D-wave Quantum Inc. income statement

In fiscal 2025, D-wave Quantum Inc. reported revenue of $24.6m, up 178.5% on the year before, operating income of −$100m (a -408.2% margin) and net income of −$355m, or −$1.11 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

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

D-wave Quantum Inc.: income statement, annual
Fiscal year	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Revenue	5	6	7	9	9	25	12
Cost of revenue	1	2	3	4	3	4	4
Gross profit	4	5	4	5	6	20	8
Research and development	20	25	32	38	35	51	82
Selling and marketing	4	6	10	10	15	29	37
General and administrative	12	12	22	37	32	41	60
Operating income	−31	−39	−59	−81	−77	−100	−171
Interest expense	5	2	5	—	4	4	—
Income before tax	−22	−41	−54	−83	−144	−355	—
Income tax	—	—	—	—	—	0	—
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
Diluted shares (average)	127m	125m	120m	138m	192m	321m	359m
EBITDA	−30	−37	−58	−79	−76	−99	−165

US$ millions unless shown otherwise. Fiscal quarters.

D-wave Quantum Inc.: income 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
Revenue	2	2	15	3	4	3	3	3
Cost of revenue	1	1	1	1	1	1	1	1
Gross profit	1	1	14	2	3	2	2	2
Research and development	9	10	10	13	14	14	26	28
Selling and marketing	4	4	7	7	7	8	10	11
General and administrative	9	8	8	9	9	15	20	15
Operating income	−21	−20	−11	−27	−28	−35	−55	−53
Interest expense	—	—	0	0	—	—	0	0
Income before tax	—	—	−5	−167	—	—	−47	−48
Income tax	—	—	0	0	—	—	−28	0
Net income	−23	−86	−5	−167	−140	−42	−18	−48
Diluted EPS	−$0.11	−$0.43	−$0.02	−$0.55	−$0.41	−$0.10	−$0.05	−$0.13
EBITDA	−20	−20	−11	−26	−27	−34	−51	−52

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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.