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QBTS

Updated: Mar 12, 2026 11:30 AM

D-Wave Quantum Inc.

Market Cap: $10.44B P/S: 2792x Ownership — Insider: 1.5% | Institutional: 53.4% | Retail: 45.1% TECHNOLOGY COMPUTER HARDWARE

D-Wave Quantum Inc. is a trailblazer in the quantum computing landscape, dedicated to delivering advanced quantum systems, software, and robust support services tailored to solve intricate computational problems. Based in Burnaby, Canada, the company is committed to fostering the integration of quantum technology across diverse industries, including optimization, machine learning, and artificial intelligence. With a unique strategic vision and a diverse array of innovative solutions, D-Wave is well-positioned to reshape the future of computing, driving transformative advancements while setting new benchmarks for the industry through its state-of-the-art quantum technologies.

Revenue

Revenue, Profit & Income — explained by Jerry the Goat Farmer
Total RevenueEvery single dollar that wanders onto Jerry's farm. Cheese sales, milk money, goat yoga memberships, and that one weird guy who pays $50 to just watch the goats. Jerry doesn't ask questions.
Gross ProfitThe money left after feeding the goats but before reality sets in. Jerry feels rich for exactly 11 minutes.
Net IncomeWhat Jerry actually gets to keep after the Jerrynment, cousin Larry, the feed store, and his ex-wife's lawyer all take their cut. This number is often... humbling.
Using alias: revenuea -> totalRevenue [annual] [income]
Using alias: profita -> grossProfit [annual] [income]
Using alias: incomea -> netIncome [annual] [income]


Data Completeness:
------------------------------------------------------------
  ✅ totalRevenue                        5/5 dates (100%)
  ✅ grossProfit                         5/5 dates (100%)
  ✅ netIncome                           5/5 dates (100%)

Plot for QBTS (in M)
  reports: annualReports
  showing last 25 entries
  Legend: totalRevenue, grossProfit, netIncome

               -143.88M                   -71.94M                    0.00M                    71.94M                    143.88M
               |                         |                         |                         |                         |

  2020-12-31 |                                             ████████|█  -21.97M
  2021-12-31 |                                      ███████████████|█  -40.97M
  2022-12-31 |                                  ███████████████████|██  -53.70M
  2023-12-31 |                       ██████████████████████████████|██  -82.72M
  2024-12-31 | ████████████████████████████████████████████████████|██  -143.88M

               |                         |                         |                         |                         |
               -143.88M                   -71.94M                    0.00M                    71.94M                    143.88M

Costs

Operating Costs — explained by Jerry the Goat Farmer
Cost of Goods & Services SoldThe unglamorous stuff: hay, feed, vet bills for when Sergio the goat eats another iPhone. These goats don't feed themselves, and they definitely don't apologize.
Selling, General & AdministrativeThe "CHEESE HAPPENS" billboard on the highway, the accountant (cousin Larry, who definitely cheated in Monopoly as a kid), office supplies, and the therapy Jerry needs after dealing with cousin Larry.
Research & DevelopmentJerry's experimental ghost pepper goat cheese that made three customers cry. Also the goat treadmill. The goats refuse to use the goat treadmill.
Using alias: rnda -> researchAndDevelopment [annual] [income]
Using alias: sgaa -> sellingGeneralAndAdministrative [annual] [income]
Using alias: cogsa -> costofGoodsAndServicesSold [annual] [income]


Data Completeness:
------------------------------------------------------------
  ✅ researchAndDevelopment              5/5 dates (100%)
  ✅ sellingGeneralAndAdministrative     5/5 dates (100%)
  ✅ costofGoodsAndServicesSold          5/5 dates (100%)

Plot for QBTS (in M)
  reports: annualReports
  showing last 25 entries
  Legend: researchAndDevelopment, sellingGeneralAndAdministrative, costofGoodsAndServicesSold

               0.00M                     9.47M                    18.94M                    28.41M                    37.88M
               |                         |                         |                         |                         |

