6 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $25M | -$355M | 82.6% | -408.2% | -$76M | $36M | $635M |
| 2024 | $9M | -$144M | 63.0% | -874.8% | -$45M | $30M | $178M |
| 2023 | $9M | -$83M | 52.8% | -919.7% | -$61M | $64M | $41M |
| 2022 | $7M | -$54M | 59.2% | -828.9% | -$46M | $9M | — |
| 2021 | $6M | -$41M | 72.1% | -620.3% | -$37M | $12M | $9M |
| 2020 | $5M | -$22M | 82.3% | -609.8% | -$30M | $2M | — |
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $3M | -$18M | 63.6% | -1914.9% | -$46M | $35M | $338M |
| Dec '25 | $3M | -$42M | 64.8% | -1266.0% | -$20M | $36M | $635M |
| Sep '25 | $4M | -$140M | 71.4% | -741.8% | -$20M | $32M | $836M |
| Jun '25 | $3M | -$167M | 63.8% | -856.3% | -$16M | $32M | $819M |
| Mar '25 | $15M | -$5M | 92.5% | -75.3% | -$20M | $30M | $304M |
| Dec '24 | $2M | -$86M | 63.8% | -876.2% | $1M | $30M | $178M |
| Sep '24 | $2M | -$23M | 55.8% | -1103.5% | -$18M | $32M | — |
| Jun '24 | $2M | -$18M | 63.6% | -863.0% | -$15M | $31M | — |
| Mar '24 | $2M | -$17M | 67.3% | -710.6% | -$12M | $63M | — |
| Dec '23 | $3M | -$16M | 67.7% | -569.2% | -$15M | $64M | $41M |
| Sep '23 | $3M | -$16M | 59.7% | -718.5% | -$17M | $63M | — |
| Jun '23 | $2M | -$26M | 41.3% | -1224.8% | -$15M | $48M | — |
| Mar '23 | $2M | -$24M | 26.6% | -1559.7% | -$14M | $9M | — |
| Dec '22 | $2M | -$15M | 55.5% | -878.1% | -$11M | $9M | — |
| Sep '22 | $2M | -$12M | 61.4% | -894.6% | -$13M | $15M | — |
| Jun '22 | $1M | -$12M | 54.8% | -904.7% | -$12M | $34M | $10M |
| Mar '22 | $2M | -$12M | 64.0% | -639.3% | -$10M | — | — |
| Dec '21 | $2M | -$14M | 63.8% | -447.4% | -$7M | $12M | $9M |
| Sep '21 | $1M | -$4M | 76.5% | -749.3% | -$8M | — | — |
| Jun '21 | $1M | -$5M | 60.6% | -821.1% | — | — | — |
How the market has priced QBTS against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 5 years, D-Wave Quantum's revenue has grown 36.7% per year. These are computed facts, not advice.
As of FY2025, D-Wave Quantum reported $36M of total debt against $635M of cash; operating income covered interest expense -25.0×.
In FY2025, gross margin was 82.6%, operating margin -408.2%, and net margin -1444.1%.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.