Revenue
$24.59M
Fiscal year ended 2025-12-31Operating income
-$100.37M
Fiscal year ended 2025-12-31Free cash flow
-$75.84M
Fiscal year ended 2025-12-31D-Wave Quantum Inc. (QBTS) reported revenue of $24.59M and net income of -$355.06M for the fiscal year ended 2025-12-31. This page shows 6 annual periods of income statement, balance sheet and cash flow figures normalized from D-Wave Quantum Inc.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Services-Computer Processing & Data Preparation.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 |
|---|---|---|---|---|---|---|
| Revenue | $24.59M | $8.83M | $8.76M | $7.17M | $6.28M | $5.16M |
| Cost of revenue | $4.28M | $3.26M | $4.14M | $2.92M | $1.75M | $915.00K |
| Gross profit | $20.31M | $5.56M | $4.62M | $4.25M | $4.53M | $4.24M |
| Operating income | -$100.37M | -$77.22M | -$80.55M | -$59.46M | -$38.95M | -$31.47M |
| Net income | -$355.06M | -$143.88M | -$82.72M | -$53.70M | -$40.97M | -$21.97M |
| Research & development | $50.73M | $35.30M | $37.88M | $32.10M | $25.40M | $20.41M |
| Weighted-average diluted shares | shares 321.20M | shares 192.13M | shares 137.99M | shares 119.65M | shares 125.34M | shares 127.16M |
| Pretax income | -$355.06M | -$143.88M | -$82.72M | -$53.70M | -$40.97M | -$21.97M |
| Income tax expense | $0 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Diluted EPS | $-1.11 | $-0.75 | $-0.60 | $-0.45 | $-0.33 | $-0.17 |
| Selling, general & administrative | $69.94M | $47.49M | $47.29M | $31.61M | $18.08M | $15.30M |
| General & administrative | $41.19M | $32.42M | $37.01M | $21.54M | $11.90M | $11.59M |
| Selling & marketing | $28.75M | $15.06M | $10.28M | $10.07M | $6.18M | $3.71M |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $635.35M | $177.98M | $41.31M | Unavailable | $9.48M | Unavailable |
| Total assets | $915.81M | $199.85M | $59.36M | $26.95M | $29.47M | $35.80M |
| Current assets | $896.23M | $185.04M | $47.05M | $13.92M | $16.02M | $29.62M |
| Total liabilities | $63.58M | $137.21M | $83.84M | $56.41M | $47.82M | $15.02M |
| Current liabilities | $21.15M | $30.14M | $11.25M | $16.04M | $10.45M | $11.97M |
| Total equity incl. NCI | $852.23M | $62.65M | -$24.48M | -$29.46M | -$18.36M | $20.78M |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | $2.78M | $1.69M | $2.08M | $2.20M | $2.11M | Unavailable |
| Accounts receivable | $1.59M | $1.42M | $1.65M | $757.00K | $421.00K | Unavailable |
| Goodwill | $0 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Long-term debt | $35.82M | $30.13M | $63.85M | $31.17M | $30.31M | $1.61M |
| Accounts payable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$71.98M | -$42.64M | -$60.65M | -$45.23M | -$34.80M | -$29.29M |
| Capital expenditures | $3.86M | $2.11M | $583.00K | $423.00K | $1.77M | $736.00K |
| Investing cash flow | -$251.14M | -$3.14M | -$630.00K | -$498.00K | -$2.00M | -$789.00K |
| Financing cash flow | $779.15M | $182.45M | $95.64M | $43.26M | $24.91M | $43.14M |
| Net change in cash | $457.37M | $136.67M | $34.24M | -$2.42M | -$11.85M | $13.06M |
| Stock-based compensation | $22.66M | $15.66M | $21.92M | $9.16M | $1.74M | $2.99M |
| Common dividends paid | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Common share repurchases | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Depreciation & amortization | $1.56M | $1.11M | $1.05M | $1.42M | $1.53M | $1.89M |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 |
|---|---|---|---|---|---|---|
| Free cash flow | -$75.84M | -$44.75M | -$61.23M | -$45.65M | -$36.57M | -$30.02M |
| Gross margin | 82.6% | 63.0% | 52.8% | 59.2% | 72.1% | 82.3% |
| Operating margin | -408.2% | -874.8% | -919.7% | -828.9% | -620.3% | -609.8% |
| FCF margin | -308.5% | -507.0% | -699.2% | -636.4% | -582.5% | -581.8% |
| SBC / revenue | 92.2% | 177.4% | 250.3% | 127.8% | 27.7% | 57.9% |
| Current ratio | 42.38x | 6.14x | 4.18x | 0.87x | 1.53x | 2.47x |
| Revenue YoY growth | 178.5% | 0.8% | 22.1% | 14.2% | 21.7% | Unavailable |
| Net margin | -1444.1% | -1630.0% | -944.5% | -748.7% | -652.5% | -425.7% |
| R&D / revenue | 206.3% | 399.9% | 432.5% | 447.5% | 404.5% | 395.6% |
| CapEx / revenue | 15.7% | 23.9% | 6.7% | 5.9% | 28.3% | 14.3% |
| Long-term debt / equity | 0.04x | Unavailable | Unavailable | Unavailable | Unavailable | 0.08x |
| Effective tax rate | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open QBTS in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-08-06View SEC filing
10-Q · Filed 2026-05-12View SEC filing
10-K · Filed 2026-02-26View SEC filing
10-Q · Filed 2025-11-06View SEC filing
10-Q · Filed 2025-08-07View SEC filing
10-Q · Filed 2025-05-08View SEC filing
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.