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NEW YORK STOCK EXCHANGE, INC. · Technology · CIK 0001907982
$12.10
+2.72% · delayed ~15 min
Last price from Oct 21, 2026
$4.34B market value
From D-Wave Quantum Inc.'s FY2025 10-K, filed Feb 26, 2026 · read the filing
D-Wave Quantum makes and sells software and computing services. It took in $24.6M last year, which makes it a small company. It spends more than it earns — losing about 1444 cents on every dollar of sales.
The financial picture is led by growth and accounting, while profitability and debt remain weak.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
Received a delisting or listing-standard notice, in a filing on 2026-07-14.
Form 8-K, item 3.01 · Read the filing
These are things the company filed or that a published model flagged — not predictions, and not a reason on their own to buy or sell anything.
Financial health
A mixed picture — some clear strengths and some weaknesses.
From D-Wave Quantum Inc.'s FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Revenue
$8.8M → $24.6M
Gross profit
$5.6M → $20.3M
Profit
-$143.9M → -$355.1M
Gross margin
63.0% → 82.6%
Measured against FY2024, from the 10-K filed Feb 26, 2026
Improved: +178.5%
$8.8M to $24.6MCritical
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
How the latest move compares (quote delayed ~15 min), and what was published around it
QBTS rose 2.72% on the latest quote. The average Technology company tracked here moved −1.27%, and the S&P 500 −1.04%. That is 4.0 points above its sector and 3.8 points above the market.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
Opinions from 24 analysts covering this company, as of . Their views, not this site's.
Of 24 analysts publishing on this company, 5 say strong buy, 15 say buy, 3 say hold and 1 say sell. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
The essentials
Each answered from the filings, with the numbers behind it.
No. It lost $355.1M last year, losing about 1444 cents on every dollar of sales.
Yes, quickly. Sales grew 178.5% last year.
No — it holds more cash than debt, with $599.5M left over after paying off every borrowing. For every $1 it owes, it owns $14.40 in assets. Its operating profit does not cover its interest bill — -25.01x against the interest it owes.
Core operating and valuation reference metrics
Income
This company pays no dividend. It keeps its profits and reinvests them in the business instead, so any return would have to come from the share price.
Figures from the FY2025 annual filing
Last year it lost $355.1M and generated -$72.0M of cash from operations.
Reported annual figures
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Feb 26, 2026Filing for FY2025 | FY202410-K · Feb 26, 2026Filing for FY2024 | FY202310-K · Mar 14, 2025Filing for FY2023 | FY202210-K · Mar 18, 2024Filing for FY2022 | FY202110-K/A · Mar 18, 2024Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $24.6M | $8.8M | $8.8M | $7.2M | $6.3M | +178.5% |
| Cost of revenue | $4.3M | $3.3M | $4.1M | $2.9M | $1.8M | +31.2% |
| Gross profit | $20.3M | $5.6M | $4.6M | $4.3M | $4.5M | +265.0% |
| Gross marginGross profit ÷ revenueWhat is this? | 82.6% | 63.0% | 52.8% | 59.2% | 72.1% | +19.6 pts |
| Selling, general and administrative | $41.2M | $32.4M | $37.0M | $21.5M | $11.9M | +27.0% |
| Operating income | -$100.4M | -$77.2M | -$80.5M | -$59.5M | -$38.9M | −30.0% |
| Operating marginOperating income ÷ revenueWhat is this? | -408.2% | -874.8% | -919.7% | -828.9% | -620.3% | +466.6 pts |
| Interest expense | $4.0M | $3.9M | — | $4.6M | $1.7M | +3.0% |
| Income before tax | -$355.1M | -$143.9M | -$82.7M | -$53.7M | -$41.0M | −146.8% |
| Net income | -$355.1M | -$143.9M | -$82.7M | -$53.7M | -$41.0M | −146.8% |
| Net marginNet income ÷ revenueWhat is this? | -1444.1% | -1630.0% | -944.5% | -748.7% | -652.5% | +185.9 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $-0.9897 | $-0.5397 | $-0.5134 | $-0.4738 | $-14.54 | −83.4% |
† calculated from other reported figures, such as total liabilities as assets minus equity.
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Officers, directors and major shareholders must report within two business days of a trade.
Had shares withheld to cover taxes — 3,180 shares at $12.03 ($38.3K)
Holds 560,435 shares after this filing.
Had shares withheld to cover taxes — 15,859 shares at $12.03 ($190.8K)
Holds 411,013 shares after this filing.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Made a Regulation FD disclosure
Read the filingHad a director or senior officer leave or join
Read the filingWrite down why you are following D-Wave Quantum Inc., what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
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When Should You Buy D-Wave Quantum Stock?
Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from QBTS's 10-K for fiscal year 2025 (period ending 2025-12-31, filed Feb 26, 2026), reported under the US GAAP taxonomy. View the source filing.
4 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. All four had enough reported figures. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 9 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 6.0 | 4/9 | 10-K, filed Feb 26, 2026 |
| FY2024 | 5.0 | 4/9 | 10-K, filed Mar 14, 2025 |
| FY2023 | 6.0 | 3/9 | 10-K, filed Mar 29, 2024 |
| FY2022 | 5.0 | 3/9 | 10-K, filed Apr 18, 2023 |
| FY2021 | 4.7 | 1/5 | 10-K, filed Apr 18, 2023 |
| FY2020 | 2.0 | 0/2 | 10-K, filed Apr 18, 2023 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
4 of 9 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's.
