D-Wave Quantum Inc. (QBTS)

D-Wave Quantum Financials Overview

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

Revenue & Profits

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue Revenue Growth	12.43	24.59	8.83	8.76	7.17	6.28
Revenue Growth	-44.22%	178.54%	0.79%	22.10%	14.24%	21.69%
Gross Profit Gross Profit Growth	7.98	20.31	5.56	4.62	4.25	4.53
Operating Income Operating Income Growth	-170.58	-100.37	-77.22	-80.55	-59.46	-38.95
Net Income Net Income Growth	-248.7	-355.06	-143.88	-82.72	-53.7	-31.55
Earnings Per Share EPS Growth	-0.69	-1.11	-0.75	-0.60	-0.45	-9.96
EPS Growth	-	-	-	-	-	-

Revenue by Segment

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
System Sales System Sales Growth	2.85	16.18	-	-	-	-
Quantum Computing as a Service (QCaaS) Quantum Computing as a Service (QCaaS) Growth	6.36	5.52	6.75	4.9	5.62	4.42
Professional Services Professional Services Growth	3.07	2.72	1.94	3.82	1.48	1.79
Other Product or Services Other Product or Services Growth	0.14	0.17	0.14	0.05	0.08	0.07
Revenue (Total) Revenue (Total) Growth	12.43	24.59	8.83	8.76	7.17	6.28

Cash & Debt

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash & Investments Cash & Investments Growth	546.22	884.48	177.98	41.31	7.07	9.48
Total Debt Total Debt Growth	48.11	43.46	38.38	72.65	42.29	21.17
Net Cash (Debt) Net Cash Growth	498.11	841.02	139.6	-31.34	-35.22	-11.69
Net Cash Growth	-36.09%	502.44%	-	-	-	-
Net Cash Per Share Net Cash Per Share Growth	1.39	2.62	0.73	-0.23	-0.29	-3.69

Cash Flow & CapEx

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Operating Cash Flow Operating Cash Flow Growth	-110.88	-71.98	-42.64	-60.65	-45.23	-34.8
Capital Expenditures CapEx Growth	-8.2	-3.86	-2.11	-0.58	-0.42	-1.77
Free Cash Flow Free Cash Flow Growth	-119.08	-75.84	-44.75	-61.23	-45.65	-36.57
Free Cash Flow Growth	-	-	-	-	-	-

Margins

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Gross Margin	64.19%	82.59%	63.02%	52.78%	59.25%	72.13%
Operating Margin	-1372.88%	-408.22%	-874.85%	-919.68%	-828.91%	-620.29%
Pretax Margin	-2230.51%	-1444.10%	-1629.99%	-944.45%	-748.67%	-502.39%
Profit Margin	-2001.59%	-1444.11%	-1629.99%	-944.45%	-748.67%	-502.39%
FCF Margin	-958.36%	-308.47%	-506.96%	-699.15%	-636.40%	-582.48%

Valuation

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Oct 13, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
PS Ratio	411.86	372.38	256.13	16.07	22.39	58.65

Data Sources: S&P Global Market Intelligence and Fiscal.ai Last updated: Aug 6, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company. Revenue segment data is provided by Fiscal.ai.

Update frequency:

Quarterly

Last checked:

Oct 9, 2026

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