NYSE · TECHNOLOGY · Financials
D-Wave Quantum Inc. (QBTS) financial statements and cash flow.
Q1 FY2026 snapshot — revenue, profitability, balance-sheet strength, and cash generation. Market data source · income-statement quarterly · as of 2026-03-31 · Market data source · balance-sheet-statement quarterly · as of 2026-03-31.
Section freshness
Price Jun 15, 7:49 AM EDT · Statements Mar 30, 8:00 PM EDT
Source timingDetailsHide
Data freshness
Prices update fastest. Fundamentals, analyst data, and news update on their own schedules, so check these timestamps before comparing signals.
Price time means the latest available trade or regular-market close. Other times show when that section was checked or published.
Financial read
QBTS latest financial snapshot.
Start with the latest revenue, net income, free cash flow, and margin profile. Deeper quarterly and annual statement tables follow below.
Statement pulse
QBTS statement coverage and freshness.
TECHi is reading provider-attributed income, balance-sheet, and cash-flow rows before rendering the detailed table modules below.
Data last updated
Mar 30, 2026
Income rows
27
Balance rows
27
Cash-flow rows
27
81 visible statement rows are available. Market data source · income-statement quarterly · as of 2026-03-31 · Market data source · balance-sheet-statement quarterly · as of 2026-03-31.
Revenue
$2.86M
-80.9% YoY
Net income
-$18.36M
+56.6% QoQ
Free cash flow
-$46.04M
-129.8% QoQ
Gross margin
63.61%
Gross profit $1.82M
Balance sheet coverage
QBTS balance sheet summary
Assets, liabilities, liquidity, debt, and equity sit beside income and cash-flow tables so the statement history reads as one model-ready dataset.
21 quarterly · 6 annual rows · Market data source · balance-sheet-statement quarterly · as of 2026-03-31
Latest period
Q1 FY2026
21 quarterly · 6 annual rows
Assets / liabilities
$1.20B
Liabilities $75.56M
Cash / debt
$338.20M
Net cash $291.38M
Equity / working capital
$1.12B
Working capital $578.75M
Statement pulse
QBTS statement coverage and freshness.
TECHi is reading provider-attributed income, balance-sheet, and cash-flow rows before rendering the detailed table modules below.
Data last updated
Mar 30, 2026
Income rows
27
Balance rows
27
Cash-flow rows
27
81 visible statement rows are available. Market data source · income-statement quarterly · as of 2026-03-31 · Market data source · balance-sheet-statement quarterly · as of 2026-03-31.
Financial statement period
QBTS statement history
Market data source · income-statement quarterly · as of 2026-03-31 · Market data source · balance-sheet-statement quarterly · as of 2026-03-31 · Data last updated: Mar 30, 2026
Income statement
Quarterly and annual rows for revenue, operating leverage, earnings quality, and margin direction.
| Period | Revenue | Gross profit | Operating income | Interest income | Continuing ops | Net income | Comprehensive income | Net margin | Revenue QoQ | Net income QoQ |
|---|---|---|---|---|---|---|---|---|---|---|
| Q1 FY2026 | $2.86M | $1.82M | -$54.73M | $5.79M | -$18.36M | -$18.36M | — | -6.42% | +3.9% | +56.6% |
| Q4 FY2025 | $2.75M | $1.78M | -$34.84M | — | -$42.33M | -$42.33M | — | -15.38% | -26.4% | +69.8% |
| Q3 FY2025 | $3.74M | $2.67M | -$27.74M | — | -$139.99M | -$139.99M | — | -37.44% | +20.8% | +16.3% |
| Q2 FY2025 | $3.10M | $1.98M | -$26.50M | — | -$167.33M | -$167.33M | — | -54.06% | -79.4% | -2986.7% |
| Q1 FY2025 | $15.00M | $13.88M | -$11.29M | $3.10M | -$5.42M | -$5.42M | — | -36.14% | +549.7% | +93.7% |
| Q4 FY2024 | $2.31M | $1.47M | -$20.23M | — | -$86.08M | -$86.08M | — | -37.28% | +23.5% | -279.0% |
| Q3 FY2024 | $1.87M | $1.04M | -$20.64M | — | -$22.71M | -$22.71M | — | -12.15% | -14.3% | -27.8% |
| Q2 FY2024 | $2.18M | $1.39M | -$18.84M | — | -$17.78M | -$17.78M | — | -8.14% | -11.4% | -2.7% |
Balance sheet
Provider-attributed balance-sheet rows for assets, liabilities, liquidity, debt, equity, and shares outstanding.
