D-Wave Quantum Inc. Earnings Per Share Disclosure
| Year Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Numerator: | |||||||||||
| Net loss attributable to common stockholders - basic and diluted | $ | (355,062) | $ | (143,879) | |||||||
| Denominator: | |||||||||||
| Weighted-average common stock outstanding | 321,202,025 | 192,129,049 | |||||||||
| Net loss per share attributable to common stockholders - basic and diluted | $ | (1.11) | $ | (0.75) | |||||||
| Year Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Public Warrants as converted to Common Shares (Note 11) | — | 14,419,918 | |||||||||
| Private Warrants as converted to Common Shares (Note 11) | — | 11,633,060 | |||||||||
| D-Wave Systems Warrant Preferred Shares as converted to Common Shares (Note 11) | 1,155,713 | 1,155,713 | |||||||||
| Equipment Financing Agreement Warrant – Common Shares (Note 8) | 21,563 | — | |||||||||
| Stock options issued and outstanding | 3,608,170 | 10,984,738 | |||||||||
| Unvested restricted stock unit awards | 8,215,915 | 8,787,022 | |||||||||
| Total | 13,001,361 | 46,980,451 | |||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Mar 14, 2025 | |
| 2023 | Mar 29, 2024 | |
| 2022 | Apr 18, 2023 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.