D-Wave Quantum Inc. (QBTS)

D-Wave Quantum Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue	24.59	8.83	8.76	7.17	6.28
Revenue Growth (YoY)	178.54%	0.79%	22.10%	14.24%	21.69%
Cost of Revenue	4.28	3.26	4.14	2.92	1.75
Gross Profit	20.31	5.56	4.62	4.25	4.53
Selling, General & Admin	69.94	47.49	47.29	31.61	18.08
Research & Development	50.73	35.3	37.88	32.1	25.4
Total Operating Expenses	120.67	82.79	85.17	63.71	43.48
Operating Income	-100.37	-77.22	-80.55	-59.46	-38.95
Interest Expense	-4.01	-3.9	-0.04	-2.34	-4.01
Other Non-Operating Income (Expense)	-274.8	-64.5	-4.3	8.09	1.99
Total Non-Operating Income (Expense)	-278.81	-68.39	-4.34	5.76	-2.03
Pretax Income	-379.18	-145.62	-84.88	-53.7	-40.97
Net Income	-355.06	-143.88	-82.72	-53.7	-40.97
Net Income to Common	-355.06	-143.88	-82.72	-53.7	-40.97
Shares Outstanding (Basic)	321	192	138	120	125
Shares Outstanding (Diluted)	321	192	138	120	125
Shares Change (YoY)	67.18%	39.23%	15.33%	-4.54%	-1.43%
EPS (Basic)	-1.11	-0.75	-0.60	-0.45	-0.33
EPS (Diluted)	-1.11	-0.75	-0.60	-0.45	-0.33
Free Cash Flow	-75.84	-44.75	-61.23	-45.65	-36.57
Free Cash Flow Per Share	-0.24	-0.23	-0.44	-0.38	-0.29
Gross Margin	82.59%	63.02%	52.77%	59.25%	72.13%
Operating Margin	-408.22%	-874.85%	-919.68%	-828.91%	-620.29%
Profit Margin	-1542.18%	-1649.68%	-969.22%	-748.67%	-652.54%
FCF Margin	-308.47%	-506.96%	-699.16%	-636.40%	-582.48%
EBITDA	-98.81	-76.11	-79.49	-58.04	-37.41
EBITDA Margin	-401.86%	-862.29%	-907.65%	-809.08%	-595.86%
EBIT	-100.37	-77.22	-80.55	-59.46	-38.95
EBIT Margin	-408.22%	-874.85%	-919.68%	-828.91%	-620.29%

Updated Feb 26, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q