D-Wave Quantum Inc.
QBTS Nasdaq· Services-Computer Processing & Data Preparation
Last close · Oct 23, 2026
$11.66
KIRA · Stoqly’s AI analyst, in plain words
- D-Wave Quantum Inc. had $24.6M of revenue in fiscal 2025, up 178.5% on the year before. Over five years, revenue changed +36.7% a year on average.
- Its operating margin was −408.2%, up 466.6 pts: of every 100 in sales, about −408 is left after running the business.
- D-Wave Quantum Inc. lost $355M in fiscal 2025.
- Free cash flow was −$75.8M in fiscal 2025, −308.5% of revenue.
- D-Wave Quantum Inc. has $849M more cash than debt.
Market cap
$4.3B
P/E
—
Revenue
$24.6M
Net income
−$355M
Free cash flow
−$75.8M
Operating margin
−408.2%
D-Wave Quantum Inc. in 30 seconds · fiscal 2025
Are sales growing?
+178.5%
Yes. Sales grew 178.5% last year.
Does it make a profit?
−1,444.1%
No. It lost money last year.
Does profit turn into cash?
−308.5%
No. It spent more cash than it brought in.
How healthy are the accounts?
5 / 9
Mixed. It passes 5 of 9 health tests.
How is the share priced?
—
No P/E: it made no profit over the last four quarters.
What D-Wave Quantum Inc. does
No business description yet.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Legal name
- D-Wave Quantum Inc.
- CIK
- 0001907982
D-Wave Quantum Inc. · QBTS
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $6.3M | $7.2M | $8.8M | $8.8M | $24.6M |
| Revenue growth | 21.7% | 14.2% | 22.1% | 0.8% | 178.5% |
| Gross margin | 72.1% | 59.3% | 52.8% | 63.0% | 82.6% |
| Operating margin | −620.3% | −828.9% | −919.7% | −874.8% | −408.2% |
| Net income | −$41.0M | −$53.7M | −$82.7M | −$144M | −$355M |
| Net margin | −652.5% | −748.7% | −944.5% | −1,630.0% | −1,444.1% |
| Diluted EPS | −$0.33 | −$0.45 | −$0.60 | −$0.75 | −$1.11 |
| Cash | |||||
| Cash from operations | −$34.8M | −$45.2M | −$60.6M | −$42.6M | −$72.0M |
| Capital expenditure | $1.8M | $0.4M | $0.6M | $2.1M | $3.9M |
| Free cash flow | −$36.6M | −$45.6M | −$61.2M | −$44.7M | −$75.8M |
| FCF margin | −582.5% | −636.4% | −699.2% | −507.0% | −308.5% |
| Share count change | −1.4% | −4.5% | 15.3% | 39.2% | 67.2% |
| Debt and strength | |||||
| Cash and short-term investments | $9.5M | $7.1M | $41.3M | $178M | $884M |
| Debt incl. finance leases | $12.5M | $9.5M | $63.9M | $30.1M | $35.8M |
| Shareholders' equity | −$18.4M | −$29.5M | −$24.5M | $62.6M | $852M |
| Current ratio | 1.5x | 0.9x | 4.2x | 6.1x | 42.4x |
| Interest coverage | −22.5x | −12.8x | — | −19.8x | −25.0x |
| Returns and quality | |||||
| Return on capital | — | — | — | — | −2,218.5% |
| Return on equity | −3,379.2% | — | — | −754.0% | −77.6% |
| Return on tangible equity | — | — | — | −231.5% | −41.7% |
| Piotroski F-score | 3 | 4 | 3 | 5 | 5 |
| Altman Z'' | −46.4 | −64.3 | −32.0 | −7.3 | 16.1 |
Insiders bought, 12 months
$0.0M
1 insider
Insiders sold, 12 months
$107M
7 insiders
Of sales under plans
60%
$64.2M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
D-Wave Quantum Inc. · QBTS
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
KIRA
At $11.66 a share, the company is worth $4.3B.
Source: SEC EDGAR XBRL filings (CIK 0001907982). Data updated October 24, 2026. For information only — not investment advice. Check the original filings before relying on any figure.