D-Wave Quantum Inc. logo QBTS - D-Wave Quantum Inc.

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| PRICE TARGET: $33.25 DETAILS
HIGH: $41.00
LOW: $22.00
MEDIAN: $35.00
CONSENSUS: $33.25
UPSIDE: 32.92%
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1
Revenue
Revenue 2.9 2.8 3.7 3.1 15.0 2.3 1.9 2.2 2.5 2.9 2.6 1.7 1.6 2.4 1.7 1.4 1.7 2.4 1.3 1.1 1.4
Cost of Revenue 1.0 1.0 1.1 1.1 1.1 0.8 0.8 0.8 0.8 0.9 1.0 1.0 1.2 1.1 0.7 0.6 0.6 0.9 0.3 0.4 0.3
Gross Profit 1.8 1.8 2.7 2.0 13.9 1.5 1.0 1.4 1.7 2.0 1.5 0.7 0.4 1.2 1.0 0.8 1.1 1.5 1 0.7 1.1
Operating Expenses
R&D Expenses 25.8 13.7 14.1 12.7 10.3 9.8 8.7 8.4 8.5 8.0 9.5 9.5 10.9 11.2 7.5 7.5 6.8 6.1 6.3 6.3 6.5
SG&A Expenses 30.8 22.9 16.3 15.8 14.9 12.0 13.0 11.9 10.7 10.6 10.5 12.1 14.2 11.6 8.7 5.7 5.2 6.3 4.5 3.7 3.6
Other Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Operating Expenses 56.5 36.6 30.4 28.5 25.2 21.7 21.7 20.2 19.2 18.5 19.9 21.6 25.1 22.8 16.2 13.2 12.0 12.4 10.8 10.0 10.1
Operating Income
Operating Income (54.7) (34.8) (27.7) (26.5) (11.3) (20.2) (20.6) (18.8) (17.5) (16.5) (18.4) (20.9) (24.7) (21.6) (15.2) (12.4) (11.0) (10.9) (9.8) (9.3) (9.0)
Interest Expense 5.8 3.4 0.2 0.2 0.2 0.4 1.2 1.2 1.1 0 1.8 2.0 0.2 0.6 0.6 1.0 0.1 1.1 0.2 0.2 0.2
Interest Income 0 8.1 0 0 0 0 0 0 0 1.8 0 0 0 0 0 0 0 0 0 0 0
Profitability
EBITDA (42.4) (38.3) (139.4) (166.6) (4.6) (85.1) (21.1) (16.1) (15.7) (18.4) (14.7) (25.1) (23.6) (12.2) (10.7) (10.7) (10.9) (12.0) (3.3) (3.8) (8.0)
EBIT (46.5) (38.9) (139.8) (167.1) (5.2) (85.7) (21.5) (16.6) (16.2) (18.8) (15.1) (25.6) (24.2) (12.9) (11.0) (11.3) (11.5) (12.7) (4.0) (4.5) (8.6)
Income Before Tax (46.8) (42.3) (140.0) (167.3) (5.4) (86.1) (22.7) (17.8) (17.3) (16.4) (16.1) (26.2) (24.4) (13.7) (11.7) (12.3) (11.6) (13.8) (4.2) (4.7) (8.8)
Income Tax Expense (28.5) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Income (18.4) (42.3) (140.0) (167.3) (5.4) (86.1) (22.7) (17.8) (17.3) (16.4) (16.1) (26.2) (24.4) (13.7) (11.7) (12.3) (11.6) (13.8) (4.2) (4.7) (8.8)
Per Share Data
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 -0.08
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 -0.08
Shares Outstanding 367.5 352.9 341.4 294.4 286.4 233.0 201.6 172.1 161.3 158.9 133.2 127.3 123.1 118.0 116.3 109.7 109.7 125.4 109.7 109.7 109.7
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1
Current Assets
Cash & Cash Equivalents 338.2 635.3 836.2 819.3 304.3 178.0 29.3 40.9 27.3 41.3 53.3 7.5 9.0 7.1 13.8 10.5 17.7 9.5 0.2 0.4 0.9
