olivLaw · US equity research
D-Wave Quantum Inc. QBTS
Services-Computer Processing & Data Preparation · SIC 7374 · Vertical: Services-Computer Processing & Data Preparation (SIC 7374)
D-Wave Quantum is a quantum computing company that offers systems, software and services in both annealing and gate-model technologies, and describes itself as the only company with this dual profile. Interest in the company grows on the back of 2026 results, with bookings rising sharply, but with still low revenue and large net losses. For a reader, the stake is whether the technology turns into lasting recurring revenue. The exact figures are presented in the sections below.
At the close of 04 Nov 2026, D-Wave Quantum Inc. (QBTS) stock was 10.38 USD (+0.10% on the day), with market capitalisation 3.8 bn USD, beta 2.95, 52-week range 10.09–32.19 USD. Latest reported quarter (Q2 2026): revenue of 3.1 m USD (−0.6% YoY), net income of -48.0 m USD, diluted EPS -0.13 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 28.1
- oversold (≤ 30)
- Bollinger (20, 2)
- 9.55 – 14.49
- in the lower half of the band · %B 0.17 · band width 41.1%
- SMA 50 / 200
- 14.89 / 19.02
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.37 / -1.35
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −33.6% | −1.1% | −32.5 pp | — |
| 3 months | −51.5% | −0.5% | −51.0 pp | — |
| 6 months | −56.4% | +4.4% | −60.8 pp | — |
| Year to date | −60.3% | +12.3% | −72.6 pp | — |
| 1 year | −65.1% | +13.5% | −78.6 pp | −24.6% |
| 3 years | +1,082.2% | +76.4% | +1,005.8 pp | −23.4% |
| 5 years | +5.7% | +63.7% | −58.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.9 m | 2.3 m | 15.0 m | 3.1 m | 3.7 m | 2.8 m | 2.9 m | 3.1 m |
| Cost of revenue | 827.0 k | 836.0 k | 1.1 m | 1.1 m | 1.1 m | 968.0 k | 1.0 m | 1.4 m |
| Gross profit | 1.0 m | 1.5 m | 13.9 m | 2.0 m | 2.7 m | 1.8 m | 1.8 m | 1.7 m |
| Research & development | 8.7 m | 9.8 m | 10.3 m | 12.7 m | 14.1 m | 13.7 m | 25.8 m | 28.2 m |
| Operating income | -20.6 m | -20.2 m | -11.3 m | -26.5 m | -27.7 m | -34.8 m | -54.7 m | -53.3 m |
| Depreciation & amortisation | 283.0 k ≈ | 316.0 k | 376.0 k | 338.0 k ≈ | 369.0 k ≈ | 480.0 k | 3.8 m | 4.7 m ≈ |
| Interest expense | — | — | 226.0 k | 206.0 k | — | — | 259.0 k | 255.0 k |
| Pre-tax income | — | — | -5.4 m | -167.3 m | — | — | -46.8 m | -48.0 m |
| Income tax | — | — | 0 | 0 | — | — | -28.5 m | 8.0 k |
| Net income | -22.7 m | -86.1 m | -5.4 m | -167.3 m | -140.0 m | -42.3 m | -18.4 m | -48.0 m |
| Diluted EPS | -0.11 | -0.37 ≈ | -0.02 | -0.55 | -0.41 | -0.12 ≈ | -0.05 | -0.13 |
| Operating cash flow | -18.1 m ≈ | 2.0 m | -19.3 m | -15.3 m ≈ | -19.0 m ≈ | -18.4 m | -45.0 m | -28.5 m ≈ |
| Capex | 306.0 k ≈ | 950.0 k | 438.0 k | 749.0 k ≈ | 1.0 m ≈ | 1.7 m | 1.1 m | 4.4 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 5.2 m | 6.3 m | 7.2 m | 8.8 m | 8.8 m | 24.6 m |
| Revenue YoY | unavailable | +21.7% | +14.2% | +22.1% | +0.8% | +178.5% |
| Net income | -22.0 m | -41.0 m | -53.7 m | -82.7 m | -143.9 m | -355.1 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -0.17 | -0.33 | -0.45 | -0.60 | -0.75 | -1.11 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -425.7% | -652.5% | -748.7% | -944.5% | -1,630.0% | -1,444.1% |
| Free cash flow | -30.0 m | -36.6 m | -45.6 m | -61.2 m | -44.7 m | -75.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 635.3 m USD
- Financial debt
- 35.8 m USD
- Net debt
- -599.5 m USD
- Equity
- 852.2 m USD
- Total assets
- 915.8 m USD
- Debt / equity
- 0.04x
- Current ratio
- 42.38x
- ROE
- -77.6%
- ROA
- -63.7%
- FCF margin
