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D-wave Quantum Inc. (QBTS) stock

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NASDAQ: QBTS Nasdaq Systems Software Next results ~November 10, 2026

E Fundamentals grade

D-wave Quantum Inc. is a US-listed company in the systems software industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for D-wave Quantum Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: free cash flow after stock pay is not positive. We'll show the comparison once resolved.

D-wave Quantum Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 7 selling1 purchase and 39 sales by directors and officers, last 12 monthsInsider trades
  • Funds363 adding, 167 cuttingOf 42 active managers that changed their stake, 18 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter D-wave Quantum files

Where D-wave Quantum stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $12m, down 44.2% on a year earlier, a steeper fall than the 41.7% decline a quarter earlier. That puts it 14 of 14 for growth among the systems software companies we cover. Free-cash-flow margin fell to -963.8% from -239.1% a year earlier. Operating margin narrowed to -1372.9% from -353.1%. The diluted share count is up 40.1% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 5 of our 6 financial-health checks.

Our model value for D-wave Quantum is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 10, 2026 (estimated)

D-wave Quantum Inc.'s trailing-twelve-month revenue fell 44.2% year on year, with a free-cash-flow margin of -963.8%. Where it lags: revenue growth of -44.2% ranks 37 of 37 systems software companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 124.8% while net income grew 11.7%: a 136pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Net cash. Cash exceeds long-term debt by $0.3bn.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Revenue shrinking. Revenue fell 44.2% over the last 12 months.
  • Loss-making. Operating margin is -1372.9%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 1019.7 points on a year ago.
  • Burning cash. Free cash flow was -963.8% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 250.5% of revenue, against a median of 8.5% for systems software companies we cover: a real cost that cash-flow figures leave out.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
-$0.13 against an average estimate of -$0.09: missed by 42.2%
Revenue
$3m, down 0.6% on a year earlier
Share reaction
-2.9% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Next report
November 10, 2026; average EPS estimate -$0.09

D-wave Quantum's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-5.3%
  • 1 week-12.6%
  • 1 month-36.0%
  • This year-61.4%
  • 1 year-72.8%
  • 5 years+2.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$12.4M
Operating margin
-1372.9%
Net margin
-2001.6%
EPS (TTM, diluted)
$-0.69

Growth

Revenue growth
−44.2%
Change in growth rate
−2.5 pts
Share count change
+40.1%

Cash

Free cash flow (TTM)
-$120M
FCF margin
-963.8%
Stock pay % of revenue
250.5%

Earnings

Last results
August 6, 2026
Next results (est.)
November 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Announcement
  3. Leadership
  4. Announcement
  5. Announcement
  6. Announcement
  7. Agreement
  8. Leadership
  9. Announcement
  10. Leadership
  11. Results
  12. Announcement
  13. Announcement
  14. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

D-wave Quantum Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: free cash flow after stock pay is not positive.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value D-wave Quantum Inc. as an operating company, with every model that fits that kind of business. Cost of equity 12.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.77 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$1.3 ~$1.1–$1.6 Left out: out of range vs price (0.13x)
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$0.8 ~$0.8–$1.7 Left out: out of range vs price (0.08x)
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$0.1 Left out: out of range vs price (0.01x)
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare D-wave Quantum Inc. with Systems Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 202020212022202320242025Now
Share price$10.41$9.82$1.44$0.88$8.40$26.15$10.09
Market value$1.3bn$1.2bn$172m$121m$1.6bn$8.4bn$3.6bn
+ Net debt (− = net cash)−$8m$21m$26m$23m−$148m−$600m−$262m
Enterprise value$1.3bn$1.3bn$199m$144m$1.5bn$7.8bn$3.4bn
Multiples
Price / sales n/m196.0x24.0x13.9x182.8xn/mn/m
Price / earnings ———————
Price / free cash flow ———————
EV / EBITDA ———————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

23 /100

Weak moat

How hard D-wave Quantum's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -108.7% of total assets over 5 years.

  • Pricing power 12 / 20

    Gross margin has been a median 64.5%, moving by 11.1 percentage points (standard deviation) across 5 years.

  • Durability 10 / 20

    Operating margin has been a median -704.9%; its worst year was -1372.9%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 5 years, at a median -591.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (28 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 10, 2026, before the open. Analysts expect revenue of $4m and EPS of −$0.09 (range −$0.13 to −$0.02) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.29 −13% $42m +73%
Next −$0.38 −29% $81m +90%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −4.8% on 90 days ago. In the last 30 days, 3 analysts raised D-wave Quantum Inc.'s forecast and 3 cut it.