Short-Term Investments 250.2 249.1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Receivables 10.6 4.7 4.4 2.4 1.0 1.8 1.5 1.6 1.7 1.7 0.9 0.8 0.9 1.1 2.0 3.4 2.8 2.1 0 0 0
Inventory 2.9 2.8 2.8 2.4 1.7 1.7 1.9 2.1 2.1 2.1 2.2 2.3 2.2 2.2 2.5 2.1 2.1 2.1 0 0 0
Other Current Assets 1.2 0.8 1.4 0.8 1.2 1.3 0.5 0.4 0.6 0.5 0.0 0.0 0.6 1.4 2.0 5.7 4.0 1.2 0.0 0 0
Total Current Assets 607.1 896.2 848.1 828.5 310.9 185.0 35.1 46.9 33.7 47.0 58.2 12.8 14.9 13.9 26.3 23.2 27.8 16.0 0.5 0.7 1.3
Non-Current Assets
Property, Plant & Equipment 25.4 14.4 12.3 11.4 11.1 11.4 11.1 10.8 10.8 10.8 10.4 10.5 11.0 11.4 10.6 10.9 11.3 11.8 0 0 0
Goodwill 342.6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Intangible Assets 215.3 0.9 0.8 0.6 0.5 0.5 0.4 0.4 0.3 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0 0 0
Long-Term Investments 4.2 2.4 3.4 2.6 2.6 2.6 2.6 2.4 2.6 1.2 1.2 1.2 1.2 1.2 0 0 0 1.2 300.1 300.1 300.1
Other Non-Current Assets 5.2 1.9 1.2 0.5 0.5 0.4 0.4 1.3 1.3 0.2 0.2 0.2 0.2 0.2 1.3 1.4 1.4 0.2 0 0 0
Total Non-Current Assets 592.7 19.6 17.7 15.1 14.7 14.8 14.5 14.9 14.9 12.3 12.0 12.1 12.5 13.0 12.2 12.5 13.0 13.5 300.1 300.1 300.1
Total Assets 1,199.8 915.8 865.8 843.6 325.6 199.9 49.6 61.8 48.6 59.4 70.2 24.9 27.5 26.9 38.5 35.7 40.8 29.5 300.7 300.8 301.4
Current Liabilities
Account Payables 1.7 0.9 1.0 1.2 1.0 0.8 0.7 1.2 1.0 1.5 1.5 4.1 5.6 3.8 3.2 2.5 3.1 2.1 0 0 0
Short-Term Debt 0.1 0.1 0.1 0 0.3 0.3 14.1 32.7 0.4 0.4 30.1 16.1 1.2 2.3 2.7 21.4 15.3 0.4 0 0 0
Deferred Revenue 9.5 2.8 3.4 4.9 5.5 18.7 2.9 2.6 2.0 2.7 2.2 2.9 1.9 1.8 2.0 2.6 2.6 2.7 0 0 0
Other Current Liabilities 8.8 10.3 6.2 7.3 2.4 5.5 3.9 2.5 2.1 3.2 3.7 3.0 4.9 1.6 1.4 1.9 1.5 1.1 23.9 34.7 34.0
Total Current Liabilities 28.4 21.1 15.5 19.3 15.0 30.1 25.8 42.9 10.9 11.2 43.3 33.6 18.1 16.0 14.6 36.3 28.7 10.4 23.9 34.7 34.0
Non-Current Liabilities
Long-Term Debt 35.4 35.8 32.1 32.1 30.4 30.1 32.0 31.5 63.0 63.9 9.1 8.5 8.3 31.2 12.9 12.9 13.1 30.3 0 0 0
Deferred Tax Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 0 0 141.0 91.0 65.9 69.9 1.6 2.1 4.3 1.6 2.0 3.4 1.3 1.9 5.5 0 0 0.0 0 0 0
Total Non-Current Liabilities 47.2 42.4 179.8 130.1 103.2 107.1 40.6 40.4 74.7 72.6 18.1 19.2 16.7 40.4 24.6 19.5 19.9 37.4 0 0 0
Total Liabilities 75.6 63.6 195.3 149.3 118.2 137.2 66.5 83.3 85.6 83.8 61.4 52.8 34.8 56.4 39.2 55.8 48.6 47.8 23.9 34.7 34.0
Stockholders' Equity
Common Stock 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.8 2.6 0 300.0 261.1 262.5
Retained Earnings (1,000.4) (982.0) (939.7) (799.7) (632.4) (626.9) (540.9) (518.2) (500.4) (483.1) (443.1) (427.3) (401.4) (400.3) (363.1) (350.1) (336.9) (346.6) (23.3) (13.3) (12.0)
