D-Wave Quantum Inc.
- Open
- 23.35
- Day high
- 24.73
- Day low
- 23.25
- Prev close
- 23.83
- Volume
- 20.1M
- Mkt cap
- $8.9B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 7.9
- P/S
- 712.3
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$34.2M over the last 3 months (0 open-market buys, 12 sales)
- 🏛Institutions accumulating (13F)
D-Wave Quantum Inc. (QBTS) is a Technology company listed on NYSE. The stock is up 62% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 12 sales (SEC Form 4).
D-Wave Quantum Inc. (QBTS) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
QBTS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 12, 2026 | $-0.08 | $-0.05 | +37.5% | $3M | -31.9% |
| Feb 26, 2026 | $-0.05 | $-0.09 | -80.0% | $3M | -26.4% |
| Nov 6, 2025 | $-0.07 | $-0.41 | -525.1% | $4M | +23.3% |
| Aug 7, 2025 | $-0.06 | $-0.55 | -816.7% | $3M | +2.2% |
| May 8, 2025 | $-0.05 | $-0.02 | +60.0% | $15M | +305.3% |
| Mar 13, 2025 | $-0.09 | $-0.37 | -311.1% | $2M | -9.4% |
| Nov 14, 2024 | $-0.08 | $-0.08 | +0.0% | $2M | -27.0% |
| Aug 8, 2024 | $-0.09 | $-0.09 | +0.0% | $2M | -22.9% |
| Mar 15, 2024 | — | $-0.21 | — | $2M | — |
| Nov 9, 2023 | $-0.14 | $-0.11 | +21.4% | $3M | -11.4% |
| May 19, 2023 | $-0.12 | $-0.20 | -66.7% | $2M | -27.9% |
| Aug 16, 2022 | $-0.13 | $-0.12 | +7.7% | $1M | -42.9% |
QBTS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 16, 2026 | Ghai Rohitdirector | Sell | 13,518 | $26.41 |
| Jun 16, 2026 | Markovich John M.officer: Chief Financial Officer | Sell | 46,043 | $24.01 |
| Jun 16, 2026 | Markovich John M.officer: Chief Financial Officer | Sell | 100,000 | $25.75 |
| Jun 16, 2026 | Markovich John M.officer: Chief Financial Officer | Tax | 10,584 | $23.37 |
| Jun 16, 2026 | Nguyen Dianeofficer: EVP, Chief Legal Officer & GC | Tax | 3,191 | $23.37 |
| Jun 16, 2026 | BLACK STANLEY Tofficer: Exec. Vice President & CISO | Tax | 1,535 | $23.37 |
| Jun 16, 2026 | AMES SOPHIE Cofficer: Exec. Vice President & CHRO | Tax | 1,544 | $23.37 |
| Jun 10, 2026 | BARATZ ALAN Edirector, officer: President & CEO | Option | 474,395 | $0.91 |
| Jun 10, 2026 | BARATZ ALAN Edirector, officer: President & CEO | Option | 213,232 | $0.85 |
| Jun 10, 2026 | BARATZ ALAN Edirector, officer: President & CEO | Sell | 687,627 | $26.13 |
| Jun 10, 2026 | Markovich John M.officer: Chief Financial Officer | Sell | 50,979 | $26.24 |
| Jun 10, 2026 | Markovich John M.officer: Chief Financial Officer | Sell | 70 | $26.54 |
| Jun 8, 2026 | Biscay Rogerdirector | Grant | 9,357 | — |
| Jun 8, 2026 | DiLullo John Ddirector | Sell | 7,850 | $24.43 |
| Jun 5, 2026 | Holt Sharon Edirector | Grant | 9,357 | — |
Source: QBTS SEC Form 4 filings, latest Jun 16, 2026. For informational purposes only — not investment advice.
