D-Wave Quantum Inc.
QBTSNYSETechnology · Services-Computer Processing & Data Preparation · DE · SEC filings ↗ · Compare ⊕
View price & chart on Yahoo Finance ↗Financials
SEC XBRL · annual| FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | |
|---|---|---|---|---|---|---|
| Revenue | $24.6M | $8.8M | $8.8M | $7.2M | $6.3M | $5.2M |
| Operating income | −$100.4M | −$77.2M | −$80.5M | −$59.5M | −$38.9M | −$31.5M |
| Net income | −$355.1M | −$143.9M | −$82.7M | −$53.7M | −$31.5M | −$10.0M |
| Total assets | $915.8M | $199.9M | $59.4M | $26.9M | $32.6M | — |
| Total liabilities | $63.6M | $137.2M | $83.8M | $56.4M | $29.6M | — |
| Equity | $852.2M | $62.6M | −$24.5M | −$29.5M | −$18.4M | $32.7M |
| EPS (diluted) | $-1.11 | $-0.75 | $-0.60 | $-0.45 | $-0.25 | $-0.08 |
| Shares out. | 287.8M | 116.8M | 80.4M | 110.0M | 2.8M | 127.2M |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2025- Operating margin
- −408.2%
- Net margin
- −1444.1%
- Return on equity
- −41.7%
- Return on assets
- −38.8%
- Return on capital (ROCE)
- −11.2%
- Liabilities / assets
- 6.9%
- Debt / equity
- 0.07×
- Book value / share
- $2.96
- Revenue growth (YoY)
- 178.5%
- Net income growth (YoY)
- —
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2025- Altman Z″ (distress)
- 16.11safe
- Accruals / assets
- −30.9%clean
- Beneish M-Score
- -2.90normal
- Piotroski F-Score
- 5/9mixed
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast. What these scores mean →
Signs
● 1 severe● 3 warning● 4 good- Filed a late-filing notice (Form NT) — missed an SEC deadline
- Operating losses (negative operating margin)
- Reported a net loss
- Negative operating cash flow
- Revenue is growing year-over-year
- Conservative leverage (liabilities < 50% of assets)
- Clean earnings (low accruals)
- Altman Z″ in the safe zone
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
Risk flags
late SEC filings- NT 10-Qmissed a reporting deadline ↗May 10, 2023
- NT 10-Kmissed a reporting deadline ↗Apr 3, 2023
A Form NT means the company notified the SEC it would file a periodic report late — often an accounting, audit or liquidity warning sign. Also search SEC enforcement actions for this company.
Insider transactions
SEC Form 4 · most recent| Insider | Date | Type | Shares | Price |
|---|---|---|---|---|
| Markovich John M.Officer — Chief Financial Officer | May 22, 2026 | Option exercise | 207,926 | $0.92 |
| Nguyen DianeOfficer — EVP, Chief Legal Officer & GC | May 21, 2026 | Sell | 40,000 | $25.01 |
| Ames Sophie COfficer — Exec. Vice President & CHRO | May 20, 2026 | Sell | 23,025 | $18.98 |
| Nguyen DianeOfficer — EVP, Chief Legal Officer & GC | May 13, 2026 | Tax withholding | 2,459 | $22.35 |
| Ames Sophie COfficer — Exec. Vice President & CHRO | May 13, 2026 | Tax withholding | 23,850 | $22.35 |
| Baratz Alan EOfficer — President & CEO | May 13, 2026 | Tax withholding | 18,542 | $22.35 |
| Baratz Alan EOfficer — President & CEO | Apr 30, 2026 | Grant | 753,941 | $0.00 |
| Ames Sophie COfficer — Exec. Vice President & CHRO | Apr 20, 2026 | Sell | 3,070 | $21.35 |
| Ames Sophie COfficer — Exec. Vice President & CHRO | Apr 13, 2026 | Tax withholding | 3,180 | $14.25 |
| Baratz Alan EOfficer — President & CEO | Apr 13, 2026 | Tax withholding | 33,778 | $14.25 |
| Markovich John M.Officer — Chief Financial Officer | Apr 13, 2026 | Tax withholding | 8,607 | $14.25 |
| Nguyen DianeOfficer — EVP, Chief Legal Officer & GC | Apr 13, 2026 | Tax withholding | 4,066 | $14.25 |
Headline trade per Form 4 (officers, directors, 10%+ owners). Buy/sell read from the filing's structured data — blank where a field isn't cleanly tagged.
Short interest
FINRA · bi-monthly| Settlement | Shares short | Days to cover | Δ vs prior |
|---|---|---|---|
| May 15, 2026 | 50.3M | 1.8 | -3.6% |
| Apr 30, 2026 | 52.2M | 1.5 | +0.4% |
| Apr 15, 2026 | 52.0M | 1.9 | -11.5% |
| Mar 31, 2026 | 58.8M | 2.8 | +8.1% |
| Mar 13, 2026 | 54.4M | 2.4 | +1.2% |
Shares sold short as reported to FINRA. Days-to-cover = short shares ÷ average daily volume — higher means more potential squeeze pressure.
Material events
SEC Form 8-K · most recent- Regulation FD disclosureJun 1, 2026
- Regulation FD disclosureJun 1, 2026
- Regulation FD disclosureMay 26, 2026
- Regulation FD disclosureMay 26, 2026
- Other material eventMay 21, 2026
- Other material eventMay 13, 2026
- Results of operationsMay 12, 2026
- Regulation FD disclosureMay 5, 2026
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.
Recent SEC filings
All filings ↗Event-driven situations (2)
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