D-Wave Quantum Inc.

Listed Company

QBTSCIK 0001907982NYSENon-AcceleratedServices-Computer Processing & Data PreparationDelawareFY ends Dec 31

Period

FY 2025

Revenue

$24.59M

Net Income

$-355.06M

Total Assets

$915.81M

Equity

$852.23M

Shares Out

366.74M

Op. Cash Flow

$-71.98M

Business

D-Wave Quantum Inc. develops and delivers commercial quantum computing systems and services focused on solving complex optimization and scientific problems. It offers annealing and gate-model quantum computers, cloud-based quantum computing-as-a-service (QCaaS) via its Leap platform, Ocean developer tools, hybrid quantum-classical solvers, on‑premises systems, and professional services including its D‑Wave Launch program. Its business is organized around hardware, software, hybrid solver services and professional services. D‑Wave distributes globally through direct sales, channel partners, AWS Marketplace, resellers and cloud access in more than 40 countries.

Summary from filing dated 2025-03-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	25	9	9	7	6
Cost of revenue	4	3	4	3	2
Total gross profit	20	6	5	4	5
Research and development	51	35	38	32	25
General and administrative	41	32	37	22	12
Sales and marketing	29	15	10	10	6
Total operating expenses	121	83	85	64	43
Loss from operations	−100	−77	−81	−59	−39
Interest income	24	2	—	—	—
Interest expense	−4	−4	—	—	—
Change in fair value of Term Loan	0	−645,000	640,000	0	—
Gain (loss) on investment in marketable securities, net	−159,000	1	0	0	1
Change in fair value of warrant liabilities	−271	−68	262,000	6	0
Other income (expense), net	−4	3	−916,000	3	801,000
Total other income (expense), net	−255	−67	−2	6	7
Net loss	−355	−144	−83	−54	−32
Net loss per share, basic (in usd per share)	−1.11	−0.75	−0.6	−0.45	−0.25
Net loss per share, diluted (in usd per share)	−1.11	−0.75	−0.6	−0.45	−0.25
Weighted-average shares used in computing net loss per share, basic (in shares)	321	192	138	120	125
Weighted-average shares used in computing net loss per share, diluted (in shares)	321	192	138	120	125
Foreign currency translation adjustment	1	7,000	−115,000	41,000	15,000
Unrealized gains on available-for-sale securities	154,000	0	—	—	—
Total other comprehensive income (loss), net of tax	1	7,000	—	—	—
Net comprehensive loss	−354	−144	−83	−54	−32

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	635	178	41	—	—
Marketable investment securities	249	0	—	—	—
Trade accounts receivable, net of allowance for credit losses of $1 and $176	2	1	2	757,000	421,000
Inventories	3	2	2	2	2
Prepaid expenses and other current assets	7	4	2	4	1
Total current assets	896	185	47	14	19
Property and equipment, net	8	4	3	2	3
Operating lease right-of-use assets	7	7	8	9	9
Intangible assets, net	915,000	490,000	179,000	244,000	272,000
Other non-current assets, net	4	3	1	1	1
Total assets	916	200	59	27	33
Trade accounts payable	950,000	815,000	1	4	2
Accrued expenses and other current liabilities	16	9	5	7	4
Current portion of operating lease liabilities	1	2	1	2	2
Loans payable, net, current	134,000	348,000	399,000	2	—
Deferred revenue, current	3	19	3	2	3
Total current liabilities	21	30	11	16	10
Warrant liabilities	0	70	2	2	0
Operating lease liabilities, net of current portion	6	6	7	7	7
Loans payable, net, non-current	36	30	64	31	12
Deferred revenue, non-current	560,000	670,000	79,000	9,000	54,000
Total liabilities	64	137	84	56	30
Commitments and contingencies (Note 14)	—	—	—	—	—
Common stock, par value $0.0001 per share; 675,000,000 shares authorized at both December 31, 2025 and December 31, 2024; 358,741,605 shares and 266,595,867 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively.	35,000	27,000	16,000	11,000	0
Additional paid-in capital	1,843	700	469	381	149
Accumulated deficit	−982	−627	−483	−400	−325
Accumulated other comprehensive loss	−9	−11	−11	−10	−10
Total stockholders' equity	852	63	−24	−29	−18
Total liabilities and stockholders equity	916	200	59	27	33

