QBTS
$11.78-8.08%
QBTS financial statements
The full income statement, balance sheet, and cash-flow statement for D-Wave Quantum Inc. (QBTS), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
2024-06 157.7M2024-09 180.3M2024-12 287.8M2025-03 288.7M2025-06 338.6M2025-09 346.7M2025-12 366.7M2026-03 366.7M2026-06 369.3M+134.2% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
As-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 24.6M+178.5% | 8.83M+0.8% | 8.76M+22.1% | 7.17M+14.2% | 6.28M+21.7% | |
| 20.3M+265.0% | 5.56M+20.4% | 4.62M+8.8% | 4.25M-6.2% | 4.53M+6.7% | ||
| Cost of revenue | 4.28M+31.2% | 3.26M-21.1% | 4.14M+41.5% | 2.92M+67.0% | 1.75M+91.3% | |
| 121M+45.8% | 82.8M-2.8% | 85.2M+33.7% | 63.7M+46.5% | 43.5M+21.7% | ||
| Research & development | 50.7M+43.7% | 35.3M-6.8% | 37.9M+18.0% | 32.1M+26.4% | 25.4M+24.4% | |
| Selling, general & administrative | 41.2M+27.0% | 32.4M-12.4% | 37.0M+71.8% | 21.5M+81.0% | 11.9M+2.7% | |
| General & administrative | 41.2M+27.0% | 32.4M-12.4% | 37.0M+71.8% | 21.5M+81.0% | 11.9M+2.7% | |
| Selling & marketing | 28.8M+90.9% | 15.1M+46.6% | 10.3M+2.1% | 10.1M+62.9% | 6.18M+66.4% | |
| Amortization of intangibles | 200K+100.0% | 100K+0.0% | 100K+0.0% | 100K+0.0% | 100K+0.0% | |
| Provision for credit losses | — | — | 0.00-100.0% | 1.00K | 0.00 | |
| Operating income | -100M-30.0% | -77.2M+4.1% | -80.5M-35.5% | -59.5M-52.7% | -38.9M-23.8% | |
| Interest expense | 4.01M+3.0% | 3.90M | — | 4.63M+168.1% | 1.73M-67.1% | |
| Interest & investment income | 24.1M+1287.5% | 1.74M | — | — | — | |
| Other non-operating income | -4.10M-241.4% | 2.90M+416.4% | -916K-136.0% | 2.55M+208.7% | 825K-72.2% | |
| Gain (loss) on equity securities | 800K-46.5% | 1.50M | 0.00 | — | — | |
| Pre-tax income | -355M-146.8% | -144M-73.9% | -82.7M-54.0% | -53.7M-31.1% | -41.0M-86.5% | |
| Income tax | 0.00 | — | — | — | — | |
| -355M-146.8% | -144M-73.9% | -82.7M-54.0% | -53.7M-31.1% | -41.0M-86.5% | ||
| Net income to common | -355M-146.8% | -144M-73.9% | -82.7M-54.0% | -53.7M-31.1% | -41.0M-86.5% | |
| -$1.11-48.0% | -$0.75-25.0% | -$0.60-33.3% | -$0.45-36.4% | -$0.33-94.1% | ||
| EPS (basic) | -$1.11-48.0% | -$0.75-25.0% | -$0.60-33.3% | -$0.45-36.4% | -$0.33-94.1% | |
| Weighted-avg shares (basic) | 321M+67.2% | 192M+39.2% | 138M+15.3% | 120M-4.5% | 125M-1.4% | |
| Weighted-avg shares (diluted) | 321M+67.2% | 192M+39.2% | 138M+15.3% | 120M-4.5% | 125M-1.4% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 896M+384.3% | 185M+293.3% | 47.0M+237.9% | 13.9M-13.1% | 16.0M-45.9% | ||
| Cash & equivalents | 635M+257.0% | 178M+330.9% | 41.3M+484.7% | 7.07M-25.5% | 9.48M-55.6% | |
| Short-term investments | 249M | 0.00 | — | — | — | |
| Accounts receivable | 1.59M+11.8% | 1.42M-14.0% | 1.65M+118.2% | 757K+79.8% | 421K | |
| Inventory | 2.78M+64.7% | 1.69M-18.9% | 2.08M-5.4% | 2.20M+3.9% | 2.11M | |
| Prepaid expenses | 7.39M+86.8% | 3.95M+96.8% | 2.01M-44.9% | 3.64M+226.4% | 1.12M | |
| 916M+358.2% | 200M+236.7% | 59.4M+120.3% | 26.9M-8.6% | 29.5M-17.7% | ||
| Property, plant & equipment | 7.84M+89.7% | 4.13M+62.0% | 2.55M+11.2% | 2.29M-29.4% | 3.25M | |
| Operating lease right-of-use | 6.52M-10.2% | 7.26M-11.7% | 8.22M-10.0% | 9.13M+6.5% | 8.58M | |
| Goodwill | 0.00 | — | — | — | — | |
| Intangible assets | 915K+86.7% | 490K+173.7% | 179K-26.6% | 244K-10.3% | 272K | |
| Long-term investments | 2.39M-7.1% | 2.57M+120.4% | 1.17M+0.0% | 1.17M-0.1% | 1.17M | |
| Other non-current assets | 4.31M+47.0% | 2.93M+115.8% | 1.36M+0.4% | 1.35M-0.1% | 1.35M | |
| 21.1M-29.8% | 30.1M+168.0% | 11.3M-29.9% | 16.0M+53.5% | 10.4M-12.7% | ||
| Accounts payable | 950K+16.6% | 815K-44.4% | 1.47M-61.0% | 3.76M+78.1% | 2.11M | |
| Accrued liabilities | 15.8M+80.3% | 8.78M+64.4% | 5.34M-20.1% | 6.69M+86.1% | 3.59M | |
