Income Statement D-Wave Quantum Inc.

Stocks

QBTS

US26740W1099

IT Services & Consulting

Market Closed - NYSE Other stock markets 01:33:15 18/07/2026 am IST			After hours 05:30:00 am
16.73 ^USD	-1.12%		17.75	+6.10%

30/06	D-Wave Quantum to Receive US Grant for Yale-Led Quantum Initiative	MT
26/06	A Quantum Leap: The Technology Trying to Reinvent the Computer

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Published financial data: D-WAVE QUANTUM INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	62.79L	71.73L	87.58L	88.27L	2.46Cr
Total Revenues	62.79L	71.73L	87.58L	88.27L	2.46Cr
Cost of Goods Sold, Total	17.5L	29.23L	41.36L	32.64L	42.81L
Gross Profit	45.29L	42.5L	46.22L	55.63L	2.03Cr
Selling General & Admin Expenses, Total	1.83Cr	3.18Cr	4.73Cr	4.75Cr	6.99Cr
R&D Expenses	2.51Cr	3.19Cr	3.79Cr	3.53Cr	5.07Cr
Other Operating Expenses, Total	4.35Cr	6.37Cr	8.52Cr	8.28Cr	12Cr
Operating Income	-3.89Cr	-5.95Cr	-8.05Cr	-7.72Cr	-10Cr
Interest Expense, Total	-17.28L	-46.33L	-21.55L	-38.97L	-40.13L
Interest And Investment Income	-	56.73L	-	-	2.41Cr
Net Interest Expenses	-17.28L	10.4L	-21.55L	-38.97L	2.01Cr
Currency Exchange Gains (Loss)	6L	12L	-	-	-
Other Non Operating Income (Expenses)	73.6L	56.89L	-7L	-6.36Cr	-27Cr
EBT, Excl. Unusual Items	-3.27Cr	-5.15Cr	-8.34Cr	-14Cr	-35Cr
Gain (Loss) On Sale Of Investments	11.63L	-	-	14.95L	-2L
Other Unusual Items	-	-	6L	-6L	-
EBT, Incl. Unusual Items	-3.15Cr	-5.15Cr	-8.27Cr	-14Cr	-36Cr
Earnings From Continuing Operations	-3.15Cr	-5.15Cr	-8.27Cr	-14Cr	-36Cr
Net Income to Company	-3.15Cr	-5.15Cr	-8.27Cr	-14Cr	-36Cr
Net Income - (IS)	-3.15Cr	-5.15Cr	-8.27Cr	-14Cr	-36Cr
Net Income to Common Incl Extra Items	-3.15Cr	-5.15Cr	-8.27Cr	-14Cr	-36Cr
Net Income to Common Excl. Extra Items	-3.15Cr	-5.15Cr	-8.27Cr	-14Cr	-36Cr
Per Share Items
Net EPS - Basic	-9.96	-0.43	-0.6	-0.75	-1.11
Basic EPS - Continuing Operations	-9.96	-0.43	-0.6	-0.75	-1.11
Basic Weighted Average Shares Outstanding	31.67L	12Cr	14Cr	19Cr	32Cr
Net EPS - Diluted	-9.96	-0.43	-0.6	-0.75	-1.11
Diluted EPS - Continuing Operations	-9.96	-0.43	-0.6	-0.75	-1.11
Diluted Weighted Average Shares Outstanding	31.67L	12Cr	14Cr	19Cr	32Cr
Normalized Basic EPS	-6.45	-0.27	-0.38	-0.47	-0.69
Normalized Diluted EPS	-6.45	-0.27	-0.38	-0.47	-0.69
Supplemental Items
EBITDA	-3.74Cr	-5.8Cr	-7.95Cr	-7.61Cr	-9.88Cr
EBITA	-3.88Cr	-5.94Cr	-8.04Cr	-7.71Cr	-10Cr
EBIT	-3.89Cr	-5.95Cr	-8.05Cr	-7.72Cr	-10Cr
EBITDAR	-3.61Cr	-5.63Cr	-7.75Cr	-7.41Cr	-9.69Cr
