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D-Wave Quantum
(NYSE:QBTS)
D-Wave Quantum (QBTS) vs. SPDR S&P 500 ETF (SPY)
D-Wave Quantum Business Overview & Revenue Model
D-Wave Quantum Earnings Call Summary
D-Wave Quantum Financial Statement Overview
| Breakdown | |||||
| TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 21.36M | 8.83M | 8.76M | 7.17M | 6.28M | 5.16M | Gross Profit |
| 17.78M | 5.56M | 4.62M | 4.25M | 4.53M | 4.25M | EBIT |
| -71.00M | -77.22M | -80.55M | -59.46M | -31.78M | -19.44M | EBITDA |
| -133.60M | -138.05M | -80.83M | -49.03M | -34.36M | -14.06M | Net Income Common Stockholders |
| -131.99M | -143.88M | -82.72M | -38.97M | -34.07M | -18.25M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 304.32M | 177.98M | 41.31M | 7.07M | 9.48M | 21.34M | Total Assets |
| 325.60M | 199.85M | 59.36M | 26.95M | 32.61M | 47.46M | Total Debt |
| 8.09M | 38.38M | 72.65M | 18.99M | 21.17M | 4.66M | Net Debt |
| -296.24M | -139.60M | 31.34M | 11.93M | 11.69M | -16.68M | Total Liabilities |
| 118.21M | 137.21M | 83.84M | 33.12M | 29.59M | 14.73M | Stockholders Equity |
| 207.39M | 62.65M | -24.48M | -6.17M | 3.02M | 32.73M |
| Cash Flow | Free Cash Flow | ||||
| -52.18M | -44.75M | -61.28M | -45.72M | -36.80M | -30.08M | Operating Cash Flow |
| -49.80M | -42.64M | -60.65M | -45.23M | -34.80M | -29.29M | Investing Cash Flow |
| -2.43M | -3.14M | -630.00K | -498.00K | -2.00M | -789.00K | Financing Cash Flow |
| 328.80M | 182.45M | 95.64M | 43.27M | 24.91M | 43.14M |
D-Wave Quantum Technical Analysis
D-Wave Quantum Risk Analysis
D-Wave Quantum Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $5.00B | ― | -154.89% | ― | 121.61% | -13.50% | |
62 Neutral | $11.96B | 10.09 | -7.50% | 3.10% | 7.33% | -8.11% | |
58 Neutral | $10.05B | ― | -52.11% | ― | 69.92% | -79.18% | |
56 Neutral | $3.56B | ― | -85.28% | ― | -28.38% | -29.15% | |
55 Neutral | $2.99B | ― | -30.47% | ― | 45.57% | -35.70% |
D-Wave Quantum Corporate Events
On June 17, 2025, D-Wave Quantum Inc. announced a memorandum of understanding with Yonsei University and Incheon Metropolitan City to promote quantum computing in South Korea. This collaboration aims to advance research, talent development, and commercial use cases in biotechnology and materials science, and includes plans for acquiring a D-Wave Advantage2 system at Yonsei University. The partnership is seen as a strategic move to establish Incheon as a global quantum hub and further D-Wave’s mission of accelerating global quantum computing adoption.
The most recent analyst rating on (QBTS) stock is a Buy with a $2.25 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.
On June 5, 2025, D-Wave Quantum Inc. held its annual meeting of stockholders, where Steven M. West, Kirstjen Nielsen, and Roger Biscay were elected as Class III directors to serve until 2028. Additionally, the appointment of Grant Thornton LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025, was ratified. The Board also appointed Sharon Holt to replace Steven M. West as chair of the Nominating and Governance Committee and Roger Biscay to replace Kirstjen Nielsen as a member of the Committee, effective immediately after the meeting.
The most recent analyst rating on (QBTS) stock is a Buy with a $2.25 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.
On June 10, 2025, D-Wave Quantum Inc. entered into a sales agreement with several financial agents, allowing the company to sell up to $400 million in common stock. The proceeds from these sales are intended for general corporate purposes, including capital expenditures and potential acquisitions, supporting the company’s path to profitability.
The most recent analyst rating on (QBTS) stock is a Buy with a $2.25 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.
Between May 30, 2025, and June 3, 2025, D-Wave Quantum Inc. secured approximately $15.3 million from the exercise of 1.33 million warrants for common stock at $11.50 each. This followed a previous receipt of $80.5 million on May 29, 2025, from the exercise of 7 million warrants, linked to the company’s merger with DPCM Capital, Inc. on August 5, 2022, indicating a significant capital influx to support its operations.
The most recent analyst rating on (QBTS) stock is a Buy with a $8.50 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.
On May 29, 2025, D-Wave Quantum Inc. received approximately $80.5 million from the exercise of about 7 million warrants to purchase common stock at $11.50 per warrant. These warrants were part of the company’s merger with DPCM Capital, Inc. on August 5, 2022, reflecting a significant financial influx that could impact its operations and market positioning.
