D-Wave Quantum Inc.

QBTS

D-Wave Quantum Inc.

QBTS

Insider Sentiment (TTM):

Last Purchase:2025-11-18Last Sale:2026-06-15Shares Purchased (TTM):82Shares Sold (TTM):3,844,670

Institutional Sentiment:

As of:2026-03-31Institutional Shares Owned:164,502,329Shares Outstanding:367,473,219Institutional Ownership Pct.:44.77%

Earnings Market Reaction:

Filing Date:2026-08-06Price on Filing Date:N/APrevious Close:N/A% Change:N/A

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Financial Statements

10‑Q10‑K

Values in Millions ($)	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30
Assets
Cash	-	-	-	-	-	-	-	29	41	27	41	53
Cash And Cash Equivalents At Carrying Value	297	338	635	836	819	304	178	-	-	-	41	-
Marketable Securities Current	250	250	249	-	-	-	0	-	-	-	-	-
Assets Current
Accounts Receivable Net Current	2	9	2	2	1	1	1	1	2	2	2	1
Assets Current	561	607	896	848	829	311	185	35	47	34	47	58
Inventory Net	3	3	3	3	2	2	2	2	2	2	2	2
Prepaid Expense And Other Assets Current	9	7	7	7	5	4	4	2	2	3	2	2
Property Plant And Equipment Net	22	15	8	6	5	4	4	3	3	3	3	2
Operating Lease Right Of Use Asset	12	10	7	7	7	7	7	8	8	8	8	9
Intangible Assets Net Excluding Goodwill	212	215	1	1	1	1	0	0	0	0	0	0
Goodwill	343	343	-	-	-	-	-	-	-	-	-	-
Other Assets Noncurrent	9	9	4	5	3	3	3	3	4	4	1	1
Assets	1,158	1,200	916	866	844	326	200	50	62	49	59	70
Liabilities And Stockhold…
Accounts Payable Trade Current	5	2	1	1	1	1	1	1	1	1	1	2
Accrued Liabilities Current	12	15	16	9	12	7	9	7	5	6	5	10
Long Term Debt Current	-	-	-	-	-	-	-	-	-	-	-	30
Liabilities Current
Liabilities Current	27	28	21	16	19	15	30	26	43	11	11	44
Operating Lease Liability Current	1	2	1	1	2	2	2	2	1	1	1	-
Other Long Term Debt Current	0	0	0	0	0	0	0	14	33	0	0	-
Contract With Customer Liability Current	9	9	3	3	5	6	19	3	3	2	3	2
Warrants And Rights Outstanding	-	-	0	141	91	66	70	2	2	4	2	2
Notes Payable Current	-	-	-	-	-	-	-	-	-	-	0	-
Operating Lease Liability Noncurrent	12	10	6	6	6	6	6	7	7	7	7	7
Long Term Debt Noncurrent	35	35	36	32	32	30	30	32	31	63	64	33
Contract With Customer Liability Noncurrent	1	2	1	1	1	1	1	0	0	0	0	0
Liabilities	75	76	64	195	149	118	137	66	83	86	84	85
Common Stock Value	0	0	0	0	0	0	0	0	0	0	0	0
Stockholders Equity
Additional Paid In Capital	2,140	2,134	1,843	1,619	1,503	850	700	535	507	474	469	462
Stockholders Equity	1,083	1,124	852	671	694	207	63	-17	-22	-37	-24	-15
Retained Earnings Accumulated Deficit	-1,048	-1,000	-982	-940	-800	-632	-627	-541	-518	-500	-483	-467
Accumulated Other Comprehensive Income Loss Net Of…	-9	-9	-9	-9	-9	-10	-11	-11	-10	-10	-11	-10
Liabilities And Stockholders Equity	1,158	1,200	916	866	844	326	200	50	62	49	59	70
Allowance For Doubtful Accounts Receivable	0	0	0	0	0	0	0	0	0	-	0	-
Common Stock Par Or Stated Value Per Share	0	0	0	0	0	0	0	0	0	0	0	0
Common Stock Shares Authorized	675	675	675	675	675	675	675	675	675	675	675	675
Common Stock Shares Issued	372	370	359	346	340	291	267	208	186	162	161	155
Shares Outstanding	372	370	359	346	340	291	267	208	186	162	161	155