- -308.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 5.2 m | 6.3 m | 7.2 m | 8.8 m | 8.8 m | 24.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 915.0 k | 1.8 m | 2.9 m | 4.1 m | 3.3 m | 4.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 4.2 m | 4.5 m | 4.3 m | 4.6 m | 5.6 m | 20.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Research & development | 20.4 m | 25.4 m | 32.1 m | 37.9 m | 35.3 m | 50.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | -31.5 m | -38.9 m | -59.5 m | -80.5 m | -77.2 m | -100.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 1.9 m | 1.5 m | 1.4 m | 1.1 m | 1.1 m | 1.6 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | -29.6 m ≈ | -37.4 m ≈ | -58.0 m ≈ | -79.5 m ≈ | -76.1 m ≈ | -98.8 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | 5.3 m | 1.7 m | 4.6 m | — | 3.9 m | 4.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | -22.0 m | -41.0 m | -53.7 m | -82.7 m | -143.9 m | -355.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | — | — | — | — | — | 0 | SEC (XBRL)· 26 Feb 2026verified |
| Net income | -22.0 m | -41.0 m | -53.7 m | -82.7 m | -143.9 m | -355.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | -0.17 | -0.33 | -0.45 | -0.60 | -0.75 | -1.11 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 127.2 m | 125.3 m | 119.6 m | 138.0 m | 192.1 m | 321.2 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 21.3 m | 9.5 m | 7.1 m | 41.3 m | 178.0 m | 635.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | — | 421.0 k | 757.0 k | 1.7 m | 1.4 m | 1.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | — | 2.1 m | 2.2 m | 2.1 m | 1.7 m | 2.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 29.6 m | 16.0 m | 13.9 m | 47.0 m | 185.0 m | 896.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | — | 3.2 m | 2.3 m | 2.6 m | 4.1 m | 7.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | — | — | — | — | — | 0 | SEC (XBRL)· 12 May 2026verified |
| Intangibles (excl. goodwill) | — | 272.0 k | 244.0 k | 179.0 k | 490.0 k | 915.0 k | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 35.8 m | 29.5 m | 26.9 m | 59.4 m | 199.9 m | 915.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | — | 220.0 k | 1.9 m | — | — | — | SEC (XBRL)· 18 Mar 2024verified |
| Long-term debt | 1.6 m | 30.3 m | 31.2 m | 63.9 m | 30.1 m | 35.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 12.0 m | 10.4 m | 16.0 m | 11.3 m | 30.1 m | 21.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 15.0 m | 47.8 m | 56.4 m | 83.8 m | 137.2 m | 63.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 20.8 m † | -18.4 m † | -29.5 m † | -24.5 m † | 62.6 m † | 852.2 m † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -29.3 m | -34.8 m | -45.2 m | -60.6 m | -42.6 m | -72.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 736.0 k | 1.8 m | 423.0 k | 583.0 k | 2.1 m | 3.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | -30.0 m ≈ | -36.6 m ≈ | -45.6 m ≈ | -61.2 m ≈ | -44.7 m ≈ | -75.8 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -789.0 k | -2.0 m | -498.0 k | -630.0 k | -3.1 m | -251.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 43.1 m | 24.9 m | 43.3 m | 95.6 m | 182.5 m | 779.1 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 42 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.8 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet100
- Quality24
- Valuation0
- Growth96
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.74 – 0.89 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/Sales0.74 – 0.89 (Mid 0.79)10 companies used · median multiple 2.5x · quartiles 0.9x – 5.3xADP, CARS, EGHT, FA, GLOB, GMHS, IBEX, SOPH, VRSK, WDAY
