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D-wave Quantum Inc. balance sheet

At the end of fiscal 2025, D-wave Quantum Inc. had total assets of $916m, total liabilities of $63.6m and shareholders' equity of $852m. It held $635m in cash against $35.8m of debt: net cash of $600m.

Balance sheet

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

Fiscal year2020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Cash and equivalents219741178635297
Receivables—012122
Inventory—222233
Total current assets30161447185896561
Goodwill—————0343
Total assets362927592009161,158
Deferred revenue (current)—3231939
Total current liabilities12101611302127
Short-term debt—02————
Long-term debt2303164303635
Total debt14313364303635
Total liabilities154856841376475
Shareholders' equity21−18−29−24638521,083
Net debt (negative = net cash)−8212623−148−600−262
Shares outstanding——113m161m—359m372m

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from D-wave Quantum Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to D-wave Quantum Inc.