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Earnings Market Reaction

10‑Q10‑K

Fiscal Year	Q1 1 Month	Q1 2 Month	Q1 3 Month	Q2 1 Month	Q2 2 Month	Q2 3 Month	Q3 1 Month	Q3 2 Month	Q3 3 Month	Q4 1 Month	Q4 2 Month	Q4 3 Month
2026	6.71%	0.81%	-19.11%	-	-	-	-	-	-	-	-	-
2025	56.72%	34.55%	81.09%	-9.03%	55.85%	90.16%	-20.15%	-10.92%	-9.72%	-21.90%	7.70%	1.04%
2024	-15.33%	-19.71%	-31.31%	26.25%	28.75%	30.00%	170.59%	388.77%	217.65%	-37.54%	-22.07%	60.89%
2023	-	-	-	-24.32%	-34.80%	-59.05%	32.58%	23.60%	15.17%	-	-	-
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Performance and Valuation Metrics

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Metrics	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30
Liquidity Ratios
Current Ratio	20.55	21.41	42.38	54.68	42.99	20.73	6.14	1.36	1.09	3.10	4.18	1.34
Quick Ratio	20.09	21.06	41.90	54.03	42.58	20.36	5.95	1.19	0.99	2.67	3.82	1.24
Working Capital	533.31M	578.75M	875.08M	832.63M	809.27M	295.87M	154.90M	9.25M	3.97M	22.83M	35.80M	14.67M
Leverage & Debt
Debt to Equity	0.07	0.07	0.07	0.29	0.22	0.57	2.19	-3.93	-3.87	-2.32	-3.42	-5.64
Interest Coverage TTM	-331.87	-309.26	-232.33	-198.52	-182.09	-314.15	-	-	-	-	-379.93	-47.24
Debt Ratio	0.07	0.06	0.07	0.23	0.18	0.36	0.69	1.34	1.35	1.76	1.41	1.22
Efficiency & Turnover
Asset Turnover TTM	0.01	0.02	0.04	0.05	0.05	0.11	0.07	0.16	0.23	0.25	0.20	0.19
Days Sales Outstanding TTM	50.84	146.04	22.32	25.57	24.68	23.77	63.51	42.97	42.81	43.11	50.20	21.66
Receivables Turnover TTM	7.18	2.50	16.35	14.27	14.79	15.36	5.75	8.49	8.53	8.47	7.27	16.85
Per Share Metrics
Diluted EPS TTM	-0.67	-1.00	-1.11	-1.17	-0.93	-0.46	-0.75	-0.37	-0.39	-0.47	-0.60	-0.72
Free Cash Flow Per Share TTM	-0.25	-0.28	-0.24	-0.10	-0.11	-0.18	-0.23	-0.30	-0.35	-0.37	-0.44	-0.43
Dividend Per Share TTM	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Margin Metrics
Gross Profit Margin TTM	64.19%	66.27%	82.59%	82.82%	82.46%	83.23%	63.02%	64.27%	64.68%	60.79%	52.77%	51.34%
Operating Profit Margin TTM	-1,372.88%	-1,155.61%	-408.22%	-355.21%	-353.14%	-332.34%	-874.85%	-780.27%	-704.86%	-761.12%	-919.68%	-962.90%
Net Profit Margin TTM	-2,001.59%	-2,957.23%	-1,444.10%	-1,651.81%	-1,263.92%	-617.83%	-1,629.99%	-783.28%	-664.39%	-784.45%	-944.45%	-968.53%
Growth Metrics
Net Revenue Growth (1Y)	-44.22%	-41.75%	178.54%	156.20%	120.20%	121.61%	0.79%	-5.37%	11.26%	10.10%	-	-
Net Income Growth (1Y)	-11.67%	178.81%	146.78%	440.28%	318.89%	74.54%	73.95%	-23.47%	-26.95%	-4.29%	-	-
EPS Growth (1Y)	-27.99%	117.31%	47.61%	218.27%	138.54%	-1.70%	24.93%	-49.42%	-45.96%	-26.93%	-	-
Valuation Metrics
