D-wave Quantum Inc. cash flow statement

In fiscal 2025, D-wave Quantum Inc.'s operations generated −$72.0m of cash; it spent $3.9m on capital projects, leaving free cash flow of −$75.8m.

Cash flow statement

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

D-wave Quantum Inc.: cash flow statement, annual
Fiscal year	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Cash from operations	−29	−35	−45	−61	−43	−72	−111
Depreciation and amortisation	2	2	1	1	1	2	6
Stock-based pay	3	2	9	22	16	23	31
Capital spending	1	2	0	1	2	4	8
Free cash flow	−30	−37	−46	−61	−45	−76	−119
Free cash flow after stock pay	−33	−38	−55	−83	−60	−99	−150
Shares issued	0	0	40	64	44	38	—

US$ millions unless shown otherwise. Fiscal quarters.

D-wave Quantum Inc.: cash flow statement, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Cash from operations	−18	2	−19	−15	−19	−18	−45	−29
Depreciation and amortisation	0	0	0	0	0	0	4	1
Stock-based pay	4	4	4	7	6	6	8	11
Capital spending	0	1	0	1	1	2	1	4
Free cash flow	−18	1	−20	−16	−20	−20	−46	−33
Free cash flow after stock pay	−22	−3	−24	−23	−27	−26	−54	−44
Shares issued	12	12	—	—	0	0	—	—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

Compare with peers

Head to head: QBTS vs RGTI OWLS vs QBTS HUBC vs QBTS

More: Systems Software stocks compared, Technology sector, rankings of US companies

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.