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D-Wave Quantum Inc.

D-Wave Quantum Inc.

NYSE•QBTS
CEO: Dr. Alan E. Baratz Ph.D.
Sector: Technology
Industry: Computer Hardware
Listing Date: 2020-12-11
D-Wave Quantum Inc. develops and delivers quantum computing systems, software, and services worldwide. The company offers Advantage, a quantum computer; Ocean, a suite of open-source python tools; and Leap, a cloud-based service that provides real-time access to a live quantum computer, as well as access to Advantage, hybrid solvers, the Ocean software development kit, live code, demos, learning resources, and a developer community. It provides D-Wave Launch, a quantum professional service that guides enterprises from problem discovery through production implementation. The company's quantum solutions are used in scheduling, mobility, logistics, drug discovery, portfolio optimization, manufacturing processes, and other. D-Wave Quantum Inc. was founded in 1999 and is headquartered in Burnaby, Canada.
Contact Information
3033 Beta Avenue, Burnaby, BC, V5G 4M9, Canada
604-630-1428
www.dwavesys.com
Market Cap
$12.55B
P/E (TTM)
-38.8
55.4
Dividend Yield
--
52W High
$46.75
52W Low
$0.98
52W Range
79%
1.2
F-Score
Modified Piotroski Analysis
Based on 5-year fundamentals
Weak • 1.2 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2020-2024

Financial Dashboard

Q2 2025 Data

Revenue

$3.10M+41.78%
4-Quarter Trend

EPS

-$0.57+470.00%
4-Quarter Trend

FCF

-$16.04M+6.39%
4-Quarter Trend

2025 Q2 Earnings Highlights

Key Highlights

Revenue Growth Q2 Strong Revenue $3.1M, up 42% for the quarter; system upgrade project drove $1.0M recognized revenue.
Six Month Revenue Surge Six months revenue reached $18.1M, marking a 289% increase over prior period results compared to $4.6M.
Financing Bolsters Cash Net cash provided by financing $675.0M, significantly increasing cash reserves to $819.3M by period end.
Equity Issuances Complete Completed 100% of issuances under $400M ATM agreement, raising $390.6M in net proceeds during the period.

Risk Factors

Quarterly Net Loss Widens Net loss for the quarter was $(167.3M), significantly higher than the $(17.8M) loss reported in prior year.
Warrant Liability Volatility Change in fair value of warrant liabilities added $(142.0M) to quarterly operating loss figures, impacting net results.
Operating Expenses Climb Total operating expenses grew 41% to $28.5M for the quarter, driven by R&D and Sales/Marketing investments.
EGC Status Sunset Looms Company loses Emerging Growth Company status December 31, 2025, increasing future legal and compliance costs.

Outlook

R&D Investment Continues Expect research and development expenses to trend upward to enhance quantum computer performance and functionality.
New Equipment Financing Entered equipment financing agreement providing $13.8M conditional commitment starting August 2025 for future needs.
Future Reporting Changes Will become large accelerated filer by December 31, 2025, requiring additional reporting compliance and disclosures.
Lease Expansion Planned Entered operating lease commitment for Burnaby property; expected liabilities/assets of $1.0M commencing Q1 2026.

Peer Comparison

Revenue (TTM)

Joint Stock Company Kaspi.kzKSPI
$6.31B
+43.0%
Zebra Technologies CorporationZBRA
$5.26B
+13.0%
Logitech International S.A.LOGI
$4.68B
+4.8%

Gross Margin (Latest Quarter)

Dynatrace, Inc.DT
82.2%
+0.9 pp
Bentley Systems, IncorporatedBSY
78.9%
+0.2 pp
Okta, Inc.OKTA
76.9%
+0.9 pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
IONQ$18.52B-33.8-67.5%1.4%
LOGI$17.76B28.529.1%0.0%
U$16.01B-36.5-13.6%33.3%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
+18.3%
Strong Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
25%
Cash Flow Needs Attention

Research & Insights

Reports
All Years

  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 7, 2025|
    Revenue: $3.10M+41.8%
    |
    EPS: $-0.57+470.0%
    Miss

  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 8, 2025|
    Revenue: $15.00M+508.6%
    |
    EPS: $-0.02-82.8%
    Beat

  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Mar 14, 2025|
    Revenue: $8.83M+0.8%
    |
    EPS: $-0.75-25.0%
    Miss

  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 14, 2024|
    Revenue: $1.87M-27.0%
    |
    EPS: $-0.11-8.3%
    Miss

  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 8, 2024|
    Revenue: $2.18M+27.9%
    |
    EPS: $-0.10-50.0%
    Miss

  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 13, 2024|
    Revenue: $2.47M+55.7%
    |
    EPS: $-0.11-45.0%
    Miss

  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Mar 29, 2024|
    Revenue: $8.76M+22.1%
    |
    EPS: $-0.60-33.3%
    Miss

  • Form 10-Q/A - Q2 2023

    Period End: Jun 30, 2023|Filed: Mar 18, 2024|
    Revenue: $1.71M+24.5%
    |
    EPS: $-0.20+53.8%
    Miss