  2020-12-31 | ████████████████████████████████████████████████████████ 20.41M
  2021-12-31 | ██████████████████████████████████████████████████████████████████████ 25.40M
  2022-12-31 | ████████████████████████████████████████████████████████████████████████████████████████ 32.10M
  2023-12-31 | ████████████████████████████████████████████████████████████████████████████████████████████████████████ 37.88M
  2024-12-31 | █████████████████████████████████████████████████████████████████████████████████████████████████ 35.30M

               |                         |                         |                         |                         |
               0.00M                     9.47M                    18.94M                    28.41M                    37.88M

Cash

Cash, Debt & Cash Flow — explained by Jerry the Goat Farmer
Cash & Short-Term InvestmentsThe coffee can buried behind the barn, $47 in a savings account, and some cryptocurrency Jerry bought drunk in 2021. He's afraid to check on it.
Short/Long-Term DebtThe barn loan that'll follow Jerry to the grave (long-term) and the $200 he owes the feed store guy who's starting to give him looks (short-term).
Operating Cash FlowReal cash moving in and out. Not "my customer promised to pay me" money. Actual dollars. Jerry has trust issues now.
Using alias: casha -> cashAndShortTermInvestments [annual] [balance]
Using alias: debta -> shortLongTermDebtTotal [annual] [balance]
Using alias: paychecka -> operatingCashflow [annual] [cashflow]


Data Completeness:
------------------------------------------------------------
  ✅ cashAndShortTermInvestments         5/5 dates (100%)
  ✅ shortLongTermDebtTotal              5/5 dates (100%)
  ✅ operatingCashflow                   5/5 dates (100%)

Plot for QBTS (in M)
  reports: annualReports
  showing last 25 entries
  Legend: cashAndShortTermInvestments, shortLongTermDebtTotal, operatingCashflow

               -177.98M                   -88.99M                    0.00M                    88.99M                    177.98M
               |                         |                         |                         |                         |

  2020-12-31 |                                            █████████|█████  -29.29M
  2021-12-31 |                                           ██████████|███████████  39.42M
  2022-12-31 |                                        █████████████|███████████  -45.23M
  2023-12-31 |                                   ██████████████████|████████████████████  72.65M
  2024-12-31 |                                         ████████████|███████████████████████████████████████████████████ 177.98M

               |                         |                         |                         |                         |
               -177.98M                   -88.99M                    0.00M                    88.99M                    177.98M

FCF

Free Cash Flow — explained by Jerry the Goat Farmer
Operating Cash FlowReal cash moving in and out. Not "my customer promised to pay me" money. Actual dollars. Jerry has trust issues now.
Capital ExpendituresBig, expensive purchases Jerry justifies at 2am: the industrial milking machine, new fencing, and a hot tub "for the goats" that somehow only Jerry uses.
Using alias: paychecka -> operatingCashflow [annual] [cashflow]
Using alias: capexa -> capitalExpenditures [annual] [cashflow]


Data Completeness:
------------------------------------------------------------
  ✅ operatingCashflow                   5/5 dates (100%)
  ✅ capitalExpenditures                 5/5 dates (100%)

Plot for QBTS (in M)
  reports: annualReports
  showing last 25 entries
  Legend: operatingCashflow, capitalExpenditures

               -60.65M                   -30.32M                    0.00M                    30.32M                    60.65M
               |                         |                         |                         |                         |

  2020-12-31 |                            █████████████████████████|  -29.29M
  2021-12-31 |                       ██████████████████████████████|█  -34.80M
  2022-12-31 |              ███████████████████████████████████████|  -45.23M
  2023-12-31 | ████████████████████████████████████████████████████|  -60.65M
  2024-12-31 |                █████████████████████████████████████|█  -42.64M

               |                         |                         |                         |                         |
               -60.65M                   -30.32M                    0.00M                    30.32M                    60.65M

Assets

Assets, Liabilities & Equity — explained by Jerry the Goat Farmer
🐐 Assets = Liabilities + Equity

