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D-Wave Quantum Inc.(QBTS)Earnings, Financials & Key Ratios
QBTS•NYSE
$21.06
Price updated Jul 7, 2026
AboutD-Wave Quantum Inc. develops and delivers quantum computing systems, software, and services worldwide. The company offers Advantage, a fifth-generation quantum computer; Launch, a quantum computing onboarding service; Ocean a full suite of open-source programming tools; and Leap, a cloud-based service that provides real-time access to a live quantum computer, as well as access to Advantage, hybrid solvers, the Ocean software development kit, live code, demos, learning resources, and a vibrant developer community. It also provides D-Wave Launch, a quantum professional service that guides enterprises from problem discovery through in-production application deployment. The company's quantum solutions are used in artificial intelligence, materials sciences, drug discovery, scheduling, cybersecurity, fault detection, and financial modeling. It serves manufacturing and logistics, financial services, life sciences, and other industries. D-Wave Quantum Inc. is based in Burnaby, Canada.Show more
- Revenue$25M+178.5%
- EBITDA-$98M-30.2%
- Net Income-$355M-146.8%
- EPS (Diluted)-1.11-48.0%
- Gross Margin82.59%+31.0%
- EBITDA Margin-398.84%+53.2%
- Operating Margin-408.22%+53.3%
- Net Margin-1444.1%+11.4%
- ROE-77.62%+89.7%
QBTS Price & Volume
D-Wave Quantum Inc. (QBTS) stock price & volume — 10-year historical chart
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Persistent Operating Losses Obscure Quantum Growth Potential
Investment Thesis • Updated 2026Q1
VerdictNegative: The company's fundamental sustainability is questionable
Growth:Mixed
Profitability:Negative
Financial:Vulnerable
Cash Flow:Burning
Primary Risk:Unsustainable Operating Burn Rate
Key Thesis Takeaways
- D-Wave Quantum Inc.
- faces a challenging path to profitability as its core business model struggles with volatile revenue growth, evidenced by a sharp 80.9% year-over-year decline in 2026Q1.
- While the company maintains high gross margins, often exceeding 60%, the structural burden of R&D and SG&A expenses—totaling $56.6 million in 2026Q1—continues to outpace revenue generation.
- Investors should remain cautious regarding the company's long-term viability, given the significant $342.6 million in goodwill and the reliance on external capital to fund persistent negative free cash flow.
Verdict Logic
as evidenced by a -408.22% operating margin and a consistent pattern of value destruction reflected in the $1.0 billion retained earnings deficit.
QBTS Growth Metrics
D-Wave Quantum Inc. (QBTS) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years36.65%
3 Years50.78%
TTM-41.75%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM-178.81%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM-92.02%
Return on Capital
10 Years-165.28%
5 Years-180.6%
3 Years-120.91%
Last Year-18.86%
QBTS Recent Earnings
D-Wave Quantum Inc. (QBTS) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 3/12 qtrs (27%)●Beat Revenue 3/12 qtrs (27%)
Q2 2026Latest
May 12, 2026Metric
Actual
Est
EPS
$0.05+34.7%
$0.08
Rev
$3M-31.9%
$4M
Q1 2026
Feb 26, 2026Metric
Actual
Est
EPS
$0.12-140.0%
$0.05
Rev
$3M-26.5%
$4M
Q4 2025
Nov 6, 2025Metric
Actual
Est
EPS
$0.41-525.1%
$0.07
Rev
$4M+23.3%
$3M
Q3 2025
Aug 7, 2025Metric
Actual
Est
EPS
$0.55-816.7%
$0.06
Rev
$3M+2.2%
$3M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 12, 2026 | $0.05vs $0.08+34.7% | $3Mvs $4M-31.9% |
| Q1 2026 | Feb 26, 2026 | $0.12vs $0.05-140.0% | $3Mvs $4M-26.5% |
| Q4 2025 | Nov 6, 2025 | $0.41vs $0.07-525.1% | $4Mvs $3M+23.3% |
| Q3 2025 | Aug 7, 2025 | $0.55vs $0.06-816.7% | $3Mvs $3M+2.2% |
Based on last 12 quarters of dataView full earnings history →
Latest QBTS News
Recent stock market news and headlines for D-Wave Quantum Inc. (QBTS)
24/7 Wall Street·5 days ago
A Revolutionary Technology Narrative Has Surged—Don't Take the BaitAlthough the growth rates coming out of the quantum computing segment look genuinely spectacular on paper, Wall Street has stood on this exact ledge before, and the fall has never been gentle.
Zacks Investment Research·6 days ago
D-Wave Secures NSF Grant for Yale University-Led ERASE InitiativeQBTS gets a $1.5M NSF grant to support fault-tolerant quantum computing research, extending U.S. government backing as it advances dual-rail technology.
Fool - Investing News·6 days ago
Quantum Stocks Face a 2028 Cash Test. Here's What Investors Should Know.Quantum stocks may look exciting, but the real test could be the cash runway. Here's what investors should watch before the race to 2028 heats up.
24/7 Wall Street·6 days ago
Quantum Computing's Cash Crisis: Which Players Can Actually Survive the Long Game?Quantum computing is the ultimate long-duration bet. The physics works, commercial revenue is thin, and every pure-play player is burning cash toward a payoff years away.
Peers Comparison
Key metrics vs top competitors for D-Wave Quantum Inc. (QBTS)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $21.06 | $7.73B | -18.97 | 178.54% | -1444.1% | -77.62% | — | |
| $45.36 | $16.63B | -24.92 | 201.85% | 148.08% | 9.03% | — | |
| $16.55 | $5.5B | -23.64 | -34.31% | -2253.59% | -43.94% | — | |
| $8.69 | $1.19B | -79.00 | 82.84% | -916.15% | -3.55% | — | |
| $19.84 | $310.53M | -7.75 | 80.89% | -5271.99% | -360.48% | — | |
| $306.13 | $287.16B | 27.41 | 7.62% | 15.61% | 35.44% | — |
Compare QBTS vs Peers
D-Wave Quantum Inc. (QBTS) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
QBTS SEC Filings & Documents
D-Wave Quantum Inc. (QBTS) SEC filings — annual & quarterly reports (10-K, 10-Q)
8-K Announcements
6Material company update
May 21, 2026·SEC
Material company update
May 13, 2026·SEC
Material company update
May 12, 2026·SEC
10-K Annual Reports
1FY 2026
Feb 26, 2026·SEC
10-Q Quarterly Reports
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QBTS Frequently Asked Questions
D-Wave Quantum Inc. (QBTS) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is D-Wave Quantum Inc.'s revenue?
D-Wave Quantum Inc. (QBTS) reported $12.4M in revenue for fiscal year 2025. This represents a 141% increase from $5.2M in 2020.
How fast is D-Wave Quantum Inc. growing?
D-Wave Quantum Inc. (QBTS) grew revenue by 178.5% over the past year. This is strong growth.
Is QBTS profitable?
D-Wave Quantum Inc. (QBTS) reported a net loss of $368.0M for fiscal year 2025.
Dividend & Returns
What is QBTS's return on equity?
D-Wave Quantum Inc. (QBTS) has a return on equity (ROE) of -77.6%. Negative ROE indicates the company is unprofitable.
What is D-Wave Quantum Inc.'s free cash flow?
D-Wave Quantum Inc. (QBTS) had negative free cash flow of $102.2M in fiscal year 2025, likely due to heavy capital investments.