Consensus EPS forecast D-wave Quantum Inc., last 90 days
−$0.40 −$0.30 −$0.20 −$0.10 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.31 Current fiscal year, 60 days ago: −$0.30 Current fiscal year, 30 days ago: −$0.29 Current fiscal year, 7 days ago: −$0.29 Current fiscal year, Now: −$0.29 −$0.29 Next fiscal year, 90 days ago: −$0.40 Next fiscal year, 60 days ago: −$0.38 Next fiscal year, 30 days ago: −$0.38 Next fiscal year, 7 days ago: −$0.38 Next fiscal year, Now: −$0.38 −$0.38

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.31−$0.40
60 days ago −$0.30−$0.38
30 days ago −$0.29−$0.38
7 days ago −$0.29−$0.38
Now −$0.29−$0.38

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.09 −$0.13 −42.2%
Mar 2026 −$0.08 −$0.05 +34.5%
Dec 2025 −$0.06 −$0.09 −45.9%
Sept 2025 −$0.07 −$0.05 +24.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

17 analysts, Oct 2026
Buy1588%
Hold212%
Sell00%

Monthly trend

  1. Oct 202614217
  2. Sep 202614217
  3. Aug 20261517
  4. Jul 20261416

Counts of recommendations published by analysts covering D-wave Quantum Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
23.7%
of tradable shares
Days to cover
4.86
at average volume
Short interest, 1 month
+16%
to October 15, 2026
Held by institutions
55%
of shares
Held by insiders
2.2%
of shares
Employees
382
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −72.8%

$37.06 on October 31, 2025 to $10.09

ThenNowEffect
Revenue (last 12 months) $22m $12m −44.2%
P/S multiple n/m n/m −31.6%
Share count 256m 359m −28.6%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
QBTS−6%−85%−39%+855%+211%−61%
Industry peers (median)+26%−40%+33%+22%−1%+26%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
QBTS50%25%42%50%50%18%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
QBTS−17%−88%−79%−66%−63%−68%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since December 11, 2020: 97% from August 9, 2022 to May 12, 2023. Getting back needed a 2902% gain, reached on May 19, 2025, 738 days after the low.

Price behaviour

52-week range
$10.09 – $33.09
From 52-week high
−69.5%
vs 50-day average
−33.8%
vs 200-day average
−47.4%
Volatility (1 year)
103%
Beta vs S&P 500
4.30

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±18.7%
After a week
6 up, 6 down
typical move ±18.3%
After a month
4 up, 8 down
typical move ±52.0%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 −2.9% +0.5% −2.3% −22.5%
May 12, 2026 −10.8% +0.4% −24.3% −0.9%
February 26, 2026 −4.4% −1.0% −4.2% −29.3%
November 6, 2025 −4.9% −1.0% −24.6% −8.3%
August 7, 2025 −3.9% +0.7% +3.4% −12.3%
May 8, 2025 +61.0% +0.6% +60.1% +160.5%
March 13, 2025 +74.4% +0.7% +49.3% +24.6%
January 10, 2025 −37.2% −1.4% −13.6% −12.6%
November 14, 2024 −7.9% −1.9% +10.7% +306.2%
August 8, 2024 +4.0% +2.8% +15.9% +4.1%
May 13, 2024 +7.7% +0.5% +0.8% −10.8%
March 28, 2024 −5.2% −0.2% −10.5% −31.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

