Income Statement D-Wave Quantum Inc.

Equities

QBTS

US26740W1099

IT Services & Consulting

Market Closed - Nyse Other stock markets 21:01:40 05/06/2026 BST			5-day change	1st Jan Change
23.85 ^USD	-13.71%		-20.87%	-8.80%

06-04	D-Wave Quantum Inc. - Analyst/Investor Day
06-02	B. Riley Adjusts Price Target on D-Wave Quantum to $40 From $36, Maintains Buy Rating	MT

9240e117e4.qeYZf8smYTn4zLApO1XwkE4eeX18pcAYBPefQSBVWpU.64JbEvN3LmiWiv18FmSK2nYsCQ4G1ZpxS5XxEW42DcXTjV4zoxcJSL2E3w

Published financial data: D-WAVE QUANTUM INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	6.28M	7.17M	8.76M	8.83M	24.59M
Total Revenues	6.28M	7.17M	8.76M	8.83M	24.59M
Cost of Goods Sold, Total	1.75M	2.92M	4.14M	3.26M	4.28M
Gross Profit	4.53M	4.25M	4.62M	5.56M	20.31M
Selling General & Admin Expenses, Total	18.34M	31.83M	47.29M	47.49M	69.94M
R&D Expenses	25.13M	31.88M	37.88M	35.3M	50.73M
Other Operating Expenses, Total	43.48M	63.71M	85.17M	82.79M	121M
Operating Income	-38.95M	-59.46M	-80.55M	-77.22M	-100M
Interest Expense, Total	-1.73M	-4.63M	-2.16M	-3.9M	-4.01M
Interest And Investment Income	-	5.67M	-	-	24.12M
Net Interest Expenses	-1.73M	1.04M	-2.16M	-3.9M	20.1M
Currency Exchange Gains (Loss)	608K	1.2M	-	-	-
Other Non Operating Income (Expenses)	7.36M	5.69M	-654K	-63.61M	-275M
EBT, Excl. Unusual Items	-32.71M	-51.53M	-83.36M	-145M	-355M
Gain (Loss) On Sale Of Investments	1.16M	-	-	1.5M	-159K
Other Unusual Items	-	-	640K	-645K	-
EBT, Incl. Unusual Items	-31.54M	-51.53M	-82.72M	-144M	-355M
Earnings From Continuing Operations	-31.54M	-51.53M	-82.72M	-144M	-355M
Net Income to Company	-31.54M	-51.53M	-82.72M	-144M	-355M
Net Income - (IS)	-31.54M	-51.53M	-82.72M	-144M	-355M
Net Income to Common Incl Extra Items	-31.54M	-51.53M	-82.72M	-144M	-355M
Net Income to Common Excl. Extra Items	-31.54M	-51.53M	-82.72M	-144M	-355M
Per Share Items
Net EPS - Basic	-9.96	-0.43	-0.6	-0.75	-1.11
Basic EPS - Continuing Operations	-9.96	-0.43	-0.6	-0.75	-1.11
Basic Weighted Average Shares Outstanding	3.17M	120M	138M	192M	321M
Net EPS - Diluted	-9.96	-0.43	-0.6	-0.75	-1.11
Diluted EPS - Continuing Operations	-9.96	-0.43	-0.6	-0.75	-1.11
Diluted Weighted Average Shares Outstanding	3.17M	120M	138M	192M	321M
Normalized Basic EPS	-6.45	-0.27	-0.38	-0.47	-0.69
Normalized Diluted EPS	-6.45	-0.27	-0.38	-0.47	-0.69
Supplemental Items
EBITDA	-37.41M	-58.04M	-79.49M	-76.11M	-98.8M
EBITA	-38.85M	-59.36M	-80.45M	-77.12M	-100M
EBIT	-38.95M	-59.46M	-80.55M	-77.22M	-100M
EBITDAR	-36.09M	-56.27M	-77.53M	-74.09M	-96.9M
Normalized Net Income	-20.44M	-32.21M	-52.1M	-90.46M	-222M
Interest on Long-Term Debt	1.73M	-	-	3.9M	4.01M
Supplemental Operating Expense Items
Selling and Marketing Expenses	6.18M	10.07M	10.28M	15.06M	28.75M
General and Administrative Expenses	10.84M	20M	37.01M	32.42M	41.19M
Research And Development Expense From Footnotes	25.4M	32.1M	37.88M	35.3M	50.73M
Net Rental Expense, Total	1.32M	1.77M	1.97M	2.02M	1.9M
Imputed Operating Lease Interest Expense	1.42M	3.28M	590K	1.13M	1.49M
Imputed Operating Lease Depreciation	-93.31K	-1.51M	1.38M	886K	409K
Stock-Based Comp., COGS (Total)	-	379K	1.27M	647K	772K
Stock-Based Comp., R&D Exp. (Total)	338K	3.14M	8.29M	5.09M	7.92M
Stock-Based Comp., S&M Exp. (Total)	237K	3.03M	1M	1.76M	3.95M
Stock-Based Comp., G&A Exp. (Total)	1.16M	2.62M	11.36M	8.17M	10.02M
Total Stock-Based Compensation	1.74M	9.16M	21.92M	15.66M	22.66M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	9.48M	7.06M	41.31M	178M	635M
Short Term Investments	-	-	-	-	249M
Total Cash And Short Term Investments	9.48M	7.06M	41.31M	178M	884M
Accounts Receivable, Total	438K	815K	1.65M	1.42M	1.59M
Other Receivables	4.77M	264K	86K	-	3.09M
Total Receivables	5.21M	1.08M	1.74M	1.42M	4.68M
Inventory	2.11M	2.2M	2.08M	1.69M	2.78M
Prepaid Expenses	516K	2.99M	1.36M	3.11M	1.94M
Other Current Assets, Total	1.83M	595K	561K	845K	2.35M
Total Current Assets	19.16M	13.92M	47.05M	185M	896M
Gross Property Plant And Equipment	33.63M	34.54M	34.83M	36.4M	40.22M
Accumulated Depreciation	-21.8M	-23.11M	-24.05M	-25.01M	-25.86M
Net Property Plant And Equipment	11.83M	11.43M	10.77M	11.39M	14.36M
Long-term Investments	1.17M	1.17M	1.17M	2.57M	2.39M
Other Intangibles, Total	272K	244K	179K	490K	915K
Deferred Charges Long-Term	-	-	-	174K	1.66M
Other Long-Term Assets, Total	184K	183K	189K	181K	251K
Total Assets	32.61M	26.95M	59.36M	200M	916M
Liabilities
Accounts Payable, Total	2.11M	3.76M	1.46M	815K	950K
Accrued Expenses, Total	3.55M	6.64M	5.3M	8.78M	15.84M
Short-term Borrowings	-	420K	-	-	-
Current Portion of Long-Term Debt	259K	1.67M	399K	348K	134K
Current Portion of Leases	1.69M	1.53M	1.37M	1.51M	1.45M
Unearned Revenue Current, Total	2.66M	1.78M	2.67M	18.69M	2.78M
Other Current Liabilities	21K	45K	45K	-	-
Total Current Liabilities	10.3M	15.85M	11.25M	30.14M	21.15M
Long-Term Debt	12.23M	7.81M	63.85M	30.13M	35.82M
Long-Term Leases	6.99M	7.3M	7.03M	6.39M	6.05M
Unearned Revenue Non Current	54K	9K	79K	670K	560K
Other Non Current Liabilities	18K	1.89M	1.63M	69.88M	-
Total Liabilities	29.59M	32.86M	83.84M	137M	63.58M
Preferred Stock Convertible	190M	-	-	-	-
Total Preferred Equity	190M	-	-	-	-
Common Stock, Total	2.61M	11K	16K	27K	35K
Additional Paid In Capital	146M	381M	469M	700M	1.84B
Retained Earnings	-325M	-377M	-483M	-627M	-982M
Comprehensive Income and Other	-10.44M	-10.4M	-10.52M	-10.51M	-9.02M
Total Common Equity	-187M	-5.91M	-24.48M	62.65M	852M
Total Equity	3.02M	-5.91M	-24.48M	62.65M	852M
Total Liabilities And Equity	32.61M	26.95M	59.36M	200M	916M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	3.17M	127M	162M	291M	370M
ECS Total Common Shares Outstanding	3.17M	113M	161M	267M	359M
Book Value / Share	-59	-0.05	-0.15	0.23	2.38
Tangible Book Value	-187M	-6.16M	-24.66M	62.16M	851M
Tangible Book Value Per Share	-59.09	-0.05	-0.15	0.23	2.37
Total Debt	21.17M	18.74M	72.65M	38.38M	43.46M
Net Debt	11.69M	11.67M	31.34M	-140M	-841M
Debt Equivalent Oper. Leases	10.6M	14.13M	15.73M	16.17M	15.21M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	2.1M	2.17M	2.05M	1.68M	2.75M
Inventories - Work In Process, Total	11K	26K	26K	9K	30K
Machinery, Total	23.69M	24.24M	24.64M	26.42M	28.78M
Full Time Employees	190	215	200	216	382
Part Time Employees	-	-	-	4	6
Accumulated Allowance for Doubtful Accounts (Supple)	-	-	-	176K	1K