Normalized Net Income	-2.04Cr	-3.22Cr	-5.21Cr	-9.05Cr	-22Cr
Interest on Long-Term Debt	17.28L	-	-	38.97L	40.13L
Supplemental Operating Expense Items
Selling and Marketing Expenses	61.79L	1.01Cr	1.03Cr	1.51Cr	2.88Cr
General and Administrative Expenses	1.08Cr	2Cr	3.7Cr	3.24Cr	4.12Cr
Research And Development Expense From Footnotes	2.54Cr	3.21Cr	3.79Cr	3.53Cr	5.07Cr
Net Rental Expense, Total	13.25L	17.66L	19.66L	20.21L	19.01L
Imputed Operating Lease Interest Expense	14.18L	32.81L	6L	11.35L	14.92L
Imputed Operating Lease Depreciation	-93.31T	-15.15L	13.76L	9L	4L
Stock-Based Comp., COGS (Total)	-	4L	12.72L	6L	8L
Stock-Based Comp., R&D Exp. (Total)	3L	31.41L	82.86L	50.89L	79.16L
Stock-Based Comp., S&M Exp. (Total)	2L	30.29L	10.05L	17.59L	39.48L
Stock-Based Comp., G&A Exp. (Total)	11.64L	26.15L	1.14Cr	81.66L	1Cr
Total Stock-Based Compensation	17.39L	91.64L	2.19Cr	1.57Cr	2.27Cr

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	94.83L	70.65L	4.13Cr	18Cr	64Cr
Short Term Investments	-	-	-	-	25Cr
Total Cash And Short Term Investments	94.83L	70.65L	4.13Cr	18Cr	88Cr
Accounts Receivable, Total	4L	8L	16.52L	14.2L	15.87L
Other Receivables	47.74L	3L	86T	-	30.93L
Total Receivables	52.12L	10.79L	17.38L	14.2L	46.8L
Inventory	21.14L	21.96L	20.78L	16.86L	27.76L
Prepaid Expenses	5L	29.9L	13.62L	31.09L	19.42L
Other Current Assets, Total	18.33L	6L	6L	8L	23.53L
Total Current Assets	1.92Cr	1.39Cr	4.7Cr	19Cr	90Cr
Gross Property Plant And Equipment	3.36Cr	3.45Cr	3.48Cr	3.64Cr	4.02Cr
Accumulated Depreciation	-2.18Cr	-2.31Cr	-2.41Cr	-2.5Cr	-2.59Cr
Net Property Plant And Equipment	1.18Cr	1.14Cr	1.08Cr	1.14Cr	1.44Cr
Long-term Investments	11.69L	11.68L	11.68L	25.74L	23.91L
Other Intangibles, Total	3L	2L	2L	5L	9L
Deferred Charges Long-Term	-	-	-	2L	16.65L
Other Long-Term Assets, Total	2L	2L	2L	2L	3L
Total Assets	3.26Cr	2.69Cr	5.94Cr	20Cr	92Cr
Liabilities
Accounts Payable, Total	21.09L	37.56L	14.65L	8L	10L
Accrued Expenses, Total	35.54L	66.42L	52.98L	87.84L	1.58Cr
Short-term Borrowings	-	4L	-	-	-
Current Portion of Long-Term Debt	3L	16.71L	4L	3L	1L
Current Portion of Leases	16.87L	15.33L	13.74L	15.12L	14.48L
Unearned Revenue Current, Total	26.65L	17.81L	26.69L	1.87Cr	27.78L
Other Current Liabilities	21T	45T	45T	-	-
Total Current Liabilities	1.03Cr	1.58Cr	1.12Cr	3.01Cr	2.11Cr
Long-Term Debt	1.22Cr	78.11L	6.38Cr	3.01Cr	3.58Cr
Long-Term Leases	69.9L	73.01L	70.28L	63.89L	60.5L
Unearned Revenue Non Current	54T	9T	79T	7L	6L
Other Non Current Liabilities	18T	18.92L	16.3L	6.99Cr	-
Total Liabilities	2.96Cr	3.29Cr	8.38Cr	14Cr	6.36Cr
Preferred Stock Convertible	19Cr	-	-	-	-
Total Preferred Equity	19Cr	-	-	-	-
Common Stock, Total	26.1L	11T	16T	27T	35T
Additional Paid In Capital	15Cr	38Cr	47Cr	70Cr	184.32Cr
Retained Earnings	-33Cr	-38Cr	-48Cr	-63Cr	-98Cr
Comprehensive Income and Other	-1.04Cr	-1.04Cr	-1.05Cr	-1.05Cr	-90.21L
Total Common Equity	-19Cr	-59.14L	-2.45Cr	6.26Cr	85Cr
Total Equity	30.2L	-59.14L	-2.45Cr	6.26Cr	85Cr
Total Liabilities And Equity	3.26Cr	2.69Cr	5.94Cr	20Cr	92Cr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	31.67L	13Cr	16Cr	29Cr	37Cr
ECS Total Common Shares Outstanding	31.67L	11Cr	16Cr	27Cr	36Cr
Book Value / Share	-59	-0.05	-0.15	0.23	2.38
Tangible Book Value	-19Cr	-61.58L	-2.47Cr	6.22Cr	85Cr
Tangible Book Value Per Share	-59.09	-0.05	-0.15	0.23	2.37
Total Debt	2.12Cr	1.87Cr	7.27Cr	3.84Cr	4.35Cr
Net Debt	1.17Cr	1.17Cr	3.13Cr	-14Cr	-84Cr
Debt Equivalent Oper. Leases	1.06Cr	1.41Cr	1.57Cr	1.62Cr	1.52Cr
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	21.03L	21.7L	20.52L	16.77L	27.46L
Inventories - Work In Process, Total	11T	26T	26T	9T	30T
Machinery, Total	2.37Cr	2.42Cr	2.46Cr	2.64Cr	2.88Cr
Full Time Employees	190	215	200	216	382
Part Time Employees	-	-	-	4	6
Accumulated Allowance for Doubtful Accounts (Supple)	-	-	-	2L	1T

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	-3.15Cr	-5.15Cr	-8.27Cr	-14Cr	-36Cr
Depreciation & Amortization - CF	25.01L	22.33L	17.45L	18.32L	21.06L
Amortization of Goodwill and Intangible Assets - (CF)	1L	1L	1L	1L	2L
Depreciation & Amortization, Total	26.02L	23.33L	18.45L	19.32L	23.06L
Amortization of Deferred Charges, Total - (CF)	-	-	10L	-	-
(Gain) Loss on Sale of Investments - (CF)	-11.63L	-	-	-14.95L	2L
Stock-Based Compensation (CF)	17.39L	91.64L	2.19Cr	1.57Cr	2.27Cr
Provision and Write-off of Bad Debts	-	1T	-	-	-
Other Operating Activities, Total	-52.68L	-82.17L	7T	6.43Cr	27Cr
Change In Accounts Receivable	2L	-3L	-8L	1L	-2L
Change In Inventories	2L	-1L	-2L	-2L	-23.98L
Change In Accounts Payable	-4L	35.97L	-26.14L	-6L	3L
Change in Unearned Revenues	-19.02L	-9L	10L	1.66Cr	-1.6Cr
Change in Other Net Operating Assets	8L	8L	13T	49.02L	36.84L
Cash from Operations	-3.48Cr	-4.52Cr	-6.06Cr	-4.26Cr	-7.2Cr
Capital Expenditure	-17.74L	-4L	-6L	-21.06L	-38.62L
Sale (Purchase) of Intangible assets	-2L	-75T	-47T	-3L	-4L
Investment in Marketable and Equity Securities, Total	-	-	-	3L	-25Cr
Other Investing Activities, Total	-	-	-	-10L	10L
