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D-Wave Quantum Inc. QBTS R2KAI

Technology · Computer Hardware · United States
https://www.dwavequantum.com

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.

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$30.14
+84.57% 1Y

Market & Price

Market Cap
$11.17B
Current Price
$30.14
High / Low (52W)
$44.78 / $12.98
Beta
1.95

Valuation

Stock P/E
-
Industry PE
32.74
Forward P/E
-
PEG Ratio
-
Book Value
$2.38
Price to Book
12.69
P/S
897.24
EV/EBITDA
-76.42
Dividend Yield
-

Profitability & Returns

ROCE
-39.24%
ROE
-55.27%
ROA
-11.78%
Profit Margin
0.00%
Op Margin
-
EPS (Latest Qtr)
$-0.05
EPS (TTM)
$-1.14

Balance Sheet & Liquidity

Debt/Equity
4.17
Quick Ratio
21.13
Current Ratio
21.41
Debt
$46.82M
Total Assets
$915.81M
Current Assets
$896.23M
Working Capital
$875.08M

Ownership

Promoter Holding
2.27%
Chg in Prom Hold
-
FII / Inst Holding
48.36%
Chg in FII Hold
0.11%

Financial Snapshot

Enterprise Value
$10.61B
Total Revenue (TTM)
$12.44M
EBITDA
$-138.81M
Free Cash Flow
$-63.51M
Operating Cash Flow
$-97.66M
Shares Outstanding
367.27M
Gross Margin
66.27%
Payout Ratio
0.00%

Growth (CAGR)

Revenue 5Y
50.78%
Profit 5Y
-187.06%
Revenue (YoY)
-80.90%
Earnings (YoY)
-

PROS

  • Compounding revenue at 50.8% over 5 years.

CONS

  • Earnings shrank at -187.1% CAGR over 5 years.
  • Trading 32.7% below its 52-week high.
  • In a downtrend (50-DMA below 200-DMA).

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Technology).

#NameCMP $P/E Mkt CapDiv Yld % ROCE %ROE % Rev CAGR 5Y %Profit CAGR 5Y %
1 QBTS D-Wave Quantum Inc. R2KAI 30.14 - $11.17B - -39.24% -55.27% 50.78% -187.06%
2 NVDA NVIDIA Corporation NDXSPXAI 211.14 32.38 $5.11T 0.47% 81.14% 114.29% 100.05% 201.80%
3 AAPL Apple Inc. NDXSPX 312.06 37.73 $4.58T 0.35% 68.72% 141.47% 1.81% 3.92%
4 MSFT Microsoft Corporation NDXSPXAI 450.24 26.82 $3.34T 0.81% 26.37% 34.01% 12.42% 11.87%
5 TSM Taiwan Semiconductor Manufacturing Company Limited AI 418.45 35.86 $2.17T 0.91% 32.04% 36.21% 18.94% 19.57%
6 MU Micron Technology, Inc. NDXSPXAI 971.00 45.87 $1.10T 0.06% 14.20% 39.82% 6.71% -0.57%
7 AMD Advanced Micro Devices, Inc. NDXSPXAI 516.10 172.61 $841.55B - 6.33% 8.06% 13.64% 48.64%
8 ORCL Oracle Corporation SPXAI 225.78 40.46 $649.35B 0.89% 13.07% 57.57% 10.59% 22.81%
9 ASML ASML Holding N.V. NDXAI 1,612.76 53.76 $621.59B 0.54% 43.81% 52.24% 15.55% 19.55%
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Quarterly Results

Figures in USD.

Metric Jun 2021Sep 2021Mar 2022Jun 2022Sep 2022Mar 2023Jun 2023Sep 2023Mar 2024Jun 2024Sep 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Revenue 1.14M1.31M1.71M1.37M1.70M1.58M1.71M2.56M2.46M2.18M1.87M15.00M3.10M3.74M2.75M2.86M
Cost of Revenue -----------1.12M1.12M1.07M968.00K1.04M
Gross Profit 689.00K1.00M1.10M751.00K1.04M421.00K705.00K1.53M1.66M1.39M1.04M13.88M1.98M2.67M1.78M1.82M
Operating Expenses -----------25.17M28.48M30.41M36.62M56.55M
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-34.84M-54.73M
EBITDA ------------4.64M-166.62M-139.22M-38.27M-42.40M
Interest Expense -----------226.00K206.00K201.00K3.38M259.00K
Pretax Income ------------5.42M-167.33M-139.99M-42.33M-46.81M
Tax Provision -----------0----28.45M
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-42.33M-18.36M
Diluted EPS -0.04-0.03-0.09-0.11-0.11-0.20-0.21-0.12-0.11-0.10-0.11-0.02-0.55-0.41-0.12-0.05
R&D Expense 6.29M6.31M6.80M7.46M7.51M10.91M9.55M9.46M8.53M8.36M8.67M10.29M12.69M14.07M-25.79M

Profit & Loss (Annual)

Figures in USD.

