D-Wave Quantum Inc. (QBTS) quarterly income statement — complete revenue, gross profit & net income history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Sales/Revenue | 2.86M | 2.75M | 3.74M | 3.1M | 15M | 2.31M | 1.87M | 2.18M | 2.46M | 2.91M | 2.56M | 1.71M | 1.58M | 2.4M | 1.7M | 1.37M | 1.71M | 2.43M | 1.31M | 1.14M |
| Revenue Growth % | -80.95% | 19.19% | 99.95% | 41.78% | 508.56% | -20.54% | -27.01% | 27.89% | 55.72% | 21.34% | 51.15% | 24.51% | -7.59% | -1.28% | 29.69% | 20.58% | 21.49% | - | - | - |
| Cost of Goods Sold | 1.04M | 968K | 1.07M | 1.12M | 1.12M | 836K | 827K | 795K | 806K | 939K | 1.03M | 1M | 1.16M | 1.15M | 654K | 620K | 616K | 877K | 307K | 448K |
| COGS % of Revenue | 36.39% | 35.17% | 28.62% | 36.16% | 7.49% | 36.21% | 44.22% | 36.42% | 32.7% | 32.31% | 40.32% | 58.7% | 73.4% | 47.81% | 38.58% | 45.22% | 35.96% | 36.15% | 23.49% | 39.4% |
| Gross Profit | 1.82M | 1.78M | 2.67M | 1.98M | 13.88M | 1.47M | 1.04M | 1.39M | 1.66M | 1.97M | 1.53M | 705K | 421K | 1.25M | 1.04M | 751K | 1.1M | 1.55M | 1M | 689K |
| Gross Margin % | 63.61% | 64.83% | 71.38% | 63.84% | 92.51% | 63.79% | 55.78% | 63.58% | 67.3% | 67.69% | 59.68% | 41.3% | 26.6% | 52.19% | 61.42% | 54.78% | 64.04% | 63.85% | 76.51% | 60.6% |
| Gross Profit Growth % | -86.9% | 21.11% | 155.9% | 42.36% | 736.47% | -25.11% | -31.79% | 96.88% | 294.06% | 57.36% | 46.88% | -6.13% | -61.62% | -19.3% | 4.1% | 9% | -1.35% | - | - | - |
| Operating Expenses | 56.55M | 36.62M | 30.41M | 28.48M | 25.17M | 21.7M | 21.68M | 20.23M | 19.18M | 18.51M | 19.94M | 21.61M | 25.11M | 22.81M | 16.2M | 13.15M | 12.05M | 12.4M | 10.79M | 10.03M |
| OpEx % of Revenue | 1978.48% | 1330.78% | 813.19% | 920.13% | 167.78% | 940.02% | 1159.3% | 926.57% | 777.89% | 636.92% | 778.14% | 1266.08% | 1586.29% | 952.4% | 956.05% | 959.45% | 703.33% | 511.25% | 825.78% | 881.71% |
| Selling, General & Admin | 30.75M | 22.95M | 16.33M | 15.78M | 14.88M | 11.95M | 13.01M | 11.87M | 10.65M | 10.55M | 10.48M | 12.06M | 14.2M | 11.64M | 8.7M | 5.7M | 5.25M | 6.27M | 4.48M | 3.73M |
| SG&A % of Revenue | 1076% | 833.79% | 436.75% | 509.98% | 99.19% | 517.67% | 695.78% | 543.84% | 432.05% | 363.15% | 408.94% | 706.74% | 896.78% | 486.1% | 513.16% | 415.61% | 306.25% | 258.45% | 342.77% | 328.41% |
| Research & Development | 25.79M | 13.68M | 14.07M | 12.69M | 10.29M | 9.75M | 8.67M | 8.36M | 8.53M | 7.96M | 9.46M | 9.55M | 10.91M | 11.17M | 7.51M | 7.46M | 6.8M | 6.13M | 6.31M | 6.29M |
| R&D % of Revenue | 902.48% | 496.98% | 376.44% | 410.15% | 68.58% | 422.35% | 463.53% | 382.73% | 345.84% | 273.78% | 369.2% | 559.34% | 689.51% | 466.3% | 442.89% | 543.84% | 397.08% | 252.8% | 483.01% | 553.3% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -54.73M | -34.84M | -27.74M | -26.5M | -11.29M | -20.23M | -20.64M | -18.84M | -17.52M | -16.54M | -18.41M | -20.91M | -24.69M | -21.56M | -15.16M | -12.4M | -10.95M | -10.85M | -9.79M | -9.34M |
| Operating Margin % | -1914.87% | -1265.95% | -741.8% | -856.28% | -75.27% | -876.22% | -1103.53% | -862.99% | -710.59% | -569.24% | -718.46% | -1224.78% | -1559.7% | -900.21% | -894.63% | -904.67% | -639.29% | -447.4% | -749.27% | -821.11% |
| Operating Income Growth % | -384.7% | -72.2% | -34.41% | -40.68% | 35.54% | -22.31% | -12.11% | 9.89% | 29.06% | 23.27% | -21.39% | -68.56% | -125.46% | -98.64% | -54.85% | -32.85% | -22.17% | - | - | - |
| EBITDA | -54.73M | -34.16M | -27.37M | -26M | -10.74M | -19.66M | -20.19M | -18.36M | -17.09M | -16.1M | -18.02M | -20.43M | -24.14M | -20.86M | -14.8M | -11.88M | -10.31M | -10.15M | -9.14M | -8.72M |
| EBITDA Margin % | -1914.87% | -1241.32% | -731.93% | -839.9% | -71.58% | -851.36% | -1079.47% | -841% | -693.23% | -553.96% | -703.51% | -1197.07% | -1525.27% | -870.77% | -872.98% | -866.37% | -601.98% | -418.43% | -699.16% | -766.84% |