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 42/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 64.2% | 60 (on a fixed band) | 12% |
| EBIT margin · Quality | -1,372.9% | 3 (vs peers) | 10% |
| FCF margin · Quality | -958.4% | 0 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 50.8% | 100 (on a fixed band) | 19% |
| Revenue growth (YoY) · Growth | 178.5% | 89 (vs peers) | 10% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 20.5x | 100 (on a fixed band) | 7% |
| EV/Sales · Valuation | 287.4x | 0 (vs peers) | 19% |
| FCF yield · Valuation | -3.1% | 0 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/2 factors with a value
- Growth96/100 · 2/2 factors with a value
- Quality24/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation0/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
D-Wave Quantum Inc. (QBTS). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 24.6 m USD in 2025; YoY growth 178.5%; net margin -2,001.6%; ROE -28.0%.
The estimated value range is 0.74–0.89 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.79 USD, the price of 10.38 USD leaves a potential of -92.4% (value / price − 1) and a margin of safety of -1,211.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 42/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 50.8%
- Revenue growth (YoY): 178.5%
- Current ratio: 20.5x
What contradicts it
- EBIT margin: -1,372.9%
- FCF margin: -958.4%
- EV/Sales: 287.4x
- FCF yield: -3.1%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, Shareholder yield (distributions).
Versus the vertical median
Services-Computer Processing & Data Preparation (SIC 7374) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ADPAutomatic Data Processing, Inc. | 119.8 bn | 27.7 | 77.0% | 20.1% | +6.7% | +19% / +32% |
| WDAYWorkday, Inc. | 44.4 bn | 40.9 | 16.0% | 12.3% | +13.1% | −6% / −25% |
| VRSKVerisk Analytics, Inc. | 25.9 bn | 30.1 | — | 29.3% | +6.6% | −12% / −18% |
| ATHMAutohome Inc. | 10.4 bn | 53.5 | 6.3% | 443.2% | +11.1% | −5% / −18% |
| PEGAPegasystems Inc. | 5.6 bn | 21.3 | 51.4% | 16.9% | +16.6% | −37% / +32% |
| FAFirst Advantage Corp | 3.9 bn | 160.5 | 1.9% | 1.5% | +83.0% | +62% / +45% |
| QBTSD-Wave Quantum Inc. | 3.8 bn | — | -28.0% | -2,001.6% | +178.5% | −65% / +1,082% |
| RAMPLiveRamp Holdings, Inc. | 2.3 bn | 15.8 | 16.2% | 18.7% | +9.0% | +41% / +39% |
| GLOBGlobant S.A. | 2.1 bn | 21.0 | 5.1% | 4.2% | +1.6% | −25% / −78% |
| INODInnodata Inc | 1.5 bn | 32.8 | 37.7% | 14.7% | +47.6% | −25% / +541% |
| LZLegalZoom.com, Inc. | 1.1 bn | 56.0 | 12.1% | 2.6% | +10.9% | −26% / −40% |
| NRDSNerdWallet, Inc. | 754.4 m | 13.3 | 18.2% | 7.6% | +21.7% | −21% / +1% |
| NXTTNext Technology Holding Inc. | 736.5 m | — | -59.4% | -2,356.0% | +545.3% | −99% / −100% |
| CARSCars.com Inc. | 682.5 m | 22.4 | 7.4% | 4.7% | +0.6% | +10% / −32% |
| IBEXIBEX Limited | 593.6 m | 14.3 | 30.4% | 7.2% | +15.4% | +27% / +152% |
| SOPHSOPHiA GENETICS SA | 477.3 m | — | -110.0% | -102.2% | +18.6% | +42% / +73% |
| GRVYGravity Co., Ltd. | 475.7 m | 0.0 | 16.5% | 17.0% | −31.0% | +19% / −6% |
| EGHT8x8, Inc. | 326.4 m | 55.5 | 3.5% | 0.6% | +2.9% | +16% / −27% |
| TCXTucows Inc | 140.3 m | — | — | -21.2% | +7.7% | −42% / −41% |
| TRAKRepositrak, Inc. | 132.7 m | 18.7 | 14.9% | 32.5% | +3.0% | −46% / −29% |
| BIRDSmartbird, Inc. | 92.1 m | — | -164.0% | -72.8% | −19.7% | −68% / −91% |
| VERIVeritone, Inc. | 56.7 m | — | -517.7% | -117.5% | −0.5% | −87% / −73% |
| GMHSGamehaus Holdings Inc. | 51.4 m | 8.5 | 11.8% | 4.1% | −11.3% | −35% / −93% |
