Quantum computing company commercializing annealing and gate-model quantum systems, software, and enterprise quantum applications.MoreShow less
Profile & Fundamentals
D-Wave Quantum (QBTS.NYSE) Profile & Fundamentals
Review D-Wave Quantum reported earnings, valuation, balance sheet and ownership, with source tables and separate AI assessments.
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Company and Market Context
D-Wave Quantum: Company Profile & Ownership
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. The company has a collaboration with the University of Arkansas to establish leadership, education, and independent research focused on the application of quantum computing to supply chain management across retail, transportation, and national defense. D-Wave Quantum Inc. was founded in 1999 and is based in Palo Alto, California.
Company profile record
D-Wave Quantum Inc. Common Stock
Common Stock · Information Technology · Electronic Equipment & Instruments
Company
- Company / asset
- D-Wave Quantum Inc. Common Stock
- Security type
- Common Stock
- Sector
- Information Technology
- Industry
- Electronic Equipment & Instruments
- HQ
- 🇺🇸 United States
- Head office
- 2650 East Bayshore Road, Palo Alto, CA, United States, 94303
Leadership & scale
- Chief executive
- Dr. Alan E. Baratz Ph.D.
- CEO year born
- 1955
- Full-time employees
- 382
- Fiscal year end
- December
- IPO date
- 2022-08-08
Fundamentals snapshot
- Market Cap
- USD 3.9B
- P/E
- --
- Revenue (Q2 26)
- USD 3.1M
- Profit (Q2 26)
- USD -48.0M
- Dividend Yield
- --
- Revenue (FY 25)
- USD 24.6M
- Shares in public float
- 361.9M
- Insider ownership
- 2.21%
Reporting & identifiers
- Symbol
- QBTS.NYSE
- Listing
- 🇺🇸 United States | Dividend Tax: 30%
- Ticker Currency
- USD
- Income Statement Currency
- USD
- Balance Sheet Currency
- USD
- Cash Flow Currency
- USD
- EPS Currency
- USD
- Contract Type
- SPOT
- ISIN
- US26740W1099
- Asset ID
- equity_b5c5eb1f-d267-5874-a111-06456edf268a
D-Wave Quantum: Ownership
Shares Outstanding
Latest: 370.8M | Max: 370.8M | Min: 113.3M
Latest reported ownership snapshot
Float Shares
97.59%
361.9M latest reported shares
Insider Ownership
2.21%
Latest reported insider stake
Short Float
0.24%
Latest reported short interest / float
Top Holders
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2020-01-01 | 127,000,000 |
| 2021-01-01 | 125,378,200 |
| 2022-01-01 | 113,335,500 |
| 2023-01-01 | 158,869,100 |
| 2024-01-01 | 232,997,000 |
| 2025-01-01 | 352,932,400 |
| 2026-01-01 | 370,840,100 |
Top Holders
Available reported ownership records.
Scroll the table to see every column.
| Holder | Shares | Ownership | Reported date |
|---|---|---|---|
| BlackRock Inc | 33,147,399 | 8.73% | 2026-06-30 |
| Vanguard Portfolio Management, LLC | 22,021,534 | 5.8% | 2026-06-30 |
| Vanguard Capital Management, LLC | 15,940,671 | 4.2% | 2026-06-30 |
| Vanguard MStar Total Stk Mkt Idx Invest | 11,740,049 | 3.09% | 2026-09-30 |
| UBS Group AG | 11,645,700 | 3.07% | 2026-06-30 |
| iShares Russell 2000 ETF | 9,375,974 | 2.47% | 2026-10-30 |
| Geode Capital Management, LLC | 9,270,389 | 2.44% | 2026-06-30 |
| State Street Corp | 9,029,667 | 2.38% | 2026-06-30 |
| Vanguard Small Cap Index | 8,307,305 | 2.19% | 2026-09-30 |
| Clear Street Group Inc | 6,206,861 | 1.64% | 2026-06-30 |
| Vanguard Information Technology ETF | 5,436,910 | 1.43% | 2026-09-30 |
| Vanguard MStar Small Cap Growth Indx Inv | 4,629,104 | 1.22% | 2026-09-30 |
| NORGES BANK | 4,477,459 | 1.18% | 2026-06-30 |
| Bank of America Corp | 4,342,782 | 1.14% | 2026-06-30 |
| VanEck Quantum Cmptg ETF A USD Acc | 4,069,738 | 1.07% | 2026-10-30 |
D-Wave Quantum: Earnings, Profitability & Valuation
Latest Financials Filed On
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
The company's financial results show an erratic business that struggles to turn headline sales announcements into steady, repeatable cash flow. While reported revenue jumped to nearly twenty-five million dollars in fiscal 2025, that temporary spike was driven almost entirely by a single, non-recurring system sale. Once that transaction settled, quarterly sales collapsed back down to approximately three million dollars, revealing that underlying commercial customer adoption remains exceptionally small. Meanwhile, corporate spending continues to surge. The business recorded trailing twelve-month operating losses of one hundred seventy-one million dollars and burned through one hundred nineteen million dollars in negative free cash flow. Without large-scale commercial customer contracts, current operations act as an expensive science lab that consumes substantial capital without generating self-sustaining profits.