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	2	1	1	1	2
Stock-based compensation	23	16	22	9	2
Amortization of operating right-of-use assets	743,000	823,000	791,000	910,000	1
Provision for excess and obsolete inventory	9,000	134,000	32,000	66,000	269,000
Non-cash interest income	−4	0	—	—	—
Non-cash interest expense	4	−1	−78,000	—	—
Loss (gain) on marketable equity securities	159,000	−1	0	—	—
Unrealized foreign exchange loss (gain)	2	−3	955,000	−2	—
Other noncash items	267,000	0	—	—	—
Trade accounts receivable	−204,000	137,000	−818,000	−337,000	163,000
Inventories	−2	−215,000	−237,000	−148,000	182,000
Prepaid expenses and other current assets	−585,000	−2	2	−387,000	−1
Trade accounts payable	268,000	−570,000	−3	4	−379,000
Accrued expenses and other current liabilities	7	6	−1	715,000	578,000
Deferred revenue	−16	17	958,000	−929,000	−2
Operating lease liability	−745,000	293,000	−510,000	−821,000	−1
Other non-current assets, net	−2	669,000	−3,000	0	—
Net cash used in operating activities	−72	−43	−61	−45	−35
Purchase of property and equipment	−4	−2	−583,000	−423,000	−2
Purchases of marketable debt securities	−248	0	—	—	—
Purchase of convertible note	0	−1	0	—	—
Proceeds from recovery of previously written-off convertible note	959,000	0	—	—	—
Sales of marketable securities	0	254,000	0	—	—
Expenditures for internal-use software	−445,000	−289,000	−47,000	—	—
Net cash used in investing activities	−251	−3	−630,000	−498,000	−2
Proceeds from the issuance of common stock pursuant to the Lincoln Park Purchase Agreement	38	44	64	40	0
Proceeds from the issuance of common stock in at-the-market offerings, net of issuance costs	537	170	0	—	—
Proceeds from issuance of common stock upon exercise of warrants	203	0	—	—	—
Proceeds from the issuance of common stock upon exercise of stock options	11	1	2	1	85,000
Proceeds from common stock issued under the Employee Stock Purchase Plan	769,000	424,000	491,000	—	—
Payment of tax withheld pursuant to stock-based compensation settlements	−10	−3	−416,000	0	—
Debt payment for Term Loan	0	−30	0	—	—
Repayments on TPC loan	−365,000	−370,000	−374,000	—	—
Proceeds from equipment financing	412,000	0	—	—	—
Payments for debt issuance costs	−248,000	0	—	—	—
Repayment of the equipment financing	−43,000	0	−420,000	—	—
Net cash provided by financing activities	779	182	96	43	25
Effect of exchange rate changes on cash and cash equivalents	1	7,000	−115,000	41,000	34,000
Net increase in cash and cash equivalents	457	137	34	−2	−12
Cash Paid for Interest	25,000	5	0	—	—
Capitalized stock-based compensation	400,000	100,000	0	—	—
Inventory applied to capital projects	1	473,000	323,000	0	—
Reclassification of warrant liability to equity upon exercise	340	0	—	—	—
Debt issuance costs settled by issuing freestanding warrants	338,000	0	—	—	—
Operating lease right-of-use assets exchanged for new operating lease obligations	0	796,000	88,000	360,000	12
Bonus settled in vested share based compensation awards	0	2	0	—	—
Stock option exercise proceeds in transit	0	377,000	0	3	0

Filings

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