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

$6.90B

P/E (TTM)

-18.7

41.6

Dividend Yield

52W High

$46.75

52W Low

$4.49

52W Range

34%

Rank63Top 94.0%

1.8

F-Score

Modified Piotroski Analysis

Based on 5-year fundamentals

Weak • 1.8 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2021-2025

Financial Dashboard

Q4 2025 Data

Revenue

$2.75M+0.00%

4-Quarter Trend

EPS

-$0.12+0.00%

4-Quarter Trend

FCF

-$20.03M+0.00%

4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Revenue Soars 179% Total revenue reached $24.6M USD in 2025, a 179% increase driven by $16.2M system sales growth.

Dual-Platform Solidified Acquisition of Quantum Circuits completed January 2026, solidifying dual-platform capability across annealing and gate-model systems.

Quantum Supremacy Demonstrated Achieved world-first quantum supremacy result in March 2025 on a useful problem, published in Science journal.

Strong Financing Inflow Financing activities provided $779.1M USD cash in 2025, primarily from at-the-market equity offerings.

Risk Factors

Continuing Significant Losses Incurred net loss of $355.1M USD in 2025; expects to continue incurring significant operating losses for foreseeable future.

Immature Market Adoption Immature quantum market may lead to misreading demand, slowing contract closure, and adversely affecting revenue growth.

Gate-Model System Delay Risk Planned gate-model system availability in 2026 is not guaranteed; failure to execute roadmap harms competitive position.

Cybersecurity and Data Risks Reliance on IT systems exposes operations to cybersecurity attacks, data breaches, and potential regulatory liabilities.

Outlook

Growth Strategy Focus Areas Overall growth focuses on three key areas: building the business, advancing quantum science, and improving core technology.

Accelerate Time to Production Shifting focus to reducing time to production for hybrid solutions using standardized templates and Launch process refinement.

Expand Government Sales Forming new business unit to drive U.S. government adoption; pursuing international government sales and grants opportunities.

New HQ Facility Planned Plans to transition corporate headquarters from Palo Alto, California to Boca Raton, Florida before the end of 2026.

Peer Comparison

Revenue (TTM)

KSPI

$7.03B

+53.3%

QXO

$6.84B

+11938.9%

ZBRA

$5.40B

+8.3%

Gross Margin (Latest Quarter)

BSY

81.9%

+0.1pp

81.4%

+0.4pp

PCOR

79.4%

-1.7pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
MTSI	$17.18B	105.7	12.6%	27.0%
QXO	$16.20B	-0.5	-3.2%	28.2%
KSPI	$14.24B	6.4	59.0%	4.2%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

-43.2%

Growth Under Pressure

4Q Net Income CAGR

N/M

Profitability Shift

Cash Flow Stability

Cash Flow Needs Attention

Deep Research

Next earnings:Mar 12, 2026

EPS:-$0.05

Revenue:-

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data