P/E TTM	-35.77	-14.41	-23.66	-21.20	-15.72	-16.49	-11.22	-2.68	-2.92	-4.35	-1.47	-1.33
P/B TTM	8.21	4.72	9.86	12.61	6.37	10.50	25.76	-11.71	-9.12	-8.90	-4.96	-8.50
P/S TTM	716.01	426.12	341.62	350.23	198.68	101.90	182.83	21.03	19.40	34.14	13.87	12.91
Market Cap	8.90B	5.30B	8.40B	8.46B	4.43B	2.18B	1.61B	198.16M	196.24M	329.07M	121.43M	128.56M
Enterprise Value	8.63B	5.00B	7.80B	7.65B	3.64B	1.90B	1.56B	200.90M	186.83M	364.81M	143.98M	138.27M
Calculated Values
Free Cash Flow TTM	-92.75M	-102.17M	-75.84M	-35.03M	-33.35M	-52.04M	-44.75M	-61.00M	-59.57M	-60.03M	-61.24M	-57.12M
Net Debt	-261.76M	-302.77M	-599.52M	-804.18M	-787.25M	-273.95M	-50.41M	2.74M	-9.41M	35.74M	22.54M	9.71M
Per-Share and Margin
EPS TTM
Adjusted EPS TTM
Cash Flow Per Share TTM
Pretax Margin TTM
Stock Comp to Revenue TTM
Turnover Ratios and Averages
Average Assets
Average Equity
Average Inventory
Average Receivables
Average Accounts Payables
Inventory Turnover TTM
Payables Turnover TTM
Days Inventory Outstanding TTM
Days Payables Outstanding TTM
Cash Conversion Cycle TTM
Working Capital to Revenue
Deferred Revenue to Revenue
Growth Rates
Total Assets Growth (1Y)
Total Assets Growth (3Y)
Total Assets Growth (5Y)
Dividends Paid Growth (1Y)
Dividends Paid Growth (3Y)
Dividends Paid Growth (5Y)
EPS Growth (3Y)
EPS Growth (5Y)
Net Income Growth (3Y)
Net Income Growth (5Y)
Net Profit Margin Growth (1Y)
Net Profit Margin Growth (3Y)
Net Profit Margin Growth (5Y)
Net Revenue Growth (3Y)
Net Revenue Growth (5Y)
Deferred Revenue Growth (1Y)
Retained Earnings Growth (1Y)
Credit, Liquidity, Returns, Payout
Cash Ratio
Net Working Capital
Debt to EBITDA TTM
Net Debt to EBITDA TTM
Net Debt to Equity
Altman A
Altman B
Altman C
Altman D
Altman E
Altman Z-Score
ROA TTM
ROE TTM
NOPAT TTM
ROIC TTM
Effective Tax Rate TTM
Payout Ratio TTM
Dilution Ratio
Retained Earnings to Equity
Treasury Stock to Equity
Treasury Stock Change (1Y)
Accrued to Current Liabilities
NCAV
NCAV Per Share TTM
Valuation Ratios
P/CF TTM
PEG Ratio
Dividend Yield TTM
Free Cash Flow Yield TTM
EV EBITDA TTM
EV EBIT TTM
EV Revenue TTM
EV FCF TTM
Stock Compensation TTM
Adjusted Net Income TTM
Billings TTM
Total Debt
Invested Capital

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Insider Transactions

2026-06-15Sale

Owner: Markovich, John M.

Title: Chief Financial Officer

Shares: 200,000

Price/Share: $25.72

Value: $5,144,000.00

Shares Owned: 1,142,820

Relationship: Officer

Ownership: Direct

2026-06-15Sale

Owner: Ghai, Rohit

Title: -

Shares: 13,518

Price/Share: $26.41

Value: $357,010.38

Shares Owned: 23,617

Relationship: Director

Ownership: Direct

2026-06-09Sale

Owner: Markovich, John M.