Metric Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Revenue 5.16M-7.17M8.76M8.83M24.59M
Cost of Revenue --2.92M4.14M3.26M4.28M
Gross Profit 4.25M-4.25M4.62M5.56M20.31M
Operating Expenses --63.71M85.17M82.79M120.67M
Operating Income -31.47M--59.46M-80.55M-77.22M-100.37M
EBITDA ---49.03M-80.83M-138.05M-348.74M
Interest Expense --2.33M37.00K3.90M4.01M
Pretax Income ---53.70M-82.72M-143.88M-355.06M
Tax Provision ------
Net Income -10.02M--53.70M-82.72M-143.88M-355.06M
Diluted EPS -0.08--0.45-0.60-0.75-1.11
R&D Expense 20.41M25.40M32.10M37.88M35.30M50.73M

Compounded Sales Growth

5 Years:50.78%
1 Year:-80.90%

Compounded Profit Growth

5 Years:-187.06%
1 Year:-

Stock Price Performance

1 Year:+84.57%
6 Months:+33.42%
3 Months:+60.49%
1 Month:+64.97%

Balance Sheet (Annual)

Figures in USD.

Metric Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Total Assets ---26.95M59.36M199.85M915.81M
Current Assets ---13.93M47.05M185.04M896.23M
Cash & Equivalents ---7.07M41.31M177.98M635.35M
Inventory ---2.20M2.08M1.69M2.78M
Receivables ---757.00K1.65M1.42M1.59M
Total Liabilities ---56.41M83.84M137.21M63.58M
Current Liabilities ---16.04M11.25M30.14M21.15M
Long Term Debt ---31.17M63.85M30.13M35.83M
Total Debt ---42.28M72.65M38.38M43.46M
Total Equity -103.87M32.73M--29.46M-24.48M62.65M852.23M
Shares Outstanding ---113.34M161.11M266.60M358.74M

Cash Flows (Annual)

Figures in USD.

Metric Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Operating Cash Flow -29.29M--45.23M-60.65M-42.64M-71.98M
Investing Cash Flow -789.00K--498.00K-630.00K-3.14M-251.13M
Financing Cash Flow 43.14M-43.27M95.64M182.45M779.15M
Capital Expenditure -736.00K--498.00K-630.00K-2.40M-4.31M
Free Cash Flow -30.02M--45.72M-61.28M-45.04M-76.29M
Net Change in Cash ---2.46M34.36M136.67M456.03M

Ratios (Annual)

Figures in %.

Metric Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Gross Margin % 82.3%-59.2%52.8%63.0%82.6%
Operating Margin % -609.8%--828.9%-919.7%-874.8%-408.2%
Net Margin % -194.2%--748.7%-944.5%-1,630.0%-1,444.1%
ROE % -30.6%-182.3%337.9%-229.7%-41.7%
ROCE % ---545.1%-167.4%-45.5%-11.2%

Shareholding Pattern

Insiders
2.27%
Institutions
48.36%
Public Float
49.48%

Top Institutional Holders

#Holder% HeldSharesValue
1 Blackrock Inc. 8.22% 30.15M $908.84M
2 Vanguard Portfolio Management LLC 5.67% 20.79M $626.70M
3 Vanguard Capital Management LLC 4.32% 15.85M $477.76M
4 UBS Group AG 2.69% 9.87M $297.47M
5 Geode Capital Management, LLC 2.46% 9.04M $272.46M
6 State Street Corporation 2.31% 8.47M $255.31M
7 Clear Street Group Inc. 1.56% 5.71M $172.07M
8 Goldman Sachs Group Inc 1.17% 4.28M $128.92M
9 Bank of America Corporation 1.06% 3.89M $117.13M
10 HRT Financial LP 0.92% 3.36M $101.26M

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