D-Wave Quantum (NASDAQ: QBTS) financial statements
The consolidated income statement, balance sheet and cash flow statement of D-Wave Quantum for its last 6 fiscal years, as filed with the regulator, in millions of US dollars. At the end of fiscal 2025 it had $915.8m in total assets and $852.2m in equity.
Income statement
| Item | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|
| Revenue | $24.6m | $8.8m | $8.8m | $7.2m | $6.3m | $5.2m |
| Cost of sales | $4.3m | $3.3m | $4.1m | $2.9m | $1.8m | $0.9m |
| Gross profit | $20.3m | $5.6m | $4.6m | $4.3m | $4.5m | $4.2m |
| Operating profit | −$100.4m | −$77.2m | −$80.5m | −$59.5m | −$38.9m | −$31.5m |
| Finance costs | $4.0m | $3.9m | — | $4.6m | $1.7m | $5.3m |
| Profit before tax | −$355.1m | −$143.9m | −$82.7m | −$53.7m | −$31.5m | −$22.0m |
| Net profit | −$355.1m | −$143.9m | −$82.7m | −$53.7m | −$31.5m | −$22.0m |
| Earnings per share | −$1.11 | −$0.75 | −$0.60 | −$0.45 | −$0.25 | −$0.17 |
| Diluted earnings per share | −$1.11 | −$0.75 | −$0.60 | −$0.45 | −$0.25 | −$0.17 |
| Depreciation and amortisation | $1.6m | $1.1m | $1.1m | $1.4m | $1.5m | $1.9m |
Balance sheet
| Item | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|
| Total assets | $915.8m | $199.9m | $59.4m | $26.9m | $32.6m | $35.8m |
| Current assets | $896.2m | $185.0m | $47.0m | $13.9m | $19.2m | $29.6m |
| Inventories | $2.8m | $1.7m | $2.1m | $2.2m | $2.1m | — |
| Property, plant and equipment | $7.8m | $4.1m | $2.6m | $2.3m | $3.2m | — |
| Cash | $635.3m | $178.0m | $41.3m | — | $9.5m | — |
| Total liabilities | $63.6m | $137.2m | $83.8m | $56.4m | $29.6m | $15.0m |
| Current liabilities | $21.1m | $30.1m | $11.3m | $16.0m | $10.3m | $12.0m |
| Equity | $852.2m | $62.6m | −$24.5m | −$29.5m | −$18.4m | $20.8m |
| Equity including minorities | $852.2m | $62.6m | −$24.5m | −$29.5m | −$18.4m | $20.8m |
Cash flow statement
| Item | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | −$72.0m | −$42.6m | −$60.6m | −$45.2m | −$34.8m | −$29.3m |
| Investing cash flow | −$251.1m | −$3.1m | −$0.6m | −$0.5m | −$2.0m | −$0.8m |
| Financing cash flow | $779.1m | $182.5m | $95.6m | $43.3m | $24.9m | $43.1m |
| Capital expenditure | −$3.9m | −$2.1m | −$0.6m | −$0.4m | −$1.8m | −$0.7m |
Where each figure comes from
From the annual report (Form 10-K) that D-Wave Quantum files with the SEC. The filing for each fiscal year: 2025 · 2024 · 2023 · 2022 · 2021 · 2020. If an item is not tagged in the filing, it is not in the table. The summary of the last fiscal year is on the D-Wave Quantum page.
Information prepared from the accounts the company files with the regulator, for information purposes only. It is not financial advice or a recommendation to buy or sell. Updated on 12 November 2026.