Title: Chief Financial Officer

Shares: 70

Price/Share: $26.54

Value: $1,857.80

Shares Owned: 1,388,863

Relationship: Officer

Ownership: Direct

2026-06-08Sale

Owner: Baratz, Alan E

Title: President & CEO

Shares: 687,627

Price/Share: $26.13

Value: $17,967,693.51

Shares Owned: 3,299,771

Relationship: Director,Officer

Ownership: Direct

2026-06-05Sale

Owner: Dilullo, John D

Title: -

Shares: 7,850

Price/Share: $24.43

Value: $191,775.50

Shares Owned: 21,310

Relationship: Director

Ownership: Direct

Filed Date	Owner	Relationship	Title	Ownership	Purchase/Sale	No. Shares	Price Per Share	Value	Shares Owned	Document Type
2026-06-15	Markovich, John M.	Officer	Chief Financial Officer	Direct	Sale	200,000	25.72	$5,144,000.00	1,142,820	4
2026-06-15	Ghai, Rohit	Director	-	Direct	Sale	13,518	26.41	$357,010.38	23,617	4
2026-06-09	Markovich, John M.	Officer	Chief Financial Officer	Direct	Sale	70	26.54	$1,857.80	1,388,863	4
2026-06-08	Baratz, Alan E	Director,Officer	President & CEO	Direct	Sale	687,627	26.13	$17,967,693.51	3,299,771	4
2026-06-05	Dilullo, John D	Director	-	Direct	Sale	7,850	24.43	$191,775.50	21,310	4
2026-06-02	Markovich, John M.	Officer	Chief Financial Officer	Direct	Sale	2,908	31.00	$90,148.00	1,439,912	4
2026-05-22	Markovich, John M.	Officer	Chief Financial Officer	Direct	Sale	328,752	27.70	$9,106,430.40	1,442,820	4
2026-05-21	Nguyen, Diane	Officer	EVP, Chief Legal Officer & GC	Direct	Sale	40,000	25.01	$1,000,400.00	517,149	4
2026-05-20	Ames, Sophie C	Officer	Exec. Vice President & CHRO	Direct	Sale	23,025	18.98	$437,014.50	596,803	4
2026-04-20	Ames, Sophie C	Officer	Exec. Vice President & CHRO	Direct	Sale	3,070	21.35	$65,544.50	643,678	4
2026-03-16	Ghai, Rohit	Director	-	Direct	Sale	10,000	17.62	$176,200.00	27,778	4
2026-03-13	Nguyen, Diane	Officer	EVP, Chief Legal Officer & GC	Direct	Sale	2,532	17.63	$44,639.16	563,674	4
2026-03-13	Markovich, John M.	Officer	Chief Financial Officer	Direct	Sale	10,706	17.63	$188,746.78	1,451,427	4
2026-03-05	Dilullo, John D	Director	-	Direct	Sale	8,000	18.01	$144,080.00	19,803	4
2026-02-13	Nguyen, Diane	Officer	EVP, Chief Legal Officer & GC	Direct	Sale	1,451	19.76	$28,671.76	538,138	4
2026-01-14	Markovich, John M.	Officer	Chief Financial Officer	Direct	Sale	9,179	28.06	$257,562.74	1,462,133	4
2026-01-14	Baratz, Alan E	Director,Officer	President & CEO	Direct	Sale	35,013	28.06	$982,464.78	2,598,150	4
2026-01-14	Nguyen, Diane	Officer	EVP, Chief Legal Officer & GC	Direct	Sale	4,519	28.06	$126,803.14	539,589	4
2025-12-22	Markovich, John M.	Officer	Chief Financial Officer	Direct	Sale	100,000	30.03	$3,003,000.00	1,471,312	4
2025-12-22	Baratz, Alan E	Director,Officer	President & CEO	Direct	Sale	793,712	30.13	$23,914,542.56	2,633,163	4
2025-12-15	Nguyen, Diane	Officer	EVP, Chief Legal Officer & GC	Direct	Sale	2,733	23.89	$65,291.37	563,309	4
2025-12-15	Markovich, John M.	Officer	Chief Financial Officer	Direct	Sale	11,562	23.89	$276,216.18	1,471,312	4
2025-12-15	Ghai, Rohit	Director	-	Direct	Sale	10,000	24.28	$242,800.00	37,778	4
2025-12-05	Dilullo, John D	Director	-	Direct	Sale	8,000	27.36	$218,880.00	27,803	4
2025-12-04	Markovich, John M.	Officer	Chief Financial Officer	Direct	Sale	100,000	27.56	$2,756,000.00	1,482,874	4
2025-12-03	Nielsen, Kirstjen	Director	-	Direct	Sale	7,000	22.62	$158,340.00	112,673	4