| Period | Cash | Current assets | Current liabilities | Total assets | Total liabilities | Total debt | Capital leases | Total equity | Shares | Debt QoQ |
|---|---|---|---|---|---|---|---|---|---|---|
| Q1 FY2026 | $338.20M | $607.11M | $28.36M | $1.20B | $75.56M | $46.82M | $11.26M | $1.12B | 367.47M | +7.7% |
| Q4 FY2025 | $635.35M | $896.23M | $21.15M | $915.81M | $63.58M | $43.46M | $7.50M | $852.23M | 352.93M | +9.2% |
| Q3 FY2025 | $836.23M | $848.14M | $15.51M | $865.82M | $195.27M | $39.79M | $7.59M | $670.55M | 342.20M | -0.5% |
| Q2 FY2025 | $819.31M | $828.54M | $19.27M | $843.60M | $149.35M | $39.98M | $7.92M | $694.25M | 294.40M | +4.0% |
| Q1 FY2025 | $304.32M | $310.87M | $15.00M | $325.60M | $118.21M | $38.45M | $7.74M | $207.39M | 286.42M | +0.2% |
| Q4 FY2024 | $177.98M | $185.04M | $30.14M | $199.85M | $137.21M | $38.38M | $7.90M | $62.65M | 233.00M | -29.7% |
| Q3 FY2024 | $29.27M | $35.08M | $25.83M | $49.56M | $66.48M | $54.63M | $8.55M | -$16.91M | 201.59M | -24.6% |
| Q2 FY2024 | $40.86M | $46.91M | $42.94M | $61.81M | $83.33M | $72.41M | $8.29M | -$21.51M | 172.14M | +0.8% |
Cash flow
Operating cash generation, capital expenditure, free cash flow, buybacks, dividends, and cash movement.
| Period | Operating cash flow | CapEx | Free cash flow | Net income | Stock comp | Debt issuance | Dividends paid | Buybacks | Change in cash | FCF QoQ |
|---|---|---|---|---|---|---|---|---|---|---|
| Q1 FY2026 | -$44.96M | $1.08M | -$46.04M | -$18.36M | $8.02M | — | — | -$203,000 | — | -129.8% |
| Q4 FY2025 | -$18.37M | $1.66M | -$20.03M | -$42.33M | $5.54M | — | — | -$37.79M | — | +0.1% |
| Q3 FY2025 | -$19.05M | $1.02M | -$20.06M | -$139.99M | $6.46M | — | — | — | — | -25.1% |
| Q2 FY2025 | -$15.29M | $749,000 | -$16.04M | -$167.33M | $6.67M | — | — | $37.79M | — | +18.7% |
| Q1 FY2025 | -$19.28M | $438,000 | -$19.72M | -$5.42M | $3.99M | — | — | — | — | -1970.7% |
| Q4 FY2024 | $2.02M | $963,000 | $1.05M | -$86.08M | $3.88M | — | — | — | — | +105.7% |
| Q3 FY2024 | -$18.07M | $306,000 | -$18.38M | -$22.71M | $4.05M | — | — | $32.19M | — | -21.9% |
| Q2 FY2024 | -$14.47M | $604,000 | -$15.07M | -$17.78M | $4.22M | — | — | -$617,000 | — | -19.8% |
Valuation and returns
- Enterprise value
- $8.12B
- Market data source · key-metrics-ttm.enterpriseValueTTM
- Return on equity
- -55.30%
- Market data source · ratios-ttm.returnOnEquityTTM
- Return on assets
- -11.80%
- Market data source · ratios-ttm.returnOnAssetsTTM
- Debt / equity
- 0.04
- Current ratio 21.41
Ratio values use provider-attributed fields when available and otherwise fall back to TECHi statement math from the visible rows on this page.
Annual revenue and income multiples
Annual sales and income multiple reads use the latest annual statement when available, then fall back to trailing-twelve-month statement math from the visible quarterly rows.