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	-31.54M	-51.53M	-82.72M	-144M	-355M
Depreciation & Amortization - CF	2.5M	2.23M	1.74M	1.83M	2.11M
Amortization of Goodwill and Intangible Assets - (CF)	101K	100K	100K	100K	200K
Depreciation & Amortization, Total	2.6M	2.33M	1.84M	1.93M	2.31M
Amortization of Deferred Charges, Total - (CF)	-	-	993K	-	-
(Gain) Loss on Sale of Investments - (CF)	-1.16M	-	-	-1.5M	159K
Stock-Based Compensation (CF)	1.74M	9.16M	21.92M	15.66M	22.66M
Provision and Write-off of Bad Debts	-	1K	-	-	-
Other Operating Activities, Total	-5.27M	-8.22M	7K	64.28M	273M
Change In Accounts Receivable	163K	-337K	-818K	137K	-204K
Change In Inventories	182K	-148K	-237K	-215K	-2.4M
Change In Accounts Payable	-379K	3.6M	-2.61M	-570K	268K
Change in Unearned Revenues	-1.9M	-929K	958K	16.61M	-16.02M
Change in Other Net Operating Assets	771K	839K	13K	4.9M	3.68M
Cash from Operations	-34.8M	-45.23M	-60.65M	-42.64M	-71.98M
Capital Expenditure	-1.77M	-423K	-583K	-2.11M	-3.86M
Sale (Purchase) of Intangible assets	-225K	-75K	-47K	-289K	-445K
Investment in Marketable and Equity Securities, Total	-	-	-	254K	-248M
Other Investing Activities, Total	-	-	-	-1M	959K
Cash from Investing	-2M	-498K	-630K	-3.14M	-251M
Long-Term Debt Issued, Total	111K	20M	29.01M	-	412K
Total Debt Issued	111K	20M	29.01M	-	412K
Short Term Debt Repaid, Total	-	-	-420K	-30M	-
Long-Term Debt Repaid, Total	-430K	-21.91M	-1.84M	-370K	-408K
Total Debt Repaid	-430K	-21.91M	-2.26M	-30.37M	-408K
Issuance of Common Stock	85K	42M	66.06M	216M	790M
Repurchase of Common Stock	-	-	-416K	-3.14M	-10.26M
Issuance of Preferred Stock	-	-	-	-	-
Other Financing Activities, Total	25.15M	3.17M	3.24M	-278K	-248K
Cash from Financing	24.91M	43.26M	95.64M	182M	779M
Foreign Exchange Rate Adjustments	34K	41K	-115K	7K	1.34M
Net Change in Cash	-11.85M	-2.42M	34.24M	137M	457M
Supplemental Items
Cash Interest Paid	-	1.81M	-	5.18M	25K
Levered Free Cash Flow	-14.53M	-22.37M	-29.19M	-18.02M	-57.99M
Unlevered Free Cash Flow	-13.45M	-19.47M	-28.83M	-15.58M	-55.48M
Change In Net Working Capital	-8.55M	-6.69M	1.63M	-17.49M	13.41M
Net Debt Issued / Repaid	-319K	-1.91M	26.75M	-30.37M	4K

