D-Wave Quantum Inc. (QBTS)财务
NASDAQ · Technology · Computer Hardware · 员工385人 · CEO Alan E. Baratz
- 股价
- $10.65 -7.87%
- 市值
- $40.1亿
- 企业价值
- $37.3亿
- 最近财报
- Q2 '26 2026-08-06提交
- 下次财报
- 2026-11-10 EPS预期 -$0.10
营收(TTM)$1240万-44.2% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)-1,372.9%-1,019.7 百分点 对比去年同期营业利润 -$1.71亿
净利润(TTM)-$2.49亿+11.7% 对比去年同期税后,含营业外收益
自由现金流(TTM)-$1.19亿-124.1% 对比去年同期资本支出 $820万
稀释EPS(TTM)-$0.71+33.6% 对比去年同期最近4个季度之和
净现金$5.33亿-31.6% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $40.1亿 EV $37.3亿
- 营收
- $1240万 过去12个月
- 营收增速
- +73% FY2026年一致预期
- 净利润率
- -2,001.6% 净利润 / 营收,TTM
- P/E
- -15.0× 预期 -35.6×(FY2026)
- P/S
- 322.7× 股价 / 营收,TTM
- EV / EBITDA
- -14.2× TTM
- 自由现金流
- -$1.19亿 过去12个月
- 净利润
- -$2.49亿 过去12个月
- 营收预期
- $4250万 FY2026年一致预期
- 盈利
- 2026-11-10 营收预期 $436万
- 股息
- – 无股息
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-08-06):营收低于预期23.6%,EPS 低于预期18.1%营收$308万,预期$403万(-23.6%);EPS -$0.10,预期-$0.08(-18.1%)。
- 营收增长放缓:同比-0.6%Q2 '26营收$308万,此前四个季度的平均值为20.0%。
- 营业利润率-1,372.9%(TTM),较去年同期-1,019.7 百分点营收增长-44.2%,营业利润增长-116.9%。
- 资本支出占营收的66.0%(去年为11.0%)最近4个季度投入$820万(同比+233.7%)。自由现金流-$1.19亿。
- 稀释股数一年内增加26.0%Q2 '26稀释股数3.71亿,一年前为2.94亿。
- 净现金 $5.33亿现金 + 短期投资 $5.46亿,含租赁债务 $1310万;一年前净现金 $7.79亿。
上一季度:Q2 '26
截至2026-06-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q2 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $308万 | $310万 | -0.6% |
| 毛利率 | 55.4% | 63.8% | -8.4 百分点 |
| 营业利润 | -$5330万 | -$2650万 | -101.0% |
| 营业利润率 | -1,732.1% | -856.3% | -875.8 百分点 |
| 净利润 | -$4800万 | -$1.67亿 | +71.3% |
| 稀释EPS | -$0.13 | -$0.57 | +77.2% |
| 经营现金流 | -$2850万 | -$1530万 | -86.5% |
| 资本支出 | $444万 | $74.9万 | +492.8% |
| 自由现金流 | -$3290万 | -$1600万 | -105.4% |
| R&D | $2820万 | $1270万 | +122.5% |
| 股权激励费用 | $1110万 | $667万 | +66.6% |
实际 vs 一致预期
2026-08-06| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $308万 | $403万 | -23.6% |
| EPS(一致预期口径) | -$0.10 | -$0.08 | -18.1% |
来自2026-08-06发布的Q2 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q2 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| System Sales | $25.5万 | -75.1% | 21.0% | $285万 | – | |
| Professional Services | $92.9万 | +18.3% | 76.4% | $307万 | -2.0% | |
| Product and Service, Other | $3.2万 | -27.3% | 2.6% | $14.2万 | – |
按地区划分的营收
占总额比例| 分部 | Q2 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| GERMANY | $12.7万 | -89.3% | 4.1% | $308万 | -79.3% | |
| United States | $218万 | +206.3% | 70.7% | $531万 | +166.0% | |
| Other Geographical Areas | $50.7万 | +32.7% | 16.5% | $169万 | -33.8% | |
| SWITZERLAND | – | – | – | – | – | |
| CANADA | $13万 | -51.5% | 4.2% | $57.7万 | -56.4% | |
| JAPAN | $13.7万 | -12.2% | 4.5% | $120万 | -9.5% |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- -$1.11亿
- 资本支出
- -$820万
- 股票回购
- -$709万
- 股息
- $0
- 收购
- -$2.53亿
- 债务净发行
- $30万
- 股权激励费用
- $3110万
- 自由现金流
- -$1.19亿
- 股东回报 / FCF
- -6.0%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | -15.0× | – | – |
| EV / EBITDA | -14.2× | – | – |
| EV / 营收 | 299.8× | 146.3× | 17.4× – 317.5× |
| 股价 / FCF | -33.7× | – | – |
| 股价 / 净资产 | 3.6× | 17.8× 5年中的2年 | 9.9× – 25.8× |
| FCF收益率 | -3.0% | -16.7% | -50.5% – -0.9% |
| 投入资本回报率 | -13.5% | -161.2% | -403.8% – -11.2% |
