QBTS

D-Wave Quantum Inc. Information Technology Services-Computer Processing & Data Preparation Russell 3000

$10.65Close $3.8BMarket cap $10.65 – $37.0652-week range Nov 10, 2026Next report · before the open

Highlights

Cautions

Not in an uptrend 0 of 8 trend conditions
Lagging the market RS 2 · weaker than 98% of stocks over 12 months
Far from its high 71% below its 52-week high
Distribution down-day volume 1.7× up-day volume over 50 sessions
Results soon Nov 10, 2026, in 9 days

Price

Filing Results Screen pick 52-week high and low Adjusted prices

Key figures

FY to Dec 31, 2025 · filed Aug 6, 2026

Off 12-month high 71%

1wk 8.7% price change

1mo 35.7% price change

12-month return 71% market up 11% · its own down 80%

F-score 5 / 9 Mixed

Altman Z″ 16.11 Low risk

P/E — price / earnings

PEG — P/E / EPS growth

P/B 4.5× price / book

Earnings yield 3.1% EBIT / enterprise value

Cheaper than 25% of the market · expensive

Revenue growth 179% year on year

EPS growth — latest quarter

Sales growth 1% latest quarter · +80 pts

ROE 78% return on equity

Free cash margin 308% -$75.8M FCF

D/E 0.04 long-term debt / equity

Net debt / EBITDA —

Interest cover —EBIT / interest

Piotroski tests

not yet profitable on its assets
operating cash flow is negative
issued more shares
assets working less efficiently
profitability improving
profits backed by cash
reduced long-term debt
short-term liquidity improved
gross margin widened

Repair signals

Gross margin 63.0% → 82.6%

Trade setup

ATR% 7.8% $0.83 a day · 2×ATR $8.98

RS 2 / 99 vs the universe

Trend 0 / 8 trend template

Relative volume 1.2× vs 50-day average

Up/down volume 0.59 50 sessions

Implied move — no option chain · report Nov 10, 2026

Trend template · 0 of 8

Screen verdict

Did not qualify for any screen.

Warning signs

1 flagged

Shareholders diluted The share count rose 34.6% over the year, from 267m to 359m shares. Each existing share owns a smaller fraction of the company than it did a year ago.

Last reported Aug 6, 2026

Results reaction Aug 6, 2026-3% vs market2 sessions after results

Financials

6 fiscal years · from filings

Revenue What customers paid the company over its fiscal year, before any cost, as filed in its annual report. The change is against the year before. Methodology $24.6M +179% on FY2024

Net income Profit left after every cost, interest and tax for the year. A column below the line is a loss. Methodology -$355.1M

Free cash flow Cash from running the business less what it spent on equipment and buildings: the cash a year actually left behind, which profit alone does not show. Not shown for banks and insurers, whose cash moves with their loans. Methodology -$75.8M

Margins Each as a share of revenue. Gross: left after the direct cost of what was sold. Net: left after every cost. Free cash: free cash flow over revenue. A margin rising over years means the business keeps more of each dollar it sells. Methodology

Gross 83%
Net -1444%
Free cash -308%

Cash and long-term debt Cash on the balance sheet at the year's end beside debt due after a year. Net cash is cash less that debt; net debt is the shortfall. Debt some filers do not tag shows as a gap, not as zero. Methodology $599.5M net cash

Cash
Long-term debt

Shares outstanding Shares in issue at the year's end. A rising count means each share owns a smaller slice of the company (stock pay, share sales); a falling one, buybacks. The chart's scale is fitted to the count, so a small change looks large: read the percentage. Methodology 358.74m

	FY2020Dec 31, 2020	FY2021Dec 31, 2021	FY2022Dec 31, 2022	FY2023Dec 31, 2023	FY2024Dec 31, 2024	FY2025Dec 31, 2025
Revenue	$5.2M	$6.3M	$7.2M	$8.8M	$8.8M	$24.6M
Gross margin	82%	72%	59%	53%	63%	83%
Operating income	-$31.5M	-$38.9M	-$59.5M	-$80.5M	-$77.2M	-$100.4M
Net income	-$22.0M	-$41.0M	-$53.7M	-$82.7M	-$143.9M	-$355.1M
Net margin	-426%	-653%	-749%	-944%	-1630%	-1444%
Earnings per share	-$0.17	-$0.33	-$0.45	-$0.60	-$0.75	-$1.11
Free cash flow	-$30.0M	-$36.6M	-$45.6M	-$61.2M	-$44.7M	-$75.8M
Free cash margin	-582%	-582%	-636%	-699%	-507%	-308%
Cash	$21.3M	$9.5M	$7.1M	$41.3M	$178.0M	$635.3M
Long-term debt	$1.6M	$30.3M	$31.2M	$63.9M	$30.1M	$35.8M
Shareholders' equity	$20.8M	-$18.4M	-$29.5M	-$24.5M	$62.6M	$852.2M
Shares outstanding	—	2.82m	113.34m	161.11m	266.60m	358.74m

Filings

SEC EDGAR

Filed	Report	Period to	Lag
Aug 6, 2026	Quarterly ↗	Jun 30, 2026	37d
May 12, 2026	Quarterly ↗	Mar 31, 2026	42d
Feb 26, 2026	Annual ↗	Dec 31, 2025	57d
Nov 6, 2025	Quarterly ↗	Sep 30, 2025	37d
Aug 7, 2025	Quarterly ↗	Jun 30, 2025	38d
May 8, 2025	Quarterly ↗	Mar 31, 2025	38d
Mar 14, 2025	Annual ↗	Dec 31, 2024	73d
Nov 14, 2024	Quarterly ↗	Sep 30, 2024	45d
Aug 8, 2024	Quarterly ↗	Jun 30, 2024	39d
May 13, 2024	Quarterly ↗	Mar 31, 2024	43d
Mar 29, 2024	Annual ↗	Dec 31, 2023	89d
Nov 9, 2023	Quarterly ↗	Sep 30, 2023	40d

Current reports

Filed	Disclosed
Oct 28, 2026	Regulation FD ↗
Oct 1, 2026	Regulation FD ↗
Sep 21, 2026	Director or officer change ↗
Sep 17, 2026	Regulation FD ↗
Sep 15, 2026	Regulation FD ↗
Sep 10, 2026	Other events ↗
Sep 8, 2026	Material agreement · Regulation FD · Other events ↗
Aug 25, 2026	Director or officer change ↗
Aug 18, 2026	Regulation FD ↗
Aug 17, 2026	Director or officer change ↗
Aug 6, 2026	Results ↗
Aug 5, 2026	Regulation FD ↗