D-Wave Quantum Inc. (QBTS) financials

NASDAQ · Technology · Computer Hardware · 385 employees · CEO Alan E. Baratz

Price: $10.65 -7.87%
Market cap: $4.01B
Enterprise value: $3.73B
Last report: Q2 '26 filed 2026-08-06
Next report: 2026-11-10 EPS est. -$0.10

Revenue (TTM)$12.4M-44.2% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)-1,372.9%-1,019.7 pp vs a year agoOperating income -$171M

Net income (TTM)-$249M+11.7% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)-$119M-124.1% vs a year agoCapex $8.2M

Diluted EPS (TTM)-$0.71+33.6% vs a year agoSum of the last 4 quarters

Net cash$533M-31.6% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $4.01B
Revenue: $12.4M
Revenue growth: +73%
Profit margin: -2,001.6%
P/E: -15.0×
P/S: 322.7×
EV / EBITDA: -14.2×
Free cash flow: -$119M
Net income: -$249M
Revenue estimate: $42.5M
Earnings: 2026-11-10
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-08-06): revenue missed by 23.6%, EPS missed by 18.1%Revenue $3.08M vs $4.03M expected (-23.6%); EPS -$0.10 vs -$0.08 (-18.1%).
Revenue growth slowing: -0.6% year on yearQ2 '26 revenue $3.08M, against an average of 20.0% over the four quarters before.
Operating margin -1,372.9% (TTM), -1,019.7 pp on a year agoOperating income grew -116.9% while revenue grew -44.2%.
Capex 66.0% of revenue (a year ago 11.0%)$8.2M invested in the last 4 quarters (+233.7% on a year earlier). Free cash flow -$119M.
Diluted share count up 26.0% in a year371M diluted shares in Q2 '26, 294M a year earlier.
Net cash $533MCash + short-term investments $546M, debt incl. leases $13.1M; a year ago net cash $779M.

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '26	Year ago	Change
Revenue	$3.08M	$3.1M	-0.6%
Gross margin	55.4%	63.8%	-8.4 pp
Operating income	-$53.3M	-$26.5M	-101.0%
Operating margin	-1,732.1%	-856.3%	-875.8 pp
Net income	-$48M	-$167M	+71.3%
Diluted EPS	-$0.13	-$0.57	+77.2%
Operating cash flow	-$28.5M	-$15.3M	-86.5%
Capex	$4.44M	$749K	+492.8%
Free cash flow	-$32.9M	-$16M	-105.4%
R&D	$28.2M	$12.7M	+122.5%
Stock-based compensation	$11.1M	$6.67M	+66.6%

Reported vs consensus

2026-08-06

	Actual	Consensus	vs consensus
Revenue	$3.08M	$4.03M	-23.6%
EPS (as estimated)	-$0.10	-$0.08	-18.1%

From the report of 2026-08-06 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
System Sales	$255K	-75.1%	21.0%	$2.85M	–
Professional Services	$929K	+18.3%	76.4%	$3.07M	-2.0%
Product and Service, Other	$32K	-27.3%	2.6%	$142K	–

Revenue by region

share of total

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
GERMANY	$127K	-89.3%	4.1%	$3.08M	-79.3%
United States	$2.18M	+206.3%	70.7%	$5.31M	+166.0%
Other Geographical Areas	$507K	+32.7%	16.5%	$1.69M	-33.8%
SWITZERLAND	–	–	–	–	–
CANADA	$130K	-51.5%	4.2%	$577K	-56.4%
JAPAN	$137K	-12.2%	4.5%	$1.2M	-9.5%