| 净资产收益率 | -26.7% | 94.4% | -229.7% – 337.9% |
分析师
一致目标价 $36.14 (+239.3%)
区间 $30.00 – $43.00 · 评级 Buy
强烈买入0
买入13
持有0
卖出0
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $4250万 | +72.7% | -$0.30 | +73.1% | -35.6× | 10 |
| FY2027 | $8080万 | +90.4% | -$0.38 | -28.6% | -27.7× | 11 |
| FY2028 | $1.48亿 | +83.1% | -$0.37 | +2.8% | -28.5× | 8 |
| FY2029 | $3.14亿 | +112.2% | -$0.32 | +13.3% | -32.9× | 5 |
| FY2030 | $4.32亿 | +37.5% | -$0.12 | +63.0% | -88.8× | 5 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
D-Wave Quantum Inc.在近期10-Q / 10-K文件中标记的全部236项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable, Trade, Current | $452万 | $119万 | +279.9% | $95万 | $81.5万 | +16.6% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $202万 | $144万 | +40.0% | $159万 | $142万 | +11.8% |
| Accounts Receivable, Allowance for Credit Loss | $1000 | $1000 | 0.0% | $1000 | $17.6万 | -99.4% |
| Accounts Receivable, Allowance for Credit Loss, Writeoff | $0 | $10万 | -100.0% | $20万 | $10万 | +100.0% |
| Accrued Liabilities, Current | $1210万 | $1160万 | +4.8% | $1580万 | $878万 | +80.3% |
| Accrued Professional Fees, Current | $304万 | $149万 | +104.7% | $409万 | $52.9万 | +672.4% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $2170万 | $2510万 | -13.8% | $2590万 | $2500万 | +3.4% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$904万 | -$923万 | +2.0% | -$902万 | -$1050万 | +14.2% |
| Additional Paid in Capital | $21.4亿 | $15亿 | +42.4% | $18.4亿 | $7亿 | +163.3% |
| Additional Paid in Capital, Common Stock | $30万2025-08-01 | – | – | $30万2025-08-01 | – | – |
| Advertising Expense | – | – | – | $190万 | $50万 | +280.0% |
| Amortization of Intangible Assets | $370万 | $4万 | +9,150.0% | $20万 | $10万 | +100.0% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | -138万 | -1710万 | +91.9% | 1300万 | 4700万 | -72.3% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $1140万 | $675万 | +69.0% | $2300万 | $1780万 | +29.3% |
| Assets | $11.6亿 | $8.44亿 | +37.3% | $9.16亿 | $2亿 | +358.2% |
| Assets, Current | $5.61亿 | $8.29亿 | -32.3% | $8.96亿 | $1.85亿 | +384.3% |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | $2840万2026-01-20 | – | – | – | – | – |
| Capitalized Contract Cost, Net | $333万 | – | – | – | – | – |
| Capitalized Contract Cost, Net, Noncurrent | $404万 | $28.7万 | +1,308.4% | $94万 | $17.4万 | +440.2% |
| Cash and Cash Equivalents, at Carrying Value | $2.97亿 | $8.19亿 | -63.8% | $6.35亿 | $1.78亿 | +257.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $2.97亿 | $8.19亿 | -63.8% | $6.35亿 | $1.78亿 | +257.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$4160万 | $5.15亿 | -108.1% | $4.57亿 | $1.37亿 | +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 | 116万 | 116万 | 0.0% | 116万 | 116万 | 0.0% |
| Class of Warrant or Right, Outstanding | 578万2025-09-30 | 1790万 | -67.8% | 1790万2024-12-31 | 1790万 | 0.0% |
| Common Stock, Capital Shares Reserved for Future Issuance | 3070万2025-12-31 | 1980万 | +55.2% | 3070万 | 1980万 | +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 | 6.75亿 | 6.75亿 | 0.0% | 6.75亿 | 6.75亿 | 0.0% |
| Common Stock, Shares, Issued | 3.72亿 | 3.4亿 | +9.5% | 3.59亿 | 2.67亿 | +34.6% |
