QBTS Chart
About

D-Wave Quantum Inc. develops and delivers quantum computing systems, software, and services worldwide. The company offers 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. It 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.

Fundamentals
Scroll to Statements
Sector Technology Industry Computer Hardware Market Cap 7.15B
Enterprise Value 5.74B Income -398.81M Sales 24.14M
Book/sh 1.94 Cash/sh 2.39 Dividend Yield —
Payout 0.00% Employees 216 IPO —
P/E — Forward P/E -85.43 PEG —
P/S 295.94 P/B 9.97 P/C —
EV/EBITDA -68.00 EV/Sales 237.61 Quick Ratio 54.19
Current Ratio 54.68 Debt/Eq 5.93 LT Debt/Eq —
EPS (ttm) -1.44 EPS next Y -0.23 EPS Growth —
Revenue Growth 99.90% Earnings 2026-02-26 ROA -11.71%
ROE -122.03% ROIC — Gross Margin 82.82%
Oper. Margin -7.42% Profit Margin 0.00% Shs Outstand 366.65M
Shs Float 339.81M Short Float 15.99% Short Ratio 1.47
Short Interest — 52W High 46.75 52W Low 4.45
Beta 1.57 Avg Volume 33.06M Volume 13.30M
Target Price $39.24 Recom Strong_buy Prev Close $18.66
Price $19.32 Change 3.54%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$39.24
Mean price target
2. Current target
$19.65
Latest analyst target
3. DCF / Fair value
$-1.81
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$19.65
Low
$22.54
High
$48.00
Mean
$39.24

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-01-29 reit Needham Buy → Buy $48
2026-01-28 main Rosenblatt Buy → Buy $43
2026-01-23 reit Benchmark Buy → Buy $35
2026-01-22 reit Needham Buy → Buy $48
2026-01-08 main Rosenblatt Buy → Buy $43
2026-01-07 main Rosenblatt Buy → Buy $40
2025-12-17 init Wedbush — → Outperform $35
2025-12-16 init Jefferies — → Buy $45
2025-12-11 init Mizuho — → Outperform $46
2025-12-03 init Evercore ISI Group — → Outperform $44
2025-11-10 main Benchmark Buy → Buy $35
2025-11-07 main Canaccord Genuity Buy → Buy $41
2025-11-07 main Cantor Fitzgerald Overweight → Overweight $40
2025-11-07 main Rosenblatt Buy → Buy $40
2025-09-22 main B. Riley Securities Buy → Buy $33
2025-08-08 main Piper Sandler Overweight → Overweight $22
2025-08-05 init Stifel — → Buy $26
2025-08-04 reit Benchmark Buy → Buy $20
2025-07-29 init Rosenblatt — → Buy $30
2025-07-23 main B. Riley Securities Buy → Buy $22
Insider Transactions
Date Shares Value Url Text Insider Position Transaction Start Date Ownership
0 1451 28671.0 — Sale at price 19.76 per share. NGUYEN DIANE General Counsel — 2026-02-13 00:00:00 D
1 24519 703972.0 — Sale at price 28.06 - 28.86 per share. NGUYEN DIANE General Counsel — 2026-01-14 00:00:00 D
2 35013 982545.0 — Sale at price 28.06 per share. BARATZ ALAN E Chief Executive Officer — 2026-01-14 00:00:00 D
3 9179 257584.0 — Sale at price 28.06 per share. MARKOVICH JOHN M Chief Financial Officer — 2026-01-14 00:00:00 D
4 793712 23913114.0 — Sale at price 30.13 per share. BARATZ ALAN E Chief Executive Officer — 2025-12-22 00:00:00 D
5 100000 3002620.0 — Sale at price 30.03 per share. MARKOVICH JOHN M Chief Financial Officer — 2025-12-22 00:00:00 D