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	-60.8	-124.79	-116.66	-37.24	-11.25
Return on Total Capital	-79.06	-200.81	-165.07	-64.7	-12.59
Return On Equity %	-176.48	3.56K	306.67	-753.98	-77.62
Return on Common Equity	18.34	53.46	306.67	-753.98	-77.62
Margin Analysis
Gross Profit Margin %	72.13	59.25	52.77	63.02	82.59
SG&A Margin	292.15	443.76	539.96	537.96	284.46
EBITDA Margin %	-595.86	-809.08	-907.65	-862.29	-401.86
EBITA Margin %	-618.68	-827.52	-918.54	-873.72	-407.4
EBIT Margin %	-620.29	-828.91	-919.68	-874.85	-408.22
Income From Continuing Operations Margin %	-502.39	-718.37	-944.45	-1.63K	-1.44K
Net Income Margin %	-502.39	-718.37	-944.45	-1.63K	-1.44K
Net Avail. For Common Margin %	-502.39	-718.37	-944.45	-1.63K	-1.44K
Normalized Net Income Margin	-325.57	-448.98	-594.85	-1.02K	-902.16
Levered Free Cash Flow Margin	-231.4	-311.83	-333.26	-204.09	-235.86
Unlevered Free Cash Flow Margin	-214.2	-271.47	-329.22	-176.5	-225.66
Asset Turnover
Asset Turnover	0.16	0.24	0.2	0.07	0.04
Fixed Assets Turnover	0.71	0.62	0.79	0.8	1.91
Receivables Turnover (Average Receivables)	12.1	11.45	7.1	5.75	16.35
Inventory Turnover (Average Inventory)	0.76	1.36	1.94	1.73	1.92
Short Term Liquidity
Current Ratio	1.86	0.88	4.18	6.14	42.38
Quick Ratio	1.43	0.51	3.83	5.95	42.04
Operating Cash Flow to Current Liabilities	-3.38	-2.85	-5.39	-1.41	-3.4
Days Sales Outstanding (Average Receivables)	30.17	31.88	51.41	63.69	22.32
Days Outstanding Inventory (Average Inventory)	483.36	269.1	188.59	211.03	190.22
Average Days Payable Outstanding	582.29	356.19	237.14	145.28	59.97
Cash Conversion Cycle (Average Days)	-68.75	-55.22	2.86	129.44	152.56
Long Term Solvency
Total Debt/Equity	700.96	-316.81	-296.76	61.26	5.1
Total Debt / Total Capital	87.51	146.12	150.82	37.99	4.85
LT Debt/Equity	636.52	-255.53	-289.52	58.29	4.91
Long-Term Debt / Total Capital	79.47	117.86	147.14	36.15	4.68
Total Liabilities / Total Assets	90.74	121.95	141.24	68.65	6.94
EBIT / Interest Expense	-22.54	-12.83	-37.38	-19.82	-25.01
EBITDA / Interest Expense	-20.88	-12.15	-35.97	-19.01	-24.15
(EBITDA - Capex) / Interest Expense	-21.91	-12.24	-36.25	-19.55	-25.11
Total Debt / EBITDA	-0.59	-0.33	-0.94	-0.52	-0.45
Net Debt / EBITDA	-0.32	-0.21	-0.4	1.88	8.68
Total Debt / (EBITDA - Capex)	-0.56	-0.33	-0.93	-0.5	-0.43
Net Debt / (EBITDA - Capex)	-0.31	-0.21	-0.4	1.83	8.35
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	21.69	14.24	22.1	0.79	178.54
Gross Profit, 1 Yr. Growth %	6.69	-6.16	8.75	20.36	265.02
EBITDA, 1 Yr. Growth %	26.48	55.12	36.97	-4.25	29.81
EBITA, 1 Yr. Growth %	23.7	52.8	35.53	-4.13	29.88
EBIT, 1 Yr. Growth %	23.77	52.66	35.47	-4.13	29.97
Earnings From Cont. Operations, 1 Yr. Growth %	214.85	63.35	54.03	73.95	146.78
Net Income, 1 Yr. Growth %	214.85	63.35	54.03	73.95	146.78
Normalized Net Income, 1 Yr. Growth %	135.44	57.54	55.22	73.63	145.22
Diluted EPS Before Extra, 1 Yr. Growth %	-	-95.68	33.55	24.93	47.61
Accounts Receivable, 1 Yr. Growth %	-27	86.07	102.7	-14.04	11.76
Inventory, 1 Yr. Growth %	-16.14	3.88	-5.37	-18.86	64.65
Net Property, Plant and Equip., 1 Yr. Growth %	102.45	-3.38	-5.71	5.75	26.02
Total Assets, 1 Yr. Growth %	-31.29	-17.37	120.27	236.7	358.24
Tangible Book Value, 1 Yr. Growth %	18.97	-96.71	-16.99	-352.05	1.27K
