D-Wave Quantum Inc. QBTS R2KR3KAITECH
Company Overview
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. D-Wave Quantum Inc. was founded in 1999 and is based in Palo Alto, California.
Why Investors Should Care
Revenue has grown at a 36.6% CAGR over the past five years.
Recent Developments
- Dec 2025 Revenue of $24.59M (+178.5% YoY); net profit $-355.06M.
- Trailing 12 Months Year-on-year growth — revenue -0.6%.
- 5-Year Trend Long-term compounding — revenue CAGR 36.6%.
Growth & Price Performance
Compounded Sales Growth
| 5 Years: | 36.65% |
| 1 Year: | -0.60% |
Stock Price Performance
| 1 Year: | -11.10% |
| 6 Months: | -10.81% |
| 3 Months: | -30.48% |
| 1 Month: | -14.56% |
Highlights auto-generated from reported financials and price data; not investment advice. Verify with official filings before acting.
D-Wave Quantum builds quantum-computing systems (annealing and gate-model) and cloud services aimed at optimisation and AI-adjacent problems.
Quantum-annealing and gate-model systems plus Leap cloud for optimisation and ML applications.
- Quantum systems & cloud D-Wave offers quantum hardware and the Leap cloud for optimisation and ML use cases.
- Quantum optimisation Annealing targets complex optimisation problems in business and logistics.
- Gate-model roadmap It is developing gate-model quantum systems alongside annealing.
- Pure-play on quantum computing as a complement to AI/optimisation.
- Commercial cloud access and growing engagements off a tiny base.
- Pre-commercial economics, large losses and long timelines — highly speculative.
- Technical, funding and competition risks are substantial.
Curated from public filings and analyst commentary; figures are illustrative.
Price Chart
Technical Trend
Computed from daily close history using EMA cross, slope, and RSI signals.
Note: intraday data is not stored locally. “Hourly” uses the most recent 10 daily candles as a short-term proxy.
Fundamental Growth Charts
No fundamental data available for this stock.
Interactive charts for Revenue, Net Income, EBITDA, Free Cash Flow, EPS, ROE, ROCE, Gross/Net/Operating Margin and more — switch metric and period using the dropdowns above. CAGR is computed across the displayed window (quarterly CAGR is annualised). Visual growth charts make it easy to spot multi-year compounding trends at a glance — far faster than reading raw numbers in a table.
PROS
- Compounding revenue at 36.6% over 5 years.
CONS
- Trading 63.0% below its 52-week high.
- In a downtrend (50-DMA below 200-DMA).
* The pros and cons are auto-generated from financial metrics.
Valuation
Growth (CAGR)
Profitability & Returns
Balance Sheet & Liquidity
Ownership
Financial Snapshot
Peer comparison
Peer companies in the same sector (Technology).
| # | Name | CMP $ | P/E | Mkt Cap | Div Yld % | ROCE % | ROE % | Rev CAGR 5Y % | Profit CAGR 5Y % |
|---|---|---|---|---|---|---|---|---|---|
| 1 | QBTS D-Wave Quantum Inc. R2KR3KAITECH | 16.58 | -23.69 | $6.12B | 0.00% | -11.22% | -27.98% | 36.65% | - |
| 2 | NVDA NVIDIA Corporation NDXSPXR3KAITECH | 230.36 | 35.28 | $5.58T | 0.46% | 74.66% | 114.29% | 24.64% | 32.12% |
| 3 | AAPL Apple Inc. NDXSPXR3KTECH | 319.97 | 36.69 | $4.67T | 0.35% | 68.72% | 148.75% | 1.81% | 3.92% |
| 4 | MSFT Microsoft Corporation NDXSPXR3KAITECH | 499.70 | 27.85 | $3.71T | 0.73% | 26.33% | 34.04% | 9.93% | 11.90% |
| 5 | TSM Taiwan Semiconductor Manufacturing Company Limited AITECH | 426.34 | 37.46 | $2.21T | 0.91% | 30.20% | 39.97% | 18.94% | 19.57% |
| 6 | AVGO Broadcom Inc. NDXSPXR3KAITECH | 357.90 | 59.55 | $1.70T | 0.62% | 16.70% | 37.28% | 17.04% | 54.08% |
| 7 | MU Micron Technology, Inc. NDXSPXR3KAITECH | 1,016.59 | 22.97 | $1.15T | 0.06% | 13.69% | 66.64% | 13.68% | 26.02% |
| 8 | AMD Advanced Micro Devices, Inc. NDXSPXR3KAITECH | 477.57 | 122.14 | $779.62B | 0.00% | 5.47% | 10.20% | 11.81% | 66.28% |
| 9 | ASML ASML Holding N.V. NDXAITECH | 1,714.88 | 58.49 | $658.69B | 0.53% | 42.97% | 53.94% | 15.55% | 19.55% |
Financial Statements Quarterly Results · Profit & Loss · Balance Sheet · Cash Flows · Ratios
Quarterly Results
Figures in USD.
