QBTS Nasdaq Services-Computer Processing & Data Preparation Financials FY2020βFY2025
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.
Last close Β· Oct 23, 2026
$11.66
0.3%Hi! I read D-Wave Quantum Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+178.5%
Yes. Sales grew 178.5% last year.
Does it make a profit?
β1,444.1%
No. It lost money last year.
Does profit turn into cash?
β308.5%
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?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· 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 β408.2%, up 466.6Β pts: of every 100 in sales, about β408 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· D-Wave Quantum Inc. lost $355M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$75.8M in fiscal 2025, β308.5% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $0.0M and sold $107M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
1 insider
Sold, 12 months
$107M
7 insiders
Of sales under plans
60%
$64.2M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 8, 2026 | John D DiLulloDirector | Sold plan | 1,100 | $18.00 | $0.0M | Form 4 |
| Jul 20, 2026 | Sophie C AmesExec. Vice President & CHRO | Sold plan | 3,070 | $16.95 | $0.1M | Form 4 |
| Jun 15, 2026 | Rohit GhaiDirector | Sold plan | 13,518 | $26.41 | $0.4M | Form 4 |
| Jun 15, 2026 | John M. MarkovichChief Financial Officer | Sold | 200,000 | $25.72 | $5.1M | Form 4 |
| Jun 12, 2026 | John M. MarkovichChief Financial Officer | Sold | 46,043 | $24.01 | $1.1M | Form 4 |
| Jun 9, 2026 | John M. MarkovichChief Financial Officer | Sold | 70 | $26.54 | $0.0M | Form 4 |
| Jun 8, 2026 | Alan E BaratzPresident & CEO, Director | Sold | 687,627 | $26.13 | $18.0M | Form 4 |
| Jun 8, 2026 | John M. MarkovichChief Financial Officer | Sold | 50,979 | $26.24 | $1.3M | Form 4 |
| Jun 5, 2026 | John D DiLulloDirector | Sold plan | 7,850 | $24.43 | $0.2M | Form 4 |
| Jun 2, 2026 | John M. MarkovichChief Financial Officer | Sold | 2,908 | $31.00 | $0.1M | Form 4 |
| May 22, 2026 | John M. MarkovichChief Financial Officer | Sold | 328,752 | $27.70 | $9.1M | Form 4 |
| May 21, 2026 | Diane NguyenEVP, Chief Legal Officer & GC | Sold plan | 40,000 | $25.01 | $1.0M | Form 4 |
| May 20, 2026 | Sophie C AmesExec. Vice President & CHRO | Sold plan | 23,025 | $18.98 | $0.4M | Form 4 |
| Apr 20, 2026 | Sophie C AmesExec. Vice President & CHRO | Sold plan | 3,070 | $21.35 | $0.1M | Form 4 |
| Mar 16, 2026 | Rohit GhaiDirector | Sold plan | 10,000 | $17.62 | $0.2M | Form 4 |
| Mar 13, 2026 | Diane NguyenEVP, Chief Legal Officer & GC | Sold | 2,532 | $17.63 | $0.0M | Form 4 |
| Mar 13, 2026 | John M. MarkovichChief Financial Officer | Sold | 10,706 | $17.63 | $0.2M | Form 4 |
| Mar 5, 2026 | John D DiLulloDirector | Sold plan | 8,000 | $18.01 | $0.1M | Form 4 |
| Feb 13, 2026 | Diane NguyenEVP, Chief Legal Officer & GC | Sold | 1,451 | $19.76 | $0.0M | Form 4 |
| Jan 14, 2026 | Diane NguyenEVP, Chief Legal Officer & GC | Sold plan | 4,519 | $28.06 | $0.1M | Form 4 |
| Jan 14, 2026 | Alan E BaratzPresident & CEO, Director | Sold | 35,013 | $28.06 | $1.0M | Form 4 |
| Jan 14, 2026 | John M. MarkovichChief Financial Officer | Sold | 9,179 | $28.06 | $0.3M | Form 4 |
| Jan 13, 2026 | Diane NguyenEVP, Chief Legal Officer & GC | Sold plan | 20,000 | $28.86 | $0.6M | Form 4 |
