K
Q1 23	$76.0K
Q2 23	$3.0K
Q3 23	$97.0K
Q4 23	$454.0K
Q1 24	$459.0K
Q2 24	$604.0K
Q3 24	$306.0K
Q4 24	$963.0K
Q1 25	$438.0K
Q2 25	$749.0K
Q3 25	$1M
Q4 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+21.5%	+22.1%
Q4 22	+110.6%	+128.7%
Q1 23	+21.1%	+136.7%
Q2 23	-29.6%	+70.3%
Q3 23	+49.6%	+65.6%
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
Q3 21	$225.0K	17.2%
Q4 21	$1M	48.8%
Q1 22	$783.0K	45.7%
Q4 22	$5M	228.4%
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
Q3 21	$6M	$3M	$2M
Q4 21	$6M	$4M	$2M
Q1 22	$7M	$4M	$2M
Q4 22	$11M	$7M	$5M
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	$18.0K	$3M

Revenue by Geography

Quarter	Germany	Japan	Other Geographical Areas	United States	United Kingdom	Switzerland	Canada
Q4 22	$393.0K	$233.0K	$888.0K	$881.0K	—	—	—
Q1 23	$288.0K	$308.0K	$509.0K	$247.0K	$231.0K	—	—
Q2 23	$284.0K	$263.0K	$231.0K	$485.0K	$170.0K	$274.0K	—
Q3 23	$287.0K	$299.0K	$582.0K	$1M	—	$311.0K	—
Q1 24	$512.0K	$325.0K	$905.0K	$723.0K	—	—	—
Q2 24	$492.0K	$124.0K	$381.0K	$638.0K	—	$129.0K	$350.0K
Q3 24	$483.0K	$175.0K	$301.0K	$484.0K	—	$197.0K	$230.0K
Q1 25	$13M	$482.0K	$915.0K	$497.0K	—	—	$304.0K
Q2 25	$1M	$156.0K	$382.0K	$710.0K	$62.0K	$331.0K	$268.0K
Q3 25	$2M	$266.0K	$594.0K	$715.0K	—	—	$192.0K
Q4 25	$803.0K	$412.0K	$123.0K	$732.0K	—	$629.0K	$114.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$18M	$0	$18M
Q2 22	$10M	$0	$10M
Q3 22	$14M	$0	$14M
Q4 22	$7M	$0	$7M
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

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	110M	0.0%	—
Q4 21	125M	+14.2%	—
Q1 22	110M	-12.5%	0.0%
Q4 22	118M	+7.5%	+7.5%
Q1 23	123M	+4.4%	+12.2%
Q2 23	127M	+3.4%	+1.6%
Q3 23	133M	+4.6%	+21.4%
Q4 23	159M	+19.3%	+34.7%
Q1 24	161M	+1.5%	+31.0%
Q2 24	172M	+6.7%	+35.2%
Q3 24	202M	+17.1%	+51.3%
Q4 24	233M	+15.6%	+46.7%
Q1 25	286M	+22.9%	+77.6%
Q2 25	294M	+2.8%	+71.0%
Q3 25	342M	+16.2%	+69.8%
Q4 25	353M	+3.1%	+51.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	—	—
Q4 21	—	—
Q1 22	—	—
Q4 22	$11.1K	215
Q1 23	$7.4K	215
Q2 23	$7.9K	215
Q3 23	$11.9K	215
Q4 23	$14.5K	200
Q1 24	$12.3K	200
Q2 24	$10.9K	200
Q3 24	$9.3K	200
Q4 24	$10.5K	220
Q1 25	$68.2K	220
Q2 25	$14.1K	220
Q3 25	$17.0K	220
Q4 25	$7.1K	388

Revenue / Employee