| DGNXDiginex Limited | 38.7 m | — | — | -255.5% | +57.0% | −99% / unavailable |
| CHRCheer Holding, Inc. | 14.0 m | 0.1 | 7.6% | 17.2% | +1.1% | −77% / −100% |
1- and 3-year price returns: for QBTS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
D-Wave Quantum is a quantum computing company that offers systems, software and services in both annealing and gate-model technologies, and describes itself as the only company with this dual profile. Interest in the company grows on the back of 2026 results, with bookings rising sharply, but with still low revenue and large net losses. For a reader, the stake is whether the technology turns into lasting recurring revenue. The exact figures are presented in the sections below 123.
SWOT
Strengths
- The company claims to be the only one with dual annealing and gate-model technology and to have launched the first commercial system, which could give it a reputational advantage 12.
- The cloud service has high availability and large customers across industries including telecommunications, pharmaceuticals and financial services 13.
- Bookings in 2026 rose very sharply from the prior year, indicating growing demand from existing and new customers 3.
Weaknesses
- Revenue remains small relative to expenses, and the company reports large net losses and a significant accumulated deficit 12.
- Revenue is irregular because system sales are recognized in tranches, which makes quarterly results hard to predict 13.
- Gross margin declined in the second quarter of 2026 from the prior year, due to higher personnel costs 3.
Opportunities
- If gate-model technology reaches the announced milestones, the company could enter research markets and applications that require error correction 3.
- Expansion toward commercial clients and Forbes Global 2000 customers could raise the share of recurring QCaaS revenue 3.
- Public and regional funding programs in the United States could support research projects and reduce cost pressure 3.
Threats
- Advances in classical computing could delay or reduce demand for quantum advantage, as the company's own risk warnings state 1.
- Competitors with much larger research budgets could accelerate their own systems and win potential customers 1.
- Macroeconomic and geopolitical tensions could reduce customers' investment in new technologies, according to the report's warnings 2.
Risks
- Persistent net losseshigh
The company has reported large net losses and expects continued losses, and if profitability is delayed, its ability to raise capital could be affected 12.
- Dependence on technology timetablehigh
Product plans, including the gate-model system planned for 2026, may not be delivered on time or at all, which could delay revenue 13.
- Irregular system sale revenuemedium
Quantum system sales are irregular and their recognition can produce large swings from one quarter to the next 12.
- Quantum Circuits acquisition and integrationmedium
Integrating the acquired company and its staff could meet difficulties, and operating costs could rise more than planned 2.
- Shareholder dilutionlow
Shares issued in the acquisition and registered for resale could put pressure on the shareholder base if the share count rises significantly 2.
Investment thesis
What would need to be true (bull case)
- The company could benefit if it is the only one with dual technology and if it turns bookings into recurring revenue, which would change its financial profile in coming years 13.
- Strong growth in bookings and growth in Forbes Global 2000 customers could point to real demand for quantum solutions, with positive effects on future revenue 3.