| Dec 22, 2025 | Alan E BaratzPresident & CEO, Director | Sold plan | 793,712 | $30.13 | $23.9M | Form 4 |
| Dec 22, 2025 | John M. MarkovichChief Financial Officer | Sold plan | 100,000 | $30.03 | $3.0M | Form 4 |
| Dec 15, 2025 | John M. MarkovichChief Financial Officer | Sold | 11,562 | $23.89 | $0.3M | Form 4 |
| Dec 15, 2025 | Rohit GhaiDirector | Sold plan | 10,000 | $24.28 | $0.2M | Form 4 |
| Dec 15, 2025 | Diane NguyenEVP, Chief Legal Officer & GC | Sold | 2,733 | $23.89 | $0.1M | Form 4 |
| Dec 5, 2025 | John D DiLulloDirector | Sold plan | 8,000 | $27.36 | $0.2M | Form 4 |
| Dec 4, 2025 | John M. MarkovichChief Financial Officer | Sold plan | 100,000 | $27.56 | $2.8M | Form 4 |
| Dec 3, 2025 | John M. MarkovichChief Financial Officer | Sold plan | 100,000 | $25.05 | $2.5M | Form 4 |
| Dec 3, 2025 | Kirstjen NielsenDirector | Sold | 7,000 | $22.62 | $0.2M | Form 4 |
| Nov 20, 2025 | John M. MarkovichChief Financial Officer | Sold plan | 200,000 | $22.94 | $4.6M | Form 4 |
| Nov 18, 2025 | Steven M WestDirector | Bought | 82 | $21.89 | $0.0M | Form 4 |
| Nov 13, 2025 | John M. MarkovichChief Financial Officer | Sold | 98,060 | $23.17 | $2.3M | Form 4 |
| Nov 13, 2025 | Diane NguyenEVP, Chief Legal Officer & GC | Sold plan | 22,803 | $23.60 | $0.5M | Form 4 |
| Nov 13, 2025 | Alan E BaratzPresident & CEO, Director | Sold | 168,102 | $23.17 | $3.9M | Form 4 |
| Nov 11, 2025 | Alan E BaratzPresident & CEO, Director | Sold plan | 806,288 | $28.87 | $23.3M | Form 4 |
| Oct 14, 2025 | John M. MarkovichChief Financial Officer | Sold | 7,994 | $43.74 | $0.3M | Form 4 |
| Oct 14, 2025 | Diane NguyenEVP, Chief Legal Officer & GC | Sold | 20,827 | $43.74 | $0.9M | Form 4 |
| Oct 14, 2025 | Alan E BaratzPresident & CEO, Director | Sold | 31,369 | $43.74 | $1.4M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· D-Wave Quantum Inc. has $849M more cash than debt.
Cash, debt and the ratios that show how comfortably D-Wave Quantum Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| 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 |
| Debt / equity | β | β | β | 0.5x | 0.0x |
| Interest coverage | β22.5x | β12.8x | β | β19.8x | β25.0x |
| Current ratio | 1.5x | 0.9x | 4.2x | 6.1x | 42.4x |
| Quick ratio | 1.3x | 0.7x | 4.0x | 6.1x | 42.2x |
| Total assets | $29.5M | $26.9M | $59.4M | $200M | $916M |
| Total liabilities | $47.8M | $56.4M | $83.8M | $137M | $63.6M |
| Shareholders' equity | β$18.4M | β$29.5M | β$24.5M | $62.6M | $852M |
| Net debt (β = net cash) | $3.0M | $2.4M | $22.5M | β$148M | β$849M |
KIRA Β· Its return on capital was β2,218.5%: every 100 invested in the business earned about β2,219 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· D-Wave Quantum Inc. passes 5 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β |
| F-score | β / 3 | 3 / 9 | 4 / 9 | 3 / 9 | 5 / 9 | 5 / 9 |
| Accruals ratio | 20.4% | β18.9% | β30.0% | β51.1% | β78.1% | β50.7% |
| Altman Z'' | β29.05 | β46.39 | β64.32 | β32.00 | β7.26 | 16.11 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $5.2M | $6.3M | $7.2M | $8.8M | $8.8M | $24.6M |
| Gross profit | $4.2M | $4.5M | $4.3M | $4.6M | $5.6M | $20.3M |
| Research and development | $20.4M | $25.4M | $32.1M | $37.9M | $35.3M | $50.7M |
| Operating income | β$31.5M | β$38.9M | β$59.5M | β$80.5M | β$77.2M | β$100M |
| Interest expense | $5.3M | $1.7M | $4.6M | β | $3.9M | $4.0M |
