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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 | 21.36M | 8.83M | 8.76M | 7.17M | 6.28M | 5.16M |
| Gross Profit | 17.78M | 5.56M | 4.62M | 4.25M | 4.53M | 4.25M |
| EBITDA | -133.60M | -138.05M | -80.83M | -49.03M | -34.36M | -14.06M |
| Net Income | -131.99M | -143.88M | -82.72M | -53.70M | -40.97M | -21.97M |
Balance Sheet | ||||||
| Total Assets | 325.60M | 199.85M | 59.36M | 26.95M | 32.61M | 47.46M |
| Cash, Cash Equivalents and Short-Term Investments | 304.32M | 177.98M | 41.31M | 7.07M | 9.48M | 21.34M |
| Total Debt | 8.09M | 38.38M | 72.65M | 42.28M | 21.17M | 4.66M |
| Total Liabilities | 118.21M | 137.21M | 83.84M | 33.12M | 29.59M | 14.73M |
| Stockholders Equity | 207.39M | 62.65M | -24.48M | -6.17M | 3.02M | 32.73M |
Cash Flow | ||||||
| Free Cash Flow | -52.18M | -44.75M | -61.28M | -45.72M | -36.80M | -30.08M |
| Operating Cash Flow | -49.80M | -42.64M | -60.65M | -45.23M | -34.80M | -29.29M |
| Investing Cash Flow | -2.43M | -3.14M | -630.00K | -498.00K | -2.00M | -789.00K |
| Financing Cash Flow | 328.80M | 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 | $34.98B | 7.37 | -10.82% | 1.91% | 8.82% | -8.66% | |
51 Neutral | $2.35B | ― | -32.63% | ― | -21.56% | -103.08% | |
49 Neutral | $11.03B | ― | -57.06% | ― | 67.83% | -154.69% | |
49 Neutral | $4.63B | ― | -48.81% | ― | -37.20% | -58.82% | |
48 Neutral | $5.07B | ― | -83.70% | ― | 120.20% | -143.95% |
D-Wave Quantum Corporate Events
On August 13, 2025, D-Wave Quantum Inc. announced it will host its inaugural Qubits Japan 2025 quantum computing user conference in Tokyo on September 17. This event, themed ‘Quantum Realized,’ aims to support the growing interest in annealing quantum computing technology in the Asia Pacific region, where D-Wave has seen an 83% increase in bookings over the past year. The conference will feature presentations from executives, customers, and thought leaders, highlighting the tangible value of D-Wave’s technology. Recent customer engagements in the region include a pilot project with Japan Tobacco Inc. for quantum AI drug discovery, an optimization pilot with NTT DOCOMO Inc. that improved mobile network performance, and a strategic relationship with Yonsei University and Incheon Metropolitan City to advance quantum computing in South Korea.
On July 30, 2025, D-Wave Quantum Inc. announced the promotion of Diane Nguyen to Executive Vice President, Chief Legal Officer, and General Counsel, effective July 31, 2025. This move includes an increased base salary and eligibility for performance-based incentives, highlighting the company’s commitment to strengthening its leadership team and potentially enhancing its strategic operations.
On August 4, 2025, D-Wave Quantum Inc. announced the release of a new collection of offerings aimed at advancing quantum artificial intelligence (AI) and machine learning (ML) innovation. This includes an open-source quantum AI toolkit and a demo, which enable developers to integrate quantum computers into modern ML architectures. The toolkit, part of D-Wave’s Ocean software suite, provides integration with PyTorch for training AI models like restricted Boltzmann machines, which are used in generative AI tasks. D-Wave is collaborating with organizations such as Japan Tobacco Inc. and Jülich Supercomputing Centre on exploratory quantum AI projects, demonstrating the potential for quantum computing to enhance AI model training and efficiency.