Cash from Investing	-19.99L	-5L	-6L	-31.41L	-25Cr
Long-Term Debt Issued, Total	1L	2Cr	2.9Cr	-	4L
Total Debt Issued	1L	2Cr	2.9Cr	-	4L
Short Term Debt Repaid, Total	-	-	-4L	-3Cr	-
Long-Term Debt Repaid, Total	-4L	-2.19Cr	-18.39L	-4L	-4L
Total Debt Repaid	-4L	-2.19Cr	-22.59L	-3.04Cr	-4L
Issuance of Common Stock	85T	4.2Cr	6.61Cr	22Cr	79Cr
Repurchase of Common Stock	-	-	-4L	-31.42L	-1.03Cr
Issuance of Preferred Stock	-	-	-	-	-
Other Financing Activities, Total	2.51Cr	31.73L	32.4L	-3L	-2L
Cash from Financing	2.49Cr	4.33Cr	9.56Cr	18Cr	78Cr
Foreign Exchange Rate Adjustments	34T	41T	-1L	7T	13.35L
Net Change in Cash	-1.19Cr	-24.18L	3.42Cr	14Cr	46Cr
Supplemental Items
Cash Interest Paid	-	18.08L	-	51.83L	25T
Levered Free Cash Flow	-1.45Cr	-2.24Cr	-2.92Cr	-1.8Cr	-5.8Cr
Unlevered Free Cash Flow	-1.34Cr	-1.95Cr	-2.88Cr	-1.56Cr	-5.55Cr
Change In Net Working Capital	-85.51L	-66.9L	16.26L	-1.75Cr	1.34Cr
Net Debt Issued / Repaid	-3L	-19.09L	2.67Cr	-3.04Cr	4T

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	-60.8	-124.79	-116.66	-37.24	-11.25
Return on Total Capital	-79.06	-200.81	-165.07	-64.7	-12.59
Return On Equity %	-176.48	3.56T	306.67	-753.98	-77.62
Return on Common Equity	18.34	53.46	306.67	-753.98	-77.62
Margin Analysis
Gross Profit Margin %	72.13	59.25	52.77	63.02	82.59
SG&A Margin	292.15	443.76	539.96	537.96	284.46
EBITDA Margin %	-595.86	-809.08	-907.65	-862.29	-401.86
EBITA Margin %	-618.68	-827.52	-918.54	-873.72	-407.4
EBIT Margin %	-620.29	-828.91	-919.68	-874.85	-408.22
Income From Continuing Operations Margin %	-502.39	-718.37	-944.45	-1.63T	-1.44T
Net Income Margin %	-502.39	-718.37	-944.45	-1.63T	-1.44T
Net Avail. For Common Margin %	-502.39	-718.37	-944.45	-1.63T	-1.44T
Normalized Net Income Margin	-325.57	-448.98	-594.85	-1.02T	-902.16
Levered Free Cash Flow Margin	-231.4	-311.83	-333.26	-204.09	-235.86
Unlevered Free Cash Flow Margin	-214.2	-271.47	-329.22	-176.5	-225.66
Asset Turnover
Asset Turnover	0.16	0.24	0.2	0.07	0.04
Fixed Assets Turnover	0.71	0.62	0.79	0.8	1.91
Receivables Turnover (Average Receivables)	12.1	11.45	7.1	5.75	16.35
Inventory Turnover (Average Inventory)	0.76	1.36	1.94	1.73	1.92
Short Term Liquidity
Current Ratio	1.86	0.88	4.18	6.14	42.38
Quick Ratio	1.43	0.51	3.83	5.95	42.04
Operating Cash Flow to Current Liabilities	-3.38	-2.85	-5.39	-1.41	-3.4
Days Sales Outstanding (Average Receivables)	30.17	31.88	51.41	63.69	22.32
Days Outstanding Inventory (Average Inventory)	483.36	269.1	188.59	211.03	190.22