2025-11-20	Markovich, John M.	Officer	Chief Financial Officer	Direct	Sale	200,000	22.94	$4,588,000.00	1,482,874	4
2025-11-18	West, Steven M	Director	-	Indirect	Purchase	82	21.89	$1,794.98	82	4
2025-11-13	Markovich, John M.	Officer	Chief Financial Officer	Direct	Sale	98,060	23.17	$2,272,050.20	1,482,874	4
2025-11-13	Baratz, Alan E	Director,Officer	President & CEO	Direct	Sale	168,102	23.17	$3,894,923.34	2,633,163	4
2025-11-13	Nguyen, Diane	Officer	EVP, Chief Legal Officer & GC	Direct	Sale	22,803	23.42	$534,046.26	566,042	4
2025-11-11	Baratz, Alan E	Director,Officer	President & CEO	Direct	Sale	806,288	28.87	$23,277,534.56	2,801,265	4
2025-10-14	Markovich, John M.	Officer	Chief Financial Officer	Direct	Sale	7,994	43.74	$349,657.56	1,580,934	4
2025-10-14	Baratz, Alan E	Director,Officer	President & CEO	Direct	Sale	31,369	43.74	$1,372,080.06	2,801,265	4
2025-10-14	Nguyen, Diane	Officer	EVP, Chief Legal Officer & GC	Direct	Sale	20,827	43.74	$910,972.98	588,845	4
2025-09-15	Dilullo, John D	Director	-	Direct	Sale	8,000	17.93	$143,440.00	36,295	4
2025-09-15	Ghai, Rohit	Director	-	Direct	Sale	10,000	17.93	$179,300.00	47,778	4
2025-09-12	Markovich, John M.	Officer	Chief Financial Officer	Direct	Sale	50,000	17.50	$875,000.00	1,599,511	4
2025-08-13	West, Steven M	Director	-	Direct	Sale	25,000	18.18	$454,500.00	19,837	4/A
2025-08-13	Nguyen, Diane	Officer	EVP, Chief Legal Officer & GC	Direct	Sale	69,270	18.28	$1,266,255.60	575,968	4
2025-08-12	Markovich, John M.	Officer	Chief Financial Officer	Direct	Sale	100,000	18.00	$1,800,000.00	1,558,753	4
2025-06-16	Dilullo, John D	Director	-	Direct	Sale	15,000	16.40	$246,000.00	44,295	4
2025-06-16	Nielsen, Kirstjen	Director	-	Direct	Sale	13,000	16.04	$208,520.00	119,673	4
2025-06-12	Ghai, Rohit	Director	-	Direct	Sale	43,517	16.81	$731,520.77	57,778	4
2025-06-12	Biscay, Roger	Director	-	Direct	Sale	106,626	16.85	$1,796,648.10	14,260	4
2025-05-23	Nguyen, Diane	Officer	General Counsel	Direct	Sale	85,762	18.88	$1,619,186.56	590,323	4
2025-05-22	Biscay, Roger	Director	-	Direct	Sale	96,521	17.86	$1,723,865.06	106,626	4
2025-05-21	West, Steven M	Director	-	Direct	Sale	311,973	16.50	$5,147,554.50	236,322	4
2025-05-21	Markovich, John M.	Officer	Chief Financial Officer	Direct	Sale	400,000	17.30	$6,920,000.00	1,577,944	4
2025-05-21	Baratz, Alan E	Director,Officer	President & CEO	Direct	Sale	845,813	17.00	$14,378,821.00	2,866,412	4
2025-01-23	Nguyen, Diane	Officer	General Counsel	Direct	Sale	2,383	5.27	$12,558.41	448,162	4
2025-01-23	Markovich, John M.	Officer	Chief Financial Officer	Direct	Sale	5,582	5.27	$29,417.14	1,064,556	4
2025-01-23	Baratz, Alan E	Director,Officer	President & CEO	Direct	Sale	8,372	5.27	$44,120.44	2,342,208	4
2025-01-14	Public, Sector Pension In…	TenPercentOwner	-	Direct	Sale	9,615,306	4.80	$46,153,468.80	20,384,694	4
2024-12-20	Public, Sector Pension In…	TenPercentOwner	-	Direct	Sale	1,000,000	6.68	$6,680,000.00	0	4
2024-12-12	Public, Sector Pension In…	TenPercentOwner	-	Direct	Sale	8,437,593	4.21	$35,522,266.53	1,000,000	4
2024-06-04	Michael, Emil	Director	-	Direct	Sale	49,910	1.26	$62,886.60	887,138	4
2023-10-16	Nguyen, Diane	Officer	General Counsel	Direct	Sale	22,855	1.00	$22,855.00	254,643	4
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Institutional Ownership