On July 30, 2025, D-Wave Quantum Inc. announced a strategic initiative focused on advanced cryogenic packaging to enhance its quantum processor development. By leveraging expertise from NASA’s Jet Propulsion Laboratory, D-Wave aims to scale its annealing and gate-model architectures, supporting its goal of reaching 100,000 qubits. This initiative is expected to strengthen D-Wave’s leadership in quantum systems technology and bolster its product roadmap, impacting its manufacturing capabilities and supply chain.
On July 21, 2025, D-Wave Quantum Inc. announced the results of a study conducted with Wakefield Research, highlighting the potential of quantum optimization to create significant value across industries. The study, which surveyed 400 business leaders in North America, Europe, and APAC, revealed that many leaders are reaching the limits of classical computing for optimization and are turning to quantum technologies. A significant portion of respondents expect substantial returns on investment from quantum optimization, with 46% anticipating between $1 and $5 million, and 27% expecting over $5 million in the first year. The findings underscore a growing interest in quantum computing as a solution for complex optimization challenges, with 53% planning to integrate it into their workflows.
On July 1, 2025, D-Wave Quantum Inc. announced the successful completion of its $400 million ‘at-the-market’ equity offering program, which ran from June 11 to June 27, 2025. The program was completed at an average price of $15.18 per share, a significant premium over the previous offering, and increased the company’s cash balance to approximately $815 million. The proceeds are intended for strategic acquisitions and general corporate purposes, reinforcing D-Wave’s position as a leading commercial quantum computing company.
On June 17, 2025, D-Wave Quantum Inc. announced a memorandum of understanding with Yonsei University and Incheon Metropolitan City to promote quantum computing in South Korea. This collaboration aims to advance research, talent development, and commercial use cases in biotechnology and materials science, and includes plans for acquiring a D-Wave Advantage2 system at Yonsei University. The partnership is seen as a strategic move to establish Incheon as a global quantum hub and further D-Wave’s mission of accelerating global quantum computing adoption.
On June 5, 2025, D-Wave Quantum Inc. held its annual meeting of stockholders, where Steven M. West, Kirstjen Nielsen, and Roger Biscay were elected as Class III directors to serve until 2028. Additionally, the appointment of Grant Thornton LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025, was ratified. The Board also appointed Sharon Holt to replace Steven M. West as chair of the Nominating and Governance Committee and Roger Biscay to replace Kirstjen Nielsen as a member of the Committee, effective immediately after the meeting.
On June 10, 2025, D-Wave Quantum Inc. entered into a sales agreement with several financial agents, allowing the company to sell up to $400 million in common stock. The proceeds from these sales are intended for general corporate purposes, including capital expenditures and potential acquisitions, supporting the company’s path to profitability.
Between May 30, 2025, and June 3, 2025, D-Wave Quantum Inc. secured approximately $15.3 million from the exercise of 1.33 million warrants for common stock at $11.50 each. This followed a previous receipt of $80.5 million on May 29, 2025, from the exercise of 7 million warrants, linked to the company’s merger with DPCM Capital, Inc. on August 5, 2022, indicating a significant capital influx to support its operations.
On May 29, 2025, D-Wave Quantum Inc. received approximately $80.5 million from the exercise of about 7 million warrants to purchase common stock at $11.50 per warrant. These warrants were part of the company’s merger with DPCM Capital, Inc. on August 5, 2022, reflecting a significant financial influx that could impact its operations and market positioning.
On May 20, 2025, D-Wave Quantum Inc. announced the general availability of its Advantage2TM quantum computing system, a significant advancement in the quantum computing industry. The Advantage2 system, featuring D-Wave’s most advanced quantum processor, is designed to solve complex problems beyond the capabilities of classical computers, offering benefits such as increased qubit connectivity, higher energy scale, and greater coherence. This release marks a milestone for D-Wave as it expands its fleet of quantum computers globally, with applications in national security-focused research and collaborations with supercomputing centers to enhance AI and quantum optimization breakthroughs.