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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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $25M | $-349M | $-355M | $-76M | -41.7% | 178.5% | 146.8% |
| 2024 | $9M | $-138M | $-144M | $-45M | -229.7% | 0.8% | 73.9% |
| 2023 | $9M | $-81M | $-83M | $-61M | 337.9% | 22.1% | 54.0% |
| 2022 | $7M | $-49M | $-54M | $-46M | 182.3% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 7.17 | 8.76 | 8.83 | 24.59 |
| Operating Revenue | - | 7.09 | 8.71 | 8.68 | 24.42 |
| Cost Of Revenue | - | 2.92 | 4.14 | 3.26 | 4.28 |
| Gross Profit | - | 4.25 | 4.62 | 5.56 | 20.31 |
| Operating Expense | - | 63.71 | 85.17 | 82.79 | 120.67 |
| Research And Development | - | 32.10 | 37.88 | 35.30 | 50.73 |
| Selling General And Administration | - | 31.61 | 47.29 | 47.49 | 69.94 |
| Total Expenses | - | 66.63 | 89.30 | 86.05 | 124.96 |
| Operating Income | - | -59.46 | -80.55 | -77.22 | -100.37 |
| Total Operating Income As Reported | - | -59.46 | -80.55 | -77.22 | -100.37 |
| EBITDA | - | -49.03 | -80.83 | -138.05 | -348.74 |
| Normalized EBITDA | - | -54.58 | -81.10 | -71.30 | -78.04 |
| EBIT | - | -51.37 | -82.68 | -139.98 | -351.05 |
| Interest Income | 0 | 5.67 | - | 1.74 | 24.12 |
| Interest Expense | - | 2.34 | 0.04 | 3.90 | 4.01 |
| Net Interest Income | - | -2.34 | -2.15 | -2.16 | 20.10 |
| Other Non Operating Income Expenses | - | 2.55 | -0.28 | 2.25 | -4.10 |
| Other Income Expense | - | 8.09 | -0.01 | -64.50 | -274.80 |
| Interest Income Non Operating | 0 | 5.67 | - | 1.74 | 24.12 |
| Interest Expense Non Operating | - | 2.34 | 0.04 | 3.90 | 4.01 |
| Net Non Operating Interest Income Expense | - | -2.34 | -2.15 | -2.16 | 20.10 |
| Pretax Income | - | -53.70 | -82.72 | -143.88 | -355.06 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -53.70 | -82.72 | -143.88 | -355.06 |
| Net Income From Continuing And Discontinued Operation | - | -53.70 | -82.72 | -143.88 | -355.06 |
| Net Income From Continuing Operation Net Minority Interest | - | -53.70 | -82.72 | -143.88 | -355.06 |
| Net Income | - | -53.70 | -82.72 | -143.88 | -355.06 |
| Net Income Common Stockholders | - | -53.70 | -82.72 | -143.88 | -355.06 |
| Net Income Including Noncontrolling Interests | - | -53.70 | -82.72 | -143.88 | -355.06 |
| Normalized Income | - | -59.25 | -82.98 | -77.13 | -84.36 |
| Diluted NI Availto Com Stockholders | - | -53.70 | -82.72 | -143.88 | -355.06 |
| Basic Average Shares | - | 119.65 | 137.99 | 192.13 | 321.20 |
| Diluted Average Shares | - | 119.65 | 137.99 | 192.13 | 321.20 |
| Reconciled Depreciation | - | 2.33 | 1.84 | 1.93 | 2.31 |
| Reconciled Cost Of Revenue | - | 2.92 | 4.14 | 3.26 | 4.28 |
| Total Unusual Items | - | 5.54 | 0.26 | -66.75 | -270.70 |
| Total Unusual Items Excluding Goodwill | - | 5.54 | 0.26 | -66.75 | -270.70 |
| Special Income Charges | 0 | -0.63 | 0 | - | - |
| Restructuring And Mergern Acquisition | 0 | 0.63 | 0 | - | - |
| Gain On Sale Of Security | - | 6.17 | 0.26 | -66.75 | -270.70 |
| General And Administrative Expense | - | 21.54 | 37.01 | 32.42 | 41.19 |
| Other Gand A | - | 21.54 | 37.01 | 32.42 | 41.19 |
| Total Other Finance Cost | - | - | 2.12 | - | - |
| Other Operating Expenses | -7.17 | - | - | - | - |
| Selling And Marketing Expense | - | 10.07 | 10.28 | 15.06 | 28.75 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| D-Wave Quantum Inc.this co. | QBTS | $10.2B | -28.84 | 12.01 | -41.7% | -27.66 |
| Applied Digital Corporation | APLD | $12.6B | -54.60 | 25.35 | -46.4% | -291.51 |
| Cipher Digital Inc. | CIFR | $10.5B | - | 12.97 | -102.1% | - |
| Core Scientific, Inc. | CORZ | $8.9B | -30.74 | -9.22 | 30.0% | -67.35 |
| Rigetti Computing, Inc. | RGTI | $8.0B |
| - |
| - |
| - |
| - |
| - |
| -37.14 |
| 14.70 |
| -39.6% |
| -38.42 |
| Clearwater Analytics Holdings, Inc. | CWAN | $7.3B | -187.52 | 3.60 | -1.9% | 98.69 |
| Navitas Semiconductor Corporation | NVTS | $7.3B | -62.15 | 16.38 | -26.4% | -104.54 |
| Silicon Laboratories Inc. | SLAB | $7.2B | -111.28 | 6.60 | -5.9% | -365.09 |
| InterDigital, Inc. | IDCC | $6.7B | 16.59 | 6.13 | 36.9% | 11.07 |
| Peer Median | - | -54.60 | 9.79 | -16.1% | -67.35 | |