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About

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.

Fundamentals
Scroll to Statements
Sector Technology Industry Computer Hardware Market Cap 5.82B
Enterprise Value 4.98B Income -355.06M Sales 24.59M
Book/sh 2.38 Cash/sh 2.39 Dividend Yield
Payout 0.00% Employees 382 IPO
P/E Forward P/E -42.60 PEG
P/S 236.66 P/B 6.62 P/C
EV/EBITDA -50.38 EV/Sales 202.45 Quick Ratio 42.05
Current Ratio 42.38 Debt/Eq 5.10 LT Debt/Eq
EPS (ttm) -1.11 EPS next Y -0.37 EPS Growth
Revenue Growth 19.20% Earnings 2026-05-07 ROA -11.24%
ROE -77.62% ROIC Gross Margin 82.59%
Oper. Margin -12.66% Profit Margin 0.00% Shs Outstand 366.74M
Shs Float 360.02M Short Float 15.00% Short Ratio 1.90
Short Interest 52W High 46.75 52W Low 5.77
Beta 1.66 Avg Volume 31.27M Volume 17.27M
Target Price $37.40 Recom Strong_buy Prev Close $16.10
Price $15.73 Change -2.30%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$37.40
Mean price target
2. Current target
$15.73
Latest analyst target
3. DCF / Fair value
$-2.85
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$15.73
Low
$19.58
High
$45.00
Mean
$37.40

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-02-27 main Mizuho Outperform → Outperform $40
2026-02-27 main Evercore ISI Group Outperform → Outperform $42
2026-02-27 main Roth Capital Buy → Buy $30
2026-02-26 main Needham Buy → Buy $40
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
Insider Transactions
Date Shares Value Url Text Insider Position Transaction Start Date Ownership
0 10000 176168.0 Sale at price 17.62 per share. GHAI ROHIT Director 2026-03-16 00:00:00 D
1 10706 188723.0 Sale at price 17.63 per share. MARKOVICH JOHN M Chief Financial Officer 2026-03-13 00:00:00 D
2 2532 44634.0 Sale at price 17.63 per share. NGUYEN DIANE General Counsel 2026-03-13 00:00:00 D
3 8000 144098.0 Sale at price 18.01 per share. DILULLO JOHN DAVID Director 2026-03-05 00:00:00 D
4 28068 Stock Award(Grant) at price 0.00 per share. NGUYEN DIANE General Counsel 2026-02-19 00:00:00 D
5 1451 28671.0 Sale at price 19.76 per share. NGUYEN DIANE General Counsel 2026-02-13 00:00:00 D
6 9179 257584.0 Sale at price 28.06 per share. MARKOVICH JOHN M Chief Financial Officer 2026-01-14 00:00:00 D
7 24519 703972.0 Sale at price 28.06 - 28.86 per share. NGUYEN DIANE General Counsel 2026-01-14 00:00:00 D
8 35013 982545.0 Sale at price 28.06 per share. BARATZ ALAN E Chief Executive Officer 2026-01-14 00:00:00 D
9 793712 23913114.0 Sale at price 30.13 per share. BARATZ ALAN E Chief Executive Officer 2025-12-22 00:00:00 D
Financials
Line Item2025-12-312024-12-312023-12-312022-12-31
TaxEffectOfUnusualItems0.000.000.000.00
TaxRateForCalcs0.000.000.000.00
NormalizedEBITDA-78.04M-71.30M-81.09M-54.58M
TotalUnusualItems-270.70M-66.75M262.00K5.54M
TotalUnusualItemsExcludingGoodwill-270.70M-66.75M262.00K5.54M