Translation: What Jerry owns = What Jerry owes + What's actually Jerry's

Or as Jerry mutters every April during tax season:
"Everything I have equals everything I owe plus whatever scraps are left for me, a humble goat man just trying to make cheese in this cruel world."
Total AssetsEverything Jerry owns: 12 acres of land, a barn that's "rustic" (rotting), 47 goats, Sergio (appraised at $800, priceless to Jerry), the cheese cave, and a 2004 Ford F-150 held together by duct tape and prayer.
Total LiabilitiesEverything Jerry owes: bank loans, the feed store tab, back taxes, and a moral debt to his neighbor for "borrowing" that tractor in 2019. They both know he's not returning it.
Total Shareholder EquityIf Jerry sold absolutely everything, paid off every debt, and finally returned that tractor... this is what he'd have left. His actual net worth. Some days it's a retirement fund. Other days it's "enough for a bus ticket and a fresh start."
Using alias: assetsa -> totalAssets [annual] [balance]
Using alias: liabila -> totalLiabilities [annual] [balance]
Using alias: equitya -> totalShareholderEquity [annual] [balance]


Data Completeness:
------------------------------------------------------------
  ✅ totalAssets                         5/5 dates (100%)
  ✅ totalLiabilities                    5/5 dates (100%)
  ✅ totalShareholderEquity              5/5 dates (100%)

Plot for QBTS (in M)
  reports: annualReports
  showing last 25 entries
  Legend: totalAssets, totalLiabilities, totalShareholderEquity

               -199.85M                   -99.93M                    0.00M                    99.93M                    199.85M
               |                         |                         |                         |                         |

  2020-12-31 |                                                     |███████████  47.46M
  2021-12-31 |                                                █████|███████████  47.82M
  2022-12-31 |                                             ████████|██████████████  56.41M
  2023-12-31 |                                               ██████|█████████████████████  83.84M
  2024-12-31 |                                                     |███████████████████████████████████████████████████ 199.85M

               |                         |                         |                         |                         |
               -199.85M                   -99.93M                    0.00M                    99.93M                    199.85M

Buffet

Using alias: incomea -> netIncome [annual] [income]
Using alias: debta -> shortLongTermDebtTotal [annual] [balance]
Using alias: equitya -> totalShareholderEquity [annual] [balance]


Data Completeness:
------------------------------------------------------------
  ✅ netIncome                           5/5 dates (100%)
  ✅ shortLongTermDebtTotal              5/5 dates (100%)
  ✅ totalShareholderEquity              5/5 dates (100%)

Plot for QBTS (in M)
  reports: annualReports
  showing last 25 entries
  Legend: netIncome, shortLongTermDebtTotal, totalShareholderEquity

               -143.88M                   -71.94M                    0.00M                    71.94M                    143.88M
               |                         |                         |                         |                         |

  2020-12-31 |                                             ████████|███████████  32.73M
  2021-12-31 |                                      ███████████████|█████████████  -40.97M
  2022-12-31 |                                  ███████████████████|██████████████  -53.70M
  2023-12-31 |                       ██████████████████████████████|█████████████████████████  -82.72M
  2024-12-31 | ████████████████████████████████████████████████████|██████████████████████  -143.88M

               |                         |                         |                         |                         |
               -143.88M                   -71.94M                    0.00M                    71.94M                    143.88M

Revenue-q

Using alias: revenue -> totalRevenue [quarterly] [income]
Using alias: profit -> grossProfit [quarterly] [income]
Using alias: income -> netIncome [quarterly] [income]


Data Completeness:
------------------------------------------------------------
  ✅ totalRevenue                        19/19 dates (100%)
  ✅ grossProfit                         19/19 dates (100%)
  ✅ netIncome                           19/19 dates (100%)

Plot for QBTS (in M)
  reports: quarterlyReports
  showing last 25 entries
  Legend: totalRevenue, grossProfit, netIncome

               -167.33M                   -83.66M                    0.00M                    83.66M                    167.33M
               |                         |                         |                         |                         |

