Q
D-Wave Quantum Inc.
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. is a quantum computing company that provides annealing and gate-model quantum computing systems, software, and services to solve complex computational problems. The company delivers quantum computing via its Leap cloud service, offers professional services for application development, and sells on-premises quantum computer systems. D-Wave serves enterprise customers across manufacturing, retail, logistics, financial services, life sciences, and public-sector verticals through direct sales, partner channels, and developer programs.
Summary from 10-K filed 2026-02-26
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | 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 | Trend | 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 | Trend | 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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Frequently asked questions
What is D-Wave Quantum Inc.'s CIK number?
D-Wave Quantum Inc.'s SEC CIK number is 0001907982 (1907982). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find D-Wave Quantum Inc.'s SEC filings?
All of D-Wave Quantum Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did D-Wave Quantum Inc. last report earnings?
D-Wave Quantum Inc. (QBTS) most recently filed an earnings 8-K with the SEC on May 12, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001907982-26-000057). This is D-Wave Quantum Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is D-Wave Quantum Inc.'s most recent earnings 8-K?
D-Wave Quantum Inc.'s latest earnings 8-K (Item 2.02) was filed May 12, 2026 under accession 0001907982-26-000057. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View D-Wave Quantum Inc.'s latest earnings 8-K →
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