Top Page
D-Wave Quantum
(NYSE:QBTS)
D-Wave Quantum (QBTS) vs. SPDR S&P 500 ETF (SPY)
D-Wave Quantum Business Overview & Revenue Model
D-Wave Quantum Earnings Call Summary
D-Wave Quantum Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 24.14M | 8.83M | 8.76M | 7.17M | 6.28M | 5.16M |
| Gross Profit | 20.00M | 5.56M | 4.62M | 4.25M | 4.53M | 4.25M |
| EBITDA | -395.76M | -138.05M | -80.83M | -49.03M | -34.36M | -14.06M |
| Net Income | -398.81M | -143.88M | -82.72M | -53.70M | -40.97M | -21.97M |
Balance Sheet | ||||||
| Total Assets | 865.82M | 199.85M | 59.36M | 26.95M | 29.47M | 47.46M |
| Cash, Cash Equivalents and Short-Term Investments | 836.23M | 177.98M | 41.31M | 7.07M | 9.48M | 21.34M |
| Total Debt | 7.74M | 38.38M | 72.65M | 42.28M | 39.42M | 4.66M |
| Total Liabilities | 195.27M | 137.21M | 83.84M | 56.41M | 47.82M | 14.73M |
| Stockholders Equity | 670.55M | 62.65M | -24.48M | -29.46M | -18.36M | 32.73M |
Cash Flow | ||||||
| Free Cash Flow | -54.76M | -44.75M | -61.28M | -45.72M | -36.80M | -30.08M |
| Operating Cash Flow | -51.59M | -42.64M | -60.65M | -45.23M | -34.80M | -29.29M |
| Investing Cash Flow | -2.53M | -3.14M | -630.00K | -498.00K | -2.00M | -789.00K |
| Financing Cash Flow | 859.61M | 182.45M | 95.64M | 43.27M | 24.91M | 43.14M |
D-Wave Quantum Technical Analysis
D-Wave Quantum Risk Analysis
D-Wave Quantum Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
54 Neutral | $8.33B | -18.42 | -122.03% | ― | 156.20% | -218.56% | |
52 Neutral | $2.29B | -17.10 | -14.49% | ― | 41.51% | -111.74% | |
51 Neutral | $16.24B | -8.67 | -108.23% | ― | 113.07% | -555.52% | |
41 Neutral | $7.42B | -17.55 | -141.90% | ― | -36.98% | -238.63% |
D-Wave Quantum Corporate Events
On December 8, 2025, D-Wave Quantum Inc. announced its Qubits 2026 quantum computing user conference scheduled for January 27-28, 2026, in Boca Raton, Florida. The event will feature talks from executives, customers, and industry leaders, highlighting the impact of D-Wave’s energy-efficient annealing quantum computers and hybrid-quantum solvers. The conference will also unveil D-Wave’s latest technology roadmap, emphasizing its leadership in commercial-grade superconducting quantum technology and its strategic vision for the future. The event aims to showcase real-world customer success stories and discuss advancements in quantum computing, including its applications in various industries and its potential as an energy-efficient accelerator for AI workflows.
On December 2, 2025, D-Wave Quantum Inc. announced the formation of a new business unit focused on promoting its quantum computing products and services to the U.S. government. Led by Jack Sears Jr., a seasoned executive with extensive experience in government contracting, the unit aims to address the growing demand for quantum applications in national security, defense, and infrastructure. Sears will oversee the development of secure systems that meet federal requirements and will support D-Wave’s initiatives with the U.S. government. The company also revealed that its Advantage2TM quantum computer is operational at Davidson Technologies in Alabama, expected to address mission-critical government problems and eventually run sensitive applications.
On November 21, 2025, D-Wave Quantum Inc. announced the completion of the redemption of all its outstanding public warrants to purchase shares of its common stock, effective as of November 19, 2025. This redemption resulted in the exercise of 4,746,358 warrants for approximately 6.9 million shares, yielding $54.6 million in cash proceeds, while 270,820 unexercised warrants were redeemed for $0.01 each. Following this, the warrants ceased trading on the NYSE and were delisted, although the company’s common stock continues to trade under the symbol ‘QBTS’.
On November 13, 2025, D-Wave Quantum Inc. announced the redemption of all outstanding public warrants to purchase shares of its common stock, with a deadline for exercise set for November 19, 2025. The company expects the warrants to cease trading on the New York Stock Exchange by November 17, 2025, and holders are reminded to exercise their warrants before the deadline to avoid them becoming void.
