D-Wave Quantum Inc.QBTS
NYSE•Technology•Computer Hardware
D-Wave Quantum Inc. engages in the development and delivery of quantum computing systems, software, and services worldwide. It provides Advantage and Advantage 2 quantum computers; Ocean, a suite of open-source tools; and Leap quantum cloud service, a cloud-based service that provides real-time access to quantum computers and quantum hybrid solvers; and secure access and data protection services, as well as Ocean software development kit (SDK), a Python-based SDK for developers to learn and build applications on company's server. The company also provides Leap hybrid solver service that offers a combination of quantum and classical computation resources and advanced algorithms to solve problems of enterprise scale; and D-Wave Launch, a phased approach to identify and build in-production quantum hybrid applications, including training sessions and quantum computing access. In addition, the company offers D-Wave Advantage annealing quantum computing systems; and Ocean developer tools. Its quantum solutions are used in allocation, resource scheduling, factory scheduling, vehicle routing, logistics optimization, drug discovery, industrial construction design, portfolio optimization and maintenance, repair, and overhaul optimization. D-Wave Quantum Inc. was founded in 1999 and is based in Palo Alto, California.
D-Wave Quantum Inc. (QBTS) reported trailing twelve months revenue of $12.44M as of March 2026, a 41.7% decline year-over-year. Quarterly revenue reached $2.86M, reflecting a contraction in sales.
D-Wave Quantum Inc. reported a TTM net loss of $368.00M, with quarterly EBITDA of $-50.92M. The operating margin contracted from -75.3% to -1914.9%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (-1914.9%) and net margin (-642.3%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from -36.1% a year ago, reflecting increased costs or interest expense.
QBTS trades at a P/S of 383.3x. The price-to-book ratio of 4.2x reflects a moderate premium to book value.
The company reported negative free cash flow of $-46.04M, indicating cash consumption over the period. The balance sheet shows $1.20B in total assets with $35.42M in long-term debt against $1.12B in stockholders equity for a debt-to-equity ratio of 0.0, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 16 quarters of fundamental data
Operating margins are under pressure, averaging -962.1%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Only 1 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue shows resilience with 4 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 16 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
Free cash flow has been negative in 7 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 0.0 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 5 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Shares outstanding increased 42.3% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation