D-Wave Quantum Inc.

D-Wave Quantum Inc.

QBTS
D-Wave Quantum Inc.US flagNASDAQ Global Market
16.84
USD
+0.35
- -
6.18BMarket Cap
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
0.05
0.06
0.06
0.06
0.05
0.08
0.03
Basic EPS, GAAP
-0.2
-0.37
-0.45
-0.6
-0.75
-1.11
-0.69
Free Cash Flow per Basic Share
-0.27
-0.34
-0.38
-0.44
-0.23
-0.24
-0.33
Dividend per Share
- -
- -
- -
- -
- -
- -
- -
Book Value per Share
-1.43
-1.9
-0.26
-0.15
0.23
2.38
2.91
Tangible Book Value per Share
-1.43
-1.9
-0.26
-0.15
0.23
2.37
1.42
Basic Weighted Avg Shares
110
110
120
138
192
321
358
Sales/Revenue/Turnover
5
6
7
9
9
25
12
Operating Margin (%)
-609.83
-620.29
-828.91
-919.68
-874.85
-408.22
-1,372.88
Depreciation Expense
3
3
2
2
2
2
10
Net Income, GAAP
-22
-41
-54
-83
-144
-355
-249
Effective Tax Rate (%)
- -
- -
- -
- -
- -
- -
- -
Profit Margin (%)
-425.72
-652.54
-748.67
-944.45
-1,629.99
-1,444.1
-2,001.59
Working Capital
29
6
-2
36
155
875
533
LT Debt
3
37
38
71
37
42
47
Total Equity
33
-18
-29
-24
63
852
1,083
Return on Invested Capital (%)
- -
- -
- -
- -
- -
- -
- -
Return on Capital (%)
- -
- -
- -
- -
- -
- -
- -
Return on Common Equity (%)
- -
- -
- -
- -
- -
-77.62
-27.98

Capital Structure

FRC

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
2
2
1
LT Borrowings
36
35
35
LT Finance Leases
6
10
12
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
359
370
372
Market Capitalization
9,381
5,340
8,925

Working Capital

FRC

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
896
607
561
Cash, Cash Equivalents & STI
884
588
546
Accounts Receivable, Net
2
9
2
Inventories
3
3
3
Total Current Liabilities
21
28
27
Payables & Accruals
6
8
9
ST Debt
2
2
1
Deferred Revenue
3
9
9

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
158.4%
1,260.39%
Free Cash Flow
- -
24.63%
69.49%
Net Income, GAAP
- -
78.47%
146.78%
Sales/Revenue/Turnover
- -
47.47%
178.54%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
2
2
2
2
9
2025
15
3
4
3
25
2026
3
3
- -
- -
- -

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
-0.11
-0.1
-0.11
-0.37
-0.75
2025
-0.02
-0.55
-0.41
-0.12
-1.11
2026
-0.05
-0.13
- -
- -
- -

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -

Company Description

CEO
Alan E. Baratz
Full Time Employees
385
Sector
Technology
Industry
Computer Hardware
Address
2650 East Bayshore Road Palo Alto CA United States of America 94303
IPO Date
Dec 11, 2020
Business
D-Wave Quantum Inc. (NYSE: QBTS) develops and delivers quantum computing systems, software, and services worldwide, specializing in annealing quantum computers for practical optimization applications across industries including logistics, financial services, manufacturing, life sciences, and artificial intelligence. The company offers Advantage and Advantage2 quantum computers, featuring over 4,400 qubits in the latest fifth-generation systems; Leap quantum cloud service, providing real-time access to quantum hardware and hybrid solvers with production-grade security and 99.9% uptime; Ocean suite of open-source developer tools; Launch professional services program for enterprise onboarding from problem discovery to production deployment; and Quantum QuickStart training, alongside hybrid solver services combining quantum and classical resources for enterprise-scale problems. Founded in 1999 and headquartered in Palo Alto, California, with key research facilities in Burnaby, British Columbia, Canada, and additional offices supporting sales and operations in the United States, Europe, and Asia, D-Wave serves commercial enterprises, government agencies, research institutions, and developers targeting complex challenges such as employee scheduling, portfolio optimization, vehicle routing, drug discovery, and fault detection. In recent developments, the company launches the general availability of its most advanced Advantage2 system via cloud and on-premises in 2025, secures $400 million in funding to fuel expansion and scale toward 100,000-qubit targets, deepens strategic partnership with NASA's Jet Propulsion Laboratory for cryogenic packaging and multichip interconnect advancements, teams with Carahsoft for U.S. government sales, and delivers systems to Davidson Technologies for national defense applications; earlier, it formed a technical and commercial alliance with Zapata AI to integrate quantum annealing with generative AI for molecule discovery and machine learning.

Company News

  • INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of D-Wave Quantum Inc. - QBTS

  • NASDAQ: QBTS Investigation Alert: Kessler Topaz Meltzer & Check, LLP Encourages D-Wave Quantum Inc. (QBTS) Investors to Contact the Firm

  • NASDAQ: QBTS Investigation Alert: Kessler Topaz Meltzer & Check, LLP Encourages D-Wave Quantum Inc. (QBTS) Investors to Contact the Firm

  • Will the Most Successful Quantum Firms Be Software Companies?

  • INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of D-Wave Quantum Inc. - QBTS

  • Prediction: If a September Sell-Off Hits Speculative AI Stocks, Quantum Computing Falls First

  • QUBT vs. QBTS: Which Quantum Stock Should You Buy or Sell Now?

  • D-Wave Quantum's Massive Upside Meets a High-Stakes Valuation Reality

  • Is D-Wave Quantum a Buy?

  • Why Did D-Wave Quantum Stock Fall 16.6% This Week?

  • If You Invested $1,000 in D-Wave Quantum Stock 3 Years Ago, This Is How Much You Would Have Today

  • Why D-Wave Quantum Stock Was Plummeting Today

  • D-Wave Sinks 8% as Its CFO Retires; Rigetti Slides 5%, IonQ Falls 3%

  • Quantum Computing Is Raising the Stakes for Cybersecurity: 5 Stocks to Watch

  • 3 Quantum Computing Stocks for Risk-Tolerant Investors

  • D-Wave Quantum Announces the Resignation of Chief Financial Officer

  • Why Quantum Computing Is a Threat to Cybersecurity

  • The Bull Case for D-Wave After a Disappointing Earnings Season

  • D-Wave Quantum vs. Rigetti Computing: Which Quantum Computing Stock Is a Better Investment in 2026?

  • Quantum Computing Stocks IonQ, Rigetti Computing, and D-Wave Quantum Have Put Wall Street on Notice With This $863 Million Warning