D-wave Quantum Inc. in five measures

Fundamentals grade E
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) D-wave Quantum Inc.
$0 $10M $20M $30M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $8.2M Revenue (TTM), FY23 Q4: $8.8M Revenue (TTM), FY24 Q1: $9.6M Revenue (TTM), FY24 Q2: $10.1M Revenue (TTM), FY24 Q3: $9.4M Revenue (TTM), FY24 Q4: $8.8M Revenue (TTM), FY25 Q1: $21.4M Revenue (TTM), FY25 Q2: $22.3M Revenue (TTM), FY25 Q3: $24.1M Revenue (TTM), FY25 Q4: $24.6M Revenue (TTM), FY26 Q1: $12.4M Revenue (TTM), FY26 Q2: $12.4M $12.4M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $8.2M
FY23 Q4 $8.8M
FY24 Q1 $9.6M
FY24 Q2 $10.1M
FY24 Q3 $9.4M
FY24 Q4 $8.8M
FY25 Q1 $21.4M
FY25 Q2 $22.3M
FY25 Q3 $24.1M
FY25 Q4 $24.6M
FY26 Q1 $12.4M
FY26 Q2 $12.4M
Revenue growth, TTM YoY D-wave Quantum Inc.
-100% 0% 100% 200% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 14.5% Revenue growth, TTM YoY, FY23 Q4: 22.1% Revenue growth, TTM YoY, FY24 Q1: 36.9% Revenue growth, TTM YoY, FY24 Q2: 37.1% Revenue growth, TTM YoY, FY24 Q3: 14.3% Revenue growth, TTM YoY, FY24 Q4: 0.8% Revenue growth, TTM YoY, FY25 Q1: 121.6% Revenue growth, TTM YoY, FY25 Q2: 120.2% Revenue growth, TTM YoY, FY25 Q3: 156.2% Revenue growth, TTM YoY, FY25 Q4: 178.5% Revenue growth, TTM YoY, FY26 Q1: -41.7% Revenue growth, TTM YoY, FY26 Q2: -44.2% -44.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 14.5%
FY23 Q4 22.1%
FY24 Q1 36.9%
FY24 Q2 37.1%
FY24 Q3 14.3%
FY24 Q4 0.8%
FY25 Q1 121.6%
FY25 Q2 120.2%
FY25 Q3 156.2%
FY25 Q4 178.5%
FY26 Q1 -41.7%
FY26 Q2 -44.2%
Operating margin (TTM) D-wave Quantum Inc.
-1500% -1000% -500% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -1031.1% Operating margin (TTM), FY23 Q4: -919.7% Operating margin (TTM), FY24 Q1: -761.1% Operating margin (TTM), FY24 Q2: -704.9% Operating margin (TTM), FY24 Q3: -780.3% Operating margin (TTM), FY24 Q4: -874.8% Operating margin (TTM), FY25 Q1: -332.3% Operating margin (TTM), FY25 Q2: -353.1% Operating margin (TTM), FY25 Q3: -355.2% Operating margin (TTM), FY25 Q4: -408.2% Operating margin (TTM), FY26 Q1: -1155.6% Operating margin (TTM), FY26 Q2: -1372.9% -1372.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -1031.1%
FY23 Q4 -919.7%
FY24 Q1 -761.1%
FY24 Q2 -704.9%
FY24 Q3 -780.3%
FY24 Q4 -874.8%
FY25 Q1 -332.3%
FY25 Q2 -353.1%
FY25 Q3 -355.2%
FY25 Q4 -408.2%
FY26 Q1 -1155.6%
FY26 Q2 -1372.9%
FCF margin (TTM) D-wave Quantum Inc.
-1000% -500% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -693.0% FCF margin (TTM), FY23 Q4: -699.7% FCF margin (TTM), FY24 Q1: -623.8% FCF margin (TTM), FY24 Q2: -591.2% FCF margin (TTM), FY24 Q3: -650.3% FCF margin (TTM), FY24 Q4: -510.2% FCF margin (TTM), FY25 Q1: -244.9% FCF margin (TTM), FY25 Q2: -239.1% FCF margin (TTM), FY25 Q3: -228.1% FCF margin (TTM), FY25 Q4: -310.3% FCF margin (TTM), FY26 Q1: -825.4% FCF margin (TTM), FY26 Q2: -963.8% -963.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -693.0%
FY23 Q4 -699.7%
FY24 Q1 -623.8%
FY24 Q2 -591.2%
FY24 Q3 -650.3%
FY24 Q4 -510.2%
FY25 Q1 -244.9%
FY25 Q2 -239.1%
FY25 Q3 -228.1%
FY25 Q4 -310.3%
FY26 Q1 -825.4%
FY26 Q2 -963.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 5 6 7 9 9 25 12
Gross profit 4 5 4 5 6 20 8
EBITDA −30 −37 −58 −79 −76 −99 −165
Operating income −31 −39 −59 −81 −77 −100 −171
Net income −22 −41 −54 −83 −144 −355 −249
Diluted EPS −$0.17 −$0.33 −$0.45 −$0.60 −$0.75 −$1.11 −$0.69
Growth (year on year)
Revenue — +21.7% +14.2% +22.1% +0.8% +178.5% −44.2%
Margins
Gross margin 82.3% 72.1% 59.3% 52.8% 63.0% 82.6% 64.2%
EBITDA margin −573.3% −595.9% −809.1% −907.7% −862.3% −401.9% <−999%
Operating margin −609.8% −620.3% −828.9% −919.7% −874.8% −408.2% <−999%
Net margin −425.7% −652.5% −748.7% −944.5% <−999% <−999% <−999%
Free-cash-flow margin −581.8% −582.5% −636.4% −699.2% −507.0% −308.5% −958.4%
Cash flow
Cash from operations −29 −35 −45 −61 −43 −72 −111
Capital spending 1 2 0 1 2 4 8
Free cash flow −30 −37 −46 −61 −45 −76 −119
Stock-based pay 3 2 9 22 16 23 31
Free cash flow after stock pay −33 −38 −55 −83 −60 −99 −150
Balance sheet
Cash 21 9 7 41 178 635 297
Total debt 14 31 33 64 30 36 35
Net debt (negative = net cash) −8 21 26 23 −148 −600 −262
Diluted shares 127m 125m 120m 138m 192m 321m 359m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 6 checks passed · June 30, 2026
What it owns · $1.2bn
Short-term assets $561mLonger-term assets $598m
What it owes, and who funded it · $1.2bn
Short-term liabilities $27mLonger-term liabilities $48mShareholders' equity $1.1bn
  • Short-term assets cover short-term liabilities $561m of assets due within a year against $27m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $561m short-term assets against $48m of longer-dated liabilities.
  • More cash than debt $297m of cash against $35m of debt.
  • Debt below 40% of shareholders' equity Debt is 3% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt −$111m of operating cash flow against $35m of debt.
  • Operating profit covers interest at least five times over No material interest expense reported.