NetIncomeFromContinuingOperationNetMinorityInterest-355.06M-143.88M-82.72M-53.70M
ReconciledDepreciation2.31M1.93M1.84M2.33M
ReconciledCostOfRevenue4.28M3.26M4.14M2.92M
EBITDA-348.74M-138.05M-80.83M-49.03M
EBIT-351.05M-139.98M-82.68M-51.37M
NetInterestIncome20.10M-3.90M-2.15M-2.33M
InterestExpense4.01M3.90M37.00K2.33M
InterestIncome24.11M1.74M5.67M0.00
NormalizedIncome-84.36M-77.13M-82.98M-59.25M
NetIncomeFromContinuingAndDiscontinuedOperation-355.06M-143.88M-82.72M-53.70M
TotalExpenses124.95M86.05M89.30M66.63M
TotalOperatingIncomeAsReported-100.37M-77.22M-80.55M-59.46M
DilutedAverageShares321.20M192.13M137.99M119.65M
BasicAverageShares321.20M192.13M137.99M119.65M
DilutedEPS-1.11-0.75-0.60-0.45
BasicEPS-1.11-0.75-0.60-0.45
DilutedNIAvailtoComStockholders-355.06M-143.88M-82.72M-53.70M
NetIncomeCommonStockholders-355.06M-143.88M-82.72M-53.70M
NetIncome-355.06M-143.88M-82.72M-53.70M
NetIncomeIncludingNoncontrollingInterests-355.06M-143.88M-82.72M-53.70M
NetIncomeContinuousOperations-355.06M-143.88M-82.72M-53.70M
PretaxIncome-355.06M-143.88M-82.72M-53.70M
OtherIncomeExpense-274.80M-62.76M-14.00K8.09M
OtherNonOperatingIncomeExpenses-4.10M3.99M-276.00K2.55M
SpecialIncomeCharges0.00-629.00K0.00
RestructuringAndMergernAcquisition0.00629.00K0.00
GainOnSaleOfSecurity-270.70M-66.75M262.00K6.17M
NetNonOperatingInterestIncomeExpense20.10M-3.90M-2.15M-2.33M
TotalOtherFinanceCost2.12M
InterestExpenseNonOperating4.01M3.90M37.00K2.33M
InterestIncomeNonOperating24.11M1.74M5.67M0.00
OperatingIncome-100.37M-77.22M-80.55M-59.46M
OperatingExpense120.67M82.79M85.17M63.71M
OtherOperatingExpenses-7.17M
ResearchAndDevelopment50.73M35.30M37.88M32.10M
SellingGeneralAndAdministration69.94M47.49M47.29M31.61M
SellingAndMarketingExpense28.75M15.06M10.28M10.07M
GeneralAndAdministrativeExpense41.19M32.42M37.01M21.54M
OtherGandA41.19M32.42M37.01M21.54M
GrossProfit20.31M5.56M4.62M4.25M
CostOfRevenue4.28M3.26M4.14M2.92M
TotalRevenue24.59M8.83M8.76M7.17M
OperatingRevenue24.42M8.68M8.71M7.09M
Line Item2025-12-312024-12-312023-12-312022-12-31
OrdinarySharesNumber358.74M266.60M161.11M113.34M
ShareIssued358.74M266.60M161.11M113.34M
NetDebt22.94M26.39M21.26M
TotalDebt43.46M38.38M72.65M42.28M
TangibleBookValue851.32M62.16M-24.66M-29.71M
InvestedCapital888.19M93.12M39.77M3.99M
WorkingCapital875.08M154.90M35.80M-2.12M
NetTangibleAssets851.32M62.16M-24.66M-29.71M
CapitalLeaseObligations7.50M7.90M8.40M8.83M
CommonStockEquity852.23M62.65M-24.48M-29.46M
PreferredStockEquity189.88M
TotalCapitalization888.05M92.77M39.37M1.71M
TotalEquityGrossMinorityInterest852.23M62.65M-24.48M-29.46M
StockholdersEquity852.23M62.65M-24.48M-29.46M
GainsLossesNotAffectingRetainedEarnings-9.02M-10.51M-10.52M-10.40M
OtherEquityAdjustments-9.02M-10.51M-10.52M-10.40M
RetainedEarnings-982.00M-626.94M-483.06M-400.35M
AdditionalPaidInCapital1.84B700.07M469.08M381.27M
CapitalStock35.00K27.00K16.00K11.00K
CommonStock35.00K27.00K16.00K11.00K
PreferredStock0.00189.88M