| Pretax income | β$22.0M | β$41.0M | β$53.7M | β$82.7M | β$144M | β$355M |
| Income tax | β | β | β | β | β | $0.0M |
| Net income | β$22.0M | β$41.0M | β$53.7M | β$82.7M | β$144M | β$355M |
| Net income to common | β$22.0M | β$41.0M | β$53.7M | β$82.7M | β$144M | β$355M |
| Diluted EPS | β$0.17 | β$0.33 | β$0.45 | β$0.60 | β$0.75 | β$1.11 |
| Diluted shares | 0.13B | 0.13B | 0.12B | 0.14B | 0.19B | 0.32B |
| Cash flow | ||||||
| Cash from operations | β$29.3M | β$34.8M | β$45.2M | β$60.6M | β$42.6M | β$72.0M |
| Capital expenditure | $0.7M | $1.8M | $0.4M | $0.6M | $2.1M | $3.9M |
| Free cash flow | β$30.0M | β$36.6M | β$45.6M | β$61.2M | β$44.7M | β$75.8M |
| Depreciation and amortization | $1.9M | $1.5M | $1.4M | $1.1M | $1.1M | $1.6M |
| Stock-based compensation | $3.0M | $1.7M | $9.2M | $21.9M | $15.7M | $22.7M |
| Balance sheet | ||||||
| Cash and short-term investments | $21.3M | $9.5M | $7.1M | $41.3M | $178M | $884M |
| Total debt | $1.6M | $12.5M | $9.5M | $63.9M | $30.1M | $35.8M |
| Current assets | $29.6M | $16.0M | $13.9M | $47.0M | $185M | $896M |
| Current liabilities | $12.0M | $10.4M | $16.0M | $11.3M | $30.1M | $21.1M |
| Inventory | β | $2.1M | $2.2M | $2.1M | $1.7M | $2.8M |
| Property and equipment, net | β | $3.2M | $2.3M | $2.6M | $4.1M | $7.8M |
| Goodwill | β | β | β | β | β | $0.0M |
| Intangible assets | β | $0.3M | $0.2M | $0.2M | $0.5M | $0.9M |
| Total assets | $35.8M | $29.5M | $26.9M | $59.4M | $200M | $916M |
| Total liabilities | $15.0M | $47.8M | $56.4M | $83.8M | $137M | $63.6M |
| Preferred stock | β | $190M | $0.0M | β | β | β |
| Shareholders' equity | $20.8M | β$18.4M | β$29.5M | β$24.5M | $62.6M | $852M |
| Margins | ||||||
| Gross margin | 82.3% | 72.1% | 59.3% | 52.8% | 63.0% | 82.6% |
| Operating margin | β609.8% | β620.3% | β828.9% | β919.7% | β874.8% | β408.2% |
| EBITDA margin | β573.3% | β595.9% | β809.1% | β907.7% | β862.3% | β401.9% |
| Net margin | β425.7% | β652.5% | β748.7% | β944.5% | β1,630.0% | β1,444.1% |
| FCF margin | β581.8% | β582.5% | β636.4% | β699.2% | β507.0% | β308.5% |
| Returns | ||||||
| Return on capital | β2,358.5% | β | β | β | β | β2,218.5% |
| Return on capital employed | β132.1% | β204.8% | β545.1% | β167.4% | β45.5% | β11.2% |
| Return on equity | β105.7% | β3,379.2% | β | β | β754.0% | β77.6% |
| Return on assets | β61.4% | β125.6% | β190.4% | β191.7% | β111.0% | β63.7% |
| Return on tangible equity | β105.7% | β | β | β | β231.5% | β41.7% |
| Growth | ||||||
| Revenue growth | β | 21.7% | 14.2% | 22.1% | 0.8% | 178.5% |
| Share count change | β | β1.4% | β4.5% | 15.3% | 39.2% | 67.2% |
| Financial health | ||||||
| Debt / equity | 0.1x | β | β | β | 0.5x | 0.0x |
| Interest coverage | β6.0x | β22.5x | β12.8x | β | β19.8x | β25.0x |
| Current ratio | 2.5x | 1.5x | 0.9x | 4.2x | 6.1x | 42.4x |
| Quick ratio | 2.5x | 1.3x | 0.7x | 4.0x | 6.1x | 42.2x |
| Capital allocation | ||||||
| Capex / revenue | 14.3% | 28.3% | 5.9% | 6.7% | 23.9% | 15.7% |
| Stock comp / revenue | 57.9% | 27.7% | 127.8% | 250.3% | 177.4% | 92.2% |
| Quality scores | ||||||
| Piotroski F-score | β | 3.0 | 4.0 | 3.0 | 5.0 | 5.0 |
| Altman Z'' | β29.1 | β46.4 | β64.3 | β32.0 | β7.3 | 16.1 |
| Accruals ratio | 20.4% | β18.9% | β30.0% | β51.1% | β78.1% | β50.7% |
Source: SEC EDGAR XBRL filings (CIK 0001907982). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
