FY2025 · ended Dec 31, 2025 · Revenue $24.59M, +178.5% YoY · Filed Feb 26, 2026
D-Wave Quantum Inc. (QBTS) files with the SEC under industry code 7374, Services-Computer Processing & Data Preparation. In fiscal 2025, which ended Dec 31, 2025, it reported revenue of $24.6 million and a net loss of $355.1 million. Free cash flow was -$75.8 million. As of Jun 30, 2026 it held $550.4 million in cash and investments and $48.0 million in total debt.
Revenue (TTM)
$12.43M
-44.2% vs year-ago TTM
Net income (TTM)
$-248.70M
+11.7% vs year-ago TTM
Operating cash flow (TTM)
$-110.88M
-119.0% vs year-ago TTM
Free cash flow (TTM)
$-119.08M
-124.4% vs year-ago TTM
EPS (TTM)
$-0.69
+37.0% vs year-ago TTM
Dividend per share
None
Shares outstanding
366.74M
+27.4% vs prior year
Net cash
$502.49M
as of Jun 30, 2026
Operating margin
-1372.9%
FY 2026
Company profile
- Industry
- Services-Computer Processing & Data Preparation (SIC 7374)
- Listed as
- QBTS (Nasdaq)
- Fiscal year ends
- December 31
- Incorporated in
- DE
- Headquarters
- Palo Alto, CA
- SEC filer status
- Non-accelerated filer
- SEC CIK
- 1907982
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All 110 Services-Computer Processing & Data Preparation companies
Key figures
Fiscal-year totals from the annual reports. Balance sheet lines are as of each year end.
| Line | FY 2025 Dec 31, 2025 |
FY 2024 Dec 31, 2024 |
FY 2023 Dec 31, 2023 |
FY 2022 Dec 31, 2022 |
|---|---|---|---|---|
| Revenue | $24.6M | $8.8M | $8.8M | $7.2M |
| Operating income | -$100.4M | -$77.2M | -$80.5M | -$59.5M |
| Net income | -$355.1M | -$143.9M | -$82.7M | -$53.7M |
| Diluted EPS | -$1.11 | -$0.75 | -$0.60 | -$0.45 |
| Operating cash flow | -$72.0M | -$42.6M | -$60.6M | -$45.2M |
| Free cash flow | -$75.8M | -$44.7M | -$61.2M | -$45.6M |
| Total assets | $915.8M | $199.9M | $59.4M | $26.9M |
| Total liabilities | $63.6M | $137.2M | $83.8M | $56.4M |
| Stockholders' equity | $852.2M | $62.6M | -$24.5M | -$29.5M |
| Cash and investments | $886.9M | $180.6M | $42.5M | $8.2M |
| Total debt | $43.3M | $38.0M | $72.3M | $41.7M |
Recent SEC filings
| Form | Description | Filed | Period |
|---|---|---|---|
| 8-K |
Current report
Regulation FD disclosure
|
Nov 4, 2026 | Nov 4, 2026 |
| 8-K |
Current report
Regulation FD disclosure
|
Oct 28, 2026 | Oct 28, 2026 |
| 8-K |
Current report
Regulation FD disclosure
|
Oct 1, 2026 | Oct 1, 2026 |
| 8-K/A |
Amended current report
Officer or director change
|
Sep 22, 2026 | Aug 19, 2026 |
| 8-K |
Current report
Officer or director change
|
Sep 21, 2026 | Sep 18, 2026 |
| 8-K |
Current report
Regulation FD disclosure
|
Sep 17, 2026 | Sep 16, 2026 |
All 749 D-Wave Quantum Inc. SEC filings
Source: SEC EDGAR filings. This is company-reported data, not investment advice.