QBTSNasdaqServices-Computer Processing & Data PreparationFiscal year ends December 31
D-Wave Quantum Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$11.83+0.05 (+0.42%)
Close on Oct 19, 2026
- Market cap
- $4.39B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2019 to 2025
Gross margin
82.6%+0.3 pts over 5 years
Operating margin
-408.2%+201.6 pts over 5 years
Net margin
-1444.1%−1018.4 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +178.5% | +50.8% | +36.7% | – | |
| Gross profit | +265.0% | +68.4% | +36.8% | – |
Returns and balance sheet
7 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2019 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 52.9% | -77.6% | |
| Return on assets | – | – | -63.7% | |
| Current ratio | – | 2.47 | 42.38 | |
| Debt to equity | – | 0.08 | 0.04 | |
| Net debt to EBITDA | – | 0.67× | 6.07× | |
| Interest coverage | – | -6.0× | -25.0× | |
| Inventory turnover | – | – | 1.9× | |
| Capex to revenue | – | 14.3% | 15.7% | |
| Diluted shares | – | 127M | 321M |
Where the cash went
Fiscal 2021 to 2025, five years combined
D-Wave Quantum generated $255.30M from operations and spent $8.75M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$255.30M
Used
$8.75M
Capital expenditure$8.75M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-1444.1%
×Asset turnover0.04×
×Equity multiplier1.22×
=Return on equity, FY2025-77.6%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -1444.1% | 0.04× | 1.22× | -77.6% |
| FY2024 | -1630.0% | 0.07× | 6.79× | -754.0% |
| FY2023 | -944.5% | 0.20× | -1.60× | 306.7% |
| FY2022 | -748.7% | 0.25× | -1.18× | 224.6% |
| FY2021 | -652.5% | 0.19× | 26.91× | -3379.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$355.06M
- Cash generatingOperating cash flow above zero-$71.98M
- Return on assets improvedROA up on the prior year-242.4% → -177.7%
- Earnings backed by cashOperating cash flow above net income-$71.98M vs -$355.06M
- Less leverageLong-term debt to assets fell15.1% → 3.9%
- Better liquidityCurrent ratio rose6.14 → 42.38
- No dilutionShare count did not rise192M → 321M
- Gross margin improvedGross margin up on the prior year63.02% → 82.59%
- More efficientAsset turnover rose0.15 → 0.12