D-Wave Quantum Inc. (QBTS)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$12.4M

Revenue growth

-44.2%

Net income, last twelve months

-$248.7M

Earnings per share

-$0.71

Gross margin

64.2%

Operating margin

-1372.9%

Net margin

-2001.6%

Free cash flow

-$119.1M

Return on equity

-23.0%

Market value

$4.4B

Cash

$296.6M

Debt

$34.9M

Debt to equity

0.03

Shares outstanding

372.0M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 6 August 2026.

• Second quarter revenue flat year on year. Second quarter revenue was $3.1 million, the same as a year earlier. First half revenue was $5.9 million, down from $18.1 million, which included a 2025 annealing system sale.
• Bookings up sharply in first half. First half bookings were $35.5 million, up 1,120%. Second quarter bookings were $2.1 million, up 59% from $1.3 million a year earlier.
• Net loss narrowed on warrant charge. Second quarter net loss was $48.0 million, or $0.13 per share, against $167.3 million a year earlier. The smaller loss reflects lower non-cash warrant remeasurement charges.
• First half loss cut by tax benefit. First half net loss was $66.4 million, or $0.18 per share. A $28.4 million income tax benefit from the Quantum Circuits acquisition offset part of the pre-tax loss.
• Commercial share of revenue rose. Commercial customers were 62.4% of second quarter revenue, compared with 45.1% a year earlier.
• First half commercial share higher. Commercial customers were 67.7% of first half revenue, compared with 16.0% in the first half of 2025.
• Named engagements with large enterprises. New and renewing engagements were signed for commercial and research use, including with a major gambling and entertainment company, AT&T, Nasdaq Verafin, Oki Electric, Shionogi and Unisys.
• Forbes Global 2000 share of revenue rose. Forbes Global 2000 customers were 47.7% of second quarter revenue, compared with 20.4% a year earlier.
• Over 100 customers recognized revenue. Revenue in the first half came from over 100 individual customers, more than half of them commercial enterprises.
• Remaining obligations reached $40.7 million. Remaining performance obligations were $40.7 million at June 30, up 668% from $5.3 million a year earlier. About 57% is expected to be recognized within 12 months and 72% within two years.
• Second quarter booking size up 87%. The average booking size rose by over 87% year over year in the second quarter.
• First half booking size up over 1,120%. The average booking size for the first half rose by over 1,120% year over year.
• Gross margin fell on personnel costs. Second quarter GAAP gross margin was 55.4%, down from 63.8%. Gross profit fell 14% to $1.7 million, which the company attributed mainly to higher personnel costs.
• Second quarter operating expenses up 93%. GAAP operating expenses were $55.0 million, up $26.5 million, driven by $9.7 million in personnel costs, $4.5 million in stock-based compensation and $4.4 million in depreciation and amortization.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2024

By region, FY2025

Company events

The newest 8-K filings of 167 held.

Every filing

The newest filings with the SEC of 349 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

625 funds held it at 30 Jun 2026: 351 added and 94 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Automatic Data Processing Inc. (ADP): revenue $21.9B, market value $113.5B
• Workday, Inc. (WDAY): revenue $10.2B, market value $50.3B
• Reddit, Inc. (RDDT): revenue $2.8B, market value $27.2B
• Verisk Analytics, Inc. (VRSK): revenue $3.1B, market value $24.7B
• Toast, Inc. (TOST): revenue $6.8B, market value $18.9B
• RingCentral, Inc. (RNG): revenue $2.6B, market value $7.6B
• Applied Digital Corp. (APLD): revenue –, market value $6.1B
• Pegasystems Inc. (PEGA): revenue $1.7B, market value $5.8B
• Bilibili Inc. (BILI): revenue $4.2B, market value $5.4B
• SharonAI Holdings Inc. (SHAZ): revenue –, market value $4.8B

What the company does

D-Wave Quantum Inc. develops and delivers quantum computing systems, software and services. Its main products are annealing quantum computers, which it describes as suited to optimization problems. It added gate-model quantum computing through the acquisition of Quantum Circuits, Inc., completed on 20 January 2026. Customers use the machines through the Leap quantum cloud service, which is available in 42 countries, or buy systems to run on their own premises.