The most recent analyst rating on (QBTS) stock is a Buy with a $2.25 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.
On May 20, 2025, D-Wave Quantum Inc. announced the general availability of its Advantage2TM quantum computing system, a significant advancement in the quantum computing industry. The Advantage2 system, featuring D-Wave’s most advanced quantum processor, is designed to solve complex problems beyond the capabilities of classical computers, offering benefits such as increased qubit connectivity, higher energy scale, and greater coherence. This release marks a milestone for D-Wave as it expands its fleet of quantum computers globally, with applications in national security-focused research and collaborations with supercomputing centers to enhance AI and quantum optimization breakthroughs.
The most recent analyst rating on (QBTS) stock is a Buy with a $2.25 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.
On May 12, 2025, D-Wave Quantum Inc. announced that its CEO, Dr. Alan Baratz, was interviewed on Fox Business’ The Claman Countdown, where he discussed the company’s recent achievements, including a quantum supremacy demonstration. This demonstration highlighted the Advantage2 quantum computer’s ability to outperform a leading supercomputer in a complex materials simulation, capturing the attention of the supercomputer community and national labs globally. Dr. Baratz also mentioned the long lead times in system sales due to their high costs, ranging from $20-$40 million. D-Wave sees annealing quantum computing as a key driver for commercial adoption, particularly for optimization problems prevalent in modern enterprises.
The most recent analyst rating on (QBTS) stock is a Buy with a $2.5000 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.
On May 1, 2025, D-Wave Quantum Inc. implemented a severance policy for its executives, including Alan Baratz, John Markovich, and Diane Nguyen, which outlines severance benefits in the event of qualifying terminations. This policy requires a participation agreement that replaces any previous severance terms in their employment agreements. The policy details benefits for both Qualifying Non-CIC and CIC Terminations, including cash severance, bonus payments, and COBRA coverage. Additionally, on May 6, 2025, D-Wave amended the employment agreements of these executives to align with the new severance policy, indicating a strategic move to standardize executive compensation and benefits.
On April 23, 2025, D-Wave Quantum Inc. and Davidson Technologies announced the completion of the physical assembly of a D-Wave Advantage2 annealing quantum system at Davidson’s headquarters in Huntsville, Alabama. This milestone marks a significant step in their partnership, positioning Alabama as a key player in the U.S. quantum infrastructure landscape. The Advantage2 system, the first on-premises annealing quantum computer in the state, aims to develop quantum optimization applications for national defense and other mission-critical challenges. The installation is part of a multi-year collaboration, with Davidson investing in research and talent development to deploy hybrid quantum-classical solutions. The system is expected to enhance Alabama’s leadership in advanced technology and national defense innovation.
On March 31, 2025, D-Wave Quantum Inc. and Japan Tobacco Inc.’s pharmaceutical division completed a joint proof-of-concept project using quantum computing and AI in drug discovery. This collaboration enhanced large language models with a quantum-hybrid workflow, enabling the production of novel molecular structures. The project demonstrated the potential benefits of quantum computing in generative AI for drug discovery by providing higher quality, lower energy samples. Additionally, on the same date, D-Wave and Ford Otosan announced the deployment of a hybrid-quantum application in vehicle manufacturing, improving production sequencing for the Ford Transit line. This application showcased quantum computing’s real-world impact in automotive manufacturing, highlighting its ability to optimize processes beyond classical computing capabilities.
On March 31, 2025, D-Wave Quantum Inc. announced initiatives to boost the adoption of its quantum optimization offerings at the Qubits 2025 user conference. The company introduced updates to its hybrid quantum solvers, including support for continuous variables with linear interactions, expanding the range of real-world problems they can address. This development aims to meet the growing demand from end users, ISVs, SIs, and resellers. D-Wave is also broadening its quantum optimization use cases, enhancing applications in workforce scheduling, production scheduling, logistics routing, offer allocation, portfolio optimization, and maintenance repair operations. The announcement highlights D-Wave’s role in addressing complex optimization challenges and its partnerships with organizations like NTT DOCOMO and Ford Otosan, showcasing the practical impact of quantum computing in various industries.
On March 20, 2025, D-Wave Quantum Inc. announced the publication of a research paper introducing a novel blockchain architecture that leverages quantum computing techniques from its quantum supremacy demonstration. The architecture, featuring a ‘proof of quantum’ algorithm, aims to enhance blockchain security and efficiency by using quantum computation to generate and validate blockchain hashes. This development could significantly reduce the electricity required for blockchain operations, potentially lowering costs by up to a factor of 1,000. D-Wave successfully demonstrated this architecture across four cloud-based annealing quantum computers in Canada and the U.S., marking the first-ever instance of distributed quantum computing for blockchain. The company plans to continue developing this capability and work with partners to bring products based on this new architecture to market.