On November 5, 2025, D-Wave Quantum Inc. and BASF completed a joint proof-of-concept project using a hybrid-quantum application to optimize workflows at a BASF liquid-filling facility. This project significantly improved manufacturing efficiency, reducing production scheduling time from 10 hours to seconds and outperforming existing solutions by reducing lateness by 14%, setup times by 9%, and tank unloading durations by 18%. This milestone demonstrates the potential of hybrid-quantum technologies to address complex operational challenges in manufacturing and supply chain industries, marking a significant step towards broader deployment of such applications.
On November 3, 2025, D-Wave Quantum Inc. and Davidson Technologies announced the operational status of D-Wave’s Advantage2 quantum computer at Davidson’s headquarters in Huntsville, Alabama. This system is set to tackle mission-critical U.S. government issues, particularly in national defense, marking a significant milestone in their collaboration to enhance quantum computing adoption among U.S. government agencies. The deployment of this system, available through D-Wave’s Leap real-time quantum cloud service, is expected to drive innovation in national defense and strengthen Alabama’s leadership in advanced technology.
On October 22, 2025, D-Wave Quantum Inc. announced a series of seminars in Italy to promote annealing quantum computing awareness among universities, as part of the Q-Alliance. This initiative supports the Italian government’s strategic framework for digital and quantum technologies, with plans to develop a quantum computing facility in Lombardy. D-Wave has secured a €10M contract for a D-Wave Advantage2TM annealing quantum computer, ensuring accessibility for Italy’s scientific community. The seminars, initially held at Università dell’Insubria and Università della Svizzera Italiana, aim to educate young researchers through scholarships, internships, and training programs, thereby accelerating Italy’s quantum computing ecosystem.
On October 20, 2025, D-Wave Quantum Inc. announced the redemption of all its outstanding public warrants to purchase shares of its common stock, effective November 19, 2025. This move is expected to streamline the company’s capital structure, with the last trading day for these warrants on the New York Stock Exchange anticipated to be November 17, 2025. If all warrants are exercised, approximately 7.2 million shares of common stock will be issued, resulting in less than 2.1% dilution to existing shareholders.
On October 15, 2025, D-Wave Quantum Inc. announced a €10M agreement with Swiss Quantum Technology SA to deploy a D-Wave Advantage2 annealing quantum computer in Europe. This deployment supports Italy’s Q-Alliance initiative, aiming to bolster the country’s digital transformation with advanced quantum infrastructure. The Advantage2 system, featuring over 4,400 qubits, will be accessible via D-Wave’s Leap quantum cloud service, facilitating quantum applications with improved energy efficiency. This agreement marks a significant milestone for D-Wave in expanding global access to its quantum computing technology, addressing the limitations of traditional computing and supporting the development of quantum applications.
On October 14, 2025, D-Wave Quantum Inc. was recognized as a winner in Fast Company’s 2025 Next Big Things in Tech Awards for its Advantage2 quantum computer. This award highlights the potential of D-Wave’s 4400+ qubit Advantage2 system, launched in May 2025, to solve complex problems beyond the capabilities of classical computers. The system’s Zephyr topology and 20-way connectivity support quantum and hybrid-quantum applications, and it has been used to demonstrate quantum supremacy in real-world problems. This recognition underscores D-Wave’s commitment to delivering production-ready quantum computing technology that provides significant value to its customers.
On October 14, 2025, D-Wave Quantum Inc. announced its role as a founder of Q-Alliance, a new initiative aimed at establishing the world’s most powerful quantum hub in Lombardy, Italy. This collaboration, supported by the Italian Government’s strategic framework for digital and quantum technologies, seeks to accelerate scientific discovery, industrial transformation, and digital sovereignty. D-Wave’s production-grade annealing quantum computing technology is expected to play a crucial role in this effort, enhancing Italy’s position as a global leader in quantum innovation and fostering the development of a quantum-ready workforce.
On September 30, 2025, D-Wave Quantum Inc. and North Wales Police announced the completion of a joint proof-of-technology project using a hybrid-quantum application to optimize police vehicle placement for emergency response. This technology reduced coordination time from four months to four minutes and cut average incident response times by nearly 50%, demonstrating significant improvements in real-time adaptability and response efficiency. The project, supported by a grant from the UK Policing’s National Science and Innovation Board, highlights the potential for hybrid-quantum computing to enhance public safety and its applicability across both private and public sectors.