D-Wave Quantum Inc. QBTS
At D-Wave, our mission is to help customers realize the value of quantum computing to address complex computational problems that cannot be solved with classical computing alone. As a pioneer in the quantum industry for more than 25 years, D-Wave is the world's first company to deliver commercial-grade annealing quantum computing systems and solutions. We are also the only dual-platform quantum computing company, providing both annealing and gate-model systems, software, and services to address customers' full range of computational problems. We believe that we are leading the industry in ushering in the era of enterprise quantum computing. We are driving the transition from academic endeavors exploring quantum's potential to enterprise-scale adoption and deployment, solving some of the world's toughest problems. Based on our strategic decision to initially bring to market a type of quantum technology that is easier to scale—annealing quantum computing, we hold a first-mover advantage that no other company in the world can claim.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $24.6M | $8.8M | $8.8M | $7.2M | $6.3M | $5.2M | — |
| Cost of revenue | $4.3M | $3.3M | $4.1M | $2.9M | $1.8M | $915.0K | — |
| Gross profit | $20.3M | $5.6M | $4.6M | $4.2M | $4.5M | $4.2M | — |
| R&D | $50.7M | $35.3M | $37.9M | $32.1M | $25.4M | $20.4M | — |
| SG&A | $41.2M | $32.4M | $37.0M | $21.5M | $11.9M | $11.6M | — |
| Total operating expenses | $120.7M | $82.8M | $85.2M | $63.7M | $43.5M | $35.7M | — |
| Operating income | -$100.4M | -$77.2M | -$80.5M | -$59.5M | -$38.9M | -$31.5M | — |
| Interest expense | $4.0M | $3.9M | — | $4.6M | $1.7M | $5.3M | — |
| Pre-tax income | -$355.1M | -$143.9M | -$82.7M | -$53.7M | -$41.0M | -$22.0M | — |
| Income tax | $0 | — | — | — | — | — | — |
| Net income | -$355.1M | -$143.9M | -$82.7M | -$53.7M | -$41.0M | -$22.0M | — |
| EPS, basic | -1.11 | -0.75 | -0.60 | -0.45 | -0.33 | -0.17 | — |
| EPS, diluted | -1.11 | -0.75 | -0.60 | -0.45 | -0.33 | -0.17 | — |
| Shares, diluted (wtd. avg.) | $321.2M | $192.1M | $138.0M | $119.6M | $125.3M | $127.2M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $635.3M | $178.0M | $41.3M | $7.1M | $9.5M | $21.3M | $8.3M |
| Short-term investments | $249.1M | $0 | — | — | — | — | — |
| Receivables | $1.6M | $1.4M | $1.7M | $757.0K | $421.0K | — | — |
| Inventory | $2.8M | $1.7M | $2.1M | $2.2M | $2.1M | — | — |
| Total current assets | $896.2M | $185.0M | $47.0M | $13.9M | $16.0M | $29.6M | — |
| Property, plant and equipment | $7.8M | $4.1M | $2.6M | $2.3M | $3.2M | — | — |
| Other intangibles | $915.0K | $490.0K | $179.0K | $244.0K | $272.0K | — | — |
| Total assets | $915.8M | $199.9M | $59.4M | $26.9M | $29.5M | $35.8M | — |
| Short-term debt | — | — | — | $1.7M | $220.0K | — | — |
| Total current liabilities | $21.1M | $30.1M | $11.2M | $16.0M | $10.4M | $12.0M | — |
| Long-term debt | $35.8M | $30.1M | $63.9M | $31.2M | $30.3M | $1.6M | — |
| Total liabilities | $63.6M | $137.2M | $83.8M | $56.4M | $47.8M | $15.0M | — |
| Retained earnings | -$982.0M | -$626.9M | -$483.1M | -$400.3M | -$346.6M | -$305.7M | — |
| Total equity | $852.2M | $62.6M | -$24.5M | -$29.5M | -$18.4M | $20.8M | -$103.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$72.0M | -$42.6M | -$60.6M | -$45.2M | -$34.8M | -$29.3M | — |
| Depreciation and amortisation | $1.6M | $1.1M | $1.1M | $1.4M | $1.5M | $1.9M | — |
| Stock-based compensation | $22.7M | $15.7M | $21.9M | $9.2M | $1.7M | $3.0M | — |
| Capital expenditure | $3.9M | $2.1M | $583.0K | $423.0K | $1.8M | $736.0K | — |
| Investing cash flow | -$251.1M | -$3.1M | -$630.0K | -$498.0K | -$2.0M | -$789.0K | — |
| Financing cash flow | $779.1M | $182.4M | $95.6M | $43.3M | $24.9M | $43.1M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001907982-26-000040.
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