See the full QBTS insider & 13F page →D-Wave Quantum Inc. company profile
Overview
D-Wave Quantum Inc. (NYSE:QBTS) is a Canadian quantum computing company founded in 1999 and based in Burnaby, British Columbia. The company went public in December 2020 and is recognized as the world's first commercial quantum computing company. D-Wave has been a pioneer in quantum annealing technology, developing and commercializing quantum computers that can solve complex optimization problems. The company has evolved from a pure research organization to a commercial enterprise serving over 130 customers worldwide, including major corporations, government agencies, and research institutions across various industries.
Business
D-Wave operates in the emerging quantum computing industry, which represents a fundamentally different approach to computation compared to traditional classical computers. While classical computers process information using bits that can be either 0 or 1, quantum computers use quantum bits (qubits) that can exist in multiple states simultaneously through a quantum mechanical property called superposition. The company's core offering centers around quantum annealing, a specialized type of quantum computing particularly well-suited for solving optimization problems. Quantum annealing works by finding the lowest energy state of a system, which corresponds to the optimal solution for complex problems involving many variables and constraints. This approach is especially valuable for real-world applications like logistics optimization, scheduling, financial portfolio management, and supply chain planning. D-Wave's primary products and services include: 1. Advantage Quantum Systems - The company's flagship quantum computers, with the latest Advantage2 processors featuring over 4,400 qubits. These systems can be deployed on-premises or accessed through cloud services. The Advantage2 represents significant improvements over previous generations, with doubled coherence time, 40% increase in energy scale, and enhanced qubit connectivity. 2. Leap Quantum Cloud Service - A cloud-based platform that provides real-time access to D-Wave's quantum computers, hybrid solvers, and development tools. This service allows customers to experiment with quantum computing without the need for on-premises hardware installation. 3. Ocean Software Development Kit - An open-source suite of programming tools that enables developers to build quantum applications and integrate quantum computing into existing workflows. 4. Professional Services - Consulting and implementation services that guide enterprises from problem discovery through production application deployment, including the D-Wave Launch onboarding service. The company's revenue streams are primarily divided between Quantum Computing as a Service (QCaaS), which represents approximately 80% of recurring revenue, and system sales along with professional services. D-Wave serves customers across manufacturing and logistics, financial services, life sciences, government, and research sectors.
Revenue model
D-Wave generates revenue through multiple business models tailored to different customer needs and market segments. The company's primary revenue streams include: Quantum Computing as a Service (QCaaS) represents the largest portion of recurring revenue, accounting for approximately 80% of the company's revenue base. This subscription-based model provides customers with cloud access to D-Wave's quantum computers through the Leap platform. Customers pay based on usage, seat-based licensing, or application-specific pricing models. This approach allows organizations to experiment with quantum computing without significant upfront capital investment. System Sales have emerged as a significant revenue driver, with D-Wave's first major system sale to the Jülich Supercomputing Center generating $18.3 million in Q4 2024. These sales include the quantum hardware, installation services, ongoing maintenance, and potential future upgrades. The company expects system sales to become increasingly important as quantum computing matures and more organizations seek on-premises quantum capabilities. Professional Services complement both QCaaS and system sales by providing consulting, implementation support, and custom application development. The D-Wave Launch service guides enterprises through the entire process from problem identification to production deployment. Several factors influence D-Wave's margins and profitability. Positive margin drivers include the high gross margins on QCaaS services (typically over 90%), the scalability of cloud-based services, and the premium pricing for cutting-edge quantum technology. The company's patent portfolio and first-mover advantage in quantum annealing also support pricing power. Margin pressures come from the substantial R&D investments required to advance quantum technology, the high costs of manufacturing quantum processors, and the need for specialized cryogenic systems. Competition from other quantum computing approaches, particularly gate-model quantum computers being developed by IBM, Google, and others, could pressure pricing over time. Additionally, the company's current cash burn rate and the need to scale operations to achieve profitability present ongoing financial challenges.