6 793712 722278.0 — Conversion of Exercise of derivative security at price 0.91 per share. BARATZ ALAN E Chief Executive Officer — 2025-12-22 00:00:00 D
7 100000 92000.0 — Conversion of Exercise of derivative security at price 0.92 per share. MARKOVICH JOHN M Chief Financial Officer — 2025-12-22 00:00:00 D
8 10000 242841.0 — Sale at price 24.28 per share. GHAI ROHIT Director — 2025-12-15 00:00:00 D
9 2733 65303.0 — Sale at price 23.89 per share. NGUYEN DIANE General Counsel — 2025-12-15 00:00:00 D
Financials
Line Item2024-12-312023-12-312022-12-312021-12-31
TaxEffectOfUnusualItems0.000.000.000.00
TaxRateForCalcs0.000.000.000.00
NormalizedEBITDA-71.30M-81.09M-54.58M-35.52M
TotalUnusualItems-66.75M262.00K5.54M1.16M
TotalUnusualItemsExcludingGoodwill-66.75M262.00K5.54M1.16M
NetIncomeFromContinuingOperationNetMinorityInterest-143.88M-82.72M-53.70M-40.97M
ReconciledDepreciation1.93M1.84M2.33M2.60M
ReconciledCostOfRevenue3.26M4.14M2.92M1.75M
EBITDA-138.05M-80.83M-49.03M-34.36M
EBIT-139.98M-82.68M-51.37M-36.96M
NetInterestIncome-3.90M-2.15M-2.33M-4.01M
InterestExpense3.90M37.00K2.33M4.01M
InterestIncome5.67M0.00
NormalizedIncome-77.13M-82.98M-59.25M-42.14M
NetIncomeFromContinuingAndDiscontinuedOperation-143.88M-82.72M-53.70M-40.97M
TotalExpenses86.05M89.30M66.63M45.23M
TotalOperatingIncomeAsReported-77.22M-80.55M-59.46M-38.95M
DilutedAverageShares192.13M137.99M119.65M109.74M
BasicAverageShares192.13M137.99M119.65M109.74M
DilutedEPS-0.75-0.60-0.45-0.37
BasicEPS-0.75-0.60-0.45-0.37
DilutedNIAvailtoComStockholders-143.88M-82.72M-53.70M-40.97M
NetIncomeCommonStockholders-143.88M-82.72M-53.70M-40.97M
NetIncome-143.88M-82.72M-53.70M-40.97M
NetIncomeIncludingNoncontrollingInterests-143.88M-82.72M-53.70M-40.97M
NetIncomeContinuousOperations-143.88M-82.72M-53.70M-40.97M
PretaxIncome-143.88M-82.72M-53.70M-40.97M
OtherIncomeExpense-62.76M-14.00K8.09M1.99M
OtherNonOperatingIncomeExpenses3.99M-276.00K2.55M825.00K
SpecialIncomeCharges0.00-629.00K0.00
RestructuringAndMergernAcquisition0.00629.00K0.00
GainOnSaleOfSecurity-66.75M262.00K6.17M1.16M
NetNonOperatingInterestIncomeExpense-3.90M-2.15M-2.33M-4.01M
TotalOtherFinanceCost2.12M
InterestExpenseNonOperating3.90M37.00K2.33M4.01M
InterestIncomeNonOperating5.67M0.00
OperatingIncome-77.22M-80.55M-59.46M-38.95M
OperatingExpense82.79M85.17M63.71M43.48M
OtherOperatingExpenses-7.17M
ResearchAndDevelopment35.30M37.88M32.10M25.40M
SellingGeneralAndAdministration47.49M47.29M31.61M18.08M
SellingAndMarketingExpense15.06M10.28M10.07M6.18M
GeneralAndAdministrativeExpense32.42M37.01M21.54M11.90M
OtherGandA32.42M37.01M21.54M11.90M
GrossProfit5.56M4.62M4.25M4.53M
CostOfRevenue3.26M4.14M2.92M1.75M
TotalRevenue8.83M8.76M7.17M6.28M
OperatingRevenue8.68M8.71M7.09M6.21M
Line Item2024-12-312023-12-312022-12-312021-12-31
OrdinarySharesNumber266.60M161.11M113.34M109.74M
ShareIssued266.60M161.11M113.34M109.74M
NetDebt22.94M26.39M21.26M
TotalDebt38.38M72.65M42.28M39.42M
TangibleBookValue62.16M-24.66M-29.71M-208.51M
InvestedCapital93.12M39.77M3.99M-177.49M
WorkingCapital154.90M35.80M-2.12M5.57M
NetTangibleAssets62.16M-24.66M-29.71M-18.63M
CapitalLeaseObligations7.90M8.40M8.83M8.68M
