D-Wave Quantum Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2024, QCaaS was 76% and Professional services was 22% of revenue.

In the fiscal year to Dec 2025, Germany was 68% and United States was 11% of revenue; Germany rose from 21% in the fiscal year to Dec 2024.

Quarters: D-Wave Quantum Inc.'s SEC filings, named by the month they end. Fiscal years: D-Wave Quantum Inc.'s annual reports to the SEC.

How it makes money

The company loses $1444.1 for every $100 of revenue. Operating expenses exceed all of gross profit.

Beyond ±100% the scale is logarithmic, so that Jun 2025's −5,406% and the quarters near zero both read. Circled: Dec 2024 (net −3,727.9%, operating −876.2%), Jun 2025 (net −5,406.4%, operating −856.3%), Sep 2025 (net −3,743.9%, operating −741.8%), Mar 2026 (net −642.3%, operating −1,914.9%). Net margin is usually about 18 points above operating margin; in those quarters something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Each margin is that line of the income statement divided by revenue. Fiscal year: D-Wave Quantum Inc.'s annual reports to the SEC; quarters: SEC filings.

How long can the cash last?

D-Wave Quantum had $546M in cash and short-term investments at the end of Jun 2026. It burned $119M over the last four quarters (operating cash flow minus capital spending), so at that pace the cash lasts about 18 quarters. Its diluted share count is up 115% from two years earlier.

From D-Wave Quantum Inc.'s SEC filings: cash and cash equivalents plus short-term investments (none where none is filed) at each quarter end; free cash flow is operating cash flow minus capital spending; shares are each quarter's diluted weighted average as filed, since the stock's listing and its latest split (a 10-K gives no fourth-quarter figure). Shown while the last four quarters' operating cash flow and net income are both negative.

Customers and suppliers

In its latest annual report D-Wave Quantum buys from SkyWater, Wakefield Research, Embarcadero Joint Venture and 3 more; sells to Mastercard, Deloitte, BASF and 12 more; one customer it does not name accounts for 67% of its revenue. It sells through the platforms of Amazon.

Suppliers

0

0937847 B.C.

E

Embarcadero Joint Venture

G

G&I X BRIC Fee Owner

R

Redstone Enterprises

SkyWater

Wakefield Research

 

QBTSD-Wave Quantum

Customers

Unnamed customer 67%

ArcelorMittal MT

BBVA BBVA

Interpublic Group OMC

Mastercard MA

Pfizer PFE

Siemens Healthineers SMMNY

Unisys UIS

BASF

D

Davidson Technologies

Deloitte

DENSO 6902.T

Ford Otosan FROTO.IS

NEC 6701.T

NTT DOCOMO

Pattison Food Group

+8 more

Their customers

Nu Holdings NUfrom Mastercard

Cardinal Health CAHfrom Pfizer

Cencora CORfrom Pfizer

McKesson MCKfrom Pfizer

Show 4

D-Wave Quantum's 10-Q for the quarter to Jun 2026 gives one customer's share of its revenue: Customer A (41%).

From D-Wave Quantum Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. Rings are fiscal years: a 10-K gives the year, not its fourth quarter.

Partners

ZZapataD-Wave Quantum invested in it · Convertible investment and quantum AI application development$1.0 million convertible note purchased February 8, 2024

DDavidson TechnologiesDevelops quantum-hybrid national defense applications

AndurilDevelops missile-defense planning proof-of-concept

VVINCI EnergiesDevelops quantum-hybrid HVAC layout optimization

DeloitteSells quantum computing solutions

PPWCSells quantum computing solutions

NEC 6701.TResells quantum computing solutions

Unisys UISSells quantum computing solutions

CCarahsoftResells quantum computing solutions

SStaqueResells quantum computing solutions

SSQTDeploys Advantage2 quantum computer in Europe

Platforms

Amazon AMZND-Wave Quantum sells through it · Marketplace sells Leap and professional services

Changes since the previous annual report (10-K filed Mar 14, 2025)

00937847 B.C.Named for the first time, as a supplier

GG&I X BRIC Fee OwnerNamed for the first time, as a supplier

RRedstone EnterprisesNamed for the first time, as a supplier

Wakefield ResearchNamed for the first time, as a supplier

Pfizer PFENamed for the first time, as a customer

AndurilNamed for the first time, as a partner

PPWCNamed for the first time, as a partner

SSQTNamed for the first time, as a partner

VVINCI EnergiesNamed for the first time, as a partner

CCompensiaNo longer named (was a supplier)

QquantumBaselNo longer named (was a partner)

SSigma-iNo longer named (was a partner)

StrangeworksNo longer named (was a partner)

Customer A (unnamed)Customer, share of revenue17% → 67%

Only the companies D-Wave Quantum names in its 10-K filed Feb 26, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Platforms: an app store, a console maker or a marketplace one company sells through and pays a share or a fee; not supply, so not on the chain. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

A P/E is not available, so we look at price-to-sales instead: 301x, above the peer median of 69.7x. Revenue is down 1% from a year ago.

Above the peer median of 69.7x. The market pays more per $1 of revenue than for peers.

Its peers here are the other quantum computing companies on this site, a group kept by hand: Yahoo Finance's Computer Hardware list is another business.

D-Wave Quantum Inc. has very small earnings, so P/E would be misleading. We use price-to-sales instead: market cap as a multiple of revenue.

What analysts expect

The average analyst price target is $31.27, 218% above the current price; 88% of 17 analysts rate it a buy; earnings beat estimates in 1 of the last 4 quarters.

Buy or Strong Buy: 15 analysts (88%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $31.88 to $35.00 (+10%), while QBTS went from $23.39 to $9.84 (−58%). In the past three months targets were cut twice and never raised. No firm upgraded or downgraded it over the year.

The day after each of these reports the stock moved −4.4% (Dec 2025, missed); −10.8% (Mar 2026, beat); −2.9% (Jun 2026, missed).

For the quarter ending Dec 2026, analysts expect an adjusted loss of $0.06 a share, against a loss of $0.09 a year earlier, and revenue of $30M, up 1,001% on a year earlier. For the fiscal year ending Dec 2027, they expect revenue of $80M, up 89% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Capex of $8M exceeds operating cash flow of −$111M, leaving free cash flow of −$119M. The gap has to be covered with cash on hand or borrowing.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings.

Financial health

Current ratio 42.4, no pressure to repay short-term debt; debt-to-equity 0.0, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 3 funds whose copy leaves QBTS out (on the exchange, not in the app yet): UNICOM Systems, Norges Bank, Swiss National Bank.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 3 held QBTS at the end of their latest quarter (for most, Q3 2026). Over that quarter 1 added shares, 1 sold all and 2 held the same. The largest of them is Norges Bank, 4.48M shares worth $107M at Jun 30, 2026, 2,715.9% more than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of QBTS at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors bought $1,795 and sold $75.6M of QBTS on the open market in the 12 months to Nov 12, 2026. 54% of the sales were made under 10b5-1 plans, set up in advance. The largest was Alan E Baratz (President & CEO; director), who sold $41.9M in 2 sales.

From the Form 4s filed with the SEC about D-Wave Quantum Inc. (69 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 57 other transactions (grants, option exercises, shares withheld for tax, shares sold to pay tax and gifts).