What it sells

D-Wave sells three things: access to its quantum computers through the cloud (which it calls quantum computing as a service, or QCaaS), professional services, and quantum computer systems. The Leap service launched in 2018. The company says it offers 99.9% availability and uptime, sub-second response times and service-level agreements for production customers. It has maintained SOC 2 Type 2 compliance for Leap since 2023.

Alongside the hardware sit hybrid solvers that combine quantum and classical computing. The Stride hybrid solver handles problems with up to two million variables and constraints. D-Wave also offers the Ocean software development kit, a set of open-source programming tools. The company says it expects to offer superconducting gate-model systems for purchase in 2026.

How it earns money

QCaaS revenue is recognised ratably over the contract term, which generally ranges from one month to two years. Professional services revenue is recognised over time as work is completed. System sales are recognised over the installation period. The company describes system revenue as irregular and intermittent.

Customers usually start through the D-Wave Launch program. The company works with them from use-case analysis through proof-of-concept to production. It treats all engagements before full production as non-recurring revenue per application. Once an application is in production and consumes QCaaS resources, the revenue is recurring. D-Wave says it has two types of cloud contracts: large multi-year engagements and smaller recurring contracts that are often multi-month.

Who buys from it

D-Wave says its customers include more than two dozen of the Forbes Global 2000 companies. Names the filing lists include Mastercard, Deloitte, BASF, Pfizer, Unisys, Siemens Healthineers, NTT DOCOMO, Ford Otosan, ArcelorMittal, DENSO, BBVA and NEC Corporation. Thousands of developers have also built early applications on its systems.

Typical uses are workforce scheduling, production scheduling, vehicle routing, resource allocation and portfolio optimization. Pattison Food Group, for example, uses a delivery scheduling application that serves over 100 stores. The company names manufacturing, retail, logistics, financial services, telecommunication services, life sciences and pharmaceuticals, and the public sector as its first target verticals.

Research, academic and government customers buy on-premises Advantage2 systems. Davidson Technologies hosts an Advantage2 system in Huntsville, Alabama. Advantage2 quantum computers are operational in Canada, the United States and Germany.

How it sells

The company uses three routes to market: direct sales, partners and developers. Partners include the systems integrators Deloitte and PWC. They also include resellers and software partners such as NEC, Carahsoft and Staque. Customers can buy Leap and Launch services through AWS Marketplace.

For developers, D-Wave offers a free download of Ocean and free trials of Leap through its Quantum LaunchPad program. Its Quantum Voyager program gives universities and research institutions free trial access. The company uses these programs to find prospects who may become paying customers.

Where it builds things and who works there

D-Wave builds its qubits from superconducting circuits. It uses third-party foundries, including SkyWater Technology Foundry, Inc. for wafers, and does its own circuit design, testing and characterisation. It leases four operating facilities in North America: Burnaby and Richmond in British Columbia, Palo Alto in California, and New Haven in Connecticut. System development and manufacturing are in Burnaby, and gate-model research and development is in New Haven. The company says it plans to move its headquarters to Boca Raton, Florida and open a research and development facility there.

Its annealing systems draw 12.5 kilowatts of system power. The company owned more than 550 granted and pending patents at 31 December 2025, including more than 260 issued United States patents. The Quantum Circuits acquisition added more than 250 more granted and pending patents, owned or exclusively licensed.

Of its employees, 382 are full time. About 58 percent are based near the Burnaby and New Haven facilities, and about 27 percent hold a doctorate. Dr. Alan Baratz has been Chief Executive Officer since 2020. None of the employees belong to a labor union.

How it competes

D-Wave says it is the only company building both annealing and gate-model systems. Other companies pursuing gate-model computing include Rigetti Computing, IBM, Google, IonQ, Quantinuum, QuEra, Atom, Pasqal, PsiQuantum and Xanadu. They use superconducting, ion trap, neutral atom, photonic or spin qubit approaches.

Cloud platforms such as Amazon Braket and Microsoft Azure offer access to machines built by others. In optimization, D-Wave also competes with classical solvers such as ILOG CPLEX, Gurobi Optimizer and Hexaly Optimizer. It competes as well with the quantum-inspired technology from Toshiba and Fujitsu.

*From D-Wave's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1907982/000190798226000026/qbts-20251231.htm)*

From the company's 10-K.