D-Wave Quantum (QBTS) financial statements
D-Wave Quantum reported revenue of $25M in fiscal 2025, up 36.7% a year over 5 years.
Net income was -$355M and the operating margin -408.2%, against -609.8% in 2020.
Free cash flow was -$76M.
The diluted share count rose 153% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from D-Wave Quantum's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $5M | $6M | $7M | $9M | $9M | $25M |
| Cost of revenue | $915,000 | $2M | $3M | $4M | $3M | $4M |
| Gross profit | $4M | $5M | $4M | $5M | $6M | $20M |
| Research and development | $20M | $25M | $32M | $38M | $35M | $51M |
| Selling, general and admin | $15M | $18M | $32M | $47M | $47M | $70M |
| Operating income | -$31M | -$39M | -$59M | -$81M | -$77M | -$100M |
| Interest expense | $5M | $2M | $5M | — | $4M | $4M |
| Pre-tax income | -$22M | -$41M | -$54M | -$83M | -$144M | -$355M |
| Income tax | — | — | — | — | — | $0 |
| Net income | -$22M | -$41M | -$54M | -$83M | -$144M | -$355M |
| EPS (diluted) | -$0.17 | -$0.33 | -$0.45 | -$0.60 | -$0.75 | -$1.11 |
| Diluted shares | 127M | 125M | 120M | 138M | 192M | 321M |
| Gross margin | 82.3% | 72.1% | 59.2% | 52.8% | 63.0% | 82.6% |
| Operating margin | -609.8% | -620.3% | -828.9% | -919.7% | -874.8% | -408.2% |
| Net margin | -425.7% | -652.5% | -748.7% | -944.5% | -1630.0% | -1444.1% |
Balance sheet
Fiscal years, from D-Wave Quantum's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $21M | $9M | $7M | $41M | $178M | $884M |
| Receivables | — | $421,000 | $757,000 | $2M | $1M | $2M |
| Inventory | — | $2M | $2M | $2M | $2M | $3M |
| Total current assets | $30M | $16M | $14M | $47M | $185M | $896M |
| Property, plant and equipment | — | $3M | $2M | $3M | $4M | $8M |
| Goodwill | — | — | — | — | — | $0 |
| Total assets | $36M | $29M | $27M | $59M | $200M | $916M |
| Total current liabilities | $12M | $10M | $16M | $11M | $30M | $21M |
| Long-term debt | $2M | $30M | $31M | $64M | $30M | $36M |
| Total liabilities | $15M | $48M | $56M | $84M | $137M | $64M |
| Shareholders' equity | $21M | -$18M | -$29M | -$24M | $63M | $852M |
| Net debt | -$20M | $21M | $26M | $23M | -$148M | -$600M |
Cash flow
Fiscal years, from D-Wave Quantum's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$29M | -$35M | -$45M | -$61M | -$43M | -$72M |
| Capital spending | $789,000 | $2M | $498,000 | $630,000 | $2M | $4M |
| Free cash flow | -$30M | -$37M | -$46M | -$61M | -$45M | -$76M |
| Stock-based compensation | $3M | $2M | $9M | $22M | $16M | $23M |
| Net borrowing | $0 | $80,000 | -$2M | $28M | — | — |
| Free cash flow margin | -582.9% | -586.1% | -637.4% | -699.7% | -510.2% | -310.3% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for QBTS.
Open QBTS in InvestinglyQuestions
What was D-Wave Quantum's revenue in 2025?
$25M in fiscal 2025, from its 10-K filing.
How much free cash flow does D-Wave Quantum generate?
-$76M in fiscal 2025 (operating cash flow minus capital spending).
From D-Wave Quantum's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.