D-Wave Quantum Inc.
QBTSNYSE
$16.73
↓ -1.1%Jul 17 close · end-of-day
Price
1Y↓ -1.1%
End-of-day closes; the latest point is the live 15-min-delayed price · split & dividend adjusted · chart by TradingView
Key statistics
Market Cap
$6.1B
Enterprise Value
$5.6B
P/E
—
P/S
494.0
P/B
5.5
EV/EBITDA
—
PEG
—
FCF Yield
-1.7%
Dividend Yield
—
Revenue (TTM)
$12.4M
Net Income (TTM)
-$368.0M
Free Cash Flow (TTM)
-$102.2M
Gross Margin
66.3%
Operating Margin
-1155.6%
Net Margin
-2957.2%
ROE
-32.7%
ROIC
-19.9%
Debt / Equity
0.0
Net Cash
$553.0M
Return 1Y
-13.1%
Company profile
N/A
- CEO
- Alan E. Baratz
- Sector
- Services
- Industry
- Business Services
- Employees
- 3
- Headquarters
- British Columbia
- Website
- dwavesys.com
Management & directors
- Ames Sophie CExec. Vice President & CHRO
- Baratz Alan EPresident & CEO
- Markovich John M.Chief Financial Officer
- Nguyen DianeEVP, Chief Legal Officer & GC
- Black Stanley TExec. Vice President & CISO
Roles derived from SEC Form 4 filings.
Earnings
QBTS Q1 2026 Earnings
Period ends 2026-03-31
MetricActualYoY
Revenue$2.9M↓ -80.9%
Diluted EPS-$0.05↑ +150.0%
Actuals from SEC filings; YoY vs the year-ago quarter. Analyst estimates & surprise require a data feed (coming soon).
Financial statements
| Line item | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | $5.2M | $6.3M | $7.2M | $8.8M | $8.8M | $24.6M |
| Gross profit | $4.2M | $4.5M | $4.3M | $4.6M | $5.6M | $20.3M |
| 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 |
| Diluted EPS | -$0.17 | -$0.33 | -$0.45 | -$0.60 | -$0.75 | -$1.11 |
| Operating cash flow | -$29.3M | -$34.8M | -$45.2M | -$60.6M | -$42.6M | -$72.0M |
| Free cash flow | -$30.0M | -$36.6M | -$45.6M | -$61.2M | -$44.7M | -$75.8M |
| Gross margin | 82.3% | 72.1% | 59.2% | 52.8% | 63.0% | 82.6% |
| Operating margin | -609.8% | -620.3% | -828.9% | -919.7% | -874.8% | -408.2% |
| Net margin | -425.7% | -652.5% | -748.7% | -944.5% | -1630.0% | -1444.1% |
| Line item | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.2M | $1.9M | $2.3M | $15.0M | $3.1M | $3.7M | $2.8M | $2.9M |
| Gross profit | $1.4M | $1.0M | $1.5M | $13.9M | $2.0M | $2.7M | $1.8M | $1.8M |
| Operating income | -$18.8M | -$20.6M | -$20.2M | -$11.3M | -$26.5M | -$27.7M | -$34.8M | -$54.7M |
| Net income | -$17.8M | -$22.7M | -$86.1M | -$5.4M | -$167.3M | -$140.0M | -$42.3M | -$18.4M |
| Diluted EPS | -$0.10 | -$0.11 | -$0.43 | -$0.02 | -$0.55 | -$0.41 | -$0.13 | -$0.05 |
| Operating cash flow | -$14.5M | -$18.1M | $2.0M | -$19.3M | -$15.3M | -$19.0M | -$18.4M | -$45.0M |
| Free cash flow | -$15.0M | -$18.4M | $1.1M | -$19.7M | -$16.0M | -$20.1M | -$20.0M | -$46.0M |
| Gross margin | 63.6% | 55.8% | 63.8% | 92.5% | 63.8% | 71.4% | 64.8% | 63.6% |
| Operating margin | -863.0% | -1103.5% | -876.2% | -75.3% | -856.3% | -741.8% | -1266.0% | -1914.9% |
| Net margin | -814.4% | -1214.5% | -3727.9% | -36.1% | -5406.4% | -3743.9% | -1538.0% | -642.3% |
Company news
Jul 19, 2026
Jul 17, 2026
Analyst estimates
Coming soonConsensus revenue & EPS estimates and price targets will appear here once a forward-estimates data feed is connected.