- Annual revenue base
- $24.59M
- Annual statement 2025-12-31
- Annual income base
- -$355.06M
- Annual statement 2025-12-31
- Market cap / annual revenue
- 352.11
- Live market value divided by annual revenue
- Market cap / annual income
- Provider field pending
- Market-cap income multiple waits on Market data source · income-statement quarterly · as of 2026-03-31 · Market data source · balance-sheet-statement quarterly · as of 2026-03-31.
Annual sales and income multiple
Market capitalization bridge
TTM valuation multiples
- TTM revenue
- $12.44M
- Trailing twelve months
- TTM EBIT
- -$143.80M
- TTM operating income
- Market cap / TTM revenue
- 695.70
- Live market value divided by trailing twelve months revenue
- EV / TTM revenue
- 652.18
- Enterprise value divided by trailing twelve months revenue
Live market value is matched against trailing-twelve-month statement bases first so the multiple moves with the tape instead of anchoring to stale fiscal-year rows.
Profit multiples
Interest burden
Uses absolute annual net income when positive or negative
Revenue, net income, and free cash flow
Quarterly statement rows, shown on one common dollar scale so margin compression and cash conversion stand out quickly.
Efficiency
- Revenue / employee
- Pending
- Employee count pending
- Net income / employee
- Pending
- TTM net income divided by employees
- FCF / employee
- Pending
- TTM free cash flow divided by employees
- Market cap / employee
- Pending
- Live value per employee
Growth vs cost pressure
Cash conversion
TTM free cash flow / TTM operating income
TTM operating cash flow / TTM EBITDA
Quarterly margin heatmap
Latest quarter expense mix
Profit bridge
Detailed income lines
Other income statement lines
Balance sheet · Q1 FY2026
- Cash & equivalents
- $338.20M
- Total debt
- $46.82M
- Net cash
- $291.38M
- Net cash position
- Total equity
- $1.12B
Balance sheet detail
- Current assets
- $607.11M
- Current liabilities
- $28.36M
- Inventory
- $2.92M
- Receivables
- $10.65M
- Current debt
- $1.69M
- Long-term debt
- $35.42M
- Shares outstanding
- 367.47M
Balance sheet assets detail
Balance sheet liabilities detail
Debt and liquidity
Operating income / interest expense
Cash + short-term investments + receivables / current liabilities
Shares outstanding trend
Quarterly balance-sheet shares outstanding, useful for spotting buybacks, dilution, and split-adjusted share-count drift.
Cash generation
- Operating cash flow
- -$44.96M
- Capital expenditure
- $1.08M
- Free cash flow
- -$46.04M
- Capital returned
- -$203,000
- Buybacks + dividends paid
Cash-flow detail
- Depreciation & amortization
- $3.80M
- Investing cash flow
- -$252.06M
- Financing cash flow
- -$143,000
- Change in inventory
- -$1.48M
- Buybacks
- -$203,000
- Net buybacks
- -$203,000
- Repurchases less stock issuance
Cash flow read
QBTS is consuming cash this period.
Negative free cash flow can be deliberate (heavy capex on a growth project) or stress (operating cash flow turning south). Compare -$44.96M of operating cash flow against $1.08M of capex to see which side is moving.
Frequently asked
Common questions.
Where can I see QBTS financial statements?
The QBTS Financials page hosts the latest income statement, balance sheet, and cash-flow statement for D-Wave Quantum Inc. — quarterly and annual views, with TECHi's source attribution next to every line.
What is D-Wave Quantum Inc.'s revenue trend?
Quarterly and annual revenue, gross profit, operating income, net income, and free-cash-flow trends for D-Wave Quantum Inc. are shown in the QBTS Financials page visuals and statement tables when provider data supplies complete rows.
What is D-Wave Quantum Inc.'s profit margin?
D-Wave Quantum Inc. reports a net margin of 0.00%. Gross / operating / net margin trends and the segment mix that drives them are broken out on the QBTS Financials page.
Does D-Wave Quantum Inc. have positive free cash flow?
Operating cash flow, capital expenditure, and free cash flow are tracked quarterly on the QBTS Financials page when cash-flow rows are available. FCF margin and FCF yield are normalized on the /quote/QBTS/statistics/ page.