Competitive moat
D-Wave's competitive moat is moderately strong but faces evolving challenges as the quantum computing industry matures. The company's primary competitive advantages stem from its first-mover advantage in commercial quantum computing and its specialized focus on quantum annealing technology. Technical Moat: D-Wave has developed deep expertise in quantum annealing over more than two decades, resulting in a substantial patent portfolio and proprietary manufacturing processes for quantum processors. The company's ability to fabricate quantum chips with thousands of qubits and operate them in complex cryogenic environments represents significant technical barriers to entry. Their recent demonstration of quantum supremacy on real-world problems and the development of the Advantage2 processor with enhanced performance metrics reinforce this technical leadership. Market Position: D-Wave remains the only company commercially offering quantum annealing systems, giving it a monopolistic position in this specific quantum computing approach. The company has built relationships with over 130 customers and has practical experience deploying quantum solutions in production environments, creating switching costs and institutional knowledge that competitors would need years to replicate. Competitive Threats: The moat faces significant challenges from well-funded competitors pursuing gate-model quantum computing, including IBM, Google, Microsoft, and numerous startups. These gate-model approaches are more general-purpose and could potentially solve optimization problems that D-Wave's annealing systems address, while also handling a broader range of computational tasks. Additionally, improvements in classical computing algorithms and hardware could reduce the advantage of quantum annealing for certain problem types. Durability Assessment: While D-Wave's current position is strong within quantum annealing, the long-term sustainability of this moat depends on whether annealing remains a preferred approach for optimization problems or whether gate-model quantum computers eventually offer superior performance across all quantum computing applications. The company's expansion into gate-model research and quantum AI initiatives suggests recognition of this strategic risk.
Risks & safety
D-Wave presents a mixed margin of safety profile, with strong liquidity but significant ongoing losses and high valuation metrics. Liquidity and Solvency: • Cash position: $304.3 million as of Q1 2025, providing substantial runway • Current ratio: 20.7x, indicating excellent short-term liquidity • Debt-to-equity ratio: 0.04, showing minimal debt burden • Quarterly cash burn: Approximately $19-20 million based on recent operating cash flows Valuation Concerns: • Price-to-book ratio: 10.5x, indicating high premium to book value • EV/EBITDA: Negative due to losses, but improving operationally • Revenue run-rate: Approximately $15 million quarterly (including large system sale) • Market cap relative to revenue suggests high growth expectations embedded in price Operating Performance: • Consistent revenue growth in QCaaS segment • Gross margins exceeding 90% on cloud services • Path to profitability unclear given current burn rate and revenue scale • Heavy R&D requirements for technology advancement Other Considerations: • Strong balance sheet provides time to execute on commercialization • Early-stage industry with uncertain competitive dynamics • Dependence on continued quantum computing adoption and market development
Recent development
Over the past few years, D-Wave has undergone significant strategic evolution from a pure quantum annealing company to a broader quantum computing platform. The company's most significant technical achievement was demonstrating quantum supremacy on a real-world problem, published in Science magazine, proving that their quantum annealing approach can solve certain complex problems faster than classical computers. Product Development: D-Wave has advanced its core technology substantially with the development of the Advantage2 quantum processor, featuring over 4,400 qubits with doubled coherence time, 40% increase in energy scale, and enhanced connectivity. The company has also introduced new capabilities like Fast Anneal and error mitigation techniques. Beyond hardware, D-Wave has expanded into quantum AI, developing hybrid quantum-classical solvers and exploring applications in generative AI and machine learning. Commercial Expansion: The company achieved a major milestone with its first significant system sale to the Jülich Supercomputing Center for $18.3 million, marking the transition from a purely service-based model to including substantial hardware sales. D-Wave has also restructured its go-to-market approach, focusing on specific verticals including manufacturing, logistics, financial services, and government sectors. Strategic Initiatives: D-Wave launched several programs to accelerate adoption, including the Quantum Uplift Program for dissatisfied quantum computing customers and the Leap Quantum LaunchPad for trial access. The company has also begun exploring gate-model quantum computing development, recognizing the potential need to compete across multiple quantum computing paradigms. Additionally, D-Wave has strengthened its patent portfolio and expanded partnerships with organizations like Zapata AI and various government agencies. Financial Positioning: The company significantly strengthened its balance sheet by raising over $300 million in equity financing, providing substantial runway for continued R&D investment and market expansion while working toward profitability.
QBTS company profile · for informational purposes only — not investment advice.
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