QBTS D-Wave Quantum Inc.

Overview and Growth

Fiscal 2025 results for D-Wave Quantum Inc. combined $24.59M of revenue with net loss of $355.06M and an operating cash outflow of $71.98M. The $24.59M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. The top line expanded 178.5% from $8.83M in fiscal 2024, increasing the company’s operating scale. Diluted earnings per share were -$1.11, translating the period’s attributable earnings into the amount reported for each diluted share. A diluted share base of 321.20M links the aggregate earnings figure to diluted EPS and helps frame the per-share comparison. Total assets stood at $915.81M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. The revenue-to-assets relationship was 0.03x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The first profit layer was $20.31M of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross margin was 82.6%, so that share of each revenue unit remained after the cost of revenue reported for the period. Operations produced a $100.37M operating loss before non-operating and tax effects. The operating loss equaled 408.2% of revenue, showing the scale of the operating deficit relative to sales. After all below-operating-line items, the company recorded a net loss of $355.06M for the fiscal year. The company reported negative EBITDA of $98.81M, adding a pre-interest, tax, depreciation, and amortization view of the operating shortfall. The company reported a pretax loss of $355.06M, before the effect of income taxes. Income tax expense totaled $0.00, providing the reported tax component that separates pretax and after-tax earnings. The loss-to-equity relationship was 41.7%, placing the bottom-line deficit against shareholder capital. The loss-to-assets relationship was 38.8%, placing the bottom-line deficit against the company’s resource base. The net loss widened to $355.06M from $143.88M in fiscal 2024.

Liquidity and Capital Structure

At period end, the $915.81M asset base was financed through $63.58M of liabilities and $852.23M of equity. Current assets were $896.23M against $21.15M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. Current assets covered current liabilities by 42.38x, leaving a positive buffer for near-term obligations. Cash and equivalents totaled $635.35M, identifying the most liquid reported component available within the broader current-asset balance. The company carried $35.83M of total debt at period end, which frames its leverage and debt-service burden. Against book equity, debt measured 0.04x, placing the company’s financial leverage in clear balance-sheet terms. The debt-to-assets relationship was 3.9%, comparing borrowing with the total asset balance. Equity equaled 93.1% of assets, showing the shareholder-capital layer within the company’s balance sheet. Liabilities represented 6.9% of total assets, quantifying the liability-funded share of the company’s resource base. Cash and equivalents equaled 69.4% of total assets, showing the liquid cash component within the company’s broader resource base. Compared with $199.85M in fiscal 2024, the current asset base moved 358.2% and finished higher. Cash and equivalents were 257.0% higher than fiscal 2024 cash of $177.98M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Operating activities used $71.98M of cash, resulting in an operating cash outflow for the year. Capital expenditures used $3.86M in addition to the operating cash outflow, increasing the total cash consumed by operations and investment during the period. The company recorded a $75.84M cash deficit after capital spending for the period. Free-cash-flow margin was -308.5%, reflecting a cash deficit equal to 308.5% of revenue after capital spending. The cash deficit after capital spending represented 8.3% of the period-end asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.