Average Days Payable Outstanding	582.29	356.19	237.14	145.28	59.97
Cash Conversion Cycle (Average Days)	-68.75	-55.22	2.86	129.44	152.56
Long Term Solvency
Total Debt/Equity	700.96	-316.81	-296.76	61.26	5.1
Total Debt / Total Capital	87.51	146.12	150.82	37.99	4.85
LT Debt/Equity	636.52	-255.53	-289.52	58.29	4.91
Long-Term Debt / Total Capital	79.47	117.86	147.14	36.15	4.68
Total Liabilities / Total Assets	90.74	121.95	141.24	68.65	6.94
EBIT / Interest Expense	-22.54	-12.83	-37.38	-19.82	-25.01
EBITDA / Interest Expense	-20.88	-12.15	-35.97	-19.01	-24.15
(EBITDA - Capex) / Interest Expense	-21.91	-12.24	-36.25	-19.55	-25.11
Total Debt / EBITDA	-0.59	-0.33	-0.94	-0.52	-0.45
Net Debt / EBITDA	-0.32	-0.21	-0.4	1.88	8.68
Total Debt / (EBITDA - Capex)	-0.56	-0.33	-0.93	-0.5	-0.43
Net Debt / (EBITDA - Capex)	-0.31	-0.21	-0.4	1.83	8.35
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	21.69	14.24	22.1	0.79	178.54
Gross Profit, 1 Yr. Growth %	6.69	-6.16	8.75	20.36	265.02
EBITDA, 1 Yr. Growth %	26.48	55.12	36.97	-4.25	29.81
EBITA, 1 Yr. Growth %	23.7	52.8	35.53	-4.13	29.88
EBIT, 1 Yr. Growth %	23.77	52.66	35.47	-4.13	29.97
Earnings From Cont. Operations, 1 Yr. Growth %	214.85	63.35	54.03	73.95	146.78
Net Income, 1 Yr. Growth %	214.85	63.35	54.03	73.95	146.78
Normalized Net Income, 1 Yr. Growth %	135.44	57.54	55.22	73.63	145.22
Diluted EPS Before Extra, 1 Yr. Growth %	-	-95.68	33.55	24.93	47.61
Accounts Receivable, 1 Yr. Growth %	-27	86.07	102.7	-14.04	11.76
Inventory, 1 Yr. Growth %	-16.14	3.88	-5.37	-18.86	64.65
Net Property, Plant and Equip., 1 Yr. Growth %	102.45	-3.38	-5.71	5.75	26.02
Total Assets, 1 Yr. Growth %	-31.29	-17.37	120.27	236.7	358.24
Tangible Book Value, 1 Yr. Growth %	18.97	-96.71	-16.99	-352.05	1.27T
Common Equity, 1 Yr. Growth %	18.9	-96.84	-16.91	-355.9	1.26T
Cash From Operations, 1 Yr. Growth %	18.82	29.96	34.1	-29.69	68.8
Capital Expenditures, 1 Yr. Growth %	141.03	-76.16	37.82	261.23	83.38
Levered Free Cash Flow, 1 Yr. Growth %	-	53.95	39.44	-38.28	221.91
Unlevered Free Cash Flow, 1 Yr. Growth %	-	44.78	48.07	-45.97	256.14
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-	17.9	18.1	10.93	67.55
Gross Profit, 2 Yr. CAGR %	-	0.06	1.02	14.41	109.6
EBITDA, 2 Yr. CAGR %	-	40.07	45.76	14.52	11.49
EBITA, 2 Yr. CAGR %	-	37.56	43.9	13.99	11.59
EBIT, 2 Yr. CAGR %	-	37.46	43.81	13.96	11.63
Earnings From Cont. Operations, 2 Yr. CAGR %	-	126.78	61.93	63.68	107.19
Net Income, 2 Yr. CAGR %	-	126.78	61.93	63.68	107.19