  2021-03-31 |                                                  ███|  -8.83M
  2021-06-30 |                                                    █|  -4.67M
  2021-09-30 |                                                    █|  -4.21M
  2021-12-31 |                                                 ████|  -13.84M
  2022-03-31 |                                                 ████|  -11.55M
  2022-06-30 |                                                 ████|  -12.30M
  2022-09-30 |                                                  ███|  -10.84M
  2022-12-31 |                                                 ████|  -13.66M
  2023-03-31 |                                                 ████|  -11.65M
  2023-06-30 |                                             ████████|  -25.90M
  2023-09-30 |                                                █████|  -16.11M
  2023-12-31 |                                                █████|  -16.38M
  2024-03-31 |                                                █████|  -17.31M
  2024-06-30 |                                               ██████|  -17.78M
  2024-09-30 |                                              ███████|  -22.71M
  2024-12-31 |                          ███████████████████████████|  -86.08M
  2025-03-31 |                                                   ██|████  15.00M
  2025-06-30 | ████████████████████████████████████████████████████|  -167.33M
  2025-09-30 |         ████████████████████████████████████████████|  -139.99M

               |                         |                         |                         |                         |
               -167.33M                   -83.66M                    0.00M                    83.66M                    167.33M

Costs-q

Using alias: rnd -> researchAndDevelopment [quarterly] [income]
Using alias: sga -> sellingGeneralAndAdministrative [quarterly] [income]
Using alias: cogs -> costofGoodsAndServicesSold [quarterly] [income]


Data Completeness:
------------------------------------------------------------
  ✅ researchAndDevelopment              19/19 dates (100%)
  ✅ sellingGeneralAndAdministrative     19/19 dates (100%)
  ✅ costofGoodsAndServicesSold          19/19 dates (100%)

Plot for QBTS (in M)
  reports: quarterlyReports
  showing last 25 entries
  Legend: researchAndDevelopment, sellingGeneralAndAdministrative, costofGoodsAndServicesSold

               0.00M                     3.52M                     7.04M                    10.56M                    14.07M
               |                         |                         |                         |                         |

  2021-03-31 | ████████████████████████████████████████████████ 6.48M
  2021-06-30 | ██████████████████████████████████████████████ 6.29M
  2021-09-30 | ███████████████████████████████████████████████ 6.31M
  2021-12-31 | █████████████████████████████████████████████ 6.13M
  2022-03-31 | ██████████████████████████████████████████████████ 6.80M
  2022-06-30 | ███████████████████████████████████████████████████████ 7.46M
  2022-09-30 | ██████████████████████████████████████████████████████ 7.33M
  2022-12-31 | ██████████████████████████████████████████████████████████████████████████████████████ 11.64M
  2023-03-31 | ███████████████████████████████████████████████████████ 7.51M
  2023-06-30 | ███████████████████████████████████████████████████████████████████████ 9.58M
  2023-09-30 | ██████████████████████████████████████████████████████████████████████ 9.46M
  2023-12-31 | ████████████████████████████████████████████████████████████ 8.14M
  2024-03-31 | ███████████████████████████████████████████████████████████████ 8.53M
  2024-06-30 | ██████████████████████████████████████████████████████████████ 8.36M
  2024-09-30 | ████████████████████████████████████████████████████████████████████ 9.26M
  2024-12-31 | ████████████████████████████████████████████████████████████████████████ 9.75M
  2025-03-31 | ████████████████████████████████████████████████████████████████████████████ 10.29M
  2025-06-30 | ██████████████████████████████████████████████████████████████████████████████████████████████ 12.69M
  2025-09-30 | ████████████████████████████████████████████████████████████████████████████████████████████████████████ 14.07M

               |                         |                         |                         |                         |
               0.00M                     3.52M                     7.04M                    10.56M                    14.07M

Cash-q

Using alias: cash -> cashAndShortTermInvestments [quarterly] [balance]
Using alias: debt -> shortLongTermDebtTotal [quarterly] [balance]
Using alias: paycheck -> operatingCashflow [quarterly] [cashflow]