From D-wave Quantum Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+40.1%
year over year
R&D spending
658.2%
of revenue
Days sales outstanding
59 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in systems software
Last 12 months unless stated QBTS RGTI OWLS HUBC CHOW ALAR Median
Revenue, last 12 months $12m $13m $8m $32m $32m $41m $1.1bn
Revenue growth, last 12 months −44.2% 68.5% 3.9% 7.1% 38.3% 28.1% 16.9%
Revenue growth, 3-year average 19.0% −2.5% — — — — 16.1%
Revenue growth, latest quarter −0.6% 185.3% — — — — 19.6%
Gross margin 64.2% 34.6% 2.6% 16.7% 12.9% 58.5% 69.6%
Operating margin <−999% −727.6% −409.8% −222.0% −9.4% 0.5% 3.7%
Operating margin, 3-year average −810.3% −744.1% — — — −257.7% 4.0%
Net margin <−999% <−999% −405.2% −378.3% −9.4% 2.4% 2.4%
Cash from operations / revenue −892.4% −454.7% −146.7% −99.2% −22.5% −4.9% 16.6%
Free-cash-flow margin −963.8% −655.9% −153.5% −99.3% −22.5% −5.3% 15.0%
Free-cash-flow margin, 3-year average −598.1% −638.3% — — — −200.0% 18.8%
Stock pay / revenue 250.5% 170.7% 217.7% 10.1% — 8.5% 8.2%
Change in share count 40.1% 28.9% — 537.5% 2.7% 6.6% 2.7%

Median of all 37 companies we cover in systems software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

37 systems software companies
Measure Company Peer median Rank
Revenue growth Growth -44.2% 16.9% 37 of 37
Change in growth rate Growth -2.5pp -0.3pp 26 of 37
Gross margin Profitability 64.2% 70.4% 20 of 32
Operating margin Profitability -1372.9% 3.8% 34 of 34
Net margin Profitability -2001.6% 2.4% 37 of 37
Free-cash-flow margin Cash generation -963.8% 17.3% 34 of 34
Stock pay as % of revenue Cash generation 250.5% 8.5% 35 of 36
Long-term debt as % of assets Balance sheet 3.0% 4.3% 8 of 23
Change in share count Balance sheet 40.1% 3.1% 31 of 34
Days sales outstanding Balance sheet 59 days 72 days 10 of 29

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
System Sales $16.2M —
Q Caa S $5.5M ▼ 18.2%
System Upgrade $3.5M —
Professional Services $2.7M ▲ 40.4%
Other $168,000 ▲ 16.7%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
Germany $16.8M 68.2% ▲ 785.2%
United States $2.7M 10.8% ▲ 23.4%
Other Geographical Areas $2M 8.2% ▲ 13.8%
Japan $1.3M 5.4% ▲ 16.2%
Switzerland $960,000 3.9% ▲ 23.4%
Canada $878,000 3.6% ▼ 20.3%

From D-wave Quantum Inc.'s 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$4.7B
Institutions reporting
547
Shares held vs prior quarter
▲ 12.6%
Positions opened / closed
125 / 70

