A Business at a Glance
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Unless the context requires otherwise, references in this section to “D-Wave,” “we,” “our” or “us” refer to D-Wave Quantum Inc., a Delaware corporation, and its consolidated subsidiaries following the consummation of the Transaction, and prior to the consummation of the Transaction, to D-Wave Systems Inc., a British Columbia corporation ("D-Wave Systems"). At D-Wave, our mission is to help customers realize the value of quantum computing to address complex computational problems that cannot be solved with classical computing alone. As a pioneer in the quantum industry for more than 25 years, D-Wave is the world’s first company to deliver commercial-grade annealing quantum computing systems and solutions. We are also the only dual-platform quantum computing company, providing both annealing and gate-model systems, software, and services to address customers’ full range of computational problems.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 0 | - | - | - | - | - |
| Net Income | -355M | -355M | -144M | -83M | -54M | -41M |
| EPS | $-1.11 | $-1.11 | $-0.75 | $-0.60 | $-0.45 | $-0.33 |
| Free Cash Flow | -76M | -76M | -45M | -61M | -46M | -37M |
| ROIC | -30.4% | -21.9% | -155.1% | -107.2% | -34793.9% | -1253.3% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.05 | 0.05 | 0.62 | -2.98 | -1.48 | -2.17 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -100M | -100M | -77M | -81M | -59M | -39M |
| Operating Margin | 0.0% | - | - | - | - | - |
| ROE | -41.7% | -77.6% | -229.7% | - | - | -3379.2% |
| Shares Outstanding | 320M | 320M | 192M | 288M | 119M | 124M |
| Metric | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | 20M | 25M | 32M | 38M | 35M | 51M | 51M |
| SG&A | 12M | 12M | 22M | 37M | 32M | 41M | 41M |
| EBIT | -31M | -39M | -59M | -81M | -77M | -100M | -100M |
| Op. Margin | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Net Income | -22M | -41M | -54M | -83M | -144M | -355M | -355M |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Non-Recurring | 0 | 0 | 66K | 32K | 134K | 9K | 9K |
| Returns on Capital | |||||||
| ROIC | -98.1% | N/M | N/M | -107.2% | -155.1% | -21.9% | -30.4% |
| ROE | -105.7% | -3379.2% | N/A | N/A | -229.7% | -77.6% | -41.7% |
| ROA | -61.4% | -125.6% | -199.3% | -139.4% | -72.0% | -63.7% | -38.8% |
| Cash Flow | |||||||
| Op. Cash Flow | -29M | -35M | -45M | -61M | -43M | -72M | -72M |
| Free Cash Flow | -30M | -37M | -46M | -61M | -45M | -76M | -76M |
| Owner Earnings | -34M | -38M | -56M | -84M | -59M | -96M | -96M |
| CapEx | 736K | 1.8M | 423K | 583K | 2.1M | 3.9M | 3.9M |
| Maint. CapEx | 1.9M | 1.5M | 1.4M | 1.1M | 1.1M | 1.6M | 1.6M |
| Growth CapEx | 0 | 240K | 0 | 0 | 997K | 2.3M | 2.3M |
| D&A | 1.9M | 1.5M | 1.4M | 1.1M | 1.1M | 1.6M | 1.6M |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 3.0M | 1.7M | 9.2M | 22M | 16M | 23M | 23M |
| Debt Repayment | 0 | 31K | 22M | 1.5M | 30M | 248K | 248K |
| Balance Sheet | |||||||
| Net Debt | 2.3M | 21M | 30M | -9.6M | -139M | -841M | -592M |
| Cash & Equiv. | N/A | 9.5M | 7.1M | 41M | 178M | 635M | 635M |
| Long-Term Debt | 1.6M | 30M | 31M | 64M | 30M | 36M | 36M |
| Debt/Equity | 0.11 | -2.17 | -1.48 | -2.98 | 0.62 | 0.05 | 0.05 |
| Interest Coverage | -6.1 | -9.7 | -25.5 | -2176.9 | -19.8 | -25.0 | -25.0 |
| Equity | 21M | -18M | -29M | -24M | 63M | 852M | 852M |
| Total Assets | 36M | 29M | 27M | 59M | 200M | 916M | 916M |
| Total Liabilities | 15M | 48M | 56M | 84M | 137M | 64M | 64M |
| Intangibles | N/A | 272K | 244K | 179K | 490K | 915K | 915K |
| Retained Earnings | -306M | -347M | -400M | -483M | -627M | -982M | -982M |
| Working Capital | 18M | 5.6M | -2.1M | 36M | 155M | 875M | 875M |
| Current Assets | 30M | 16M | 14M | 47M | 185M | 896M | 896M |
| Current Liabilities | 12M | 10M | 16M | 11M | 30M | 21M | 21M |
| Per Share Data | |||||||
| EPS | -0.17 | -0.33 | -0.45 | -0.60 | -0.75 | -1.11 | -1.11 |
| Owner EPS | -0.26 | -0.31 | -0.47 | -0.29 | -0.31 | -0.30 | -0.30 |
| Book Value | 0.16 | -0.15 | -0.25 | -0.09 | 0.33 | 2.66 | 2.66 |
| Cash Flow/Share | -0.23 | -0.28 | -0.38 | -0.21 | -0.22 | -0.23 | -1.11 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 129.2M | 124.2M | 119.3M | 287.8M | 191.8M | 319.9M | 319.9M |
| Valuation | |||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | -15.3 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 65.9 | N/A | N/A | N/A | 30.3 | 9.5 | 6.4 |
| Price/Sales | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| FCF Yield | -2.2% | -3.0% | -24.7% | -22.8% | -2.4% | -0.9% | -1.4% |
| Market Cap | 1.4B | 1.2B | 185M | 269M | 1.9B | 8.1B | 5.4B |
| Avg. Price | 10.28 | 10.02 | 8.05 | 1.14 | 1.65 | 16.47 | 16.97 |
| Year-End Price | 10.60 | 9.79 | 1.55 | 0.93 | 9.91 | 25.29 | 16.97 |
D-Wave Quantum Inc. passes 0 of 9 quality checks, indicating weak fundamentals.
D-Wave Quantum Inc. (QBTS) has a 5-year average return on invested capital (ROIC) of -94.7%. This is below average and may indicate limited pricing power.
D-Wave Quantum Inc. (QBTS) has a market capitalization of $5.4B. It is classified as a mid-cap stock.
D-Wave Quantum Inc. (QBTS) does not currently pay a regular dividend.
D-Wave Quantum Inc. (QBTS) operates in the Services-Computer Processing & Data Preparation industry, within the Technology sector.
D-Wave Quantum Inc. (QBTS) generated $-76 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
D-Wave Quantum Inc. (QBTS) has a debt-to-equity ratio of 0.05. This indicates a conservatively financed balance sheet.
D-Wave Quantum Inc. (QBTS) reported earnings per share (EPS) of $-1.11 in its most recent fiscal year.
D-Wave Quantum Inc. (QBTS) has a return on equity (ROE) of -77.6%. A negative ROE may indicate losses or negative equity.
The Ledger Terminal provides 6 years of financial data for D-Wave Quantum Inc. (QBTS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
D-Wave Quantum Inc. (QBTS) has a book value per share of $2.66, based on its most recent annual SEC filing.