16.11
In the safe zone
For this model, above 2.6 is safe and below 1.1 is distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
-2.93
Below the threshold — nothing unusual flagged
Scores above -1.78 are the ones the model associates with earnings manipulation.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Improved: +265.0%
$5.6M to $20.3MCritical
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Deteriorated: $211.2M wider
-$143.9M to -$355.1MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +19.6 pts
63.0% to 82.6%Critical
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Improved: +466.6 pts
-874.8% to -408.2%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +185.9 pts
-1630.0% to -1444.1%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: $31.1M wider
-$44.7M to -$75.8MCritical
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
Deteriorated: $0.45 wider
-$0.54 to -$0.99Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +257.0%
$178.0M to $635.3MCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: +34.6%
266.6M to 358.7MCritical
Why it matters: New shares divide the same company into more pieces, so each existing holding owns slightly less of it. Often pay for staff or an acquisition rather than anything wrong.
Changed: +83.4%
$2.1M to $3.9MCritical
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
Deteriorated: $23.1M wider
-$77.2M to -$100.4MSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: +18.9%
$30.1M to $35.8MSignificant
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Q2 FY2026 against Q2 FY2025, from the 10-Q filed Aug 6, 2026 — read it.
Deteriorated: $26.8M wider
-$26.5M to -$53.3MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: $119.3M narrower
-$167.3M to -$48.0MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: −8.5 pts
63.8% to 55.4%Critical
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Deteriorated: −875.8 pts
-856.3% to -1732.1%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +3845.0 pts
-5406.4% to -1561.4%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: $0.36 narrower
-$0.49 to -$0.13Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: -63.8%
$819.3M to $296.6MCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: +9.5%
339.8M to 372.0MSignificant
Why it matters: New shares divide the same company into more pieces, so each existing holding owns slightly less of it. Often pay for staff or an acquisition rather than anything wrong.
Deteriorated: -13.8%
$2.0M to $1.7MNotable
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Deteriorated: +8.8%
$32.1M to $34.9MNotable
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Q2 FY2026 against Q1 FY2026, from the 10-Q filed Aug 6, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Deteriorated: $29.7M wider
-$18.4M to -$48.0MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: −8.2 pts
63.6% to 55.4%Critical
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Improved: +182.8 pts
-1914.9% to -1732.1%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: −919.1 pts
-642.3% to -1561.4%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: $0.08 wider
-$0.05 to -$0.13Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +7.6%
$2.9M to $3.1MNotable
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Deteriorated: -6.3%
$1.8M to $1.7MNotable
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: $1.4M narrower
-$54.7M to -$53.3MNotable
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: -12.3%
$338.2M to $296.6MNotable
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Filter by minute, hour, day or week — or compare against peers
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Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 19.8% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
Trailing P/E is not meaningful because the latest trailing earnings are zero or negative. The price-to-book and price-to-sales figures below still provide reference points.
Nothing unusual. Its accounting patterns look like those of companies that report earnings straightforwardly.
Had shares withheld to cover taxes — 52,320 shares at $12.03 ($629.4K)
Holds 3,195,131 shares after this filing.
Had shares withheld to cover taxes — 4,066 shares at $12.03 ($48.9K)
Holds 499,236 shares after this filing.
Was granted or awarded shares — 16,493 shares
Holds 16,493 shares after this filing.
Had shares withheld to cover taxes — 1,132 shares at $16.83 ($19.1K)
Holds 399,791 shares after this filing.
Was granted or awarded shares — 27,081 shares
Holds 426,872 shares after this filing.
Notice filed ahead of a planned sale — the sale itself has not necessarily happened yet.
Filed notice to sell 2,200 shares ($36.5K) on or after .
Shares originally obtained via RSU Vesting.
Filed notice to sell 3,070 shares ($51.4K) on or after .
Shares originally obtained via RSU Vesting.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Had a director or senior officer leave or join
Made a Regulation FD disclosure
Read the filingMade a Regulation FD disclosure
Read the filingReported another event
Read the filingSigned a material agreement · Sold shares outside a public offering · Reported another event
Read the filingSigned a material agreement · Made a Regulation FD disclosure · Reported another event
Read the filingHad a director or senior officer leave or join
Read the filingMade a Regulation FD disclosure
Read the filingHad a director or senior officer leave or join
Read the filingQuarterly report for Q2 FY2026
Operating margin −875.8 pts · Operating income $26.8M wider · Profit $119.3M narrower — against Q2 FY2025
Read the filingPublished results
Read the filingMade a Regulation FD disclosure
Read the filingMade a Regulation FD disclosure
Read the filingMade a Regulation FD disclosure
Read the filingMade a Regulation FD disclosure
Read the filingReceived a delisting or listing-standard notice · Made a Regulation FD disclosure
Read the filingMade a Regulation FD disclosure
Read the filingMade a Regulation FD disclosure
Read the filingYahoo ·
Primary sources and further research