CommonStockEquity62.65M-24.48M-29.46M-208.24M
PreferredStockEquity189.88M
TotalCapitalization92.77M39.37M1.71M11.96M
TotalEquityGrossMinorityInterest62.65M-24.48M-29.46M-18.36M
StockholdersEquity62.65M-24.48M-29.46M-18.36M
GainsLossesNotAffectingRetainedEarnings-10.51M-10.52M-10.40M-10.44M
OtherEquityAdjustments-10.51M-10.52M-10.40M-10.44M
RetainedEarnings-626.94M-483.06M-400.35M-346.64M
AdditionalPaidInCapital700.07M469.08M381.27M148.85M
CapitalStock27.00K16.00K11.00K189.88M
CommonStock27.00K16.00K11.00K0.00
PreferredStock0.00189.88M
TotalLiabilitiesNetMinorityInterest137.21M83.84M56.41M47.82M
TotalNonCurrentLiabilitiesNetMinorityInterest107.06M72.59M40.37M37.38M
OtherNonCurrentLiabilities18.00K
DerivativeProductLiabilities69.88M1.63M1.89M0.00
NonCurrentDeferredLiabilities670.00K79.00K9.00K54.00K
NonCurrentDeferredRevenue670.00K79.00K9.00K54.00K
LongTermDebtAndCapitalLeaseObligation36.52M70.88M38.47M37.30M
LongTermCapitalLeaseObligation6.39M7.03M7.30M6.99M
LongTermDebt30.13M63.85M31.17M30.31M
CurrentLiabilities30.14M11.25M16.04M10.45M
OtherCurrentLiabilities451.00K175.00K
CurrentDeferredLiabilities18.69M2.67M1.83M2.69M
CurrentDeferredRevenue18.69M2.67M1.83M2.69M
CurrentDebtAndCapitalLeaseObligation1.86M1.77M3.82M2.12M
CurrentCapitalLeaseObligation1.51M1.37M1.53M1.69M
CurrentDebt348.00K399.00K2.28M432.00K
OtherCurrentBorrowings348.00K399.00K1.86M432.00K
CurrentNotesPayable0.00420.00K0.00
PensionandOtherPostRetirementBenefitPlansCurrent5.50M3.25M1.64M1.11M
PayablesAndAccruedExpenses4.10M3.56M8.76M4.54M
CurrentAccruedExpenses3.29M2.10M5.00M2.43M
Payables815.00K1.47M3.76M2.11M
OtherPayable451.00K175.00K
AccountsPayable815.00K1.47M3.76M2.11M
TotalAssets199.85M59.36M26.95M29.47M
TotalNonCurrentAssets14.81M12.31M13.02M13.45M
OtherNonCurrentAssets174.00K1.35M1.35M
NonCurrentPrepaidAssets181.00K189.00K183.00K184.00K
NonCurrentDeferredAssets174.00K0.00
InvestmentsAndAdvances2.57M1.17M1.17M1.17M
InvestmentinFinancialAssets2.57M1.17M1.17M1.17M
AvailableForSaleSecurities2.57M1.17M1.17M1.17M
GoodwillAndOtherIntangibleAssets490.00K179.00K244.00K272.00K
OtherIntangibleAssets490.00K179.00K244.00K272.00K
NetPPE11.39M10.77M11.43M11.83M
AccumulatedDepreciation-25.01M-24.05M-23.11M-21.80M
GrossPPE36.40M34.83M34.54M33.63M
Leases1.89M1.07M1.07M1.07M
ConstructionInProgress836.00K894.00K86.00K285.00K
OtherProperties6.86M6.84M6.67M6.64M
MachineryFurnitureEquipment19.55M17.80M17.58M17.05M
BuildingsAndImprovements7.26M8.22M9.13M8.58M
Properties0.000.000.000.00
CurrentAssets185.04M47.05M13.93M16.02M
OtherCurrentAssets1.59M440.00K1.54M156.00K
CurrentDeferredAssets0.001.25M
PrepaidAssets2.36M1.57M2.05M943.00K
Inventory1.69M2.08M2.20M2.11M
WorkInProcess9.00K26.00K26.00K11.00K
RawMaterials1.68M2.05M2.17M2.10M
Receivables1.42M1.65M1.08M2.07M
OtherReceivables322.00K1.65M
TaxesReceivable86.00K0.00
AccountsReceivable1.42M1.65M757.00K421.00K
AllowanceForDoubtfulAccountsReceivable-176.00K0.00
GrossAccountsReceivable1.60M1.65M
CashCashEquivalentsAndShortTermInvestments177.98M41.31M7.07M9.48M
CashAndCashEquivalents177.98M41.31M7.07M9.48M
CashEquivalents0.00