Accumulated Other Comprehensive Income (9.2) (9.0) (9.1) (9.2) (10.0) (10.5) (10.6) (10.4) (10.5) (10.5) (10.5) (10.5) (10.4) (10.4) (10.4) (10.5) (10.5) (10.4) 0 0 0
Total Stockholders' Equity 1,124.3 852.2 670.6 694.3 207.4 62.6 (16.9) (21.5) (37.0) (24.5) 8.8 (27.9) (7.3) (29.5) (0.7) (20.1) (7.9) (18.4) 276.7 266.1 267.5
Total Liabilities & Equity 1,199.8 915.8 865.8 843.6 325.6 199.9 49.6 61.8 48.6 59.4 70.2 24.9 27.5 26.9 38.5 35.7 40.8 29.5 300.7 300.8 301.4
Debt Metrics
Total Debt 46.8 43.5 39.8 40.0 38.5 38.4 54.6 72.4 71.8 72.7 47.5 33.2 18.1 42.3 23.3 42.4 36.9 39.4 0 0 0
Net Debt (291.4) (591.9) (796.4) (779.3) (265.9) (139.6) 25.4 31.5 44.5 31.3 (5.8) 25.7 9.1 35.2 9.5 32.0 19.3 29.9 (0.2) (0.4) (0.9)
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1
Operating Activities
Net Income (18.4) (42.3) (140.0) (167.3) (5.4) (86.1) (22.7) (17.8) (17.3) (16.4) (16.1) (26.2) (24.4) (13.7) (11.8) (12.6) (11.6) (13.8) (4.2) (4.7) (8.8)
Depreciation & Amortization 3.8 0.7 0.6 0.5 0.6 0.6 0.5 0.5 0.4 0.4 0.4 0.5 0.5 0.7 0.4 0.5 0.6 0.7 0.7 0.6 0.6
Stock-Based Compensation 8.0 5.5 6.5 6.7 4.0 3.9 4.1 4.2 3.5 4.6 5.9 4.7 6.8 5.5 1.8 0.8 0.8 1.2 0.2 0.2 0.2
Change in Working Capital (10.2) (14.3) 14.3 0.7 (15.0) 17.9 2.1 (0.5) 1.4 (3.3) (4.3) 1.0 3.9 4.9 0.2 (0.8) (0.3) 1.0 6.9 (5.5) (3.4)
Other Non-Cash Items 0.1 32.0 99.6 144.2 (3.4) 65.7 (1.9) (0.9) (0.1) (0.1) (2.7) 4.5 (0.4) (8.4) (3.3) 0.1 0.9 3.8 (10.9) 0.3 0.3
Operating Cash Flow (45.0) (18.4) (19.0) (15.3) (19.3) 2.0 (18.1) (14.5) (12.1) (14.7) (16.9) (15.5) (13.6) (11.0) (12.8) (12.0) (9.5) (7.2) (7.3) (9.1) (11.1)
Investing Activities
Capital Expenditure (1.1) (1.7) (1.0) (0.7) (0.4) (1.0) (0.3) (0.6) (0.5) (0.5) (0.1) (0.0) (0.1) (0.2) (0.1) (0.1) (0.1) (0.3) (0.4) (0.5) (0.7)
Acquisitions (250.8) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Purchases of Investments 0 (247.8) 0 0 0 0 0 0 (1) 0 0 0 0 0 0 0 0 0 0 0 0
Sales/Maturities of Investments 0 0 0 0 0 0 0 0 0.3 0 0 0 0 0 0 0 0 0 0 0 0
Other Investing Activities (0.2) (0.1) (0.2) 0.9 (0.1) (0.0) (0.1) (0.1) (0.2) (0.0) (0.0) 0.0 (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.2) (0.0)
Investing Cash Flow (252.1) (249.6) (1.2) 0.1 (0.5) (1.0) (0.4) (0.6) (1.2) (0.5) (0.1) (0.0) (0.1) (0.2) (0.1) (0.1) (0.1) (0.3) (0.4) (0.5) (0.7)
Financing Activities
Net Debt Issuance (0.0) (0.0) 0.4 (0.4) 0 (13.6) (16.4) (0.4) 0 (1.9) 16.1 13.4 (0.9) (1.4) (21.4) 4.8 14.7 (0.3) (0.0) (0.4) 0
