D-Wave Quantum (QBTS) financials
D-Wave Quantum revenue and earnings by year
D-Wave Quantum's revenue was $24.6 million in the fiscal year to December 31, 2025, up 178.5% from the year before. Net income was -$355 million, -1444.1% of revenue. Since the fiscal year to December 31, 2020, revenue has grown 36.7% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 6 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
| Revenue | 25 | 9 | 9 | 7 | 6 | 5 |
| Revenue growth | 178.5% | 0.8% | 22.1% | 14.2% | 21.7% | — |
| Gross profit | 20 | 6 | 5 | 4 | 5 | 4 |
| Gross margin | 82.6% | 63.0% | 52.8% | 59.2% | 72.1% | 82.3% |
| Operating income | -100 | -77 | -81 | -59 | -39 | -31 |
| Operating margin | -408.2% | -874.8% | -919.7% | -828.9% | -620.3% | -609.8% |
| Net income | -355 | -144 | -83 | -54 | -32 | -10 |
| Net margin | -1444.1% | -1630.0% | -944.5% | -748.7% | -502.4% | -194.2% |
| Diluted EPS | -$1.11 | -$0.75 | -$0.60 | -$0.45 | -$0.26 | — |
| Free cash flow | -76 | -45 | -61 | -46 | -37 | -30 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open QBTS in Markets.
How D-Wave Quantum makes money
Revenue by segment in the quarter to June 30, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| Q Caa S | $1.86M | 60.5% |
| Professional Services | $929K | 30.2% |
| System Sales | $255K | 8.3% |
| Product & Service Other | $32.0K | 1.0% |
See also: QBTS returns
No forecast, no recommendation. This page describes D-Wave Quantum from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.