| Deferred revenue | 2.78M-85.1% | 18.7M+600.1% | 2.67M+49.9% | 1.78M-33.2% | 2.67M | |
| Short-term & current debt | — | — | — | 1.86M+746.8% | 220K | |
| Current lease liability | 1.45M-4.2% | 1.51M+10.0% | 1.37M-10.4% | 1.53M-9.1% | 1.69M | |
| 63.6M-53.7% | 137M+63.7% | 83.8M+48.6% | 56.4M+18.0% | 47.8M+218.4% | ||
| Long-term debt | 35.8M+18.9% | 30.1M-52.8% | 63.9M+104.9% | 31.2M+2.8% | 30.3M+1785.2% | |
| Deferred revenue (non-current) | 560K-16.4% | 670K+748.1% | 79.0K+777.8% | 9.00K-83.3% | 54.0K | |
| Non-current lease liability | 6.05M-5.3% | 6.39M-9.1% | 7.03M-3.7% | 7.30M+4.4% | 6.99M | |
| Operating lease liability (total) | 7.50M-5.1% | 7.90M-6.0% | 8.40M | — | — | |
| Other non-current liabilities | — | — | — | 0.00-100.0% | 18.0K | |
| 852M+1260.4% | 62.6M+355.9% | -24.5M+16.9% | -29.5M-60.5% | -18.4M-188.3% | ||
| Preferred stock | — | — | — | 0.00-100.0% | 190M | |
| Common stock | 35.0K+29.6% | 27.0K+68.8% | 16.0K+45.5% | 11.0K | 0.00 | |
| Additional paid-in capital | 1.84B+163.3% | 700M+49.2% | 469M+23.0% | 381M+156.1% | 149M | |
| Retained earnings | -982M-56.6% | -627M-29.8% | -483M-20.7% | -400M-15.5% | -347M-13.4% | |
| Accumulated other comprehensive income | -9.02M+14.2% | -10.5M+0.1% | -10.5M-1.1% | -10.4M+0.4% | -10.4M | |
| Total liabilities & equity | 916M+358.2% | 200M+236.7% | 59.4M+120.3% | 26.9M-8.6% | 29.5M-17.7% | |
| Common shares issued | 359M+34.6% | 267M+65.5% | 161M+42.2% | 113M+3922.6% | 2.82M | |
| Common shares outstanding | 359M+34.6% | 267M+65.5% | 161M+42.2% | 113M+3922.6% | 2.82M | |
| Shares outstanding (cover) | 367M+27.4% | 288M+146.4% | 117M+45.3% | 80.4M | — | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| -72.0M-68.8% | -42.6M+29.7% | -60.6M-34.1% | -45.2M-30.0% | -34.8M-18.8% | ||
| Depreciation & amortization | 1.56M+40.9% | 1.11M+5.2% | 1.05M-25.9% | 1.42M-7.2% | 1.53M-18.7% | |
| Intangible amortization | 200K+100.0% | 100K+0.0% | 100K+0.0% | 100K+0.0% | 100K+0.0% | |
| Share-based compensation | 22.7M+44.7% | 15.7M-28.6% | 21.9M+139.2% | 9.16M+427.0% | 1.74M-41.8% | |
| Change in receivables | 204K+248.9% | -137K-116.7% | 818K+142.7% | 337K+306.7% | -163K+98.0% | |
| Change in inventory | 2.40M+1015.3% | 215K-9.3% | 237K+60.1% | 148K+181.3% | -182K-127.9% | |
| -251M-7895.4% | -3.14M-398.6% | -630K-26.5% | -498K+75.1% | -2.00M-153.4% | ||
| Capital expenditure | 3.86M+83.4% | 2.11M+261.2% | 583K+37.8% | 423K-76.2% | 1.77M+141.0% | |
| Free cash flow | -75.8M-69.5% | -44.7M+26.9% | -61.2M-34.1% | -45.6M-24.8% | -36.6M-21.8% | |
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| 779M+327.0% | 182M+90.8% | 95.6M+121.0% | 43.3M+73.7% | 24.9M-42.3% | ||
| Long-term debt issued | 0.00 | 0.00-100.0% | 29.0M+45.0% | 20.0M+17918.0% | 111K | |
| Long-term debt repaid | 0.00 | 0.00-100.0% | 1.47M-93.2% | 21.5M+69290.3% | 31.0K | |
| Common stock issued | 37.8M-14.7% | 44.3M-30.5% | 63.7M+59.2% | 40.0M | 0.00 | |
| Common stock repurchased | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Dividends paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Net change in cash | 457M+234.6% | 137M+299.1% | 34.2M+1516.1% | -2.42M+79.6% | -11.9M-190.8% | |
| Interest paid | 25.0K-99.5% | 5.18M | 0.00 | — | — | |
| Income taxes paid | 26.0K-29.7% | 37.0K | — | — | — | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 9.59B+296.7% | 2.42B+2322.5% | 99.8M+9.8% | 90.9M+228.4% | 27.7M-97.9% | |
| P/S | 390.1×+42.4% | 273.9×+2163.3% | 12.1×-4.0% | 12.6×+186.2% | 4.4×-98.3% | |
| P/B | 11.3×-70.8% | 38.6× | — | — | — | |
| Source filing | 10-K | 10-K | 10-K | 10-K/A | 10-K |
About this data
Source: QBTS’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all QBTS filings on SEC EDGAR → Not investment advice.