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D-Wave Quantum Inc. logo

D-Wave Quantum Inc.

QBTS

NASDAQTechnologyComputer Hardware

Open in GoAI

Previous close

$20.39

+$1.59 · +8.46%

Aug 21, 3:59 PM ET

QBTS company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Sell

Trim exposure — unfavorable risk-reward

Valuation

50

Fair Value

Momentum

23

Weakening

Sentiment

71

Bullish

Risk resilience

29

High Risk

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Thesis, catalysts, evidence, and risk analysis.

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AI-generated, informational only, and not investment advice.

Company profile

Company website

Operating globally, D-Wave Quantum Inc. specializes in developing and supplying quantum computing systems, software, and related services. Their offerings include Advantage, a pioneering fifth-generation quantum computer, and Launch, an onboarding service designed for quantum computing adoption. The company also provides Ocean, a comprehensive suite of open-source programming tools. Furthermore, Leap is a cloud-based service that enables real-time interaction with a live quantum computer. This service further provides access to Advantage, along with hybrid problem-solving tools, the Ocean Software Development Kit, live code samples, demonstrations, learning resources, and a vibrant developer community. Additionally, D-Wave provides a dedicated "D-Wave Launch" professional service, guiding enterprises from initial problem identification through to production deployment of quantum applications. Their quantum solutions are leveraged across various domains such as artificial intelligence, materials sciences, drug discovery, scheduling, cybersecurity, fault detection, and financial modeling. They serve industries including manufacturing, logistics, financial services, and life sciences, among others. D-Wave Quantum Inc. is headquartered in Burnaby, Canada.

Industry
Computer Hardware
Sector
Technology
Headquarters
US
CEO
Alan E. Baratz
Listed since
Dec 11, 2020
Employees
385

Market position

Day range

Current $20.39

52-week range

Current $20.39

Open
$19.11
Previous close
$18.80
Volume
17.68M
0.6× average
Average volume
29.39M
Average daily volume
Market cap
7.49B USD
Beta
2.16
Market reference 1
50-day average
$22.5141
-9.43% below average
200-day average
$23.1443
-11.90% below average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
7.81B USD
P/E (TTM)
-28.72×
P/B (TTM)
6.98×
P/S (TTM)
602.71×
EV / EBITDA
-22.39×
Earnings yield
-4.23%
Free cash flow yield
-0.90%
Dividend yield
0.00%

Profitability & efficiency

Gross margin
64.19%
Operating margin
-1372.88%
Net margin
-2001.59%
Return on equity
-41.66%
Return on assets
-38.77%
Return on invested capital
-11.20%

Financial health

Debt / equity
0.01×
Current ratio
42.38×
Altman Z-score
58.17
Piotroski F-score
2 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends254%-431%-1116%-1801%Gross margin, FY2021: 72.13%Gross margin, FY2022: 59.25%Gross margin, FY2023: 52.77%Gross margin, FY2024: 63.02%Gross margin, FY2025: 82.59%Operating margin, FY2021: -620.29%Operating margin, FY2022: -828.91%Operating margin, FY2023: -919.68%Operating margin, FY2024: -874.85%Operating margin, FY2025: -408.22%Net margin, FY2021: -652.54%Net margin, FY2022: -748.67%Net margin, FY2023: -944.45%Net margin, FY2024: -1629.99%Net margin, FY2025: -1444.10%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 72.13%. Gross margin FY2022 59.25%. Gross margin FY2023 52.77%. Gross margin FY2024 63.02%. Gross margin FY2025 82.59%. Operating margin FY2021 -620.29%. Operating margin FY2022 -828.91%. Operating margin FY2023 -919.68%. Operating margin FY2024 -874.85%. Operating margin FY2025 -408.22%. Net margin FY2021 -652.54%. Net margin FY2022 -748.67%. Net margin FY2023 -944.45%. Net margin FY2024 -1629.99%. Net margin FY2025 -1444.10%.

