D-Wave Quantum Inc.
QBTS · Price history
Price at last available close
$11.77
−$4.66 (-28.36%) 1M
2026-10-28
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Company & revenue
About D-Wave Quantum Inc.
Primary reporting period: 2025-12-31 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
Operating globally, D-Wave Quantum Inc. specializes in developing and supplying quantum computing systems, software, and related services. Their offerings include Advantage, a pioneering fifth-generation quantum computer, and Launch, an onboarding service designed for quantum computing adoption. The company also provides Ocean, a comprehensive suite of open-source programming tools.
How they make money
D-Wave generates revenue primarily through its Leap quantum cloud service, which provides access to its annealing and gate-model quantum computing systems. The company also earns revenue from professional services, including D-Wave Launch, and the sale of quantum computing systems to enterprise and research customers.
Products & services
D-Wave provides quantum computing systems (Advantage annealing and gate-model), the Leap hybrid cloud service, Ocean software development tools, and professional services like D-Wave Launch.
Brands & revenue mix
Annealing quantum computing system line.
Separate brand revenue is not available in this research.Source
Revenue share is not unit sales or a best-seller ranking. Parent brands and included sub-brands can overlap; do not add overlapping rows.
Product / operating segments
No reconciled product or operating-segment revenue breakdown is available for the current research period. Company-wide revenue remains separate from segment disclosure.
Geographic revenue
Period ended 2025-12-31Source
Period ended 2025-12-31Source
Period ended 2025-12-31Source
Period ended 2025-12-31Source
Period ended 2025-12-31Source
Period ended 2025-12-31Source
Calculated from reported segment revenue. Check the source period and revenue basis before comparing shares. Categories can overlap and may not add to 100%.
Customer concentration
The company has historically experienced significant customer concentration, with a limited number of customers accounting for a substantial portion of its revenue in any given period.
Suppliers, materials & equipment
- Cryogenic equipment and component suppliers — The company relies on specialized suppliers for cryogenic components and manufacturing materials necessary for its superconducting quantum processors.Source
Competitors
Strengths
Financial risk observations and what to check
These are saved observations about business performance, not predictions. Review the company filings alongside the interpretation below. Latest stored financial period end: 2026-06-30.
Diluted weighted-average shares increased 26.0% year over year.
Compare per-share results with total earnings and inspect the equity footnote. A change in weighted-average shares does not by itself establish the cause, the number of shares issued today, or the economic effect of a split.
Wall Street Score
Overall investment score · Quality, value, risk and opportunity
32
Poor
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
45
Weak
Financial Strength
33
Business Quality / Moat
98
Management
40
Growth Quality
10
Risk / Durability
17
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
27
Avoid
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
45/100
Building Historical Record
Model Score 45/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
Click for full breakdown →
WSS View
The quick read
The overall Wall Street Score is low across its combined quality, valuation and risk inputs. This can reflect an expensive share price, business weaknesses, or both; check Company Quality and the category breakdown before drawing a conclusion.
At today’s price, the WSS valuation framework currently reads as less attractive based on the available valuation and market data.
The model outlook is currently cautious.
No strong positive signal is being highlighted from the currently available summary data.
- •Elevated debt risk
- •Valuation is a weaker part of the current profile
- •Revenue fundamentals are weak
Company-specific research
Questions worth answering for QBTS
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
- •What is driving QBTS's revenue decline, and does the latest company filing suggest the weakness is temporary or structural?
- •How long can QBTS fund negative free cash flow using its current cash position before it may need more debt or new shares?
- •How is QBTS likely to use its cash advantage: reinvestment, acquisitions, debt reduction, dividends or buybacks?
- •What specifically needs to improve for QBTS to reach sustainable profitability?
- •What future growth or profitability would be needed to justify QBTS's current valuation?
Essential Investment Snapshot
Wall Street Score
32
Opportunity Score
27
Market Cap
$4.43B
P/E Ratio
-16.9
EPS
$-0.71
52-Week High
$45.13
52-Week Low
$11.95
Beta
2.17
Analyst Target
$35.00
Shares Outstanding
321.2M
Total Revenue
$12.4M
Total Debt
$13.1M
Dividend
No current dividend
Liquidation Value / Share
$3.37
Momentum & Volatility Signals
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
Strong downward momentum
Elevated movement
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Notices for QBTS
Detected from reported data — verify before acting.Elevated debt risk
Total debt is at least one year of revenue • Interest coverage is below 2x • Free cash flow is negative
Community Sentiment
0 active · 0 total callsNo personal call yet on QBTS.
Potential upside factors
- +Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
- +Dual-platform quantum computing capability (annealing and gate-model).
- +Extensive intellectual property portfolio in superconducting quantum computing.
Potential downside factors
- −Debt risk (elevated): Total debt is at least one year of revenue.
- −Interest coverage is below 2x.
- −Free cash flow is negative.
- −History of operating losses and potential need for additional capital.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
Create a free account to make a call.
Scores
Click any score for full breakdownWas this stock page easy to understand?
One click helps us improve the research experience. This is not tied to an investment decision.
Score Changes
3 historical score records availablePrevious Score
32
Oct 1, 2026
Change
+0.2
points
Current Score
32
Oct 15, 2026
Category Changes
QBTS increased 0.2 points because Asset improved by 2 points.