| Metric | Jun 2021 | Sep 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1.14M | 1.31M | 1.71M | 1.37M | 1.70M | 1.58M | 1.71M | 2.56M | 2.46M | 2.18M | 1.87M | 15.00M | 3.10M | 3.74M | 2.86M | 3.08M |
| Gross Profit | 689.00K | 1.00M | 1.10M | 751.00K | 1.04M | 421.00K | 705.00K | 1.53M | 1.66M | 1.39M | 1.04M | 13.88M | 1.98M | 2.67M | 1.82M | 1.70M |
| Operating Income | -9.34M | -9.79M | -10.95M | -12.40M | -15.16M | -24.69M | -20.91M | -18.41M | -17.52M | -18.84M | -20.64M | -11.29M | -26.50M | -27.74M | -54.73M | -53.28M |
| Net Income | -4.67M | -4.21M | -11.66M | -13.35M | -13.31M | -24.41M | -26.19M | -16.11M | -17.31M | -17.78M | -22.71M | -5.42M | -167.33M | -139.99M | -18.36M | -48.03M |
| Diluted EPS | -0.04 | -0.03 | -0.09 | -0.11 | -0.11 | -0.20 | -0.21 | -0.12 | -0.11 | -0.10 | -0.11 | -0.02 | -0.55 | -0.41 | -0.05 | -0.13 |
| R&D Expense | 6.29M | 6.31M | 6.80M | 7.46M | 7.51M | 10.91M | 9.55M | 9.46M | 8.53M | 8.36M | 8.67M | 10.29M | 12.69M | 14.07M | 25.79M | 28.24M |
Profit & Loss (Annual)
Figures in USD.
| Metric | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|
| Revenue | 5.16M | 6.28M | 7.17M | 8.76M | 8.83M | 24.59M |
| Gross Profit | 4.25M | 4.53M | 4.25M | 4.62M | 5.56M | 20.31M |
| Operating Income | -31.47M | -38.95M | -59.46M | -80.55M | -77.22M | -100.37M |
| Net Income | -10.02M | -31.55M | -53.70M | -82.72M | -143.88M | -355.06M |
| Diluted EPS | -0.08 | -0.25 | -0.45 | -0.60 | -0.75 | -1.11 |
| R&D Expense | 20.41M | 25.40M | 32.10M | 37.88M | 35.30M | 50.73M |
Balance Sheet (Annual)
Figures in USD.
| Metric | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|
| Total Assets | - | - | 32.61M | 26.95M | 59.36M | 199.85M | 915.81M |
| Total Equity | -103.87M | 32.73M | -18.36M | -29.46M | -24.48M | 62.65M | 852.23M |
| Cash & Equivalents | - | - | - | - | 41.31M | 177.98M | 635.35M |
| Long Term Debt | - | - | 12.23M | 31.17M | 63.85M | 30.13M | 35.83M |
| Total Liabilities | - | - | 29.59M | 56.41M | 83.84M | 137.21M | 63.58M |
| Current Liabilities | - | - | 10.29M | 16.04M | 11.25M | 30.14M | 21.15M |
Cash Flows (Annual)
Figures in USD.
| Metric | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | -29.29M | -34.80M | -45.23M | -60.65M | -42.64M | -71.98M |
| Investing Cash Flow | -789.00K | -2.00M | -498.00K | -630.00K | -3.14M | -251.13M |
| Financing Cash Flow | 43.14M | 24.91M | 43.27M | 95.64M | 182.45M | 779.15M |
| Capital Expenditure | -736.00K | -1.77M | -423.00K | -583.00K | -2.11M | -3.86M |
| Free Cash Flow | -30.02M | -36.57M | -45.65M | -61.23M | -44.75M | -75.84M |
Ratios (Annual)
Figures in %.
| Metric | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|
| Gross Margin % | 82.3% | 72.1% | 59.2% | 52.8% | 63.0% | 82.6% |
| Operating Margin % | -609.8% | -620.3% | -828.9% | -919.7% | -874.8% | -408.2% |
| Net Margin % | -194.2% | -502.4% | -748.7% | -944.5% | -1,630.0% | -1,444.1% |
| ROE % | -30.6% | 171.9% | 182.3% | 337.9% | -229.7% | -41.7% |
| ROCE % | - | -174.5% | -545.1% | -167.4% | -45.5% | -11.2% |
Shareholding Pattern
Top Institutional Holders
| # | Holder | % Held | Shares | Value |
|---|---|---|---|---|
| 1 | Blackrock Inc. | 9.04% | 33.15M | $563.17M |
| 2 | Vanguard Portfolio Management LLC | 6.00% | 22.02M | $374.15M |
| 3 | Vanguard Capital Management LLC | 4.35% | 15.94M | $270.83M |
| 4 | UBS Group AG | 3.18% | 11.65M | $197.86M |
| 5 | Geode Capital Management, LLC | 2.53% | 9.27M | $157.50M |
| 6 | State Street Corporation | 2.46% | 9.03M | $153.41M |
| 7 | Clear Street Group Inc. | 1.69% | 6.21M | $105.45M |
| 8 | NORGES BANK | 1.22% | 4.48M | $76.07M |
| 9 | Bank of America Corporation | 1.18% | 4.34M | $73.78M |
| 10 | Northern Trust Corporation | 0.92% | 3.37M | $57.22M |
Analyst View
Analyst aggregate. Targets and ratings update periodically; not investment advice.
Latest News
Recent headlines for QBTS
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QBTS — Frequently Asked Questions
What is the current share price of D-Wave Quantum Inc. (QBTS)?
As of 2026-09-07 16:24 PDT, D-Wave Quantum Inc. (QBTS) trades at $16.58 on NasdaqGS. Its 52-week range is $12.98 to $44.78.
What is the market capitalisation of QBTS?
D-Wave Quantum Inc. (QBTS) has a market capitalisation of $6.12B on NasdaqGS.
What is the P/E ratio of QBTS?
QBTS trades at a trailing price-to-earnings (P/E) ratio of -23.69. The industry average P/E is 32.42. Its price-to-book (P/B) ratio is 5.34.
What is the return on equity (ROE) of QBTS?
QBTS has a return on equity (ROE) of -27.98%. Its return on capital employed (ROCE) is -11.22%.
Is QBTS a good stock to buy?
This page provides a data-driven analysis of D-Wave Quantum Inc. (QBTS), including valuation ratios, profitability, growth trends, auto-generated pros and cons, peer comparison and AI exposure. Review these fundamentals alongside your own research and risk tolerance. This is informational content, not investment advice.