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IT services · Technology · Fiscal year ends Dec 31
D-Wave Quantum reported revenue of $25M in the fiscal year ended Dec 2025, up 178.5% from the year before. Operating income was −$100M, an operating margin of −408.2%, and net income was −$355M. Operating cash flow of −$72M less capital expenditure of $4M left free cash flow of −$76M. It held more cash than debt (net cash $600M).
Ranks among the 36 it services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 6.3 | 7.2 | 8.8 | 8.8 | 24.6 |
| Cost of revenue | 1.8 | 2.9 | 4.1 | 3.3 | 4.3 |
| Gross profit | 4.5 | 4.3 | 4.6 | 5.6 | 20.3 |
| Research & development | 25.4 | 32.1 | 37.9 | 35.3 | 50.7 |
| Selling, general & admin | 18.1 | 31.6 | 47.3 | 47.5 | 69.9 |
| Operating income | −38.9 | −59.5 | −80.5 | −77.2 | −100 |
| Interest expense | 1.7 | 4.6 | – | 3.9 | 4.0 |
| Pre-tax income | −41.0 | −53.7 | −82.7 | −144 | −355 |
| Income tax | – | – | – | – | 0.0 |
| Net income | −41.0 | −53.7 | −82.7 | −144 | −355 |
| Diluted EPS | −0.33 | −0.45 | −0.60 | −0.75 | −1.11 |
| Diluted shares | 125 | 120 | 138 | 192 | 321 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 9.5 | 7.1 | 41.3 | 178 | 635 |
| Receivables | 0.4 | 0.8 | 1.7 | 1.4 | 1.6 |
| Inventory | 2.1 | 2.2 | 2.1 | 1.7 | 2.8 |
| Current assets | 16.0 | 13.9 | 47.0 | 185 | 896 |
| Net PP&E | 3.2 | 2.3 | 2.6 | 4.1 | 7.8 |
| Goodwill | – | – | – | – | 0.0 |
| Total assets | 29.5 | 26.9 | 59.4 | 200 | 916 |
| Payables | 2.1 | 3.8 | 1.5 | 0.8 | 1.0 |
| Deferred revenue | 2.7 | 1.8 | 2.7 | 18.7 | 2.8 |
| Current liabilities | 10.4 | 16.0 | 11.3 | 30.1 | 21.1 |
| Short-term debt | 0.2 | 1.9 | – | – | – |
| Long-term debt | 30.3 | 31.2 | 63.9 | 30.1 | 35.8 |
| Total liabilities | 47.8 | 56.4 | 83.8 | 137 | 63.6 |
| Shareholders' equity | −18.4 | −29.5 | −24.5 | 62.6 | 852 |
| Backlog (remaining obligations) | 2.7 | 1.8 | 5.0 | 19.4 | 13.4 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −34.8 | −45.2 | −60.6 | −42.6 | −72.0 |
| Capital expenditure | 1.8 | 0.4 | 0.6 | 2.1 | 3.9 |
| Free cash flow | −36.6 | −45.6 | −61.2 | −44.7 | −75.8 |
| Depreciation & amortisation | 1.5 | 1.4 | 1.1 | 1.1 | 1.6 |
| Stock-based compensation | 1.7 | 9.2 | 21.9 | 15.7 | 22.7 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 14.2% | 22.1% | 0.8% | 178.5% |
| Gross margin | 72.1% | 59.2% | 52.8% | 63.0% | 82.6% |
| Operating margin | −620.3% | −828.9% | −919.7% | −874.8% | −408.2% |
| Net margin | −652.5% | −748.7% | −944.5% | −1630.0% | −1444.1% |
| Return on equityBlank when equity is negative | – | – | – | −229.7% | −41.7% |
| ROCEEBIT ÷ (assets − current liabilities) | −204.8% | −545.1% | −167.4% | −45.5% | −11.2% |
| Free cash flow margin | −582.5% | −636.4% | −699.2% | −507.0% | −308.5% |
| Cash conversion (CFO ÷ net income) | 0.85x | 0.84x | 0.73x | 0.30x | 0.20x |
| Receivable days | 24 | 39 | 69 | 59 | 24 |
| Inventory days | 441 | 274 | 183 | 189 | 237 |
| Payable days | 440 | 469 | 129 | 91 | 81 |
| Interest cover | −22.5x | −12.8x | – | −19.8x | −25.0x |
| Debt ÷ equity | – | – | – | 0.48x | 0.04x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 21.1 | 26.0 | 22.5 | −148 | −600 |
| Current ratio | 1.53x | 0.87x | 4.18x | 6.14x | 42.4x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.