CashFinancial177.98M41.31M7.07M9.48M
Line Item2024-12-312023-12-312022-12-312021-12-31
FreeCashFlow-45.04M-61.28M-45.72M-36.80M
RepaymentOfDebt-30.37M-2.26M-21.91M-430.00K
IssuanceOfDebt0.0029.01M20.00M111.00K
IssuanceOfCapitalStock214.19M63.68M40.00M0.00
CapitalExpenditure-2.40M-630.00K-498.00K-2.00M
InterestPaidSupplementalData5.18M0.00
EndCashPosition177.98M41.31M7.07M9.48M
BeginningCashPosition41.31M7.07M9.48M21.34M
EffectOfExchangeRateChanges7.00K-115.00K41.00K34.00K
ChangesInCash136.67M34.36M-2.46M-11.89M
FinancingCashFlow182.45M95.64M43.27M24.91M
CashFlowFromContinuingFinancingActivities182.45M95.64M43.27M24.91M
NetOtherFinancingCharges-3.14M2.82M4.98M25.15M
InterestPaidCFF0.00-1.81M0.00
ProceedsFromStockOptionExercised1.77M2.39M2.00M85.00K
CashDividendsPaid0.000.000.00
NetPreferredStockIssuance0.000.00
PreferredStockIssuance0.000.00
NetCommonStockIssuance214.19M63.68M40.00M0.00
CommonStockIssuance214.19M63.68M40.00M0.00
NetIssuancePaymentsOfDebt-30.37M26.75M-1.91M-319.00K
NetShortTermDebtIssuance0.00-420.00K0.00
ShortTermDebtPayments0.00-420.00K0.00
NetLongTermDebtIssuance-30.37M27.17M-1.91M-319.00K
LongTermDebtPayments-30.37M-1.84M-21.91M-430.00K
LongTermDebtIssuance0.0029.01M20.00M111.00K
InvestingCashFlow-3.14M-630.00K-498.00K-2.00M
CashFlowFromContinuingInvestingActivities-3.14M-630.00K-498.00K-2.00M
NetInvestmentPurchaseAndSale-746.00K0.00
SaleOfInvestment254.00K0.00
PurchaseOfInvestment-1.00M0.00
NetIntangiblesPurchaseAndSale-47.00K-75.00K-225.00K
PurchaseOfIntangibles-47.00K-75.00K-225.00K
NetPPEPurchaseAndSale-2.11M-583.00K-423.00K-1.77M
PurchaseOfPPE-2.11M-583.00K-423.00K-1.77M
CapitalExpenditureReported-289.00K-47.00K
OperatingCashFlow-42.64M-60.65M-45.23M-34.80M
CashFlowFromContinuingOperatingActivities-42.64M-60.65M-45.23M-34.80M
ChangeInWorkingCapital20.86M-2.70M3.02M-1.19M
ChangeInOtherWorkingCapital16.61M958.00K-929.00K-1.90M
ChangeInOtherCurrentLiabilities293.00K-510.00K-821.00K-1.03M
ChangeInOtherCurrentAssets669.00K-3.00K0.00
ChangeInPayablesAndAccruedExpense4.95M-3.99M4.31M179.00K
ChangeInAccruedExpense5.52M-1.37M715.00K558.00K
ChangeInPayable-570.00K-2.61M3.60M-379.00K
ChangeInAccountPayable-570.00K-2.61M3.60M-379.00K
ChangeInPrepaidAssets-1.58M1.64M-387.00K-1.01M
ChangeInInventory-215.00K-237.00K-148.00K182.00K
ChangeInReceivables137.00K-554.00K995.00K2.40M
ChangesInAccountReceivables137.00K-818.00K-337.00K163.00K
OtherNonCashItems-1.44M915.00K2.52M3.99M
StockBasedCompensation15.66M21.92M9.16M1.74M
UnrealizedGainLossOnInvestmentSecurities645.00K-640.00K
ProvisionandWriteOffofAssets134.00K32.00K67.00K269.00K
DepreciationAmortizationDepletion1.93M1.84M2.33M2.60M
DepreciationAndAmortization1.93M1.84M2.33M2.60M
Depreciation1.93M1.84M2.33M2.60M
OperatingGainsLosses63.44M693.00K-8.63M-1.24M
GainLossOnInvestmentSecurities66.75M-262.00K-6.17M-1.16M
NetForeignCurrencyExchangeGainLoss-3.31M955.00K-2.46M-77.00K
NetIncomeFromContinuingOperations-143.88M-82.72M-53.70M-40.97M
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

Public Trades for QBTS
Date User Asset Broker Type Position Size Entry Price Patterns