QBTS - D-Wave Quantum Inc.
Price:
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--
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CONSENSUS:
Buy
DETAILS
|
PRICE TARGET:
$33.25
DETAILS
HIGH:
$41.00
LOW:
$22.00
MEDIAN:
$35.00
CONSENSUS:
$33.25
UPSIDE:
32.92%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|
| Revenue | ||||||
| Revenue | 24.6 | 8.8 | 8.8 | 7.2 | 6.3 | 5.2 |
| Cost of Revenue | 4.3 | 3.3 | 4.1 | 2.9 | 1.8 | 0.9 |
| Gross Profit | 20.3 | 5.6 | 4.6 | 4.2 | 4.5 | 4.2 |
| Operating Expenses | ||||||
| R&D Expenses | 50.7 | 35.3 | 37.9 | 32.1 | 25.4 | 20.4 |
| SG&A Expenses | 69.9 | 47.5 | 47.3 | 31.6 | 18.1 | 15.3 |
| Other Expenses | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Expenses | 120.7 | 82.8 | 85.2 | 63.7 | 43.5 | 35.7 |
| Operating Income | ||||||
| Operating Income | (100.4) | (77.2) | (80.5) | (59.5) | (38.9) | (31.5) |
| Interest Expense | 4.0 | 3.9 | 2.2 | 2.3 | 4.0 | 5.2 |
| Interest Income | 24.1 | 0 | 0 | 0 | 0 | 0 |
| Profitability | ||||||
| EBITDA | (348.7) | (138.1) | (80.8) | (49.0) | (34.4) | (14.1) |
| EBIT | (351.0) | (140.0) | (82.7) | (51.4) | (37.0) | (16.8) |
| Income Before Tax | (355.1) | (143.9) | (82.7) | (53.7) | (41.0) | (22.0) |
| Income Tax Expense | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | (355.1) | (143.9) | (82.7) | (53.7) | (41.0) | (22.0) |
| Per Share Data | ||||||
| EPS (Basic) | -1.11 | -0.75 | -0.60 | -0.45 | -0.33 | -0.20 |
| EPS (Diluted) | -1.11 | -0.75 | -0.60 | -0.45 | -0.33 | -0.20 |
| Shares Outstanding | 321.2 | 192.1 | 138.0 | 119.6 | 125.3 | 109.7 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|
| Current Assets | ||||||
| Cash & Cash Equivalents | 635.3 | 178.0 | 41.3 | 7.1 | 9.5 | 21.3 |
| Short-Term Investments | 249.1 | 0 | 0 | 0 | 0 | 0 |
| Net Receivables | 4.7 | 1.8 | 1.7 | 1.1 | 2.1 | 16.2 |
| Inventory | 2.8 | 1.7 | 2.1 | 2.2 | 2.1 | 2.5 |
| Other Current Assets | 0.8 | 1.3 | 0.4 | 1.5 | 1.4 | 0 |
| Total Current Assets | 896.2 | 185.0 | 47.0 | 13.9 | 16.0 | 41.3 |
| Non-Current Assets | ||||||
| Property, Plant & Equipment | 14.4 | 11.4 | 10.8 | 11.4 | 11.8 | 5.8 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0.9 | 0.5 | 0.2 | 0.2 | 0.3 | 0.1 |
| Long-Term Investments | 2.4 | 2.6 | 1.2 | 1.2 | 1.2 | 0.0 |
| Other Non-Current Assets | 1.9 | 0.4 | 0.2 | 0.2 | 0.2 | 0.2 |
| Total Non-Current Assets | 19.6 | 14.8 | 12.3 | 13.0 | 13.5 | 6.2 |
| Total Assets | 915.8 | 199.9 | 59.4 | 26.9 | 29.5 | 47.5 |
| Current Liabilities | ||||||
| Account Payables | 0.9 | 0.8 | 1.5 | 3.8 | 2.1 | 2.2 |
| Short-Term Debt | 0.1 | 0.3 | 0.4 | 2.3 | 0.4 | 0.4 |
| Deferred Revenue | 2.8 | 18.7 | 2.7 | 1.8 | 2.7 | 4.7 |
| Other Current Liabilities | 10.3 | 5.5 | 3.2 | 1.6 | 1.1 | 1.2 |
| Total Current Liabilities | 21.1 | 30.1 | 11.2 | 16.0 | 10.4 | 12.0 |
| Non-Current Liabilities | ||||||
| Long-Term Debt | 35.8 | 30.1 | 63.9 | 31.2 | 30.3 | 1.3 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 69.9 | 1.6 | 1.9 | 0.0 | 0 |
| Total Non-Current Liabilities | 42.4 | 107.1 | 72.6 | 40.4 | 37.4 | 2.8 |
