D-Wave Quantum Inc.QBTSNYSE

Revenue (LTM)

$25M

+178.5% YoY

Net Income (LTM)

$-355M

-146.8% YoY

Free Cash Flow

$-76M

Revenue CAGR (5Y)

+36.7%

—Marginsstable

FCF($0.1B)

Unprofitable

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Revenue	6	7↑14.2%	9↑22.1%	9↑0.8%	25↑178.5%
Gross Profit	5	4↓6.2%	5↑8.8%	6↑20.4%	20↑265.0%
Operating Income	-39	-59↓52.7%	-81↓35.5%	-77↑4.1%	-100↓30.0%
Net Income	-41	-54↓31.1%	-83↓54.0%	-144↓73.9%	-355↓146.8%
EBITDA	-34	-49↓42.7%	-81↓64.9%	-138↓70.8%	-349↓152.6%
EPS Diluted	-0.33	-0.45↓36.4%	-0.60↓33.3%	-0.75↓25.0%	-1.11↓48.0%

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Cash & Equivalents	9	7↓25.5%	41↑484.7%	178↑330.9%	635↑257.0%
Total Current Assets	16	14↓13.1%	47↑237.9%	185↑293.3%	896↑384.3%
Total Assets	29	27↓8.6%	59↑120.3%	200↑236.7%	916↑358.2%
Total Current Liabilities	10	16↑53.5%	11↓29.9%	30↑168.0%	21↓29.8%
Total Liabilities	48	56↑18.0%	84↑48.6%	137↑63.7%	64↓53.7%
Total Equity	-18	-29↓60.5%	-24↑16.9%	63↑355.9%	852↑1260.4%
Total Debt	39	42↑7.3%	73↑71.8%	38↓47.2%	8↓80.1%
Net Debt	30	35↑17.6%	31↓11.0%	-140↓545.4%	-628↓349.6%

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Operating Cash Flow	-35	-45↓30.0%	-61↓34.1%	-43↑29.7%	-72↓68.8%
Capital Expenditure	-2	-0↑75.1%	-1↓26.5%	-2↓234.3%	-4↓83.4%
Free Cash Flow	-37	-46↓24.3%	-61↓34.0%	-45↑27.0%	-76↓69.5%
Stock-Based Comp	2	9↑427.0%	22↑139.2%	16↓28.6%	23↑44.7%
Net Change in Cash	-12	-2↑79.6%	34↑1516.1%	137↑299.1%	457↑234.6%

Values in millions except EPS · Ratios shown as percentages · Click any metric to drill down

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