QBTS
D-Wave Quantum Inc.D-Wave Quantum Inc. reported revenue of $24.59M in its most recent fiscal year, up 178.5% on the year before. It kept -1444.1% of that as net income, and generated -$75.84M of free cash flow. Figures below are compared against other companies classified under Services-Computer Processing & Data Preparation.
Grades vs. industry
Growth
| Metric | Company | Industry median | Rank |
|---|---|---|---|
Revenue growth (YoY) Latest fiscal year revenue vs. the year before. | 178.5% | 6.7% | — |
Revenue growth (3y) Annualized revenue growth over three fiscal years. | 50.8% | 6.8% | — |
Revenue growth (5y) Annualized revenue growth over five fiscal years. | 36.7% | 8.1% | — |
EPS growth (YoY) Diluted EPS vs. the prior fiscal year. | Not reported | -1.7% | — |
EPS growth (3y) Annualized diluted EPS growth over three fiscal years. | Not reported | 8.8% | — |
EPS growth (5y) Annualized diluted EPS growth over five fiscal years. | Not reported | 16.7% | — |
Free cash flow growth (YoY) Operating cash flow less capital expenditure, vs. prior year. | Not reported | 12.5% | — |
Free cash flow growth (3y) Annualized free cash flow growth over three fiscal years. | Not reported | 7.7% | — |
“Not reported” means the company did not tag this figure in its filing, not that the value is zero. Nothing here is ranked: this company reported an operating loss several times its revenue, so it is left out of its industry’s comparisons and does not count toward the medians shown. Its own figures are exactly as filed.
Profitability
| Metric | Company | Industry median | Rank |
|---|---|---|---|
Gross margin Gross profit as a share of revenue. Often unreported. | 82.6% | 64.6% | — |
Operating margin Operating income as a share of revenue. | -408.2% | 2.9% | — |
Net margin Net income as a share of revenue. | -1444.1% | 3.6% | — |
Free cash flow margin Free cash flow as a share of revenue. | -308.5% | 11.7% | — |
Return on equity Net income divided by shareholder equity. | -41.7% | 7.0% | — |
Return on assets Net income divided by total assets. | -38.8% | 2.9% | — |
Return on invested capital After-tax operating profit over debt plus equity less cash. | -31.4% | 4.3% | — |
“Not reported” means the company did not tag this figure in its filing, not that the value is zero. Nothing here is ranked: this company reported an operating loss several times its revenue, so it is left out of its industry’s comparisons and does not count toward the medians shown. Its own figures are exactly as filed.
Financial health
| Metric | Company | Industry median | Rank |
|---|---|---|---|
Debt to equity Total debt divided by shareholder equity. | 0.04x | 0.53x | — |
Current ratio Current assets over current liabilities. | 42.38x | 1.99x | — |
Quick ratio Current assets excluding inventory, over current liabilities. | 42.25x | 1.86x | — |
Interest coverage Operating income divided by interest expense. | -25.01x | 4.46x | — |
Net debt to EBITDA Net debt over derived EBITDA. EBITDA is not a GAAP tag; it is computed. | Not reported | -1.54x | — |
“Not reported” means the company did not tag this figure in its filing, not that the value is zero. Nothing here is ranked: this company reported an operating loss several times its revenue, so it is left out of its industry’s comparisons and does not count toward the medians shown. Its own figures are exactly as filed.
Debt figures can be understated where a filer splits borrowings across XBRL tags this site does not match.
