# D-Wave Quantum Inc. (QBTS)

**Exchange:** NYSE  
**Sector:** Technology  
**Market cap:** $7.65B  
**Price:** $23.82 (+2.45%)

> D-Wave Quantum Inc. is a quantum computing company focused on developing and delivering quantum computing systems, software, and cloud-based services for commercial and research use. The company provides access to its quantum computers primarily through its Leap cloud platform, offering quantum computing as a service to enterprises, developers, and researchers. D-Wave Quantum Inc. offers annealing-based quantum computers, including its Advantage and Advantage2 systems, alongside software tools such as the Ocean open-source toolkit and SDK for building and testing quantum applications. Its technology is applied to complex optimization and AI-related problems in areas such as logistics, scheduling, portfolio and resource optimization, manufacturing, drug discovery, and cybersecurity. The company also delivers professional services to help customers identify, design, and implement quantum use cases tailored to their operations. Founded in 1999 and headquartered in Palo Alto, California, D-Wave Quantum Inc. plays a specialized role in the information technology sector as a provider of practical, application-focused quantum computing solutions.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $25M | $20M | -$100M | -$355M | $-1.11 |
| 2024 | $9M | $6M | -$77M | -$144M | $-0.75 |
| 2023 | $9M | $5M | -$81M | -$83M | $-0.60 |
| 2022 | $7M | $4M | -$59M | -$54M | $-0.45 |
| 2021 | $6M | $5M | -$39M | -$41M | $-0.33 |
| 2020 | $5M | $4M | -$31M | -$22M | $-0.17 |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $916M | $64M | $852M | $635M | $36M |
| 2024 | $200M | $137M | $63M | $178M | $30M |
| 2023 | $59M | $84M | -$24M | $41M | $64M |
| 2022 | $27M | $56M | -$29M | — | $9M |
| 2021 | $29M | $48M | -$18M | $9M | $12M |
| 2020 | $36M | $15M | $21M | — | $2M |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | -$72M | $4M | -$76M |
| 2024 | -$43M | $2M | -$45M |
| 2023 | -$61M | $583,000 | -$61M |
| 2022 | -$45M | $423,000 | -$46M |
| 2021 | -$35M | $2M | -$37M |
| 2020 | -$29M | $736,000 | -$30M |

Source: [CompaniesByCap](https://companiesbycap.com/company/QBTS)