D-Wave Quantum Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	12.44	24.59	8.83	8.76	7.17	6.28
Revenue Growth (YoY)	-41.75%	178.54%	0.79%	22.10%	14.24%	21.69%
Cost of Revenue	4.2	4.28	3.26	4.14	2.92	1.75
Gross Profit	8.25	20.31	5.56	4.62	4.25	4.53
Selling, General & Admin	85.81	69.94	47.49	47.29	31.61	18.08
Research & Development	66.24	50.73	35.3	37.88	32.1	25.4
Total Operating Expenses	152.05	120.67	82.79	85.17	63.71	43.48
Operating Income	-143.8	-100.37	-77.22	-80.55	-59.46	-38.95
Interest Income	13.91	24.12	1.74	-	-	-
Interest Expense	-4.05	-4.01	-3.9	-0.04	-2.34	-4.01
Other Non-Operating Income (Expense)	-261.86	-274.8	-64.5	-4.3	8.09	1.99
Total Non-Operating Income (Expense)	-260.12	-254.69	-66.66	-4.34	5.76	-2.03
Pretax Income	-403.93	-355.06	-143.88	-84.88	-53.7	-40.97
Provision for Income Taxes	-28.45	-	-	-	-	-
Net Income	-368	-355.06	-143.88	-82.72	-53.7	-40.97
Net Income to Common	-368	-355.06	-143.88	-82.72	-53.7	-40.97
Shares Outstanding (Basic)	341	321	192	138	120	125
Shares Outstanding (Diluted)	341	321	192	138	120	125
Shares Change (YoY)	52.82%	67.18%	39.23%	15.33%	-4.54%	-1.43%
EPS (Basic)	-1.13	-1.11	-0.75	-0.60	-0.45	-0.33
EPS (Diluted)	-1.13	-1.11	-0.75	-0.60	-0.45	-0.33
Shares Outstanding	370.04	358.74	266.6	161.11	113.34	2.82
Free Cash Flow	-102.17	-75.84	-44.75	-61.23	-45.65	-36.57
Free Cash Flow Per Share	-0.30	-0.24	-0.23	-0.44	-0.38	-0.29
Gross Margin	66.27%	82.59%	63.02%	52.77%	59.25%	72.13%
Operating Margin	-1155.61%	-408.22%	-874.85%	-919.68%	-828.91%	-620.29%
Profit Margin	-3017.33%	-1444.10%	-1629.99%	-969.22%	-748.67%	-652.54%
FCF Margin	-821.02%	-308.47%	-506.96%	-699.15%	-636.40%	-582.48%
EBITDA	-138.81	-98.81	-76.11	-79.49	-58.04	-37.41
EBITDA Margin	-1115.51%	-401.86%	-862.29%	-907.65%	-809.08%	-595.86%
EBIT	-143.8	-100.37	-77.22	-80.55	-59.46	-38.95
EBIT Margin	-1155.61%	-408.22%	-874.85%	-919.68%	-828.91%	-620.29%
Effective Tax Rate	7.04%	0.00%	0.00%	0.00%	0.00%	0.00%

Updated May 12, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q