D-Wave Quantum Inc. (QBTS) Stock Analysis
Technology · Computer Hardware · NYSE
D-Wave Quantum Inc. (QBTS) posted $24.59M in revenue for fiscal 2025 (up 178.5% year over year), with a net loss of $355.06M, and has compounded revenue about 36.7%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on D-Wave Quantum Inc.
D-Wave Quantum Inc. has grown revenue from $5.16M to $24.59M over the last 6 fiscal years, compounding about 36.7% a year. The most recent year was up 178.5%, so growth is actually accelerating.
Net margin sits at -1444.1%, up 185.9 points year over year on a 82.6% gross margin. It carries about $35.96M of total debt.
The one thing worth a second look in the filings is debt with negative operating cash flow.
Synthesised from D-Wave Quantum Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
D-Wave Quantum Inc. revenue & earnings — last 6 fiscal years
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $5.16M | $6.28M | $7.17M | $8.76M | $8.83M | $24.59M |
| Gross profit | $4.25M | $4.53M | $4.25M | $4.62M | $5.56M | $20.31M |
| Net income | $-21.97M | $-40.97M | $-53.70M | $-82.72M | $-143.88M | $-355.06M |
| Net margin | -425.7% | -652.5% | -748.7% | -944.5% | -1630.0% | -1444.1% |
Source: D-Wave Quantum Inc. SEC filings (10-K).
D-Wave Quantum Inc.: 2 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Debt with negative operating cash flowCarries $36.1M of debt while last year's operating cash flow was negative ($-72M).
- Currently unprofitableThe latest fiscal year was a net loss (net margin -1444.1%).
Explore 6 years of D-Wave Quantum Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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D-Wave Quantum Inc. financial history by metric
About D-Wave Quantum Inc.
D-Wave Quantum Inc. engages in the development and delivery of quantum computing systems, software, and services worldwide. It provides Advantage and Advantage 2 quantum computers; Ocean, a suite of open-source tools; and Leap quantum cloud service, a cloud-based service that provides real-time access to quantum computers and quantum hybrid solvers; and secure access and data protection services, as well as Ocean software development kit (SDK), a Python-based SDK for developers to learn and build applications on company's server. The company also provides Leap hybrid solver service that offers a combination of quantum and classical computation resources and advanced algorithms to solve problems of enterprise scale; and D-Wave Launch, a phased approach to identify and build in-production quantum hybrid applications, including training sessions and quantum computing access. In addition, the company offers D-Wave Advantage annealing quantum computing systems; and Ocean developer tools. Its quantum solutions are used in allocation, resource scheduling, factory scheduling, vehicle routing, logistics optimization, drug discovery, industrial construction design, portfolio optimization and maintenance, repair, and overhaul optimization. D-Wave Quantum Inc. was founded in 1999 and is based in Palo Alto, California.
D-Wave Quantum Inc. — frequently asked questions
What is D-Wave Quantum Inc.'s revenue?
D-Wave Quantum Inc. (QBTS) reported revenue of $24.59M for fiscal year 2025, up 178.5% from the prior year, according to its SEC filings.
Is D-Wave Quantum Inc. profitable?
No — QBTS reported a net loss of $-355.06M in fiscal 2025.
What is QBTS's P/E ratio?
D-Wave Quantum Inc. trades at a price-to-earnings ratio of about 0.0 based on the latest data in our nightly-refreshed cache.
How fast is D-Wave Quantum Inc. growing?
QBTS's revenue grew at roughly 36.7% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does D-Wave Quantum Inc. have?
As of fiscal year 2025, QBTS carried roughly $35.96M in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is D-Wave Quantum Inc.'s gross margin?
QBTS's gross margin was 82.6% in fiscal 2025 — gross profit of $20.31M on revenue of $24.59M.
What is D-Wave Quantum Inc.'s market cap?
D-Wave Quantum Inc. (QBTS) has a market capitalization of about $8.77B, based on the latest data in our nightly-refreshed cache.
When does D-Wave Quantum Inc.'s fiscal year end?
QBTS's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
Where does this data come from?
All figures are computed from D-Wave Quantum Inc.'s official SEC filings (10-K and 10-Q), covering 6 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.