Income trends

Revenue

24.59M USD+178.54%

Operating income

−100.37M USD-29.97%

Net income

−355.06M USD-146.78%
Income trends across reported periods62.55M USD−89.31M USD−241.17M USD−393.03M USDRevenue, FY2021: 6.28M USDRevenue, FY2022: 7.17M USDRevenue, FY2023: 8.76M USDRevenue, FY2024: 8.83M USDRevenue, FY2025: 24.59M USDOperating income, FY2021: −38.95M USDOperating income, FY2022: −59.46M USDOperating income, FY2023: −80.55M USDOperating income, FY2024: −77.22M USDOperating income, FY2025: −100.37M USDNet income, FY2021: −40.97M USDNet income, FY2022: −53.7M USDNet income, FY2023: −82.72M USDNet income, FY2024: −143.88M USDNet income, FY2025: −355.06M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 6.28M USD. Revenue FY2022 7.17M USD. Revenue FY2023 8.76M USD. Revenue FY2024 8.83M USD. Revenue FY2025 24.59M USD. Operating income FY2021 −38.95M USD. Operating income FY2022 −59.46M USD. Operating income FY2023 −80.55M USD. Operating income FY2024 −77.22M USD. Operating income FY2025 −100.37M USD. Net income FY2021 −40.97M USD. Net income FY2022 −53.7M USD. Net income FY2023 −82.72M USD. Net income FY2024 −143.88M USD. Net income FY2025 −355.06M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue24.59M USD8.83M USD8.76M USD7.17M USD6.28M USD
Cost of goods sold4.28M USD3.26M USD4.14M USD2.92M USD1.75M USD
Gross profit20.31M USD5.56M USD4.62M USD4.25M USD4.53M USD
Research and development50.73M USD35.3M USD37.88M USD32.1M USD25.4M USD
Selling, general, and administrative69.94M USD47.49M USD47.29M USD31.61M USD18.08M USD
Operating expenses120.67M USD82.79M USD85.17M USD63.71M USD43.48M USD
Interest income24.12M USD————
Interest expense4.01M USD3.9M USD2.16M USD2.34M USD4.01M USD
Depreciation and amortization2.31M USD1.93M USD1.85M USD2.33M USD2.6M USD
Operating income−100.37M USD−77.22M USD−80.55M USD−59.46M USD−38.95M USD
Net income−355.06M USD−143.88M USD−82.72M USD−53.7M USD−40.97M USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
18%
2 beats, 6 misses, 3 met estimates
Average EPS surprise
-159.05%
11 comparable reports
Latest EPS result
-0.1
Estimate -0.08 · Miss by 18.11%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates-0.02-0.21-0.4-0.59Q1 '25MissQ2 '25BeatQ3 '25MissQ4 '25MissQ1 '26MissQ2 '26BeatQ3 '26MissQ4 '26Estimate
Q1 2025, reported Mar 13, 2025: actual -0.37, estimate -0.09, surprise -311.11%, Miss. Q2 2025, reported May 8, 2025: actual -0.02, estimate -0.05, surprise +60.00%, Beat. Q3 2025, reported Aug 7, 2025: actual -0.55, estimate -0.06, surprise -816.67%, Miss. Q4 2025, reported Nov 6, 2025: actual -0.41, estimate -0.066, surprise -525.10%, Miss. Q1 2026, reported Feb 26, 2026: actual -0.12, estimate -0.05, surprise -140.00%, Miss. Q2 2026, reported May 12, 2026: actual -0.05, estimate -0.077, surprise +34.71%, Beat. Q3 2026, reported Aug 6, 2026: actual -0.1, estimate -0.085, surprise -18.11%, Miss. Q4 2026, reported Nov 5, 2026: actual —, estimate -0.09, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates16.02M11.31M6.6M1.89MQ1 '25BeatQ2 '25BeatQ3 '25BeatQ4 '25BeatQ1 '26MissQ2 '26MissQ3 '26MissQ4 '26Estimate
Q1 2025, reported Mar 13, 2025: actual 2.31M USD, estimate 2.23M USD, surprise +3.73%, Beat. Q2 2025, reported May 8, 2025: actual 15M USD, estimate 10.5M USD, surprise +42.85%, Beat. Q3 2025, reported Aug 7, 2025: actual 3.1M USD, estimate 2.54M USD, surprise +21.85%, Beat. Q4 2025, reported Nov 6, 2025: actual 3.74M USD, estimate 3.03M USD, surprise +23.29%, Beat. Q1 2026, reported Feb 26, 2026: actual 2.75M USD, estimate 3.74M USD, surprise -26.48%, Miss. Q2 2026, reported May 12, 2026: actual 2.86M USD, estimate 4.19M USD, surprise -31.86%, Miss. Q3 2026, reported Aug 6, 2026: actual 3.08M USD, estimate 4.03M USD, surprise -23.62%, Miss. Q4 2026, reported Nov 5, 2026: actual —, estimate 4.34M USD, surprise —, Comparison unavailable.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Analyst price target

Average target

$34.38

68.61% upside
Past 12 months12-month forecastHigh $43.00Average $34.38Low $22.00

Rating distribution

13 ratings
Strong buy00%
Buy13100%
Hold00%
Sell00%
Strong sell00%

Recent analyst actions

12 institutions
Evercore ISI GroupmaintainOutperform

QBTS news

defenseworld.net

Deutsche Bank AG Invests $11.90 Million in D-Wave Quantum Inc. $QBTS

Deutsche Bank AG purchased a new stake in D-Wave Quantum Inc. (NASDAQ: QBTS) in the undefined quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm…

Read source
fool.com

What Does a D-Wave Quantum Insider's Sale of 23,850 Shares Mean for Investors?

The executive disposed of 23,850 shares at $21.17 per share for an estimated value of ~$505,000 as of the August 17, 2026 transaction date. The disposal reduced the insider's direct equity holdings by 4%.

Read source
gurufocus.com

D-Wave Quantum Inc (QBTS) Shares Surge 8.5% -- What GF Score of 63 Tells Investors

On August 21, 2026, D-Wave Quantum Inc (QBTS) shares rose 8.5% to a current price of $20.39. This movement comes amid a 52-week range of $12.75 to $46.75, refle

Read source
zacks.com

Quantum Stocks Face Reality Check: QUBT, QNT Stand Out on 75%+ Upside

QUBT and QNT stand out as quantum stocks with strong revenue growth, bookings and commercialization momentum despite a tougher market.

Read source
247wallst.com

Infleqtion Soars 10%, Rigetti Jumps 9%, IonQ Climbs 7%: What's Driving Quantum Computing Stocks Now?

Friday's tape in quantum computing reveals how to own the theme.

Read source
fool.com

Why D-Wave Quantum Stock Popped Today

BMO Capital analyst Harsh Kumar initiated coverage of D-Wave Quantum this morning with an outperform rating. BMO thinks D-Wave stock could nearly double in a year.

Read source

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ETFs holding QBTS

Funds reporting this stock among their holdings, ordered by reported position size.

Vanguard Morningstar Total Stock Market ETF logoVanguard Morningstar Total Stock Market ETFVTI
Market value
200.84M
Weight
0.01%
AUM
2.3T USD
Expense ratio
0.03%
Price / 1D
$378.24+0.44%
iShares Russell 2000 ETF logoiShares Russell 2000 ETFIWM
Market value
177.02M
Weight
0.22%
AUM
81.62B USD
Expense ratio
0.19%
Price / 1D
$299.96+0.77%
Vanguard Morningstar Small-Cap ETF logoVanguard Morningstar Small-Cap ETFVB
Market value
144.82M
Weight
0.08%
AUM
183.4B USD
Expense ratio
0.03%
Price / 1D
$304.76+0.64%
Vanguard Information Technology ETF logoVanguard Information Technology ETFVGT
Market value
98.21M
Weight
0.06%
AUM
160.2B USD
Expense ratio
0.09%
Price / 1D
$118.42+0.05%
Vanguard Morningstar Small-Cap Growth ETF logoVanguard Morningstar Small-Cap Growth ETFVBK
Market value
83.84M
Weight
0.19%
AUM
43.8B USD
Expense ratio
0.05%
Price / 1D
$358.65+0.70%
Vanguard Extended Market ETF logoVanguard Extended Market ETFVXF
Market value
76.39M
Weight
0.08%
AUM
93.7B USD
Expense ratio
0.05%
Price / 1D
$245.53+0.82%
iShares Russell 2000 Growth ETF logoiShares Russell 2000 Growth ETFIWO
Market value
64.61M
Weight
0.43%
AUM
15.16B USD
Expense ratio
0.24%
Price / 1D
$387.37+1.24%
Defiance Quantum ETF logoDefiance Quantum ETFQTUM
Market value
57.64M
Weight
1.02%
AUM
5.63B USD
Expense ratio
0.40%
Price / 1D
$150.47+0.85%

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