TotalLiabilitiesNetMinorityInterest63.58M137.21M83.84M56.41M
TotalNonCurrentLiabilitiesNetMinorityInterest42.44M107.06M72.59M40.37M
OtherNonCurrentLiabilities18.00K
DerivativeProductLiabilities0.0069.88M1.63M1.89M
NonCurrentDeferredLiabilities560.00K670.00K79.00K9.00K
NonCurrentDeferredRevenue560.00K670.00K79.00K9.00K
LongTermDebtAndCapitalLeaseObligation41.88M36.52M70.88M38.47M
LongTermCapitalLeaseObligation6.05M6.39M7.03M7.30M
LongTermDebt35.83M30.13M63.85M31.17M
CurrentLiabilities21.15M30.14M11.25M16.04M
OtherCurrentLiabilities451.00K175.00K
CurrentDeferredLiabilities2.78M18.69M2.67M1.83M
CurrentDeferredRevenue2.78M18.69M2.67M1.83M
CurrentDebtAndCapitalLeaseObligation1.58M1.86M1.77M3.82M
CurrentCapitalLeaseObligation1.45M1.51M1.37M1.53M
CurrentDebt134.00K348.00K399.00K2.28M
OtherCurrentBorrowings134.00K348.00K399.00K1.86M
CurrentNotesPayable0.00420.00K0.00
PensionandOtherPostRetirementBenefitPlansCurrent10.35M5.50M3.25M1.64M
PayablesAndAccruedExpenses6.44M4.10M3.56M8.76M
CurrentAccruedExpenses5.49M3.29M2.10M5.00M
Payables950.00K815.00K1.47M3.76M
OtherPayable451.00K175.00K
AccountsPayable950.00K815.00K1.47M3.76M
TotalAssets915.81M199.85M59.36M26.95M
TotalNonCurrentAssets19.58M14.81M12.31M13.02M
OtherNonCurrentAssets174.00K1.35M1.35M
NonCurrentPrepaidAssets251.00K181.00K189.00K183.00K
NonCurrentDeferredAssets1.67M174.00K0.00
InvestmentsAndAdvances2.39M2.57M1.17M1.17M
InvestmentinFinancialAssets2.39M2.57M1.17M1.17M
AvailableForSaleSecurities2.39M2.57M1.17M1.17M
GoodwillAndOtherIntangibleAssets915.00K490.00K179.00K244.00K
OtherIntangibleAssets915.00K490.00K179.00K244.00K
NetPPE14.36M11.39M10.77M11.43M
AccumulatedDepreciation-25.86M-25.01M-24.05M-23.11M
GrossPPE40.22M36.40M34.83M34.54M
Leases2.41M1.89M1.07M1.07M
ConstructionInProgress2.51M836.00K894.00K86.00K
OtherProperties7.55M6.86M6.84M6.67M
MachineryFurnitureEquipment21.23M19.55M17.80M17.58M
BuildingsAndImprovements6.52M7.26M8.22M9.13M
Properties0.000.000.000.00
CurrentAssets896.23M185.04M47.05M13.93M
OtherCurrentAssets803.00K1.59M440.00K1.54M
CurrentDeferredAssets0.001.25M
PrepaidAssets3.49M2.36M1.57M2.05M
Inventory2.78M1.69M2.08M2.20M
WorkInProcess30.00K9.00K26.00K26.00K
RawMaterials2.75M1.68M2.05M2.17M
Receivables4.68M1.42M1.65M1.08M
OtherReceivables322.00K1.65M
TaxesReceivable86.00K0.00
AccruedInterestReceivable3.09M339.00K
AccountsReceivable1.59M1.42M1.65M757.00K
AllowanceForDoubtfulAccountsReceivable-1.00K-176.00K0.00
GrossAccountsReceivable1.59M1.60M1.65M
CashCashEquivalentsAndShortTermInvestments884.48M177.98M41.31M7.07M
OtherShortTermInvestments249.13M0.00
CashAndCashEquivalents635.35M177.98M41.31M7.07M
CashEquivalents0.00
CashFinancial635.35M177.98M41.31M7.07M
Line Item2025-12-312024-12-312023-12-312022-12-31
FreeCashFlow-76.29M-45.04M-61.28M-45.72M
RepaymentOfDebt-365.00K-30.37M-2.26M-21.91M
IssuanceOfDebt412.00K0.0029.01M20.00M
IssuanceOfCapitalStock574.53M214.19M63.68M40.00M
