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D-Wave Quantum
(NYSE:QBTS)
D-Wave Quantum (QBTS) vs. SPDR S&P 500 ETF (SPY)
D-Wave Quantum Business Overview & Revenue Model
D-Wave Quantum Earnings Call Summary
D-Wave Quantum Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 22.27M | 8.83M | 8.76M | 7.17M | 6.28M | 5.16M |
| Gross Profit | 18.37M | 5.56M | 4.62M | 4.25M | 4.53M | 4.25M |
| EBITDA | -277.43M | -138.05M | -80.83M | -49.03M | -34.36M | -14.06M |
| Net Income | -281.54M | -143.88M | -82.72M | -53.70M | -40.97M | -21.97M |
Balance Sheet | ||||||
| Total Assets | 843.60M | 199.85M | 59.36M | 26.95M | 29.47M | 47.46M |
| Cash, Cash Equivalents and Short-Term Investments | 819.31M | 177.98M | 41.31M | 7.07M | 9.48M | 21.34M |
| Total Debt | 39.98M | 38.38M | 72.65M | 42.28M | 39.42M | 4.66M |
| Total Liabilities | 149.35M | 137.21M | 83.84M | 56.41M | 47.82M | 14.73M |
| Stockholders Equity | 694.25M | 62.65M | -24.48M | -29.46M | -18.36M | 32.73M |
Cash Flow | ||||||
| Free Cash Flow | -53.14M | -44.75M | -61.28M | -45.72M | -36.80M | -30.08M |
| Operating Cash Flow | -50.62M | -42.64M | -60.65M | -45.23M | -34.80M | -29.29M |
| Investing Cash Flow | -1.69M | -3.14M | -630.00K | -498.00K | -2.00M | -789.00K |
| Financing Cash Flow | 829.54M | 182.45M | 95.64M | 43.27M | 24.91M | 43.14M |
D-Wave Quantum Technical Analysis
D-Wave Quantum Risk Analysis
D-Wave Quantum Peers Comparison
D-Wave Quantum Corporate Events
On October 22, 2025, D-Wave Quantum Inc. announced a series of seminars in Italy to promote annealing quantum computing awareness among universities, as part of the Q-Alliance. This initiative supports the Italian government’s strategic framework for digital and quantum technologies, with plans to develop a quantum computing facility in Lombardy. D-Wave has secured a €10M contract for a D-Wave Advantage2TM annealing quantum computer, ensuring accessibility for Italy’s scientific community. The seminars, initially held at Università dell’Insubria and Università della Svizzera Italiana, aim to educate young researchers through scholarships, internships, and training programs, thereby accelerating Italy’s quantum computing ecosystem.
The most recent analyst rating on (QBTS) stock is a Hold with a $33.00 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.
On October 20, 2025, D-Wave Quantum Inc. announced the redemption of all its outstanding public warrants to purchase shares of its common stock, effective November 19, 2025. This move is expected to streamline the company’s capital structure, with the last trading day for these warrants on the New York Stock Exchange anticipated to be November 17, 2025. If all warrants are exercised, approximately 7.2 million shares of common stock will be issued, resulting in less than 2.1% dilution to existing shareholders.
The most recent analyst rating on (QBTS) stock is a Buy with a $50.00 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.
On October 15, 2025, D-Wave Quantum Inc. announced a €10M agreement with Swiss Quantum Technology SA to deploy a D-Wave Advantage2 annealing quantum computer in Europe. This deployment supports Italy’s Q-Alliance initiative, aiming to bolster the country’s digital transformation with advanced quantum infrastructure. The Advantage2 system, featuring over 4,400 qubits, will be accessible via D-Wave’s Leap quantum cloud service, facilitating quantum applications with improved energy efficiency. This agreement marks a significant milestone for D-Wave in expanding global access to its quantum computing technology, addressing the limitations of traditional computing and supporting the development of quantum applications.
The most recent analyst rating on (QBTS) stock is a Hold with a $34.00 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.
