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D-Wave Quantum Inc.

QBTS Clue Score56
United States Fiscal year ends December CIK 0001907982
$14.57 -0.21% Close, 9 Oct 2026
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Price $14.57 +1,328.43% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 8 Aug 2022. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2020Revenue5.2Operating income−31.5Net income−22.0EPS, diluted−0.17Fiscal year 2021Revenue6.3 +21.7%Operating income−38.9Net income−41.0EPS, diluted−0.33Fiscal year 2022Revenue7.2 +14.2%Operating income−59.5Net income−53.7EPS, diluted−0.45Fiscal year 2023Revenue8.8 +22.1%Operating income−80.5Net income−82.7EPS, diluted−0.60Fiscal year 2024Revenue8.8 +0.8%Operating income−77.2Net income−143.9EPS, diluted−0.75Fiscal year 2025Revenue24.6 +178.5%Operating income−100.4Net income−355.1EPS, diluted−1.11
FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 5.2 6.3 7.2 8.8 8.8 24.6
Growth +21.7% +14.2% +22.1% +0.8% +178.5%
Operating income −31.5 −38.9 −59.5 −80.5 −77.2 −100.4
Net income −22.0 −41.0 −53.7 −82.7 −143.9 −355.1
Growth
EPS, diluted −0.17 −0.33 −0.45 −0.60 −0.75 −1.11

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2020Gross margin82.3%Operating margin−609.8%Net margin−425.7%Free cash flow margin−581.8%Fiscal year 2021Gross margin72.1%Operating margin−620.3%Net margin−652.5%Free cash flow margin−582.5%Fiscal year 2022Gross margin59.2%Operating margin−828.9%Net margin−748.7%Free cash flow margin−636.4%Fiscal year 2023Gross margin52.8%Operating margin−919.7%Net margin−944.5%Free cash flow margin−699.2%Fiscal year 2024Gross margin63.0%Operating margin−874.8%Net margin−1,630.0%Free cash flow margin−507.0%Fiscal year 2025Gross margin82.6%Operating margin−408.2%Net margin−1,444.1%Free cash flow margin−308.5%
FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 82.3% 72.1% 59.2% 52.8% 63.0% 82.6%
Operating margin −609.8% −620.3% −828.9% −919.7% −874.8% −408.2%
Net margin −425.7% −652.5% −748.7% −944.5% −1,630.0% −1,444.1%
Free cash flow margin −581.8% −582.5% −636.4% −699.2% −507.0% −308.5%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2020Operating cash flow−29.3Capital expenditure−0.7Free cash flow−30.0Fiscal year 2021Operating cash flow−34.8Capital expenditure−1.8Free cash flow−36.6Fiscal year 2022Operating cash flow−45.2Capital expenditure−0.4Free cash flow−45.6Fiscal year 2023Operating cash flow−60.6Capital expenditure−0.6Free cash flow−61.2Fiscal year 2024Operating cash flow−42.6Capital expenditure−2.1Free cash flow−44.7Fiscal year 2025Operating cash flow−72.0Capital expenditure−3.9Free cash flow−75.8
FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −29.3 −34.8 −45.2 −60.6 −42.6 −72.0
Capital expenditure −0.7 −1.8 −0.4 −0.6 −2.1 −3.9
Free cash flow −30.0 −36.6 −45.6 −61.2 −44.7 −75.8
Growth

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2020Cash21.3Total debt1.6Net cash (debt)19.7Shareholders’ equity20.8Debt to equity0.08Fiscal year 2021Cash9.5Total debt30.5Net cash (debt)−21.1Shareholders’ equity−18.4Fiscal year 2022Cash7.1Total debt32.8Net cash (debt)−25.8Shareholders’ equity−29.5Fiscal year 2023Cash41.3Total debt63.9Net cash (debt)−22.5Shareholders’ equity−24.5Fiscal year 2024Cash178.0Total debt30.1Net cash (debt)147.9Shareholders’ equity62.6Debt to equity0.48Fiscal year 2025Cash635.3Total debt35.8Net cash (debt)599.5Shareholders’ equity852.2Debt to equity0.04
FY2020FY2021FY2022FY2023FY2024FY2025
Cash 21.3 9.5 7.1 41.3 178.0 635.3
Total debt 1.6 30.5 32.8 63.9 30.1 35.8
Net cash (debt) 19.7 −21.1 −25.8 −22.5 147.9 599.5
Shareholders’ equity 20.8 −18.4 −29.5 −24.5 62.6 852.2
Debt to equity 0.08 n/a n/a n/a 0.48 0.04

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025† 31 Dec 2025
Revenue and profit
5.2 6.3 7.2 8.8 8.8 24.6
Growth +21.7% +14.2% +22.1% +0.8% +178.5%
0.9 1.8 2.9 4.1 3.3 4.3
4.2 4.5 4.3 4.6 5.6 20.3
Growth +6.7% −6.2% +8.8% +20.4% +265.0%
20.4 25.4 32.1 37.9 35.3 50.7
11.6 11.9 21.5 37.0 32.4 41.2
−31.5 −38.9 −59.5 −80.5 −77.2 −100.4
Growth
−22.0 −41.0 −53.7 −82.7 −143.9 −355.1
n/a n/a n/a n/a n/a 0.0
−22.0 −41.0 −53.7 −82.7 −143.9 −355.1
Growth
Per share
−0.17 −0.33 −0.45 −0.60 −0.75 −1.11
−0.17 −0.33 −0.45 −0.60 −0.75 −1.11
Growth
127.2 125.3 119.6 138.0 192.1 321.2
127.2 125.3 119.6 138.0 192.1 321.2
Growth −1.4% −4.5% +15.3% +39.2% +67.2%

† The diluted share count jumps at 2025, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 36.7% a year over five years.
  • Operating margin is up 201.6 points on five years ago, at -408.2%.
  • A net loss in 6 of 6 years on file.