No data available for chart

2026-03-31

44.77%

Inst. Shares: 164,502,329

Shares Outstanding: 367,473,219

2025-12-31

50.92%

Inst. Shares: 163,569,485

Shares Outstanding: 321,202,025

2025-09-30

49.60%

Inst. Shares: 169,719,166

Shares Outstanding: 342,204,831

2025-06-30

49.71%

Inst. Shares: 150,256,971

Shares Outstanding: 302,288,793

2025-03-31

30.64%

Inst. Shares: 87,756,979

Shares Outstanding: 286,420,374

Date	Institutional Shares Owned	Shares Outstanding	Institutional Ownership %
2026-03-31	164,502,329	367,473,219	44.77%
2025-12-31	163,569,485	321,202,025	50.92%
2025-09-30	169,719,166	342,204,831	49.60%
2025-06-30	150,256,971	302,288,793	49.71%
2025-03-31	87,756,979	286,420,374	30.64%
2024-12-31	87,736,573	192,129,049	45.67%
2024-09-30	80,083,203	201,585,533	39.73%
2024-06-30	77,323,084	172,139,085	44.92%
2024-03-31	66,556,032	161,308,490	41.26%
2023-12-31	73,565,488	137,993,736	53.31%
2023-09-30	73,971,181	133,222,318	55.52%
2023-06-30	71,446,126	127,337,903	56.11%
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D-Wave Quantum Inc. (QBTS) — SEC Financial Statements & Analysis

D-Wave Quantum Inc. (QBTS) is a services-computer processing & data preparation company, incorporated in DE. D-Wave Quantum Inc. trades on Nasdaq as: QBTS. Based on its latest SEC filing (Form 10-Q, period ending 2026-06-30), D-Wave Quantum Inc. reported a -44.22% year-over-year revenue growth, a Gross Profit Margin of 64.19% (TTM), a Debt-to-Equity ratio of 0.07x, a Price-to-Sales (P/S) ratio of 716.01x (TTM), a Price-to-Book (P/B) ratio of 8.21x (TTM), at a market cap of $8.90B. Figures below are sourced from SEC EDGAR, as-filed.

Net Revenue TTM Growth 1Y: -44.22%
Gross Profit Margin TTM: 64.19%
Debt To Equity: 0.07x
P/S TTM: 716.01x
P/B TTM: 8.21x
Market Cap: $8.90B

Data as of 2026-06-30 · Source: SEC EDGAR

Frequently Asked Questions

What industry is D-Wave Quantum Inc. in?

D-Wave Quantum Inc. (QBTS) operates in the Services-Computer Processing & Data Preparation industry.

What is QBTS's market cap?

D-Wave Quantum Inc. (QBTS) has a market capitalization of $8.90B as of 2026-06-30.

What exchange does QBTS trade on?

D-Wave Quantum Inc. (QBTS) trades on the Nasdaq.

Where is D-Wave Quantum Inc. incorporated?

D-Wave Quantum Inc. is incorporated in DE.