- If the gate-model and annealing roadmap milestones are reached, the company could become an important supplier in a market still taking shape 3.
What would break the thesis
- Revenue is small and fell in the first half of 2026 while operating losses grew, which could prolong dependence on outside financing 23.
- The technology plans are ambitious and may not be met on the announced timetable, while competitors with larger resources could get there first 13.
- If advances in classical computing or other technologies reduce the need for quantum computation, the market could be smaller than the company's estimates 1.
What to watch
- Evolution of system sales revenue and recognition of the 20 million dollar system saleQ3 2026
- Progress toward the 17-physical-qubit gate-model system announced for 20262026
- Gross margin and operating expenses relative to revenuenext 10-K
- Headquarters move and opening of the U.S. R&D facility in Florida2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
D-Wave describes its mission as solving computational problems that cannot be solved by classical computing alone, and presents itself as a pioneer with more than 25 years in the field 1. The business model rests on three revenue sources: cloud access to quantum systems as QCaaS, professional services to identify and implement applications, and direct sales of quantum systems 12. The company notes revenue of 24.6 million dollars in 2025 against 8.8 million in 2024, driven mainly by system sales rather than QCaaS 1. In 2026 it acquired Quantum Circuits, Inc. for consideration that included 250 million dollars in cash, extending its portfolio toward gate-model technology 2.
Segments
QCaaS and cloud access
Access to quantum systems through the Leap service and the cloud is the recurring revenue source, with contracts generally running from one month to two years 2. The service offers 99.9% availability and access to systems with more than 4,400 qubits 12. In the first half of 2026, QCaaS revenue from production applications made up 37.3% of total QCaaS revenue 3.
Professional services
Professional services help customers identify and implement quantum applications and are, according to the company, a strategic enabler of QCaaS growth 1. Recently this category has grown faster than QCaaS, both in absolute terms and as a share of revenue excluding system sales 1.
System sales
Quantum systems sold to customers are recognized over time during installation and produce irregular revenue that can change the product mix in the periods they are recognized 12. Bookings in the first half of 2026 include a 20 million dollar system sale, whose revenue will be recognized in later quarters 3.
Market context
The company argues that the quantum computing market is at an early stage, and a survey it commissioned shows that over 80% of enterprise respondents believe they have reached the limits of classical computing for optimization 1. If this perception turns into real demand, the market could accelerate, though the documents note that market estimates are uncertain and based on assumptions that may not hold 1. In the short term revenue remains small relative to expenses, and the first half of 2026 showed revenue of 5.9 million dollars against 18.1 million in the same period a year earlier, when the first system sale had been recognized 23.
Trends
- Enterprise adoption of quantumtailwind
Corporate clients appear increasingly interested in quantum optimization, and 2026 bookings are rising sharply, which could signal accelerating demand if the trend continues 13.
- Shift toward gate-model computingmixed
The industry is gradually moving from optimization systems to universal ones, and the company is trying to occupy both segments, which could open new markets if the technology proves scalable 13.
- Competition for talent and capitalheadwind
Quantum technology requires heavy research spending and specialized staff, and the company notes that the North American labor market for talent is very competitive 1.
- Public funding and grantstailwind
Government programs such as those in the United States and regional funding support research projects, which can partly offset R&D costs, although the company does not treat these funds as stable over the long term 13.
Competitive position
The company's documents do not explicitly name competitors, but they note that many rivals may spend considerably more on research and that alternative solutions or advances in classical computing could shrink the market 1. The company presents itself as the only provider combining annealing and gate-model technology, which could offer an advantage if the market consolidates around one framework 12. The lack of a long profitability record and competitors' resources are factors that could influence its long-term position 1.
- Large computing and research companies with bigger R&D budgets
The documents mention rivals with substantially larger research resources, without naming them in the text.
- Classical high-performance computing alternatives
Advances in classical computing could delay the quantum advantage, according to risks the company declares.
- Gate-model quantum system providers
The company notes that other approaches to quantum computing may compete for the same applications.