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: -$111M
Capex: -$8.2M
Buybacks: -$7.09M
Dividends: $0
Acquisitions: -$253M
Net debt issued: $300K
Stock-based compensation: $31.1M
Free cash flow: -$119M
Returned to shareholders / FCF: -6.0%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	-15.0×	–	–
EV / EBITDA	-14.2×	–	–
EV / Sales	299.8×	146.3×	17.4× – 317.5×
Price / FCF	-33.7×	–	–
Price / Book	3.6×	17.8× 2 of 5 years	9.9× – 25.8×
FCF yield	-3.0%	-16.7%	-50.5% – -0.9%
Return on invested capital	-13.5%	-161.2%	-403.8% – -11.2%
Return on equity	-26.7%	94.4%	-229.7% – 337.9%

Analysts

Consensus target $36.14 (+239.3%)
range $30.00 – $43.00 · rating Buy

Strong buy0

Buy13

Hold0

Sell0

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$42.5M	+72.7%	-$0.30	+73.1%	-35.6×	10
FY2027	$80.8M	+90.4%	-$0.38	-28.6%	-27.7×	11
FY2028	$148M	+83.1%	-$0.37	+2.8%	-28.5×	8
FY2029	$314M	+112.2%	-$0.32	+13.3%	-32.9×	5
FY2030	$432M	+37.5%	-$0.12	+63.0%	-88.8×	5

