D-Wave Quantum (QBTS) Financial Statements & Analysis

D-Wave Quantum (QBTS) Income Statement

D-Wave Quantum reported revenue of $24.59M in fiscal 2025 (fiscal year ended Dec 31, 2025), up 178.5% from $8.83M a year earlier. D-Wave Quantum posted a net loss of $355.06M, compared with a net loss of $143.88M a year earlier. Gross margin was 82.6% and operating margin -408.2%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $3.08M, down 0.6% from the same quarter a year earlier.

D-Wave Quantum Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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D-Wave Quantum Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2022	FY 2021	FY 2020
Period ending	Dec 2025	Dec 2024	Dec 2023	Mar 2023	Dec 2022	Dec 2021	Dec 2020
Revenue & Gross Profit
Revenue	24.59	8.83	8.76	7.17	7.17	6.28	5.16
Cost of Revenue	4.28	3.26	4.14	2.92	2.92	1.75	0.92
Gross Profit	20.31	5.56	4.62	4.25	4.25	4.53	4.25
Operating Expenses
Research & Development	50.73	35.30	37.88	32.10	32.10	25.40	20.41
Selling, General & Administrative	69.94	47.49	47.29	31.61	31.61	18.08	15.30
Operating Expenses	120.67	82.79	85.17	63.71	63.71	43.48	35.71
Operating Income	-100.37	-77.22	-80.55	-59.46	-59.46	-38.95	-31.47
Other Income/Expense
Interest Income	24.12	0.00	0.00	0.00	5.67	0.00	0.00
Interest Expense	4.01	3.90	0.04	2.34	-2.34	4.01	5.18
Other Income/Expense	-274.80	-66.66	-0.01	5.76	5.76	1.99	9.50
Income
Income Before Tax	-355.06	-143.88	-82.72	-53.70	-53.70	-40.97	-21.97
Income Tax Expense	0.00	0.00	0.00	0.00	-	0.00	0.00
Net Income	-355.06	-143.88	-82.72	-53.70	-53.70	-40.97	-21.97
Net Income - Continuous Operations	-355.06	-143.88	-82.72	-53.70	-53.70	-40.97	-21.97
Net Income - Discontinued Operations	-	-	-	-	-	-	-
EBITDA	-348.74	-138.05	-80.83	-49.03	-58.04	-34.36	-14.06
EBIT	-351.05	-77.22	-82.68	-	-59.46	-36.96	-31.47
Depreciation & Amortization	2.31	1.93	1.85	2.33	1.42	2.60	2.73
Earnings Per Share
Basic EPS	-1.00	-1.00	-1.00	-	-	-	-
Diluted EPS	-1.00	-1.00	-1.00	-	-	-	-
Basic Shares Outstanding	321.20	192.13	137.99	119.65	119.65	109.74	109.74
Diluted Shares Outstanding	321.20	192.13	137.99	119.65	119.65	109.74	109.74

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About D-Wave Quantum Financial Statements

What was D-Wave Quantum's revenue in fiscal 2025?

D-Wave Quantum reported revenue of $24.59M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 178.5% from $8.83M a year earlier.

Is D-Wave Quantum profitable?

No. D-Wave Quantum reported a net loss of $355.06M in fiscal 2025. In fiscal 2024 it lost $143.88M.

What is D-Wave Quantum's operating margin?

D-Wave Quantum's operating income was −$100.37M on revenue of $24.59M in fiscal 2025, an operating margin of -408.2%, compared with -874.8% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition