QB
D-Wave Quantum Inc.
ConvictionWeak
Hardware system sales + Quantum-Computing-as-a-Service (QCaaS) via the Leap cloud subscription, plus professional services; transition from research/grant revenue toward commercial enterprise contracts
Revenue
$24.6M FY2025~$12.4M TTM (Q1 FY26Rev growth
+179% FY2025 YoY-81% Q1 FY26 YoY (prior-year quarter held a large one-off system saleGross margin
82.6% GAAP FY202563.6% Q1 FY26Op margin
Operating loss $100.4M FY2025-$54.7M op loss Q1 FY26 (deeply negativeCapex intensity
not separately disclosedin summary; QPU fabrication is outsourced to SkyWater (fab-lightMarket cap
~$8.43Blate Jun 2026Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-02-26. The audited primary-source spine — not financial advice.
Revenue — annual (GAAP)
FY’22
$7M
FY’23
$9M+22%
FY’24
$9M+1%
FY’25
$25M+179%
Margins & balance sheet — FY’25
Gross margin82.6%
Operating margin-408.2%
Net margin-1444.1%
Net cash$273M
The read
Where our coverage leans
Coverage leans bullish
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Full financial intelligence for D-Wave Quantum Inc.
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
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