Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data D-Wave Quantum Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Revenue
5.16
6.28
7.17
8.76
8.83
24.6
Cost of revenue
0.92
1.75
2.92
4.14
3.26
4.28
Gross profit
4.25
4.53
4.25
4.62
5.56
20.3
Research and development
20.4
25.4
32.1
37.9
35.3
50.7
Selling and marketing
3.71
6.18
10.1
10.3
15.1
28.8
General and administrative
11.6
11.9
21.5
37
32.4
41.2
Operating expenses
35.7
43.5
63.7
85.2
82.8
121
Operating income
-31.5
-38.9
-59.5
-80.5
-77.2
-100
Interest expense
5.26
1.73
4.63
3.9
4.01
Interest income
1.74
24.1
Other non-operating income
9.5
-2.03
5.76
-2.17
-66.7
-255
Pre-tax income
-22
-41
-53.7
-82.7
-144
-355
Income tax
0
Net income
-22
-41
-53.7
-82.7
-144
-355
EBITDA
-29.6
-37.4
-58
-79.5
-76.1
-98.8
EPS, basic
-0.17
-0.33
-0.45
-0.60
-0.75
-1.11
EPS, diluted
-0.17
-0.33
-0.45
-0.60
-0.75
-1.11
Shares, basic (weighted)
127
125
120
138
192
321
Shares, diluted (weighted)
127
125
120
138
192
321
Balance sheet
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
21.3
9.48
7.07
41.3
178
635
Short-term investments
0
249
Receivables
0.42
0.76
1.65
1.42
1.59
Inventory
2.11
2.2
2.08
1.69
2.78
Other current assets
1.12
3.64
2.01
3.95
7.39
Total current assets
29.6
16
13.9
47
185
896
Property, plant and equipment
3.25
2.29
2.55
4.13
7.84
Lease right-of-use assets
8.58
9.13
8.22
7.26
6.52
Goodwill
0
Intangible assets
0.27
0.24
0.18
0.49
0.92
Long-term investments
1.17
1.17
1.17
2.57
2.39
Other non-current assets
1.35
1.35
1.36
2.93
4.31
Total assets
35.8
29.5
26.9
59.4
200
916
Accounts payable
2.11
3.76
1.47
0.82
0.95
Accrued liabilities
3.59
6.69
5.34
8.78
15.8
Deferred revenue
2.67
1.78
2.67
18.7
2.78
Short-term debt
0.22
1.86
Total current liabilities
12
10.4
16
11.3
30.1
21.1
Long-term debt
1.61
30.3
31.2
63.9
30.1
35.8
Lease liabilities
6.99
7.3
7.03
6.39
6.05
Other non-current liabilities
0.02
0
Total liabilities
15
47.8
56.4
83.8
137
63.6
Total debt
1.61
12.5
9.48
63.9
30.1
35.8
Paid-in capital
149
381
469
700
1,843
Retained earnings
-306
-347
-400
-483
-627
-982
Other comprehensive income
-10.4
-10.4
-10.5
-10.5
-9.02
Shareholders' equity
20.8
-18.4
-29.5
-24.5
62.6
852
Total equity
20.8
-18.4
-29.5
-24.5
62.6
852
Total liabilities and equity
35.8
29.5
26.9
59.4
200
916
Shares outstanding
2.82
113
161
267
359
Cash flow statement
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Net income
-22
-41
-53.7
-82.7
-144
-355
Depreciation and amortization
1.89
1.53
1.42
1.05
1.11
1.56
Stock-based compensation
2.99
1.74
9.16
21.9
15.7
22.7
Change in receivables
8
0.16
-0.34
-0.82
0.14
-0.2
Change in inventory
-0.65
0.18
-0.15
-0.24
-0.22
-2.4
Cash from operations
-29.3
-34.8
-45.2
-60.6
-42.6
-72
Capital expenditures
-0.74
-1.77
-0.42
-0.58
-2.11
-3.86
Purchases of investments
0
-248
Sales and maturities of investments
0
0.25
0
Cash from investing
-0.79
-2
-0.5
-0.63
-3.14
-251
Debt issued
0
0.11
20
29
Debt repaid
0
-0.03
-21.5
-1.47
Stock issued
0
0
40
63.7
44.3
37.8
Cash from financing
43.1
24.9
43.3
95.6
182
779
Net change in cash
13.1
-11.9
-2.42
34.2
137
457
Free cash flow
-30
-36.6
-45.6
-61.2
-44.7
-75.8
Interest paid
0
5.18
0.03
Income taxes paid
0.04
0.03
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $17.41 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
64.2%
Gross profit / revenue.
Operating margin
-1,373.0%
Operating income / revenue.
EBITDA margin
-1,328.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-2,002.0%
Net income / revenue.
FCF margin
-958.4%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-892.4%
Cash from operations / revenue.
Return on equity (ROE)
-23.0%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-21.5%
Net income / average total assets.
Return on invested capital (ROIC)
-16.4%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
658.2%
Research and development expense / revenue.
Stock-based pay / revenue
250.5%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
66.0%
Capital expenditures / revenue.
D&A / revenue
44.9%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
178.5%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
50.8%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
36.7%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
265.0%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
68.4%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
36.8%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
1,260.0%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 5y
110.2%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
358.2%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
223.9%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
91.2%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
67.2%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
39.0%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
20.4%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
20.5x
Current assets / current liabilities.
Quick ratio
20.1x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
20.0x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.03x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
3.0%
Total debt / total assets.
Liabilities / assets
6.5%
Total liabilities / total assets.
Net debt
-$511.3M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.67
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.03
Revenue / diluted weighted shares.
FCF per share
-$0.32
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.30
Cash from operations / diluted weighted shares.
Book value per share
$2.91
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
517x
Market cap / revenue.
P/B
5.94x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
12.2x
Market cap / tangible book value, when positive.
EV/Sales
476x
Enterprise value / revenue.
FCF yield
-1.9%
Free cash flow / market cap.
Earnings yield
-3.9%
Net income / market cap (the inverse of P/E).
What was D-Wave Quantum Inc.'s revenue in fiscal 2025?
D-Wave Quantum Inc. reported revenue of $24.6M for fiscal 2025, 178.5% higher than the year before.
Was D-Wave Quantum Inc. profitable in fiscal 2025?
No. It reported a net loss of $355.1M.
How much free cash flow did D-Wave Quantum Inc. generate in fiscal 2025?
Cash from operations of $72.0M minus capital expenditures of $3.9M left free cash flow of -$75.8M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.