Positive Contributors
- + Asset improved by 2 points
Projected Score
Projected Score
32
Projected Change
0.0 points
Preliminary comparable-period financial changes suggest little change. This is a projected estimate, not the official WallStreetScore.
Price vs. Value
Valuation unavailableCurrent Price
$11.77
Model Intrinsic Value
—
Difference
—
Margin of Safety
—
Intrinsic value is not currently available for this stock, so valuation can't be calculated.
Financial Charts
Revenue
Additional Metrics
Operating Cash Flow
Total Debt
Total Assets
Net Margin %
Large reported revenue change: +178.5%
Revenue changed sharply from 2024 to 2025. This can reflect a real business change, acquisition, divestiture, discontinued operations, restatement, or reporting-basis change. Compare the underlying filing before treating it as normal growth or decline.
TTM may combine quarters from before and after the event, so its trend can also be distorted.
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
| Line Item | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $12.4M | $24.6M | $8.8M | $8.8M | ···· | ···· | ···· |
| Cost of Revenue | $4.5M | $4.3M | $3.3M | $4.1M | ···· | ···· | ···· |
| Gross Profit | $8.0M | $20.3M | $5.6M | $4.6M | ···· | ···· | ···· |
| Research & Development | $81.8M | $50.7M | $35.3M | $37.9M | ···· | ···· | ···· |
| SG&A Expenses | $96.8M | $69.9M | $47.5M | $47.3M | ···· | ···· | ···· |
| Operating Expenses | $178.6M | $120.7M | $82.8M | $85.2M | ···· | ···· | ···· |
| EBITDA | -$262.6M | -$348.7M | -$138.1M | -$80.8M | ···· | ···· | ···· |
| Operating Income | -$170.6M | -$100.4M | -$77.2M | -$80.5M | ···· | ···· | ···· |
| Interest Expense | $9.6M | $4.0M | $3.9M | $2.2M | ···· | ···· | ···· |
| Income Before Tax | -$277.1M | -$355.1M | -$143.9M | -$82.7M | ···· | ···· | ···· |
| Income Tax Expense | -$28.4M | $0.00 | $0.00 | $0.00 | ···· | ···· | ···· |
| Net Income | -$248.7M | -$355.1M | -$143.9M | -$82.7M | ···· | ···· | ···· |
| Basic EPS | $-0.70 | $-1.11 | $-0.75 | $-0.60 | ···· | ···· | ···· |
| Basic Shares | 371M | 321M | 192M | 138M | ···· | ···· | ···· |
| Diluted Shares | 371M | 321M | 192M | 138M | ···· | ···· | ···· |
Earnings Summary
Revenue
$3.1M
Estimate unavailable.
Revenue Beat/Miss
Not available (no estimate stored)
EPS
-$0.13
Estimate unavailable.
EPS Beat/Miss
Not available (no estimate stored)
Debt Change
-67.3%
Cash Change
-63.8%
Margin Change
+3845.1 pp
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Improved
- Margins expanded
- Debt reduced
What Weakened
- Cash position declined
Potential Score Impact
Positive indicators included debt levels, net income margin. Pressure indicators included revenue growth, EPS growth, cash levels. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue declined 0.6%. EPS declined 77.2%. Cash declined 63.8%. Total debt declined 67.3%. Net income margin improved by 3845.1 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
Insider Activity
Guru / Smart Money
Guru Score
Smart Money
Number of Gurus
Total Guru Value
Avg Portfolio Weight
Largest Holder
Largest Holder %
New Positions
Increased Positions
Reduced Positions
Exited Positions
Net Guru Sentiment
Short Interest
Dividend History
Dividend data is not available yet. Missing data does not mean this company pays no dividend.
Conservative Projected Values
3 Years
$———.——
5 Years
$———.——
10 Years
$———.——
Conservative Projection Rate
——%
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Start 7-Day Free TrialHistorical Outperformance Record
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.
Start 7-Day Free TrialHistorical Trends
3 historical recordsHistorical Score Chart
3 of 3 records shownWall Street Score
Debt Score
Revenue Score
Asset Score
Capital Score
Management Score
Moat Score
Valuation Score
Buffett Score
Intrinsic Value
Value Reference
Margin of Safety %
Related Companies
Computer HardwareNews
SHAREHOLDER ALERT: Bronstein Gewirtz & Grossman, LLC Announces Class Action Against D-Wave Quantum Inc. (NASDAQ: QBTS) — Investors Who Suffered Losses Are Encouraged to Contact the Firm
D-Wave Quantum, Inc. (NASDAQ: QBTS) SHAREHOLDER ALERT: Investors With Losses May Seek to Lead the Class Action in D-Wave Quantum, Inc. Securities Lawsuit - Contact Portnoy Law Firm
QBTS Investors Have Opportunity to Lead D-Wave Quantum Inc. Securities Fraud Lawsuit with SBS Law
QBTS INVESTOR DEADLINE: D-Wave Quantum Inc. Investors with Substantial Losses May Seek to Lead Class Action Lawsuit Before December 15, 2026 Deadline - RGRD Law
Rumor Mill · QBTS
Corporate developments & opportunities
No reviewed developments match this filter.
Evidence credibility is not a forecast of stock performance. Rumor Mill is separate from the WSS score.
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