The company's financial results show an erratic business that struggles to turn headline sales announcements into steady, repeatable cash flow. While reported revenue jumped to nearly twenty-five million dollars in fiscal 2025, that temporary spike was driven almost entirely by a single, non-recurring system sale. Once that transaction settled, quarterly sales collapsed back down to approximately three million dollars, revealing that underlying commercial customer adoption remains exceptionally small. Meanwhile, corporate spending continues to surge. The business recorded trailing twelve-month operating losses of one hundred seventy-one million dollars and burned through one hundred nineteen million dollars in negative free cash flow. Without large-scale commercial customer contracts, current operations act as an expensive science lab that consumes substantial capital without generating self-sustaining profits.
Revenue, Net Income, and Free Cash Flow
Latest: USD 24.6M | Max: USD 24.6M | Min: USD -355.1M
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: --
No history available.
Profitability & Margins
Margins and Operating Efficiency
AI Review
The company presents a misleading picture of profitability. Reported gross margins appear healthy, hovering between fifty-five and eighty percent, because delivering software access through the cloud incurs very little immediate delivery cost once the hardware is running. When customers buy cloud time, the direct transactional profit looks impressive on paper. However, this gross profit is completely overwhelmed by massive corporate overhead and research expenses. Operating margins remain deeply submerged below negative three hundred percent. Because running specialized cryogenic refrigerators and paying elite quantum engineering salaries costs far more than the business brings in, true bottom-line profitability remains mathematically impossible without massive sales expansion.
The company presents a misleading picture of profitability. Reported gross margins appear healthy, hovering between fifty-five and eighty percent, because delivering software access through the cloud incurs very little immediate delivery cost once the hardware is running. When customers buy cloud time, the direct transactional profit looks impressive on paper. However, this gross profit is completely overwhelmed by massive corporate overhead and research expenses. Operating margins remain deeply submerged below negative three hundred percent. Because running specialized cryogenic refrigerators and paying elite quantum engineering salaries costs far more than the business brings in, true bottom-line profitability remains mathematically impossible without massive sales expansion.
Profitability Margins
Latest: 82.6% | Max: 82.6% | Min: <-100.0%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
82.6%
Gross profit / revenue
Operating Margin
-408.2%
Operating income / revenue
Net Margin
-1444.1%
Net income / revenue
FCF Margin
-308.5%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2020-12-31 | 5,160,000 | -21,967,000 | -30,076,000 |
| 2021-12-31 | 6,279,000 | -40,973,000 | -36,799,000 |
| 2022-12-31 | 7,173,000 | -53,702,000 | -45,724,000 |
| 2023-12-31 | 8,758,000 | -82,715,000 | -61,279,000 |
| 2024-12-31 | 8,827,000 | -143,879,000 | -44,749,000 |
| 2025-12-31 | 24,587,000 | -355,062,000 | -75,844,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
No reported records are available in this preview.
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2020-12-31 | 82.27 | -609.83 | -425.72 | -582.87 |
| 2021-12-31 | 72.13 | -620.29 | -652.54 | -586.06 |
| 2022-12-31 | 59.25 | -828.91 | -748.67 | -637.45 |
| 2023-12-31 | 52.77 | -919.68 | -944.45 | -699.69 |
| 2024-12-31 | 63.02 | -874.85 | -1,629.99 | -506.96 |
| 2025-12-31 | 82.59 | -408.22 | -1,444.1 | -308.47 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Snapshot retrieved 2026-11-10.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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