Stock Repurchased (0.2) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (0.0) 0 0
Dividends Paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Financing Activities 0 (0.3) (4.6) 2.0 (0.5) (0.2) (0.1) (0.4) (0.7) 5.4 1.0 (14.5) 15.9 4.7 (3.3) 0.1 3.2 9.2 2.9 1.6 11.9
Financing Cash Flow (0.1) 67.1 37.1 529.3 145.6 147.6 7.0 28.6 (0.7) 3.2 62.8 14.1 15.6 4.4 16.2 4.9 17.9 8.9 2.9 1.2 11.9
Cash Position
Net Change in Cash (297.1) (200.9) 16.9 515.0 126.3 148.7 (11.6) 13.6 (14.0) (12.0) 45.8 (1.5) 1.9 (6.7) 3.3 (7.2) 8.2 1.4 (5.1) (8.4) 0.3
Cash at Beginning 635.3 836.2 819.3 304.3 178.0 29.3 40.9 27.3 41.3 53.3 7.5 9.0 7.1 13.8 10.5 17.7 9.5 8.0 13.2 21.6 21.3
Cash at End 338.2 635.3 836.2 819.3 304.3 178.0 29.3 40.9 27.3 41.3 53.3 7.5 9.0 7.1 13.8 10.5 17.7 9.5 8.0 13.2 21.6
Free Cash Flow (46.0) (20.0) (20.1) (16.0) (19.7) 1.1 (18.4) (15.1) (12.6) (15.2) (17.0) (15.5) (13.7) (11.1) (12.9) (12.1) (9.7) (7.5) (7.8) (9.6) (11.9)
Key Metrics 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1
Income Statement
Revenue 2.9 2.8 3.7 3.1 15.0 2.3 1.9 2.2 2.5 2.9 2.6 1.7 1.6 2.4 1.7 1.4 1.7 2.4 1.3 1.1 1.4
Gross Profit 1.8 1.8 2.7 2.0 13.9 1.5 1.0 1.4 1.7 2.0 1.5 0.7 0.4 1.2 1.0 0.8 1.1 1.5 1 0.7 1.1
Operating Income (54.7) (34.8) (27.7) (26.5) (11.3) (20.2) (20.6) (18.8) (17.5) (16.5) (18.4) (20.9) (24.7) (21.6) (15.2) (12.4) (11.0) (10.9) (9.8) (9.3) (9.0)
Net Income (18.4) (42.3) (140.0) (167.3) (5.4) (86.1) (22.7) (17.8) (17.3) (16.4) (16.1) (26.2) (24.4) (13.7) (11.7) (12.3) (11.6) (13.8) (4.2) (4.7) (8.8)
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 -0.08
Balance Sheet
Cash & Equivalents 338.2 635.3 836.2 819.3 304.3 178.0 29.3 40.9 27.3 41.3 53.3 7.5 9.0 7.1 13.8 10.5 17.7 9.5 0.2 0.4 0.9
Total Assets 1,199.8 915.8 865.8 843.6 325.6 199.9 49.6 61.8 48.6 59.4 70.2 24.9 27.5 26.9 38.5 35.7 40.8 29.5 300.7 300.8 301.4
Total Debt 46.8 43.5 39.8 40.0 38.5 38.4 54.6 72.4 71.8 72.7 47.5 33.2 18.1 42.3 23.3 42.4 36.9 39.4 0 0 0
Stockholders' Equity 1,124.3 852.2 670.6 694.3 207.4 62.6 (16.9) (21.5) (37.0) (24.5) 8.8 (27.9) (7.3) (29.5) (0.7) (20.1) (7.9) (18.4) 276.7 266.1 267.5
Cash Flow
Operating Cash Flow (45.0) (18.4) (19.0) (15.3) (19.3) 2.0 (18.1) (14.5) (12.1) (14.7) (16.9) (15.5) (13.6) (11.0) (12.8) (12.0) (9.5) (7.2) (7.3) (9.1) (11.1)
Capital Expenditure (1.1) (1.7) (1.0) (0.7) (0.4) (1.0) (0.3) (0.6) (0.5) (0.5) (0.1) (0.0) (0.1) (0.2) (0.1) (0.1) (0.1) (0.3) (0.4) (0.5) (0.7)
Free Cash Flow (46.0) (20.0) (20.1) (16.0) (19.7) 1.1 (18.4) (15.1) (12.6) (15.2) (17.0) (15.5) (13.7) (11.1) (12.9) (12.1) (9.7) (7.5) (7.8) (9.6) (11.9)