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
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- Germany
- United States
- Other
- Japan
- Switzerland
- Canada
| Region | FY2025 | FY2024 |
|---|---|---|
| Germany | $16.8M | $1.9M |
| United States | $2.7M | $2.2M |
| Other | $2.0M | $1.8M |
| Japan | $1.3M | $1.1M |
| Switzerland | $960.0K | $778.0K |
| Canada | $878.0K | $1.1M |
As the company reported it, from the “REVENUE FROM CONTRACTS WITH CUSTOMERS - Disaggregation of Revenue (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | $5.2M | $6.3M | $7.2M | $8.8M | $8.8M | $24.6M |
| Gross profit | — | $4.2M | $4.5M | $4.2M | $4.6M | $5.6M | $20.3M |
| Net income | — | -$22.0M | -$41.0M | -$53.7M | -$82.7M | -$143.9M | -$355.1M |
Recent filings and events
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Officer or director change Item 5.02
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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