Data Completeness:
------------------------------------------------------------
  ✅ cashAndShortTermInvestments         19/19 dates (100%)
  ⚠️  shortLongTermDebtTotal              16/19 dates (84%)
  ✅ operatingCashflow                   19/19 dates (100%)

Plot for QBTS (in M)
  reports: quarterlyReports
  showing last 25 entries
  Legend: cashAndShortTermInvestments, shortLongTermDebtTotal, operatingCashflow

               -836.23M                  -418.12M                    0.00M                    418.12M                   836.23M
               |                         |                         |                         |                         |

  2021-03-31 |                                                    █|  -11.15M ⊗
  2021-06-30 |                                                    █|  -9.12M ⊗
  2021-09-30 |                                                    █|  -7.35M ⊗
  2021-12-31 |                                                    █|█  39.42M
  2022-03-31 |                                                    █|█  36.91M
  2022-06-30 |                                                    █|██  42.42M
  2022-09-30 |                                                    █|  23.27M
  2022-12-31 |                                                    █|  -15.47M
  2023-03-31 |                                                    █|  23.27M
  2023-06-30 |                                                    █|█  33.22M
  2023-09-30 |                                                    █|██  53.32M
  2023-12-31 |                                                    █|████  72.65M
  2024-03-31 |                                                    █|███  71.84M
  2024-06-30 |                                                    █|████  72.41M
  2024-09-30 |                                                    █|██  54.63M
  2024-12-31 |                                                     |██████████  177.98M
  2025-03-31 |                                                    █|██████████████████  304.32M
  2025-06-30 |                                                    █|██████████████████████████████████████████████████  819.31M
  2025-09-30 |                                                    █|███████████████████████████████████████████████████ 836.23M

               |                         |                         |                         |                         |
               -836.23M                  -418.12M                    0.00M                    418.12M                   836.23M

FCF-q

Using alias: paycheck -> operatingCashflow [quarterly] [cashflow]
Using alias: capex -> capitalExpenditures [quarterly] [cashflow]


Data Completeness:
------------------------------------------------------------
  ✅ operatingCashflow                   19/19 dates (100%)
  ✅ capitalExpenditures                 19/19 dates (100%)

Plot for QBTS (in M)
  reports: quarterlyReports
  showing last 25 entries
  Legend: operatingCashflow, capitalExpenditures

               -19.28M                   -9.64M                     0.00M                     9.64M                    19.28M
               |                         |                         |                         |                         |

  2021-03-31 |                       ██████████████████████████████|█  -11.15M
  2021-06-30 |                            █████████████████████████|  -9.12M
  2021-09-30 |                                 ████████████████████|  -7.35M
  2021-12-31 |                                  ███████████████████|  -7.18M
  2022-03-31 |                           ██████████████████████████|  -9.51M
  2022-06-30 |                     ████████████████████████████████|  -11.99M
  2022-09-30 |                   ██████████████████████████████████|  -12.77M
  2022-12-31 |           ██████████████████████████████████████████|  -15.47M
  2023-03-31 |                  ███████████████████████████████████|  -12.84M
  2023-06-30 |           ██████████████████████████████████████████|  -15.47M
  2023-09-30 |        █████████████████████████████████████████████|  -16.87M
  2023-12-31 |             ████████████████████████████████████████|  -14.74M
  2024-03-31 |                    █████████████████████████████████|  -12.12M
  2024-06-30 |              ███████████████████████████████████████|█  -14.47M
  2024-09-30 |    █████████████████████████████████████████████████|  -18.07M
  2024-12-31 |                                                     |████  2.02M
  2025-03-31 | ████████████████████████████████████████████████████|  -19.28M
  2025-06-30 |            █████████████████████████████████████████|█  -15.29M
  2025-09-30 |  ███████████████████████████████████████████████████|██  -19.05M

               |                         |                         |                         |                         |
               -19.28M                   -9.64M                     0.00M                     9.64M                    19.28M