On October 14, 2025, D-Wave Quantum Inc. was recognized as a winner in Fast Company’s 2025 Next Big Things in Tech Awards for its Advantage2 quantum computer. This award highlights the potential of D-Wave’s 4400+ qubit Advantage2 system, launched in May 2025, to solve complex problems beyond the capabilities of classical computers. The system’s Zephyr topology and 20-way connectivity support quantum and hybrid-quantum applications, and it has been used to demonstrate quantum supremacy in real-world problems. This recognition underscores D-Wave’s commitment to delivering production-ready quantum computing technology that provides significant value to its customers.
The most recent analyst rating on (QBTS) stock is a Hold with a $34.00 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.
On October 14, 2025, D-Wave Quantum Inc. announced its role as a founder of Q-Alliance, a new initiative aimed at establishing the world’s most powerful quantum hub in Lombardy, Italy. This collaboration, supported by the Italian Government’s strategic framework for digital and quantum technologies, seeks to accelerate scientific discovery, industrial transformation, and digital sovereignty. D-Wave’s production-grade annealing quantum computing technology is expected to play a crucial role in this effort, enhancing Italy’s position as a global leader in quantum innovation and fostering the development of a quantum-ready workforce.
The most recent analyst rating on (QBTS) stock is a Hold with a $34.00 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.
On September 30, 2025, D-Wave Quantum Inc. and North Wales Police announced the completion of a joint proof-of-technology project using a hybrid-quantum application to optimize police vehicle placement for emergency response. This technology reduced coordination time from four months to four minutes and cut average incident response times by nearly 50%, demonstrating significant improvements in real-time adaptability and response efficiency. The project, supported by a grant from the UK Policing’s National Science and Innovation Board, highlights the potential for hybrid-quantum computing to enhance public safety and its applicability across both private and public sectors.
The most recent analyst rating on (QBTS) stock is a Buy with a $33.00 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.
On August 13, 2025, D-Wave Quantum Inc. announced it will host its inaugural Qubits Japan 2025 quantum computing user conference in Tokyo on September 17. This event, themed ‘Quantum Realized,’ aims to support the growing interest in annealing quantum computing technology in the Asia Pacific region, where D-Wave has seen an 83% increase in bookings over the past year. The conference will feature presentations from executives, customers, and thought leaders, highlighting the tangible value of D-Wave’s technology. Recent customer engagements in the region include a pilot project with Japan Tobacco Inc. for quantum AI drug discovery, an optimization pilot with NTT DOCOMO Inc. that improved mobile network performance, and a strategic relationship with Yonsei University and Incheon Metropolitan City to advance quantum computing in South Korea.
The most recent analyst rating on (QBTS) stock is a Buy with a $2.25 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.
D-Wave Quantum Inc., a pioneering company in the quantum computing sector, specializes in developing and providing quantum computing systems, software, and services, distinguishing itself as the first commercial supplier of quantum computers and the only company building both annealing and gate-model quantum computers.
D-Wave Quantum Inc.’s recent earnings call presented a mixed sentiment, reflecting both optimism and challenges. The company showcased significant advancements in quantum technology and strategic partnerships, alongside a robust financial standing. However, these positive notes were tempered by substantial financial losses, difficulties in closing deals, and a decline in bookings for the first half of the year.
On July 30, 2025, D-Wave Quantum Inc. announced the promotion of Diane Nguyen to Executive Vice President, Chief Legal Officer, and General Counsel, effective July 31, 2025. This move includes an increased base salary and eligibility for performance-based incentives, highlighting the company’s commitment to strengthening its leadership team and potentially enhancing its strategic operations.
The most recent analyst rating on (QBTS) stock is a Buy with a $2.25 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.
On August 4, 2025, D-Wave Quantum Inc. announced the release of a new collection of offerings aimed at advancing quantum artificial intelligence (AI) and machine learning (ML) innovation. This includes an open-source quantum AI toolkit and a demo, which enable developers to integrate quantum computers into modern ML architectures. The toolkit, part of D-Wave’s Ocean software suite, provides integration with PyTorch for training AI models like restricted Boltzmann machines, which are used in generative AI tasks. D-Wave is collaborating with organizations such as Japan Tobacco Inc. and Jülich Supercomputing Centre on exploratory quantum AI projects, demonstrating the potential for quantum computing to enhance AI model training and efficiency.
The most recent analyst rating on (QBTS) stock is a Buy with a $2.25 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.