Normalized Net Income, 2 Yr. CAGR %	-	92.59	59.64	64.17	106.34
Diluted EPS Before Extra, 2 Yr. CAGR %	-	-	-75.47	29.17	35.8
Accounts Receivable, 2 Yr. CAGR %	-	16.55	94.21	32	-1.99
Inventory, 2 Yr. CAGR %	-	-6.67	-0.86	-12.38	15.58
Net Property, Plant and Equip., 2 Yr. CAGR %	-	39.86	-4.56	-0.14	15.44
Total Assets, 2 Yr. CAGR %	-	-24.65	34.91	172.33	292.8
Tangible Book Value, 2 Yr. CAGR %	-	-80.21	-63.7	44.65	487.56
Common Equity, 2 Yr. CAGR %	-	-80.6	-63.8	45.82	490.02
Cash From Operations, 2 Yr. CAGR %	-	24.27	32.01	-2.9	8.94
Capital Expenditures, 2 Yr. CAGR %	-	-24.19	-42.67	123.13	157.38
Levered Free Cash Flow, 2 Yr. CAGR %	-	-	41.73	-7.23	40.96
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	-	46.42	-10.55	38.72
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	-	19.28	12.02	50.78
Gross Profit, 3 Yr. CAGR %	-	-	2.88	7.09	68.43
EBITDA, 3 Yr. CAGR %	-	-	39.03	26.71	19.41
EBITA, 3 Yr. CAGR %	-	-	36.88	25.68	19.06
EBIT, 3 Yr. CAGR %	-	-	36.79	25.63	19.07
Earnings From Cont. Operations, 3 Yr. CAGR %	-	-	102.11	65.84	87.69
Net Income, 3 Yr. CAGR %	-	-	102.11	65.84	87.69
Normalized Net Income, 3 Yr. CAGR %	-	-	81.71	64.17	87.66
Diluted EPS Before Extra, 3 Yr. CAGR %	-	-	-	-57.79	35.05
Accounts Receivable, 3 Yr. CAGR %	-	-	40.16	48	24.87
Inventory, 3 Yr. CAGR %	-	-	-6.24	-7.26	8.13
Net Property, Plant and Equip., 3 Yr. CAGR %	-	-	22.63	-1.24	7.91
Total Assets, 3 Yr. CAGR %	-	-	7.74	83	223.92
Tangible Book Value, 3 Yr. CAGR %	-	-	-46.08	-30.75	206.02
Common Equity, 3 Yr. CAGR %	-	-	-46.19	-30.53	206.97
Cash From Operations, 3 Yr. CAGR %	-	-	27.46	7.01	16.76
Capital Expenditures, 3 Yr. CAGR %	-	-	-7.47	5.89	109.01
Levered Free Cash Flow, 3 Yr. CAGR %	-	-	-	7.43	40.45
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	-	-	5.02	41.77
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	-	-	-	36.65
Gross Profit, 5 Yr. CAGR %	-	-	-	-	36.76
EBITDA, 5 Yr. CAGR %	-	-	-	-	27.28
EBITA, 5 Yr. CAGR %	-	-	-	-	26.14
EBIT, 5 Yr. CAGR %	-	-	-	-	26.11
Earnings From Cont. Operations, 5 Yr. CAGR %	-	-	-	-	104.12
Net Income, 5 Yr. CAGR %	-	-	-	-	104.12
Normalized Net Income, 5 Yr. CAGR %	-	-	-	-	91.19
Accounts Receivable, 5 Yr. CAGR %	-	-	-	-	21.47
Inventory, 5 Yr. CAGR %	-	-	-	-	1.95
Net Property, Plant and Equip., 5 Yr. CAGR %	-	-	-	-	19.71
Total Assets, 5 Yr. CAGR %	-	-	-	-	80.76
Tangible Book Value, 5 Yr. CAGR %	-	-	-	-	40.18
Common Equity, 5 Yr. CAGR %	-	-	-	-	40.23
Cash From Operations, 5 Yr. CAGR %	-	-	-	-	19.7
Capital Expenditures, 5 Yr. CAGR %	-	-	-	-	39.31