CapitalExpenditure-4.31M-2.40M-630.00K-498.00K
InterestPaidSupplementalData25.00K5.18M0.00
EndCashPosition635.35M177.98M41.31M7.07M
BeginningCashPosition177.98M41.31M7.07M9.48M
EffectOfExchangeRateChanges1.33M7.00K-115.00K41.00K
ChangesInCash456.03M136.67M34.36M-2.46M
FinancingCashFlow779.15M182.45M95.64M43.27M
CashFlowFromContinuingFinancingActivities779.15M182.45M95.64M43.27M
NetOtherFinancingCharges-10.55M-3.14M2.82M4.98M
InterestPaidCFF0.00-1.81M0.00
ProceedsFromStockOptionExercised215.12M1.77M2.39M2.00M
CashDividendsPaid0.000.000.00
NetPreferredStockIssuance0.000.00
PreferredStockIssuance0.000.00
NetCommonStockIssuance574.53M214.19M63.68M40.00M
CommonStockIssuance574.53M214.19M63.68M40.00M
NetIssuancePaymentsOfDebt47.00K-30.37M26.75M-1.91M
NetShortTermDebtIssuance0.00-420.00K0.00
ShortTermDebtPayments0.00-420.00K0.00
NetLongTermDebtIssuance47.00K-30.37M27.17M-1.91M
LongTermDebtPayments-365.00K-30.37M-1.84M-21.91M
LongTermDebtIssuance412.00K0.0029.01M20.00M
InvestingCashFlow-251.13M-3.14M-630.00K-498.00K
CashFlowFromContinuingInvestingActivities-251.13M-3.14M-630.00K-498.00K
NetOtherInvestingChanges959.00K
NetInvestmentPurchaseAndSale-247.79M-746.00K0.00
SaleOfInvestment0.00254.00K0.00
PurchaseOfInvestment-247.79M-1.00M0.00
NetIntangiblesPurchaseAndSale-47.00K-75.00K-225.00K
PurchaseOfIntangibles-47.00K-75.00K-225.00K
NetPPEPurchaseAndSale-3.86M-2.11M-583.00K-423.00K
PurchaseOfPPE-3.86M-2.11M-583.00K-423.00K
CapitalExpenditureReported-445.00K-289.00K-47.00K
OperatingCashFlow-71.98M-42.64M-60.65M-45.23M
CashFlowFromContinuingOperatingActivities-71.98M-42.64M-60.65M-45.23M
ChangeInWorkingCapital-14.67M20.86M-2.70M3.02M
ChangeInOtherWorkingCapital-16.02M16.61M958.00K-929.00K
ChangeInOtherCurrentLiabilities-745.00K293.00K-510.00K-821.00K
ChangeInOtherCurrentAssets-1.93M669.00K-3.00K0.00
ChangeInPayablesAndAccruedExpense7.21M4.95M-3.99M4.31M
ChangeInAccruedExpense6.94M5.52M-1.37M715.00K
ChangeInPayable268.00K-570.00K-2.61M3.60M
ChangeInAccountPayable268.00K-570.00K-2.61M3.60M
ChangeInPrepaidAssets-585.00K-1.58M1.64M-387.00K
ChangeInInventory-2.40M-215.00K-237.00K-148.00K
ChangeInReceivables-204.00K137.00K-554.00K995.00K
ChangesInAccountReceivables-204.00K137.00K-818.00K-337.00K
OtherNonCashItems241.00K-1.44M915.00K2.52M
StockBasedCompensation22.66M15.66M21.92M9.16M
UnrealizedGainLossOnInvestmentSecurities0.00645.00K-640.00K
ProvisionandWriteOffofAssets9.00K134.00K32.00K67.00K
DepreciationAmortizationDepletion2.31M1.93M1.84M2.33M
DepreciationAndAmortization2.31M1.93M1.84M2.33M
Depreciation2.31M1.93M1.84M2.33M
OperatingGainsLosses272.54M63.44M693.00K-8.63M
GainLossOnInvestmentSecurities270.70M66.75M-262.00K-6.17M
NetForeignCurrencyExchangeGainLoss1.84M-3.31M955.00K-2.46M
NetIncomeFromContinuingOperations-355.06M-143.88M-82.72M-53.70M
SEC Filings

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

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