| Common Stock, Shares, Outstanding | 3.72亿 | 3.4亿 | +9.5% | 3.59亿 | 2.67亿 | +34.6% |
| Common Stock, Value, Issued | $3.7万 | $3.3万 | +12.1% | $3.5万 | $2.7万 | +29.6% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -$4790万 | -$1.67亿 | +71.2% | -$3.54亿 | -$1.44亿 | -145.8% |
| Contract with Customer, Asset, after Allowance for Credit Loss, Current | $46.6万 | $62.2万 | -25.1% | $56.6万 | $55.3万 | +2.4% |
| Contract with Customer, Asset, Allowance for Credit Loss | $02025-12-31 | $20万 | -100.0% | $0 | $20万 | -100.0% |
| Contract with Customer, Liability | $1060万 | $556万 | +89.9% | $334万 | $1940万 | -82.8% |
| Contract with Customer, Liability, Current | $923万 | $491万 | +88.2% | $278万 | $1870万 | -85.1% |
| Contract with Customer, Liability, Noncurrent | $132万 | $65.4万 | +102.1% | $56万 | $67万 | -16.4% |
| Contract with Customer, Liability, Revenue Recognized | $60万 | $30万 | +100.0% | $1890万 | $270万 | +600.0% |
| Cost of Revenue | $137万 | $112万 | +22.6% | $428万 | $326万 | +31.2% |
| Debt Issuance Costs, Noncurrent, Net | $74.2万 | – | – | $72.5万 | $0 | – |
| Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $180万 | – | – | $180万 | – | – |
| DebtInstrumentRepaidPrincipal | – | – | – | $3000万2024-12-31 | – | – |
| DebtSecuritiesAvailableForSaleExcludingAccruedInterestCurrent | $2.5亿 | – | – | $2.49亿 | – | – |
| Deferred Tax Assets, Deferred Income | $3.7万2025-12-31 | $0 | – | $3.7万 | $0 | – |
| Deferred Tax Assets, Gross | $1.57亿2025-12-31 | $1.3亿 | +20.5% | $1.57亿 | $1.3亿 | +20.5% |
| Deferred Tax Assets, in Process Research and Development | $3980万2025-12-31 | $3620万 | +10.0% | $3980万 | $3620万 | +10.0% |
| Deferred Tax Assets, Net | $02025-12-31 | $0 | – | $0 | $0 | – |
| Deferred Tax Assets, Net of Valuation Allowance | $64.6万2025-12-31 | $103万 | -37.0% | $64.6万 | $103万 | -37.0% |
| Deferred Tax Assets, Operating Loss Carryforwards | $8060万2025-12-31 | $6460万 | +24.8% | $8060万 | $6460万 | +24.8% |
| Deferred Tax Assets, Property, Plant and Equipment | $729万2025-12-31 | $668万 | +9.0% | $729万 | $668万 | +9.0% |
| Deferred Tax Assets, Tax Credit Carryforwards, Research | $2220万2025-12-31 | $1850万 | +19.8% | $2220万 | $1850万 | +19.8% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $378万2025-12-31 | $194万 | +95.0% | $378万 | $194万 | +95.0% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other | $66.9万2025-12-31 | $143万 | -53.2% | $66.9万 | $143万 | -53.2% |
| Deferred Tax Assets, Valuation Allowance | $1.56亿2025-12-31 | $1.29亿 | +21.0% | $1.56亿 | $1.29亿 | +21.0% |
| Deferred Tax Liabilities, Financing Arrangements | $02025-12-31 | $33万 | -100.0% | $0 | $33万 | -100.0% |
| Deferred Tax Liabilities, Gross | $64.6万2025-12-31 | $103万 | -37.0% | $64.6万 | $103万 | -37.0% |
| Deferred Tax Liabilities, Investments | $64.6万2025-12-31 | $69.5万 | -7.1% | $64.6万 | $69.5万 | -7.1% |
| Deposits Assets, Noncurrent | $29.8万 | $19.6万 | +52.0% | $25.1万 | $18.1万 | +38.7% |
| Depreciation | $100万 | $30万 | +233.3% | $140万 | $100万 | +40.0% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标和预期均根据公司文件标准化。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 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
数据截至 2026-11-02