D-Wave Quantum Inc. (QBTS) Financial Statements

Income statement

Metric	TTM	2025	2024	2023	2022
Revenue
Total Revenue	12.4M	24.6M	8.8M	8.8M	7.2M
Cost of Revenue	4.5M	4.3M	3.3M	4.1M	2.9M
Gross Profit	8.0M	20.3M	5.6M	4.6M	4.3M
Operating Expenses
R&D Expense	81.8M	50.7M	35.3M	37.9M	32.1M
SG&A Expense	96.8M	69.9M	47.5M	47.3M	31.6M
General & Admin Expense	59.7M	41.2M	32.4M	37.0M	21.5M
Selling & Marketing Expense	37.0M	28.8M	15.1M	10.3M	10.1M
Other Expenses	—	—	—	—	—
Total Operating Expenses	178.6M	120.7M	82.8M	85.2M	63.7M
Cost and Expenses	183.0M	125.0M	86.0M	89.3M	66.6M
Operating Income (EBIT)	(170.6M)	(100.4M)	(77.2M)	(80.5M)	(59.5M)
Non-Operating
Interest Income	13.2M	24.1M	—	—	—
Interest Expense	9.6M	4.0M	3.9M	2.2M	2.3M
Net Interest Income	3.5M	20.1M	(3.9M)	(2.2M)	(2.3M)
Other Non-Op Income/Expense	(106.6M)	(254.7M)	(66.7M)	(2.2M)	5.8M
Non-Operating Income (excl Interest)	102.5M	250.7M	62.8M	2.1M	(8.1M)
EBT (Pre-Tax Income)	(277.1M)	(355.1M)	(143.9M)	(82.7M)	(53.7M)
Income Tax Expense	(28.4M)	—	—	—	—
Bottom Line
Net Income	(248.7M)	(355.1M)	(143.9M)	(82.7M)	(53.7M)
Earnings from Cont. Ops	(248.7M)	(355.1M)	(143.9M)	(82.7M)	(53.7M)
Earnings from Discont. Ops	—	—	—	—	—
Bottom Line Net Income	(248.7M)	(355.1M)	(143.9M)	(82.7M)	(53.7M)
Per Share
Basic EPS	($0.71)	($1.11)	($0.75)	($0.60)	($0.45)
Diluted EPS	($0.71)	($1.11)	($0.75)	($0.60)	($0.45)
Revenue Per Share	$0.03	$0.08	$0.05	$0.06	$0.06
Shares
Basic Shares Outstanding	370.8M	321.2M	192.1M	138.0M	119.6M
Diluted Shares Outstanding	370.8M	321.2M	192.1M	138.0M	119.6M
Profitability Metrics
EBITDA	(259.3M)	(348.7M)	(138.1M)	(80.8M)	(49.0M)
D&A	13.7M	2.3M	1.9M	1.8M	2.3M
EBIT	(273.0M)	(351.0M)	(140.0M)	(82.7M)	(51.4M)

As reported, in the filing currency · TTM sums the four latest quarters; MRQ is the latest quarter · Negatives in parentheses; a dash is a line the filing does not carry · Data as of Jun 1, 2026