Insider transactions
BoughtSoldMonthly insider $ volume · trailing 12 months
| Date | Insider | Type | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| 2026-07-14 | BARATZ ALAN E· President & CEO | Tax withholding | 52,320 | $18.66 | $976,291.20 | filing |
| 2026-07-14 | Markovich John M.· Chief Financial Officer | Tax withholding | 8,607 | $18.66 | $160,606.62 | filing |
| 2026-07-14 | Nguyen Diane· EVP, Chief Legal Officer & GC | Tax withholding | 4,066 | $18.66 | $75,871.56 | filing |
| 2026-07-14 | AMES SOPHIE C· Exec. Vice President & CHRO | Tax withholding | 3,180 | $18.66 | $59,338.80 | filing |
| 2026-06-15 | Markovich John M.· Chief Financial Officer | Sale | 100,000 | $25.75 | $2.6M | filing |
| 2026-06-15 | Markovich John M.· Chief Financial Officer | Sale | 100,000 | $25.68 | $2.6M | filing |
| 2026-06-15 | Ghai Rohit | Sale | 13,518 | $26.41 | $357,054.99 | filing |
| 2026-06-15 | Markovich John M.· Chief Financial Officer | Tax withholding | 10,584 | $23.37 | $247,348.08 | filing |
| 2026-06-15 | Nguyen Diane· EVP, Chief Legal Officer & GC | Tax withholding | 3,191 | $23.37 | $74,573.67 | filing |
| 2026-06-15 | AMES SOPHIE C· Exec. Vice President & CHRO | Tax withholding | 1,544 | $23.37 | $36,083.28 | filing |
| 2026-06-15 | BLACK STANLEY T· Exec. Vice President & CISO | Tax withholding | 1,535 | $23.37 | $35,872.95 | filing |
| 2026-06-12 | Markovich John M.· Chief Financial Officer | Sale | 46,043 | $24.01 | $1.1M | filing |
| 2026-06-09 | Markovich John M.· Chief Financial Officer | Sale | 70 | $26.54 | $1,857.80 | filing |
| 2026-06-08 | BARATZ ALAN E· President & CEO | Sale | 687,627 | $26.13 | $18.0M | filing |
| 2026-06-08 | Markovich John M.· Chief Financial Officer | Sale | 50,979 | $26.24 | $1.3M | filing |
| 2026-06-08 | BARATZ ALAN E· President & CEO | Option exercise | 474,395 | $0.91 | $431,699.45 | filing |
| 2026-06-08 | BARATZ ALAN E· President & CEO | Option exercise | 213,232 | $0.85 | $180,394.27 | filing |
| 2026-06-05 | DiLullo John D | Sale | 7,850 | $24.43 | $191,809.26 | filing |
| 2026-06-04 | Biscay Roger | Award | 9,357 | $0.00 | $0.00 | filing |
| 2026-06-04 | Holt Sharon E | Award | 9,357 | $0.00 | $0.00 | filing |
| 2026-06-04 | WEST STEVEN M | Award | 9,357 | $0.00 | $0.00 | filing |
| 2026-06-04 | Nielsen Kirstjen | Award | 9,357 | $0.00 | $0.00 | filing |
| 2026-06-04 | Ghai Rohit | Award | 9,357 | $0.00 | $0.00 | filing |
| 2026-06-04 | DiLullo John D | Award | 9,357 | $0.00 | $0.00 | filing |
| 2026-06-02 | Markovich John M.· Chief Financial Officer | Sale | 2,908 | $31.00 | $90,148.00 | filing |
Showing the latest 25 transactions — full history in the linked SEC filings.
Fundamentals & filings from SEC EDGAR. Prices adjusted for splits & dividends. Not investment advice.