Common Equity, 1 Yr. Growth %	18.9	-96.84	-16.91	-355.9	1.26K
Cash From Operations, 1 Yr. Growth %	18.82	29.96	34.1	-29.69	68.8
Capital Expenditures, 1 Yr. Growth %	141.03	-76.16	37.82	261.23	83.38
Levered Free Cash Flow, 1 Yr. Growth %	-	53.95	39.44	-38.28	221.91
Unlevered Free Cash Flow, 1 Yr. Growth %	-	44.78	48.07	-45.97	256.14
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-	17.9	18.1	10.93	67.55
Gross Profit, 2 Yr. CAGR %	-	0.06	1.02	14.41	109.6
EBITDA, 2 Yr. CAGR %	-	40.07	45.76	14.52	11.49
EBITA, 2 Yr. CAGR %	-	37.56	43.9	13.99	11.59
EBIT, 2 Yr. CAGR %	-	37.46	43.81	13.96	11.63
Earnings From Cont. Operations, 2 Yr. CAGR %	-	126.78	61.93	63.68	107.19
Net Income, 2 Yr. CAGR %	-	126.78	61.93	63.68	107.19
Normalized Net Income, 2 Yr. CAGR %	-	92.59	59.64	64.17	106.34
Diluted EPS Before Extra, 2 Yr. CAGR %	-	-	-75.47	29.17	35.8
Accounts Receivable, 2 Yr. CAGR %	-	16.55	94.21	32	-1.99
Inventory, 2 Yr. CAGR %	-	-6.67	-0.86	-12.38	15.58
Net Property, Plant and Equip., 2 Yr. CAGR %	-	39.86	-4.56	-0.14	15.44
Total Assets, 2 Yr. CAGR %	-	-24.65	34.91	172.33	292.8
Tangible Book Value, 2 Yr. CAGR %	-	-80.21	-63.7	44.65	487.56
Common Equity, 2 Yr. CAGR %	-	-80.6	-63.8	45.82	490.02
Cash From Operations, 2 Yr. CAGR %	-	24.27	32.01	-2.9	8.94
Capital Expenditures, 2 Yr. CAGR %	-	-24.19	-42.67	123.13	157.38
Levered Free Cash Flow, 2 Yr. CAGR %	-	-	41.73	-7.23	40.96
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	-	46.42	-10.55	38.72
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	-	19.28	12.02	50.78
Gross Profit, 3 Yr. CAGR %	-	-	2.88	7.09	68.43
EBITDA, 3 Yr. CAGR %	-	-	39.03	26.71	19.41
EBITA, 3 Yr. CAGR %	-	-	36.88	25.68	19.06
EBIT, 3 Yr. CAGR %	-	-	36.79	25.63	19.07
Earnings From Cont. Operations, 3 Yr. CAGR %	-	-	102.11	65.84	87.69
Net Income, 3 Yr. CAGR %	-	-	102.11	65.84	87.69
Normalized Net Income, 3 Yr. CAGR %	-	-	81.71	64.17	87.66
Diluted EPS Before Extra, 3 Yr. CAGR %	-	-	-	-57.79	35.05
Accounts Receivable, 3 Yr. CAGR %	-	-	40.16	48	24.87
Inventory, 3 Yr. CAGR %	-	-	-6.24	-7.26	8.13
Net Property, Plant and Equip., 3 Yr. CAGR %	-	-	22.63	-1.24	7.91
Total Assets, 3 Yr. CAGR %	-	-	7.74	83	223.92
Tangible Book Value, 3 Yr. CAGR %	-	-	-46.08	-30.75	206.02
Common Equity, 3 Yr. CAGR %	-	-	-46.19	-30.53	206.97
Cash From Operations, 3 Yr. CAGR %	-	-	27.46	7.01	16.76
Capital Expenditures, 3 Yr. CAGR %	-	-	-7.47	5.89	109.01
Levered Free Cash Flow, 3 Yr. CAGR %	-	-	-	7.43	40.45
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	-	-	5.02	41.77
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	-	-	-	36.65
Gross Profit, 5 Yr. CAGR %	-	-	-	-	36.76
EBITDA, 5 Yr. CAGR %	-	-	-	-	27.28
EBITA, 5 Yr. CAGR %	-	-	-	-	26.14
EBIT, 5 Yr. CAGR %	-	-	-	-	26.11
Earnings From Cont. Operations, 5 Yr. CAGR %	-	-	-	-	104.12
Net Income, 5 Yr. CAGR %	-	-	-	-	104.12
Normalized Net Income, 5 Yr. CAGR %	-	-	-	-	91.19
Accounts Receivable, 5 Yr. CAGR %	-	-	-	-	21.47
Inventory, 5 Yr. CAGR %	-	-	-	-	1.95
Net Property, Plant and Equip., 5 Yr. CAGR %	-	-	-	-	19.71
Total Assets, 5 Yr. CAGR %	-	-	-	-	80.76
Tangible Book Value, 5 Yr. CAGR %	-	-	-	-	40.18
Common Equity, 5 Yr. CAGR %	-	-	-	-	40.23
Cash From Operations, 5 Yr. CAGR %	-	-	-	-	19.7
Capital Expenditures, 5 Yr. CAGR %	-	-	-	-	39.31