Assets-q

Using alias: assets -> totalAssets [quarterly] [balance]
Using alias: liabil -> totalLiabilities [quarterly] [balance]
Using alias: equity -> totalShareholderEquity [quarterly] [balance]


Data Completeness:
------------------------------------------------------------
  ✅ totalAssets                         19/19 dates (100%)
  ✅ totalLiabilities                    19/19 dates (100%)
  ✅ totalShareholderEquity              19/19 dates (100%)

Plot for QBTS (in M)
  reports: quarterlyReports
  showing last 25 entries
  Legend: totalAssets, totalLiabilities, totalShareholderEquity

               -865.82M                  -432.91M                    0.00M                    432.91M                   865.82M
               |                         |                         |                         |                         |

  2021-03-31 |                                                     |█████████████████  301.44M
  2021-06-30 |                                                     |█████████████████  300.82M
  2021-09-30 |                                                     |█████████████████  300.65M
  2021-12-31 |                                                    █|██  47.82M
  2022-03-31 |                                                    █|██  48.65M
  2022-06-30 |                                                    █|██  55.78M
  2022-09-30 |                                                    █|█  39.20M
  2022-12-31 |                                                    █|█  33.12M
  2023-03-31 |                                                    █|█  39.20M
  2023-06-30 |                                                   ██|██  52.80M
  2023-09-30 |                                                     |███  70.18M
  2023-12-31 |                                                    █|████  83.84M
  2024-03-31 |                                                   ██|████  85.56M
  2024-06-30 |                                                    █|████  83.33M
  2024-09-30 |                                                    █|███  66.48M
  2024-12-31 |                                                     |███████████  199.85M
  2025-03-31 |                                                     |███████████████████  325.60M
  2025-06-30 |                                                     |██████████████████████████████████████████████████  843.60M
  2025-09-30 |                                                     |███████████████████████████████████████████████████ 865.82M

               |                         |                         |                         |                         |
               -865.82M                  -432.91M                    0.00M                    432.91M                   865.82M

Buffet-q

Using alias: income -> netIncome [quarterly] [income]
Using alias: debt -> shortLongTermDebtTotal [quarterly] [balance]
Using alias: equity -> totalShareholderEquity [quarterly] [balance]


Data Completeness:
------------------------------------------------------------
  ✅ netIncome                           19/19 dates (100%)
  ⚠️  shortLongTermDebtTotal              16/19 dates (84%)
  ✅ totalShareholderEquity              19/19 dates (100%)

Plot for QBTS (in M)
  reports: quarterlyReports
  showing last 25 entries
  Legend: netIncome, shortLongTermDebtTotal, totalShareholderEquity

               -694.25M                  -347.13M                    0.00M                    347.13M                   694.25M
               |                         |                         |                         |                         |

  2021-03-31 |                                                    █|███████████████████  267.46M ⊗
  2021-06-30 |                                                    █|███████████████████  266.13M ⊗
  2021-09-30 |                                                    █|████████████████████  276.72M ⊗
  2021-12-31 |                                                    █|██  39.42M
  2022-03-31 |                                                    █|██  36.91M
  2022-06-30 |                                                   ██|██  42.42M
  2022-09-30 |                                                    █|█  23.27M
  2022-12-31 |                                                    █|  -13.66M
  2023-03-31 |                                                    █|█  23.27M
  2023-06-30 |                                                   ██|█  33.22M
  2023-09-30 |                                                    █|███  47.49M
  2023-12-31 |                                                   ██|████  72.65M
  2024-03-31 |                                                  ███|████  71.84M
  2024-06-30 |                                                   ██|████  72.41M
  2024-09-30 |                                                   ██|███  54.63M
  2024-12-31 |                                               ██████|████  -86.08M
  2025-03-31 |                                                    █|███████████████  207.39M
  2025-06-30 |                                        █████████████|███████████████████████████████████████████████████ 694.25M
  2025-09-30 |                                           ██████████|█████████████████████████████████████████████████  670.55M

               |                         |                         |                         |                         |
               -694.25M                  -347.13M                    0.00M                    347.13M                   694.25M

Price History

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