📊 QBTS Key Takeaways
Is D-Wave Quantum Inc. (QBTS) a Good Investment?
D-Wave exhibits strong financial health and exceptional revenue growth (178.5% YoY) with excellent gross margins (82.6%), indicating valid product-market fit in quantum computing. However, massive operating losses (-100.4M), negative free cash flow (-75.8M), and an unclear path to profitability present significant risks despite a robust cash position ($635.3M) that enables years of runway.
Why Buy D-Wave Quantum Inc. Stock? QBTS Key Strengths
- Strong gross margin of 82.6% demonstrates product quality and unit economics
- Exceptional liquidity position with 42.38x current ratio and $635.3M cash versus $63.6M total liabilities
- Revenue growth of 178.5% YoY shows robust market demand for quantum computing solutions
- Minimal leverage with debt-to-equity of 0.04x provides financial flexibility
QBTS Stock Risks: D-Wave Quantum Inc. Investment Risks
- Operating cash burn of -72.0M annually is unsustainable; current cash runway approximately 8-9 years at this rate
- Net losses of -355.1M with -1444.1% net margin indicate severe disconnect between revenue generation and profitability
- Operating expenses vastly exceed gross profit, suggesting commercialization and R&D costs are structurally uncontrolled
- No visible operating leverage as revenue scales; path to profitability remains undefined
Key Metrics to Watch
- Operating cash flow trend and timeline to cash flow breakeven
- Operating expense growth rate relative to revenue growth acceleration
- Gross margin sustainability as customer mix and product portfolio evolve
D-Wave Quantum Inc. (QBTS) Financial Metrics & Key Ratios
💡 AI Analyst Insight
Strong liquidity with a 42.38x current ratio provides a solid financial cushion.
QBTS Profit Margin, ROE & Profitability Analysis
QBTS vs Technology Sector: How D-Wave Quantum Inc. Compares
How D-Wave Quantum Inc. compares to Technology sector averages
Sector benchmarks are approximate industry averages. Actual sector performance may vary.
Is D-Wave Quantum Inc. Stock Overvalued? QBTS Valuation Analysis 2026
Based on fundamental analysis, D-Wave Quantum Inc. has mixed fundamental signals relative to the Technology sector in 2026.
Note: This is a fundamental analysis based on SEC filings. For P/E ratio, price targets, and market-based valuation, consult financial data providers. This is not investment advice.
D-Wave Quantum Inc. Balance Sheet: QBTS Debt, Cash & Liquidity
QBTS Revenue & Earnings Growth: 5-Year Financial Trend
5-Year Trend Summary: D-Wave Quantum Inc.'s revenue has grown significantly by 243% over the 5-year period, indicating strong business expansion. The most recent EPS of $-0.75 indicates the company is currently unprofitable.
QBTS Revenue Growth, EPS Growth & YoY Performance
QBTS Quarterly Earnings & Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q3 2025 | $1.9M | -$22.7M | $-0.11 |
| Q2 2025 | $2.2M | -$17.8M | $-0.10 |
| Q1 2025 | $2.5M | -$5.4M | $-0.02 |
| Q3 2024 | $1.9M | -$16.1M | $-0.11 |
| Q2 2024 | $1.7M | -$17.8M | $-0.10 |
| Q1 2024 | $1.6M | -$17.3M | $-0.11 |
| Q3 2023 | $1.7M | -$13.3M | $-0.11 |
| Q2 2023 | $1.4M | -$13.3M | $-0.11 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
D-Wave Quantum Inc. Dividends, Buybacks & Capital Allocation
QBTS SEC Filings: Latest 10-K & 10-Q Analysis
Access official SEC EDGAR filings for D-Wave Quantum Inc. (CIK: 0001907982)
📋 Recent SEC Filings
❓ Frequently Asked Questions about QBTS
What is the AI rating for QBTS?
D-Wave Quantum Inc. (QBTS) has an AI rating of HOLD with 72% confidence, based on fundamental analysis of SEC EDGAR filings.
What are QBTS's key strengths?
Claude: Strong gross margin of 82.6% demonstrates product quality and unit economics. Exceptional liquidity position with 42.38x current ratio and $635.3M cash versus $63.6M total liabilities.
What are the risks of investing in QBTS?
Claude: Operating cash burn of -72.0M annually is unsustainable; current cash runway approximately 8-9 years at this rate. Net losses of -355.1M with -1444.1% net margin indicate severe disconnect between revenue generation and profitability.
What is QBTS's revenue and growth?
D-Wave Quantum Inc. reported revenue of $24.6M.
Does QBTS pay dividends?
D-Wave Quantum Inc. does not currently pay dividends.
Where can I find QBTS SEC filings?
Official SEC filings for D-Wave Quantum Inc. (CIK: 0001907982) including 10-K, 10-Q, and 8-K reports are available on SEC EDGAR.
What is QBTS's EPS?
D-Wave Quantum Inc. has a diluted EPS of $-1.11.
How is the AI analysis conducted?
Two independent AI systems — Claude (Anthropic) and ChatGPT (OpenAI) — analyze SEC EDGAR filings including 10-K annual reports and 10-Q quarterly reports. Each AI evaluates financial health, profitability ratios, balance sheet strength, and growth metrics. The combined rating reflects both perspectives for balanced insights.
Is QBTS a good stock to buy right now?
Based on our AI fundamental analysis in April 2026, D-Wave Quantum Inc. has a HOLD rating with 72% confidence. Review the strengths and risks sections above before making a decision. This is not investment advice.
Is QBTS stock overvalued or undervalued?
Valuation metrics for QBTS: ROE of -41.7% (sector avg: 22%), net margin of -1,444.1% (sector avg: 18%). Compare these metrics with sector averages to assess valuation.
Should I buy QBTS stock in 2026?
Our dual AI analysis gives D-Wave Quantum Inc. a combined HOLD rating for 2026. Revenue is data pending, with profitability at or below sector average. Always conduct your own research.
What is QBTS's free cash flow?
D-Wave Quantum Inc.'s operating cash flow is $-72.0M, with capital expenditures of $3.9M. FCF margin is -308.5%.
How does QBTS compare to other Technology stocks?
Vs Technology sector averages: Net margin -1,444.1% (avg: 18%), ROE -41.7% (avg: 22%), current ratio 42.38 (avg: 2.5).