- Smaller rivals that could be acquired by larger companies
The documents indicate that some smaller competitors could be taken over by companies with greater resources.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Deconfined criticality between an antiferromagnetic insulator and a nodal d-wave superconductor: A quantum Monte Carlo studyPNAS · 23 Oct 2026 · EN
- Atomic-scale spin sensing of a 2D d-wave altermagnet <i>via</i> helical tunnelingNature · 13 Oct 2026 · EN
- IonQ Surges 11% as NVIDIA Research Center Deal Follows Error-Decoder Breakthrough; D-Wave Climbs 5%, Rigetti Rises 4%Yahoo Finance — News · 23 Sept 2026 · EN
- D-Wave Quantum Just Got $100 Million From the U.S. Government. It's Also Burning Through Roughly $37 Million a Quarter. With Its Stock Down 60% From the Peak, Is It a Bargain or a Trap?Yahoo Finance — News · 23 Sept 2026 · EN
- D-Wave Quantum’s Revenue Hasn’t Moved in Two Years. Here’s Why That’s a Problem.Yahoo Finance — News · 22 Sept 2026 · EN
- IonQ, Rigetti Computing, D-Wave Quantum, and Quantum Computing Inc. Are Sending Shockwaves Through Wall Street With This $895 Million WarningYahoo Finance — News · 22 Sept 2026 · EN
- Why D-Wave Quantum Stock Popped TodayYahoo Finance — News · 17 Sept 2026 · EN
- BigBear.ai vs. D-Wave Quantum: Which Technology Stock Is a Better Buy in 2026?Yahoo Finance — News · 12 Sept 2026 · EN
- Rigetti and D-Wave Just Got $100 Million Each. 1 Quantum Stock Has More Upside From Here.Yahoo Finance — News · 12 Sept 2026 · EN
- Prediction: D-Wave Quantum's Revenue Triples Before 2030Yahoo Finance — News · 12 Sept 2026 · EN
- D-Wave, Rigetti, and Quantinuum Just Got $300 Million From Washington. Here's What That Changes for Investors.Yahoo Finance — News · 10 Sept 2026 · EN
- D-Wave, Rigetti, Quantinuum land $100M each in CHIPS Act fundingYahoo Finance — News · 08 Sept 2026 · EN
- Quantum Stocks Rally as Commerce Department Takes Equity Stakes: Rigetti Surges 6%, D-Wave Climbs 5%Yahoo Finance — News · 08 Sept 2026 · EN
- Is D-Wave Quantum a Buy?Yahoo Finance — News · 29 Aug 2026 · EN
- Why Did D-Wave Quantum Stock Fall 16.6% This Week?Yahoo Finance — News · 28 Aug 2026 · EN
- D-Wave Has Many Positive Attributes, But There’s a Better Name in the Quantum SectorYahoo Finance — News · 26 Aug 2026 · EN
- D-Wave Sinks 8% as Its CFO Retires; Rigetti Slides 5%, IonQ Falls 3%Yahoo Finance — News · 26 Aug 2026 · EN
- Quantum Computing Stocks IonQ, Rigetti Computing, and D-Wave Quantum Have Put Wall Street on Notice With This $863 Million WarningYahoo Finance — News · 24 Aug 2026 · EN
The latest news item in our archive is from 23 Oct 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report04 Nov 2026Regulation FD disclosure · Financial statements and exhibits
- Current report28 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report01 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report (amendment)22 Sept 2026Departure or appointment of officers · Financial statements and exhibits
- Current report21 Sept 2026Departure or appointment of officers · Financial statements and exhibits
- Current report17 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report15 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report10 Sept 2026Other events · Financial statements and exhibits
- Current report (amendment)09 Sept 2026Material agreement · Item 3.02 · Other events · Financial statements and exhibits
- Current report08 Sept 2026Material agreement · Regulation FD disclosure · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / D-Wave Quantum Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / D-Wave Quantum Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / D-Wave Quantum Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.