D-Wave Quantum Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $24.6M | $8.8M | $8.8M | $7.2M | $6.3M |
| Cost of revenue | $4.3M | $3.3M | $4.1M | $2.9M | $1.8M |
| Gross profit | $20.3M | $5.6M | $4.6M | $4.2M | $4.5M |
| Research and development | $50.7M | $35.3M | $37.9M | $32.1M | $25.4M |
| Operating expenses | $120.7M | $82.8M | $85.2M | $63.7M | $43.5M |
| Operating income | -$100.4M | -$77.2M | -$80.5M | -$59.5M | -$38.9M |
| Interest expense | $4.0M | $3.9M | — | $4.6M | $1.7M |
| Pretax income | -$355.1M | -$143.9M | -$82.7M | -$53.7M | -$41.0M |
| Income tax expense | $0 | — | — | — | — |
| Net income | -$355.1M | -$143.9M | -$82.7M | -$53.7M | -$41.0M |
| Balance Sheet | |||||
| Cash and equivalents | $635.3M | $178.0M | $41.3M | — | — |
| Current assets | $896.2M | $185.0M | $47.0M | $13.9M | $16.0M |
| Total assets | $915.8M | $199.9M | $59.4M | $26.9M | $29.5M |
| Current liabilities | $21.1M | $30.1M | $11.2M | $16.0M | $10.4M |
| Total liabilities | $63.6M | $137.2M | $83.8M | $56.4M | $47.8M |
| Total debt | — | — | — | $28.9M | $29.8M |
| Stockholders' equity | $852.2M | $62.6M | -$24.5M | -$29.5M | -$18.4M |
| Cash Flow Statement | |||||
| Cash from operations | -$72.0M | -$42.6M | -$60.6M | -$45.2M | -$34.8M |
| Depreciation and amortization | $1.6M | $1.1M | $1.1M | $1.4M | $1.5M |
| Stock-based compensation | $22.7M | $15.7M | $21.9M | $9.2M | $1.7M |
| Capital expenditure | $3.9M | $2.1M | $583,000 | $423,000 | $1.8M |
| Free cash flow | -$75.8M | -$44.7M | -$61.2M | -$45.6M | -$36.6M |
Shares outstanding 366.7M · Free float 89.7%
Annual filing data through FY ended December 31, 2025; float as of July 16, 2026.