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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
$8.19B
P/E (TTM)
-20.3
48.6
Dividend Yield
--
52W High
$46.75
52W Low
$1.42
52W Range
49%
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

Q3 2025 Data

Revenue

$3.74M+99.95%
4-Quarter Trend

EPS

-$0.41+272.73%
4-Quarter Trend

FCF

-$20.06M+8.78%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Revenue Jumps 235% Nine-month revenue reached $21.8M, surging 235% versus prior year, driven by $15.5M system sales recognized. (17 words)
Gross Profit Soars Gross profit increased 353% to $18.5M for nine months, reflecting improved cost management relative to sales growth. (17 words)
Strong Cash Position Built Cash reserves grew substantially to $836.2M by period end, supported by $712.0M in net financing proceeds. (18 words)
Warrant Liability Valuation Impact Change in fair value of warrant liabilities resulted in a $(260.0)M non-cash impact on net loss for nine months. (19 words)

Risk Factors

Significant Net Loss Continues Nine-month net loss widened to $(312.7)M, showing continued substantial operating cash burn expected long term. (17 words)
Warrant Redemption Imminent Public Warrants face mandatory redemption on November 19, 2025, potentially forcing cashless exercise or cash payment. (18 words)
Operating Cash Used Increased Net cash used in operations increased $9.0M to $(53.6)M for nine months, reflecting higher operating scale costs. (18 words)
Share Count Dilution High Outstanding common shares increased significantly to 346.0M, reflecting substantial equity issuances during the reporting period. (16 words)

Outlook

Continued R&D Investment Expect R&D expenses to trend upward as investment continues to enhance quantum computer performance and platform scalability. (18 words)
Equipment Financing Secured New $13.8M Equipment Financing Agreement provides flexible, long-term capital to support future equipment purchases. (16 words)
Gross Margin Improvement Expected Gross margin expected higher through end of 2025 due to higher margin system sales recognized early in 2025. (19 words)
Evaluating New Tax Rules Currently assessing impact of recently issued ASU 2023-09 regarding disaggregated income tax disclosures effective 2025. (17 words)

Peer Comparison

Revenue (TTM)

Joint Stock Company Kaspi.kzKSPI
$7.02B
+53.1%
Zebra Technologies CorporationZBRA
$5.26B
+13.0%
Logitech International S.A.LOGI
$4.68B
+4.8%

Gross Margin (Latest Quarter)

Bentley Systems, IncorporatedBSY
83.0%
+2.3 pp
Dynatrace, Inc.DT
81.8%
+0.4 pp
Okta, Inc.OKTA
76.9%
+0.9 pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
LOGI$17.33B28.329.1%0.0%
U$15.71B-35.8-13.6%32.9%
OKTA$14.14B87.72.6%9.8%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
+17.4%
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 - Q3 2025

    Period End: Sep 30, 2025|Filed: Nov 6, 2025|
    Revenue: $3.74M+99.9%
    |
    EPS: $-0.41+272.7%
    Miss

  • 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