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 236 figures D-Wave Quantum Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Trade, Current	$4.52M	$1.19M	+279.9%	$950K	$815K	+16.6%
Accounts Receivable, after Allowance for Credit Loss, Current	$2.02M	$1.44M	+40.0%	$1.59M	$1.42M	+11.8%
Accounts Receivable, Allowance for Credit Loss	$1K	$1K	0.0%	$1K	$176K	-99.4%
Accounts Receivable, Allowance for Credit Loss, Writeoff	$0	$100K	-100.0%	$200K	$100K	+100.0%
Accrued Liabilities, Current	$12.1M	$11.6M	+4.8%	$15.8M	$8.78M	+80.3%
Accrued Professional Fees, Current	$3.04M	$1.49M	+104.7%	$4.09M	$529K	+672.4%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$21.7M	$25.1M	-13.8%	$25.9M	$25M	+3.4%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$9.04M	-$9.23M	+2.0%	-$9.02M	-$10.5M	+14.2%
Additional Paid in Capital	$2.14B	$1.5B	+42.4%	$1.84B	$700M	+163.3%
Additional Paid in Capital, Common Stock	$300K2025-08-01	–	–	$300K2025-08-01	–	–
Advertising Expense	–	–	–	$1.9M	$500K	+280.0%
Amortization of Intangible Assets	$3.7M	$40K	+9,150.0%	$200K	$100K	+100.0%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	-1.38M	-17.1M	+91.9%	13M	47M	-72.3%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$11.4M	$6.75M	+69.0%	$23M	$17.8M	+29.3%
Assets	$1.16B	$844M	+37.3%	$916M	$200M	+358.2%
Assets, Current	$561M	$829M	-32.3%	$896M	$185M	+384.3%
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	$28.4M2026-01-20	–	–	–	–	–
Capitalized Contract Cost, Net	$3.33M	–	–	–	–	–
Capitalized Contract Cost, Net, Noncurrent	$4.04M	$287K	+1,308.4%	$940K	$174K	+440.2%
Cash and Cash Equivalents, at Carrying Value	$297M	$819M	-63.8%	$635M	$178M	+257.0%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$297M	$819M	-63.8%	$635M	$178M	+257.0%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	-$41.6M	$515M	-108.1%	$457M	$137M	+234.6%
Class of Warrant or Right, Exercise Price of Warrants or Rights	$7.91	$7.91	0.0%	$7.91	$7.91	0.0%
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right	1	1	0.0%	1	1	0.0%
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	1.16M	1.16M	0.0%	1.16M	1.16M	0.0%
Class of Warrant or Right, Outstanding	5.78M2025-09-30	17.9M	-67.8%	17.9M2024-12-31	17.9M	0.0%
Common Stock, Capital Shares Reserved for Future Issuance	30.7M2025-12-31	19.8M	+55.2%	30.7M	19.8M	+55.2%
Common Stock, Par or Stated Value Per Share	$0.00	$0.00	0.0%	$0.00	$0.00	0.0%
Common Stock, Shares Authorized	675M	675M	0.0%	675M	675M	0.0%
Common Stock, Shares, Issued	372M	340M	+9.5%	359M	267M	+34.6%
Common Stock, Shares, Outstanding	372M	340M	+9.5%	359M	267M	+34.6%
Common Stock, Value, Issued	$37K	$33K	+12.1%	$35K	$27K	+29.6%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	-$47.9M	-$167M	+71.2%	-$354M	-$144M	-145.8%
Contract with Customer, Asset, after Allowance for Credit Loss, Current	$466K	$622K	-25.1%	$566K	$553K	+2.4%
Contract with Customer, Asset, Allowance for Credit Loss	$02025-12-31	$200K	-100.0%	$0	$200K	-100.0%
Contract with Customer, Liability	$10.6M	$5.56M	+89.9%	$3.34M	$19.4M	-82.8%
Contract with Customer, Liability, Current	$9.23M	$4.91M	+88.2%	$2.78M	$18.7M	-85.1%
Contract with Customer, Liability, Noncurrent	$1.32M	$654K	+102.1%	$560K	$670K	-16.4%
Contract with Customer, Liability, Revenue Recognized	$600K	$300K	+100.0%	$18.9M	$2.7M	+600.0%
Cost of Revenue	$1.37M	$1.12M	+22.6%	$4.28M	$3.26M	+31.2%
Debt Issuance Costs, Noncurrent, Net	$742K	–	–	$725K	$0	–
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss	$1.8M	–	–	$1.8M	–	–
DebtInstrumentRepaidPrincipal	–	–	–	$30M2024-12-31	–	–
DebtSecuritiesAvailableForSaleExcludingAccruedInterestCurrent	$250M	–	–	$249M	–	–
Deferred Tax Assets, Deferred Income	$37K2025-12-31	$0	–	$37K	$0	–
Deferred Tax Assets, Gross	$157M2025-12-31	$130M	+20.5%	$157M	$130M	+20.5%
Deferred Tax Assets, in Process Research and Development	$39.8M2025-12-31	$36.2M	+10.0%	$39.8M	$36.2M	+10.0%
Deferred Tax Assets, Net	$02025-12-31	$0	–	$0	$0	–
Deferred Tax Assets, Net of Valuation Allowance	$646K2025-12-31	$1.03M	-37.0%	$646K	$1.03M	-37.0%
Deferred Tax Assets, Operating Loss Carryforwards	$80.6M2025-12-31	$64.6M	+24.8%	$80.6M	$64.6M	+24.8%
Deferred Tax Assets, Property, Plant and Equipment	$7.29M2025-12-31	$6.68M	+9.0%	$7.29M	$6.68M	+9.0%
Deferred Tax Assets, Tax Credit Carryforwards, Research	$22.2M2025-12-31	$18.5M	+19.8%	$22.2M	$18.5M	+19.8%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	$3.78M2025-12-31	$1.94M	+95.0%	$3.78M	$1.94M	+95.0%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other	$669K2025-12-31	$1.43M	-53.2%	$669K	$1.43M	-53.2%
Deferred Tax Assets, Valuation Allowance	$156M2025-12-31	$129M	+21.0%	$156M	$129M	+21.0%
Deferred Tax Liabilities, Financing Arrangements	$02025-12-31	$330K	-100.0%	$0	$330K	-100.0%
Deferred Tax Liabilities, Gross	$646K2025-12-31	$1.03M	-37.0%	$646K	$1.03M	-37.0%
Deferred Tax Liabilities, Investments	$646K2025-12-31	$695K	-7.1%	$646K	$695K	-7.1%
Deposits Assets, Noncurrent	$298K	$196K	+52.0%	$251K	$181K	+38.7%
Depreciation	$1M	$300K	+233.3%	$1.4M	$1M	+40.0%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30

Data as of 2026-11-02