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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% | - |
| 2024 | $9M | $-138M | $-144M | $-45M | -229.7% | 0.8% | - |
| 2023 | $9M | $-81M | $-83M | $-61M | 337.9% | 22.1% | - |
| 2022 | $7M | $-49M | $-54M | $-46M | 182.3% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 7.17 | 8.76 | 8.83 | 24.59 |
| 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 |
| Operating Income | -59.46 | -80.55 | -77.22 | -100.37 |
| EBITDA | -49.03 | -80.83 | -138.05 | -348.74 |
| EBIT | -51.37 | -82.68 | -139.98 | -351.05 |
| Pretax Income | -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 |
| Total Expenses | 66.63 | 89.30 | 86.05 | 124.95 |
| Interest Expense | 2.33 | 0.04 | 3.90 | 4.01 |
| Interest Income | 5.67 | 0 | 1.74 | 24.11 |
| Research And Development | 32.10 | 37.88 | 35.30 | 50.73 |
| Selling General And Administration | 31.61 | 47.29 | 47.49 | 69.94 |
| Normalized EBITDA | -54.58 | -81.09 | -71.30 | -78.04 |
| Normalized Income | -59.25 | -82.98 | -77.13 | -84.36 |
| Basic EPS | -0.45 | -0.60 | -0.75 | -1.11 |
| Diluted EPS | -0.45 | -0.60 | -0.75 | -1.11 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Total Unusual Items | 5.54 | 0.26 | -66.75 | -270.70 |
| Total Unusual Items Excluding Goodwill | 5.54 | 0.26 | -66.75 | -270.70 |
| Net Income From Continuing Operation Net Minority Interest | -53.70 | -82.72 | -143.88 | -355.06 |
| Reconciled Depreciation | 2.33 | 1.84 | 1.93 | 2.31 |
| Reconciled Cost Of Revenue | 2.92 | 4.14 | 3.26 | 4.28 |
| Net Interest Income | -2.33 | -2.15 | -2.16 | 20.10 |
| Net Income From Continuing And Discontinued Operation | -53.70 | -82.72 | -143.88 | -355.06 |
| Total Operating Income As Reported | -59.46 | -80.55 | -77.22 | -100.37 |
| Diluted Average Shares | 119.65 | 137.99 | 192.13 | 321.20 |
| Basic Average Shares | 119.65 | 137.99 | 192.13 | 321.20 |
| Diluted NI Availto Com Stockholders | -53.70 | -82.72 | -143.88 | -355.06 |
| Net Income Including Noncontrolling Interests | -53.70 | -82.72 | -143.88 | -355.06 |
| Net Income Continuous Operations | -53.70 | -82.72 | -143.88 | -355.06 |
| Other Income Expense | 8.09 | -0.01 | -64.50 | -274.80 |
| Other Non Operating Income Expenses | 2.55 | -0.28 | 2.25 | -4.10 |
| Special Income Charges | -0.63 | 0 | 0 | 0 |
| Restructuring And Mergern Acquisition | 0.63 | 0 | 0 | 0 |
| Gain On Sale Of Security | 6.17 | 0.26 | -66.75 | -270.70 |
| Net Non Operating Interest Income Expense | -2.33 | -2.15 | -2.16 | 20.10 |
| Total Other Finance Cost | 0 | 2.12 | 0 | 0 |
| Interest Expense Non Operating | 2.33 | 0.04 | 3.90 | 4.01 |
| Interest Income Non Operating | 5.67 | 0 | 1.74 | 24.11 |
| Other Operating Expenses | 0 | 0 | 0 | 0 |
| Selling And Marketing Expense | 10.07 | 10.28 | 15.06 | 28.75 |
| General And Administrative Expense | 21.54 | 37.01 | 32.42 | 41.19 |
| Other Gand A | 21.54 | 37.01 | 32.42 | 41.19 |
| Operating Revenue | 7.09 | 8.71 | 8.68 | 24.42 |
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 | $6.8B | - | 7.69 | -41.7% | -59.89 |
| InterDigital, Inc. | IDCC | $9.1B | 29.86 | 8.23 | 36.9% | 15.41 |
| Clearwater Analytics Holdings, Inc. | CWAN | $7.2B | - | 3.48 | -1.9% | 91.05 |
| Silicon Laboratories Inc. | SLAB | $7.2B | - | 6.54 | -5.9% | -207.60 |
| Cipher Digital Inc. | CIFR | $6.9B | - |
| 8.51 |
| -98.4% |
| 38.15 |
| Core Scientific, Inc. | CORZ | $6.2B | - | -6.38 | 30.0% | -65.36 |
| Rigetti Computing, Inc. | RGTI | $5.3B | - | 9.75 | -39.6% | -64.12 |
| Belden Inc. | BDC | $5.0B | 21.54 | 3.93 | 18.8% | 13.62 |
| Remitly Global, Inc. | RELY | $4.6B | 70.61 | 5.31 | 7.8% | 46.80 |
| Peer Median | - | 29.86 | 5.92 | 3.0% | 14.51 | |