D-WAVE QUANTUM INC. (QBTS)

16.99 -5.08% (-0.91)

Over 5Y: +75.2%

2026-08-28
20 40
2021 2022 2023 2024 2025 2026

Financials Quarterly

Q3 '25 — Revenue: 3.7M Q3 '25 — Operating Cash Flow: -19M Q3 '25 — Free Cash Flow: -20.1M Q3 '25 — Net Income: -140M Q4 '25 — Revenue: 2.8M Q4 '25 — Operating Cash Flow: -18.4M Q4 '25 — Free Cash Flow: -20M Q4 '25 — Net Income: -42.3M Q1 '26 — Revenue: 2.9M Q1 '26 — Operating Cash Flow: -45M Q1 '26 — Free Cash Flow: -46M Q1 '26 — Net Income: -18.4M Q2 '26 — Revenue: 3.1M Q2 '26 — Operating Cash Flow: -28.5M Q2 '26 — Free Cash Flow: -32.9M Q2 '26 — Net Income: -48M -120M -90M -60M -30M 0 30M
Q3 '25 Q4 '25 Q1 '26 Q2 '26
Revenue Operating Cash Flow Free Cash Flow Net Income

Figures as at 2026-06-30, reported in USD. The newest fact in the filings is dated 2026-06-30, 61 days ago. Nothing on this page is advice.

How it scores

Five questions, each answered by the measures under it. Every figure is the company's own; the bar beside it is where that figure sits among the companies read here — the top fifth, the bottom fifth, or somewhere between. Not among all listed companies, and for a valuation multiple the low end is the good end.

Quality

How much of the revenue is really kept — and what did it take to earn it?

0.6
SBC / sales 250.5%
OE margin -1208.9%
Oper. margin -1372.9%
ROIC -23.6%
Accruals -11.9%
Gross margin 64.2%
Asset turnover 0.011×
EBITDA margin -1297.3%
FCF margin -958.4%
OCF margin -892.4%
ROA -21.5%
ROCE -15.1%
ROE -23.0%
OCF / EBIT —
Profit margin —

5 of 17 counted in the score. The rest are measures this model does not include here, or figures these filings do not carry — switch any of them on and the score changes.

Valuation

What does the price ask for what the company earns, owns and pays out?

0.5
Div. yield —
EV/EBIT —
EV/GP —
EV/OE —
EV/Sales —
FCF yield —
Fwd P/E —
P/B —
P/C —
P/E —
PEG —

0 of 12 counted in the score. The rest are measures this model does not include here, or figures these filings do not carry — switch any of them on and the score changes.

Durability

How predictable is the revenue, and how much of it is already committed?

5.3
RPO / sales 3.3×
RPO growth 667.9%
Segment HHI —

4 of 7 counted in the score. The rest are measures this model does not include here, or figures these filings do not carry — switch any of them on and the score changes.

Resilience

Can the balance sheet absorb a bad year?

6.5
Current ratio 31.1×
ND/EBITDA —
Interest cover -2941.0×
Cash / Debt 15.7×
Debt / Eq 0.032×
Debt payback 0.0 yr
Quick ratio 20.4×
Cash runway 4.3 yr
F-score 5.0 pts
Payout —

3 of 12 counted in the score. The rest are measures this model does not include here, or figures these filings do not carry — switch any of them on and the score changes.

Growth

Is the business getting bigger, and is it getting more profitable?

2.5
Sales CAGR 4Y +40.7%
Sales/sh Y/Y -66.6%
Sales Q/Q -0.61%
Shares change +67.2%
Div. growth —
EBIT CAGR —
EBIT Y/Y —
EPS CAGR 4Y —
EPS Y/Y —
EPS next Y —

4 of 13 counted in the score. The rest are measures this model does not include here, or figures these filings do not carry — switch any of them on and the score changes.

A measure absent from a block could not be computed from this company's filings. It is left out rather than scored as though it were bad, and the dimension is averaged over what remains. A score is measured against a fixed scale this model states; the bar is measured against the other companies, so the two can disagree — and where they do, that disagreement is the more interesting figure.