| Total Liabilities | 63.6 | 137.2 | 83.8 | 56.4 | 47.8 | 14.7 |
| Stockholders' Equity | ||||||
| Common Stock | 0.0 | 0.0 | 0.0 | 0.0 | 0 | 2.5 |
| Retained Earnings | (982.0) | (626.9) | (483.1) | (400.3) | (346.6) | (293.7) |
| Accumulated Other Comprehensive Income | (9.0) | (10.5) | (10.5) | (10.4) | (10.4) | (10.5) |
| Total Stockholders' Equity | 852.2 | 62.6 | (24.5) | (29.5) | (18.4) | 32.7 |
| Total Liabilities & Equity | 915.8 | 199.9 | 59.4 | 26.9 | 29.5 | 47.5 |
| Debt Metrics | ||||||
| Total Debt | 43.5 | 38.4 | 72.7 | 42.3 | 39.4 | 4.7 |
| Net Debt | (591.9) | (139.6) | 31.3 | 35.2 | 29.9 | (16.7) |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|
| Operating Activities | ||||||
| Net Income | (355.1) | (143.9) | (82.7) | (53.7) | (41.0) | (22.0) |
| Depreciation & Amortization | 2.3 | 1.9 | 1.8 | 2.3 | 2.6 | 2.7 |
| Stock-Based Compensation | 22.7 | 15.7 | 21.9 | 9.2 | 1.7 | 3.0 |
| Change in Working Capital | (14.3) | 20.9 | (2.7) | 3.0 | (1.2) | (7.1) |
| Other Non-Cash Items | 272.4 | 62.8 | 1 | (6.0) | 3.0 | (5.9) |
| Operating Cash Flow | (72.0) | (42.6) | (60.6) | (45.2) | (34.8) | (29.3) |
| Investing Activities | ||||||
| Capital Expenditure | (3.9) | (2.1) | (0.6) | (0.5) | (2.0) | (0.8) |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchases of Investments | (247.8) | (1) | 0 | 0 | 0 | 0 |
| Sales/Maturities of Investments | 0 | 0.3 | 0 | 0 | 0 | 0 |
| Other Investing Activities | 0.5 | (0.3) | (0.0) | (0.1) | (0.2) | (0.1) |
| Investing Cash Flow | (251.1) | (3.1) | (0.6) | (0.5) | (2.0) | (0.8) |
| Financing Activities | ||||||
| Net Debt Issuance | 0.0 | (30.4) | 26.7 | (1.9) | (0.3) | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | (10.6) | (1.4) | 5.2 | 5.2 | 25.1 | (0.5) |
| Financing Cash Flow | 779.1 | 182.4 | 95.6 | 43.3 | 24.9 | 43.1 |
| Cash Position | ||||||
| Net Change in Cash | 457.4 | 136.7 | 34.2 | (2.4) | (11.9) | 13.1 |
| Cash at Beginning | 178.0 | 41.3 | 7.1 | 9.5 | 21.3 | 8.3 |
| Cash at End | 635.3 | 178.0 | 41.3 | 7.1 | 9.5 | 21.3 |
| Free Cash Flow | (75.8) | (44.7) | (61.3) | (45.7) | (36.8) | (30.1) |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| Revenue | 24.6 | 8.8 | 8.8 | 7.2 | 6.3 | 5.2 |
| Gross Profit | 20.3 | 5.6 | 4.6 | 4.2 | 4.5 | 4.2 |
| Operating Income | (100.4) | (77.2) | (80.5) | (59.5) | (38.9) | (31.5) |
| Net Income | (355.1) | (143.9) | (82.7) | (53.7) | (41.0) | (22.0) |
| EPS (Diluted) | -1.11 | -0.75 | -0.60 | -0.45 | -0.33 | -0.20 |
| Balance Sheet | ||||||
| Cash & Equivalents | 635.3 | 178.0 | 41.3 | 7.1 | 9.5 | 21.3 |
| Total Assets | 915.8 | 199.9 | 59.4 | 26.9 | 29.5 | 47.5 |
| Total Debt | 43.5 | 38.4 | 72.7 | 42.3 | 39.4 | 4.7 |
| Stockholders' Equity | 852.2 | 62.6 | (24.5) | (29.5) | (18.4) | 32.7 |
| Cash Flow | ||||||
| Operating Cash Flow | (72.0) | (42.6) | (60.6) | (45.2) | (34.8) | (29.3) |
| Capital Expenditure | (3.9) | (2.1) | (0.6) | (0.5) | (2.0) | (0.8) |
| Free Cash Flow | (75.8) | (44.7) | (61.3) | (45.7) | (36.8) | (30.1) |