Top buyers and sellers, Q2 2026: 363 institutions bought and 167 sold ; the biggest buyer was Blackrock, Inc (+3.0M shares) and the biggest seller HRT Financial LP (−3.4M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $795M 33.1M 16.8% ▲ 9.9%
Vanguard Portfolio Management LLC $528M 22.0M 11.2% ▲ 5.9%
Vanguard Capital Management LLC $382M 15.9M 8.1% ▲ 0.6%
UBS Group AG $279M 11.6M 5.9% ▲ 18.0%
Geode Capital Management, LLC $222M 9.3M 4.7% ▲ 2.6%
State Street Corp $217M 9.0M 4.6% ▲ 6.6%
Clear Street Group Inc. $149M 6.2M 3.1% ▲ 8.7%
Norges Bank $107M 4.5M 2.3% —
Bank Of America Corp $104M 4.3M 2.2% ▲ 11.8%
Northern Trust Corp $80.8M 3.4M 1.7% ▲ 8.0%
Charles Schwab Investment Management Inc $78.8M 3.3M 1.7% ▲ 1.5%
Unicom Systems, Inc. $74.9M 3.1M 1.6% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not D-wave Quantum Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $1,795 1 trade by 1 insider, last 12 months Insider sales History → $107M 39 trades by 7 insiders · 60% under pre-set plans
Net ▼ $107M net selling
Insider Date Trade Shares Price Value
Dilullo John D Director September 8, 2026 Sell pre-set plan 1,100 $18.00 $19,800
Ames Sophie C Exec. Vice President & CHRO July 20, 2026 Sell pre-set plan 3,070 $16.95 $52,036
Markovich John M. Chief Financial Officer June 15, 2026 Sell 100,000 $25.68 $2.6M
Markovich John M. Chief Financial Officer June 15, 2026 Sell 100,000 $25.75 $2.6M
Ghai Rohit Director June 15, 2026 Sell pre-set plan 13,518 $26.41 $357,010
Markovich John M. Chief Financial Officer June 12, 2026 Sell 46,043 $24.01 $1.1M
Markovich John M. Chief Financial Officer June 9, 2026 Sell 70 $26.54 $1,858
Markovich John M. Chief Financial Officer June 8, 2026 Sell 50,979 $26.24 $1.3M
Baratz Alan E President & CEO June 8, 2026 Sell 687,627 $26.13 $18M
Dilullo John D Director June 5, 2026 Sell pre-set plan 7,850 $24.43 $191,776
Markovich John M. Chief Financial Officer June 2, 2026 Sell 2,908 $31.00 $90,148
Markovich John M. Chief Financial Officer May 22, 2026 Sell 328,752 $27.70 $9.1M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 12, 2026
  • February 26, 2026
  • November 6, 2025
  • August 7, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on D-wave Quantum Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

D-wave Quantum Inc. in brief

What does D-wave Quantum Inc. do?
D-wave Quantum Inc. is a US-listed company in the systems software industry. Its financial year ends in December.
What is D-wave Quantum Inc.'s stock ticker?
D-wave Quantum Inc. trades under the ticker QBTS on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is D-wave Quantum Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, D-wave Quantum Inc. reported revenue of $12.4M, 44.2% lower than a year earlier, according to its SEC filings.
What is D-wave Quantum Inc.'s free cash flow?
D-wave Quantum Inc.'s free-cash-flow margin is -963.8% of revenue over the trailing twelve months, ranking 34 of the 34 systems software companies we cover.
Who are D-wave Quantum Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is D-wave Quantum Inc.'s market cap?
On November 2, 2026, D-wave Quantum Inc.'s market capitalisation was about $3.6B and net debt of -$262M. Market figures come from third-party market data and may be delayed.
How much debt does D-wave Quantum Inc. have?
D-wave Quantum Inc.'s debt-to-equity ratio is 3.2%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are D-wave Quantum Inc.'s competitors?
In our Systems Software peer group, the companies closest to D-wave Quantum Inc. are Rigetti Computing, Inc., Obook Holdings Inc., Hub Cyber Security Ltd., Chowchow Cloud International Holdings Ltd and Alarum Technologies Ltd. The side-by-side comparison below sets their revenue, margins and growth against D-wave Quantum Inc.'s.
Are insiders buying or selling D-wave Quantum Inc. stock?
Over the last 12 months, D-wave Quantum Inc.'s directors and officers reported 1 open-market purchases and 39 sales on Form 4. The insider trading page charts every trade.
When is D-wave Quantum Inc.'s next earnings date?
Around November 10, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — D-wave Quantum Inc. announces its own schedule.