Insider activity
Trades reported by officers, directors and 10% shareholders on SEC Form 4. None of the last 13 reported transactions were open-market purchases — grants, option exercises and sales make up the majority of insider filings at most companies.
| Date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| Oct 15, 2026 | BARATZ ALAN E President & CEO | Withheld for tax | 52,320 | $12.03 | $629.4K |
| Oct 15, 2026 | GOLKOV GREGORY Acting CFO & SVP, Finance | Withheld for tax | 15,859 | $12.03 | $190.8K |
| Oct 15, 2026 | Nguyen Diane EVP, Chief Legal Officer & GC | Withheld for tax | 4,066 | $12.03 | $48.9K |
| Oct 15, 2026 | AMES SOPHIE C Exec. Vice President & CHRO | Withheld for tax | 3,180 | $12.03 | $38.3K |
| Sep 18, 2026 | GAVGANI BERNARD Director | Grant or award | 16,493 | $0.00 | $0.00 |
| Sep 17, 2026 | GOLKOV GREGORY Acting CFO & SVP, Finance | Grant or award | 27,081 | $0.00 | $0.00 |
| Sep 15, 2026 | Nguyen Diane EVP, Chief Legal Officer & GC | Withheld for tax | 3,191 | $16.83 | $53.7K |
| Sep 15, 2026 | AMES SOPHIE C Exec. Vice President & CHRO | Withheld for tax | 1,544 | $16.83 | $26.0K |
| Sep 15, 2026 | BLACK STANLEY T Exec. Vice President & CISO | Withheld for tax | 1,535 | $16.83 | $25.8K |
| Sep 15, 2026 | GOLKOV GREGORY Acting CFO & SVP, Finance | Withheld for tax | 1,132 | $16.83 | $19.1K |
| Sep 8, 2026 | DiLullo John D Director | Open-market sale | 1,100 | $18.00 | $19.8K |
| Aug 17, 2026 | AMES SOPHIE C Exec. Vice President & CHRO | Withheld for tax | 23,850 | $21.17 | $504.9K |
| Aug 17, 2026 | Nguyen Diane EVP, Chief Legal Officer & GC | Withheld for tax | 4,042 | $21.17 | $85.6K |
A dash under price or value means none was reported, which is normal for grants and gifts — it does not mean the shares were free. Option exercises and awards are compensation arriving on a schedule, not a judgement about the stock.
Annual financials
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|
| Revenue | $24.59M | $8.83M | $8.76M | $7.17M | $6.28M | $5.16M |
| Gross profit | $20.31M | $5.56M | $4.62M | $4.25M | $4.53M | $4.25M |
| Operating income | -$100.37M | -$77.22M | -$80.55M | -$59.46M | -$38.95M | -$31.47M |
| Net income | -$355.06M | -$143.88M | -$82.72M | -$53.70M | -$40.97M | -$21.97M |
| EPS (diluted) | -$1.11 | n/c | n/c | n/c | n/c | n/c |
| Operating cash flow | -$71.98M | -$42.64M | -$60.65M | -$45.23M | -$34.80M | -$29.29M |
| Capital expenditure | $3.86M | $2.11M | $583.0K | $423.0K | $1.77M | $736.0K |
| Free cash flow | -$75.84M | -$44.75M | -$61.23M | -$45.65M | -$36.57M | -$30.02M |
| Total assets | $915.81M | $199.85M | $59.36M | $26.95M | $29.47M | $35.80M |
| Shareholder equity | $852.23M | $62.65M | -$24.48M | -$29.46M | -$18.36M | $20.78M |
| Total debt | $35.83M | $30.13M | $63.85M | $33.03M | $30.53M | $1.61M |
| Cash | $635.35M | $177.98M | $41.31M | $7.07M | $9.48M | $21.34M |
A dash means the figure was not tagged in that year’s filing. It does not mean zero. Figures reflect the most recent filing covering each period, so restated years show their restated values.
n/c marks per-share figures that are not comparable. Companies report each year as their filings stated it, and an annual report restates only its two prior years — so after a stock split, older years remain on the pre-split share count. Totals above are unaffected.
Source
Figures come from D-Wave Quantum Inc.’s filings with the SEC, as submitted in XBRL. The most recent annual figures are from a 10-K filed Feb 26, 2026. View filings on EDGAR.