| EBITDA Growth % | -409.66% | -73.78% | -35.57% | -41.59% | 37.16% | -22.11% | -12% | 10.15% | 29.23% | 22.81% | -21.81% | -72.03% | -134.14% | -105.45% | -61.93% | -36.23% | -23.69% | - | - | - |
| D&A (Non-Cash Add-back) | 0 | 678K | 369K | 507K | 553K | 574K | 450K | 480K | 428K | 444K | 383K | 473K | 545K | 705K | 367K | 525K | 639K | 703K | 655K | 617K |
| EBIT | -54.73M | -38.95M | -139.78M | -167.12M | -5.2M | -85.66M | -21.53M | -16.62M | -16.17M | -18.82M | -15.07M | -25.61M | -24.19M | -12.9M | -11.02M | -11.26M | -11.49M | -12.7M | -4M | -4.46M |
| Net Interest Income | -5.79M | 4.74M | -201K | -206K | -226K | -417K | -1.18M | -1.16M | -1.14M | 1.78M | -1.76M | -1.97M | -212K | -598K | -633K | -1.04M | -63K | -1.14M | -205K | -207K |
| Interest Income | 0 | 8.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 5.79M | 3.38M | 201K | 206K | 226K | 417K | 1.18M | 1.16M | 1.14M | 0 | 1.76M | 1.97M | 212K | 598K | 633K | 1.04M | 63K | 1.14M | 205K | 207K |
| Other Income/Expense | 7.92M | -7.49M | -112.25M | -140.83M | 5.87M | -65.84M | -2.08M | 1.06M | 204K | 162K | 2.3M | -5.28M | 284K | 7.9M | 3.51M | 106K | -602K | -2.99M | 5.58M | 4.67M |
| Pretax Income | -46.81M | -42.33M | -139.99M | -167.33M | -5.42M | -86.08M | -22.71M | -17.78M | -17.31M | -16.38M | -16.11M | -26.19M | -24.41M | -13.66M | -11.65M | -12.3M | -11.55M | -13.84M | -4.21M | -4.67M |
| Pretax Margin % | -1637.82% | -1538.01% | -3743.94% | -5406.43% | -36.14% | -3727.89% | -1214.55% | -814.38% | -702.31% | -563.66% | -628.65% | -1534.21% | -1541.76% | -570.4% | -687.32% | -896.94% | -674.43% | -570.49% | -322.04% | -410.55% |
| Income Tax | -28.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 60.78% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -18.36M | -42.33M | -139.99M | -167.33M | -5.42M | -86.08M | -22.71M | -17.78M | -17.31M | -16.38M | -16.11M | -26.19M | -24.41M | -13.66M | -11.65M | -12.3M | -11.55M | -13.84M | -4.21M | -4.67M |
| Net Margin % | -642.3% | -1538.01% | -3743.94% | -5406.43% | -36.14% | -3727.89% | -1214.55% | -814.38% | -702.31% | -563.66% | -628.65% | -1534.21% | -1541.76% | -570.4% | -687.32% | -896.94% | -674.43% | -570.49% | -322.04% | -410.55% |
| Net Income Growth % | -238.63% | 50.83% | -516.35% | -841.21% | 68.69% | -425.5% | -41.02% | 32.12% | 29.07% | -19.9% | -38.25% | -112.97% | -111.25% | 1.29% | -176.79% | -163.43% | -30.9% | - | - | - |
| Net Income (Continuing) | -18.36M | -42.33M | -139.99M | -167.33M | -5.42M | -86.08M | -22.71M | -17.78M | -17.31M | -16.38M | -16.11M | -26.19M | -24.41M | -13.66M | -11.65M | -12.3M | -11.55M | -13.84M | -4.21M | -4.67M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.05 | -0.12 | -0.41 | -0.57 | -0.02 | -0.37 | -0.11 | -0.10 | -0.11 | -0.10 | -0.12 | -0.20 | -0.20 | -0.12 | -0.09 | -0.13 | -0.11 | -0.11 | -0.04 | -0.04 |
| EPS Growth % | -164.55% | 67.57% | -272.73% | -470% | 82.82% | -270% | 8.33% | 50% | 45% | 16.67% | -28.76% | -53.85% | -81.82% | -9.09% | -142.71% | -205.88% | -36.82% | - | - | - |
| EPS (Basic) | -0.05 | -0.12 | -0.41 | -0.57 | -0.02 | -0.37 | -0.11 | -0.10 | -0.11 | -0.10 | -0.12 | -0.20 | -0.20 | -0.12 | -0.09 | -0.13 | -0.11 | -0.11 | -0.04 | -0.04 |
| Diluted Shares Outstanding | 367.47M | 352.93M | 342.2M | 294.4M | 286.42M | 233M | 201.59M | 172.14M | 161.31M | 158.87M | 133.22M | 127.34M | 123.14M | 117.95M | 116.26M | 109.74M | 109.74M | 125.38M | 109.74M | 109.74M |
| Basic Shares Outstanding | 367.47M | 352.93M | 341.43M | 294.4M | 286.42M | 233M | 201.59M | 172.14M | 161.31M | 158.87M | 133.22M | 127.34M | 123.14M | 117.95M | 116.26M | 109.74M | 109.74M | 125.38M | 109.74M | 109.74M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |