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D-Wave Quantum Inc. (QBTS) Stock: Price, Forecast & Analyst Target

D-Wave Quantum Inc. (QBTS) — MoonshotScore 21/100 (Weak band), calculated Oct 5, 2026. Price $15.77 (-4.77%), as of the Oct 2, 2026 trading session; market cap $5.79B. Expected results Nov 5, 2026.

Listing-status flag — 8-K Item 3.01, filed Jul 14, 2026.

Educational signal · not a buy or sell recommendation · How to read this

Market value / cash and short-term investments: 10.60× (market value Oct 2, 2026; cash Jun 30, 2026) · expected results Nov 5, 2026

$15.77 −$0.79 (-4.77%) Market Cap $5.79B

D-Wave Quantum Inc. · QBTS · NASDAQ · Technology · Computer Hardware

Research dated 2026-09-13: D-Wave builds and sells access to quantum computing systems and software for complex optimization problems. While classified as computer hardware, the company generates revenue through cloud access and professional services rather than traditional server sales. The investment case rests on whether its early commercial traction can scale fast enough to cover substantial research costs before its cash runway depletes.

Price as of Oct 2, 2026

Key Statistics

21 of 100

MoonshotScore v2 · D-Wave Quantum (QBTS)

Weak
Business Quality Poor (15)
Financial Safety Sound (79)
Valuation Rich (24)
Growth Durability Flat (42)
Momentum Slipping (27)
Why this rating? Method, drivers & history

Bands for the MoonshotScore: Exceptional 80-100 · Strong 65-79 · Fair 45-64 · Weak below 45.

  • Business Quality — Is this a genuinely good business?
  • Financial Safety — Could this blow up on me?
  • Valuation — Am I paying a fair price?
  • Growth Durability — Is the growth real and likely to last?
  • Momentum — Is the market already moving on this?
The ten-second read ·

A strong balance sheet, but bottom-tier quality and an expensive valuation, and the price trend has turned against it. Business Quality: Poor; Financial Safety: Sound; Valuation: Rich; Growth Durability: Flat; Momentum: Slipping.

  • quarterly revenue $3M (Q2 FY2026, quarter ended Jun 2026)
  • EPS beat 2 of 8
  • Altman Z 44.66 · Piotroski F 2

Holding back: weak fundamentals, a rich price, weak price trend

Helping: balance-sheet strength

What has the MoonshotScore done over time?

MoonshotScore snapshots recorded for QBTS (29 recorded, newest six shown)
RecordedScoreBand
21Weak
21Weak
21Weak
21Weak
21Weak
21Weak

The score was 21 in the stored Oct 4, 2026 snapshot and remains 21 in the current publication computed Oct 5, 2026 (0); the largest pillar moves were Growth Durability +1; the pillar moves offset under the sector-relative weighting, so the headline score is unchanged. This current publication is not yet represented in the immutable snapshot archive.

Calculation uses the most recent completed US trading session. Live price changes do not update the score immediately.

Computed · Educational signal · not a buy or sell recommendation · How the MoonshotScore is computed →

Price & valuation

Dates shown where recorded
MeasureValueAs of
Latest provided price$15.77
Change on the day-4.77%
52-week range$12.75 – $46.75
Market capitalisation$5.79B
Shares traded on the day20.22M
Beta (volatility vs the S&P 500)2.14

Price & events

Weekly closing price with reported quarters marked Weekly closing price from Sep 5, 2025 to Oct 2, 2026: low $14, high $38, latest $16. 4 reported quarters marked, 1 above and 3 below the recorded estimate. 2 other dated events marked. $38 $14 high $38 Nov 6, 2025 · Earnings results · reported below the recorded estimate · close $301Feb 26, 2026 · Earnings results · reported below the recorded estimate · close $192May 12, 2026 · Earnings results · reported above the recorded estimate · close $203Jul 14, 2026 · Listing notice · no recorded estimate to compare · close $174Aug 6, 2026 · Earnings call · management outlook · no recorded estimate to compare · close $215Aug 6, 2026 · Earnings results · reported below the recorded estimate · close $216 Sep 5, 2025 Oct 2, 2026 · $16 $15Sep 5, 2025$27Sep 19, 2025$33Oct 3, 2025$38Oct 17, 2025$37Oct 31, 2025$24Nov 14, 2025$23Nov 28, 2025$26Dec 12, 2025$25Dec 26, 2025$28Jan 9, 2026$26Jan 23, 2026$21Feb 6, 2026$18Feb 20, 2026$19Mar 6, 2026$16Mar 20, 2026$14Apr 2, 2026$22Apr 17, 2026$20May 1, 2026$20May 15, 2026$30May 29, 2026$23Jun 12, 2026$23Jun 26, 2026$20Jul 10, 2026$16Jul 24, 2026$21Aug 7, 2026$20Aug 21, 2026$17Sep 4, 2026$17Sep 18, 2026$16Oct 2, 2026

Triangles mark reported quarters on the line: pointing up is above the recorded estimate, down is below, a diamond means no estimate on file or a dated event that is not a results report. Numbers key to the dated list. Point at or tab to any week for its close.

Events behind the price

  • · Earnings results · below the recorded estimate
  • · Earnings results · below the recorded estimate
  • · Earnings results · above the recorded estimate
  • · Listing notice
  • · Earnings call · management outlook
  • · Earnings results · below the recorded estimate

Results dates follow the earnings feed; call dates follow the transcript provider. Nearby dates do not establish that an event caused a price move.

Upcoming events

As of

  1. Next results dueProvider estimate

Management outlook

  • Specifically, later this year, we expect to deliver a 17 physical qubit system designed to support logical error rates approximately 2x lower than the underlying physical error rates.

    Alan Baratz · Statement from

  • Next year, we expect to complete a 49 physical qubit system designed to deliver an approximately 20-fold error reduction factor.

    Alan Baratz · Statement from

Statement dates identify the earnings call, not a deadline. Management expectations and provider estimates can change.

Read management statements

Council Score · weighted blend of 2 available disciplines

Council score for D-Wave Quantum (QBTS): Split View

35/100 · D

Some lenses disagree with the MoonshotScore. Compare their readings below; each uses a different method.

5-Factor Breakdown

Growth Durability Neutral
Momentum Weak
Business Quality Negative
Financial Safety Moderate
Valuation Weak

Legends Council

4 lenses, 4 current

AI simulations built from the named investors' published principles. Not affiliated with, endorsed by, or the opinion of these individuals. How these lenses are built

Griffin-style lens (simulated) Ken Griffin Favorable read
Englander-style lens (simulated) Izzy Englander Neutral read
Klarman-style lens (simulated) Seth Klarman Unfavorable read
Moon AI lens (model) Neutral read

Read on: Oct 5, 2026

Munger's Mindset

Balance Sheet & Valuation · historical

Financial Health Neutral
Margin of Safety Fairly Valued
Profit Margin Weak
Revenue Growth Strong
Debt/Equity Strong
ROE Negative
Gross Margin Strong

Read on: Sep 9, 2026 · older than the 27 hours refresh window; not a current reading

How to read these bars and different assessments

Council is a separate blend of available disciplines; MoonshotScore above remains the five-pillar research rating.

Bars show each model's ordered assessment on its own scale, not a probability or a comparable investment return. The adjacent words give the assessment; more filled segments indicate a stronger model reading.

One of these lenses reads this company more favourably than the MoonshotScore does: Griffin-style lens. Each lens is a separate scoring function over its own inputs, so a disagreement is a difference of method rather than a correction — the page's answer stays the MoonshotScore above.

On Sep 9, 2026, the Munger lens read the price at that time as fairly valued against its own estimate of value.

Readings on this page are from Oct 5, 2026, except a card that shows its own read date.

Watch the QBTS film — every key number, told as a short cinematic story

~2 min · open the film

1 · What is it?

What is D-Wave Quantum (QBTS), and what does it report?

Short answer · as of

Hardware companies usually ship physical servers, but this business primarily sells access to its machines via a cloud platform.

Research dated 2026-09-13.

Hardware companies usually ship physical servers, but this business primarily sells access to its machines via a cloud platform. Customers pay for computing time and professional consulting to translate their logistics or materials science problems into quantum models.

The reported revenue figures track these service subscriptions and consulting fees rather than hardware unit shipments. Massive operating expenses reflect the ongoing physics and engineering research required to increase qubit capacity and reduce error rates.

Sources (as of 2026-09-13): Sector / industry (provider taxonomy); Business description; Revenue by segment; Quarterly income statement (USD thousands)

2 · Latest results

What do the latest results show for D-Wave Quantum (QBTS)?

Short answer · as of

The most recent reported quarter, Q2 FY2026, carried revenue of $3M.

Research dated 2026-09-13.

Recent operating results show persistent losses as research and development spending vastly outpaces incoming revenue. The company continues to miss analyst sales expectations, reflecting the difficulty of commercializing experimental technology.

Management emphasizes future developmental milestones, focusing on achieving exponential reductions in system error rates rather than near-term profitability. These technical roadmap updates attempt to reassure the market that the hardware is progressing toward broader commercial viability.

Sources (as of 2026-09-13): Quarterly income statement (USD thousands); Reported versus estimated, last 8 quarters; Management outlook — dated call excerpts; Annual revenue and net result (USD millions)

Where is operating spending going?

Revenue alongside research and development, selling, general and administrative expenses, and the FMP standardized operating result.

Latest quarter · revenue
$3.08M Jun 30, 2026
Latest quarter · R&D
$28.24M Jun 30, 2026
Latest quarter · SG&A
$26.74M Jun 30, 2026
Latest quarter · FMP standardized operating result
−$53.28M Jun 30, 2026
Where is operating spending going? — FMP standardized evidence
Period endRevenueR&DSG&AFMP standardized operating result
Jun 30, 2026$3.08M$28.24M$26.74M−$53.28M
Mar 31, 2026$2.86M$25.79M$30.75M−$54.73M
Dec 31, 2025$2.75M$13.68M$22.95M−$34.84M
Sep 30, 2025$3.74M$14.07M$16.33M−$27.74M

USD. The operating result is the FMP-standardized value supplied by FMP; it may differ from a filing’s GAAP loss from operations when the provider classifies separately presented items differently. It is not net income or cash flow.

Did results meet expectations?

Reported earnings and revenue alongside the estimates recorded by the provider.

Latest report · revenue
$3.08M Aug 6, 2026
Latest report · revenue estimate
$4.03M Aug 6, 2026
Latest report · revenue vs estimate
Below estimate Aug 6, 2026
Latest report · EPS vs estimate
Below estimate Aug 6, 2026
Did results meet expectations? — reported evidence
Report dateRevenue · reportedRevenue · estimateEPS · reportedEPS · estimate
Aug 6, 2026$3.08M$4.03M−$0.1000−$0.0847
May 12, 2026$2.86M$4.19M−$0.0500−$0.0766
Feb 26, 2026$2.75M$3.74M−$0.1200−$0.0500
Nov 6, 2025$3.74M$3.03M−$0.4100−$0.0656

Dates are report dates, not fiscal period ends. Revenue is in USD; EPS is USD per share, rounded to four decimals. The earnings feed does not establish a basic, diluted or adjusted basis. Earnings-feed EPS may differ from statement EPS; the two series are not combined.

Quarterly income statement — 4 quarters
Revenue, net income and earnings per share by quarter
PeriodRevenueNet incomeEPS
Q2 FY2026$3M-$48M-$0.13 (diluted)
Q1 FY2026$3M-$18M-$0.05 (diluted)
Q4 FY2025$3M-$42M-$0.12 (diluted)
Q3 FY2025$4M-$140M-$0.41 (diluted)
3 · Financial strengths and risks

What are the financial strengths and risks for D-Wave Quantum (QBTS)?

Short answer

Cash and short-term investments were $546.22M at the Jun 30, 2026 balance-sheet date. Operating cash flow was −$28.50M for the quarter ended Jun 30, 2026, meaning operations used cash. These figures do not establish a cash runway.

Research dated 2026-09-13.

The balance sheet holds a substantial cash reserve that provides an extended runway, mitigating the immediate risk of bankruptcy from operational burn. However, the core financial risk remains the extreme cash consumption required to build successive generations of quantum processors.

While the cash buffer is large, the company recently received a notice regarding compliance with exchange listing standards. If the stock price remains depressed, maintaining access to public equity markets for future capital could become difficult.

Sources (as of 2026-09-13): Cash, investments and debt; Cash runway cross-check (ours); Listing-status notice (8-K Item 3.01); Operating cash flow by quarter (USD millions)

Data-derived red flags

  • Negative return on equity (-26.7%) — the business is not currently generating profit on shareholder capital.
  • Inconsistent delivery — missed Wall Street EPS estimates in 5 of the last 8 reported quarters.
  • Weak fundamentals — a Piotroski F-Score of 2/9 flags soft profitability, leverage or efficiency.

How much cash does the business generate or use?

Quarterly operating cash flow shows cash generated or used by operations.

Latest quarter · operating cash flow
−$28.50M Jun 30, 2026
Previous quarter · operating cash flow
−$44.96M Mar 31, 2026
How much cash does the business generate or use? — reported evidence
Period endOperating cash flowCapital expenditure (reported)
Jun 30, 2026−$28.50M−$4.44M
Mar 31, 2026−$44.96M−$1.08M
Dec 31, 2025−$18.37M−$1.66M
Sep 30, 2025−$19.05M−$1.02M

Operating cash-flow bars share one scale and show magnitude; negative values mean cash used.

USD. Negative operating cash flow means cash used. Capital expenditure keeps the provider’s reported sign; it is not added here to estimate free cash flow or runway.

4 · What to check next?

What should you watch next at D-Wave Quantum (QBTS)?

Short answer · as of

The next earnings report is expected on Nov 5, 2026.

Research dated 2026-09-13.

The market will closely monitor progress on future processor development, specifically the delivery of systems with lower physical error rates promised by management. Commercial adoption metrics are also critical, as analysts project aggressive revenue acceleration that current sales figures do not yet support.

Any formal resolution to the recent exchange listing deficiency notice will also serve as a crucial signal for institutional investors.

Sources (as of 2026-09-13): Management outlook — dated call excerpts; Analyst revenue and earnings estimates (average); Listing-status notice (8-K Item 3.01); Next earnings report

What management is planning

Management expectations, not completed milestones or guarantees. Selected verbatim excerpts; dates follow the transcript provider.

  1. Specifically, later this year, we expect to deliver a 17 physical qubit system designed to support logical error rates approximately 2x lower than the underlying physical error rates.

    Alan Baratz ·

  2. Next year, we expect to complete a 49 physical qubit system designed to deliver an approximately 20-fold error reduction factor.

    Alan Baratz ·

  3. In 2028, we expect to complete a 181 physical qubit system designed to deliver an approximately 2,000-fold error reduction factor.

    Alan Baratz ·

  4. And by 2032, we expect to scale to 100 logical qubits and more than 1 million reliable operations, creating a system capable of supporting initial commercial applications in areas such as quantum chemistry and quantum AI.

    Alan Baratz ·

5 · Peer comparison

How does D-Wave Quantum compare with its peers?

Short answer

D-Wave Quantum's score ranks 4th of 5 in the bounded comparison shown, against 4 same-model peers. These are company scores, not expected investment returns. The set lists named competitors first, then companies in the same data-provider industry classification closest in market value; that classification is the provider's, not our judgment of business similarity.

Research dated 2026-09-13.

Most technology hardware businesses sell standardized equipment into established corporate networks with predictable upgrade cycles. This business operates in an entirely experimental category, requiring customers to rethink their programming architectures to utilize quantum infrastructure.

Consequently, the valuation disconnects entirely from current sales, trading instead on the theoretical future value of solving previously intractable computational problems.

Sources (as of 2026-09-13): Sector / industry (provider taxonomy); Business description; Trailing twelve-month ratio set; Revenue by segment

Peer set — price, market value and MoonshotScore
CompanyPriceMarket valueScore
MACOM Technology Solutions Holdings, Inc. (MTSI) Named competitor$321.60 Oct 2, 2026$24.5B75 5-pillar Oct 5, 2026
Skyworks Solutions, Inc. (SWKS) Named competitor$85.03 Oct 2, 2026$12.8B68 5-pillar Oct 5, 2026
QXO, Inc. (QXO) Named competitor$12.06 Oct 2, 2026$12.5B27 5-pillar Oct 5, 2026
D-Wave Quantum (QBTS) — this page$15.77$5.79B21
IonQ, Inc. (IONQ) Named competitor$43.77 Oct 2, 2026$16.3B19 5-pillar Oct 5, 2026
Dayforce Inc (DAY) Named competitor$69.86 Sep 17, 2026$11.2B— Model unavailable
Rigetti Computing, Inc. (RGTI) Same industry, near in market value$15.25 Date unavailable$5.07B— Model unavailable
Infleqtion, Inc. (INFQ) Same industry, near in market value$13.15 Date unavailable$2.87B— Model unavailable
Logitech International S.A. (LOGI) Same industry, near in market value$104.32 Date unavailable$15.0B— Model unavailable
Quantum Computing, Inc. (QUBT) Same industry, near in market value$8.18 Date unavailable$1.84B— Model unavailable
Corsair Gaming, Inc. (CRSR) Same industry, near in market value$13.79 Date unavailable$1.47B— Model unavailable
Cricut, Inc. (CRCT) Same industry, near in market value$6.52 Date unavailable$1.37B— Model unavailable
Quantum Corporation (QMCO) Same industry, near in market value$34.50 Date unavailable$1.36B— Model unavailable

Only 5-pillar scores are ranked together. Other models are not directly comparable. Price and score dates are shown separately; market-value dates are unavailable.

Screen more Technology stocks

The records behind this page

Analyst targets & estimates

What analysts have on file

Price target, low to high
$22.00 – $43.00
Consensus target
$34.38
Median target
$35.00

Consensus record · Captured .

Measured against a quoted price of $15.77 (as of Oct 2, 2026).

Insider activity

Form 4 records via FMP · Of the newest 60 records, those within the last 180 days, newest dated Sep 17, 2026

Transactions
52
Identified insiders
12
Purchases
0
Sales
15
Other transactions
37

Purchases and sales use the reported transaction category. Other transactions include awards, exercises, gifts, withholding and unclassified activity; an acquisition or disposition alone is not a purchase or sale. These records do not establish intent.

Who holds the shares?

Institutional ownership reported through 13F filings.

Institutional ownership
54.6% Period end Jun 30, 2026
Previous quarter · ownership
49.7% Prior to period end Jun 30, 2026
Reporting holders
609 Period end Jun 30, 2026
Previous quarter · holders
536 Prior to period end Jun 30, 2026
Who holds the shares? — reported evidence
Holders in provider snapshotShares
Blackrock, INC.33,147,399
Vanguard Portfolio Management LLC22,021,534
Vanguard Capital Management LLC15,940,671
Ubs Group AG11,645,700
Geode Capital Management, LLC9,270,389

Quarterly filings lag the period end. Holder rows are names in the provider snapshot, not a verified ranking; individual filing dates are not supplied. Related managers may appear separately, so these positions are not summed. Holder snapshot as of Jun 30, 2026.

What has been published about D-Wave Quantum (QBTS)?

Read these with our analysis →

QBTS Technology Stock FAQ

Research dated 2026-09-13; the answers below are from that research, and the full attribution is under Sources. The last 2 questions are answered from this page's own dated data, not from the research.

Why is the valuation multiple so elevated compared to standard hardware manufacturers?

The valuation reflects expectations for speculative technology rather than current cash generation. Investors are pricing in the potential for quantum systems to disrupt entire computational industries, making traditional hardware revenue multiples irrelevant.

Sources (as of 2026-09-13): Trailing twelve-month ratio set; Sector / industry (provider taxonomy); Business description; Analyst revenue and earnings estimates (average)

What triggered the recent exchange compliance warning?

The company received a formal notification regarding its failure to satisfy continued listing rules, typically resulting from extended periods of depressed share prices. Management must address this deficiency to prevent the stock from being delisted from the primary exchange.

Sources (as of 2026-09-13): Listing-status notice (8-K Item 3.01); Recent SEC filings; Ticker / exchange

Are insiders acquiring shares as the company scales its quantum processors?

Corporate executives and directors have been consistently reducing their holdings, with recent reporting periods showing multiple sale transactions and no market purchases. This pattern of internal stock disposal contrasts with the optimism found in analyst reports.

Sources (as of 2026-09-13): Insider transactions, last 180 days; Analyst actions, most recent per firm; Named officers

How does management plan to reduce quantum computing errors?

The chief executive outlined a technical roadmap focused on significantly expanding the physical processing units in future systems. This hardware expansion is designed to facilitate logical error correction, paving the way for reliable commercial applications in fields like chemistry and artificial intelligence.

Sources (as of 2026-09-13): Management outlook — dated call excerpts; Named officers; Business description

What is the QBTS stock price today?

The last price recorded on this page for D-Wave Quantum Inc. (QBTS) is $15.77, as of the Oct 2, 2026 trading session (source: Financial Modeling Prep (FMP) · quote). It is a provider snapshot, not a live exchange feed, so check a brokerage quote before you trade.

What is the QBTS price target?

The analyst consensus price target for D-Wave Quantum Inc. (QBTS) is $34.38 (range $22.00 to $43.00, median $35.00), per FMP data captured Oct 5, 2026. Targets are analyst opinions and change often; they are not a Stock Expert AI forecast.

Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.

Research written by Codex (gpt-5.6-sol) on 2026-09-13. AI-authored analysis; source dates are shown with each answer. Editorial oversight is systemic, not page-by-page. Editorially accountable: Sedat ANAK, Founder and Editor-in-Chief.

Sources (as of 2026-09-13): Business description; Revenue by segment; Cash runway cross-check (ours); Sector / industry (provider taxonomy)

Sources — records for every figure on this page (85 figures)

The 85 rows below are exactly the facts the evidence-backed sections of this page printed — the 10-second verdict, the MoonshotScore, price and market value, the five questions with their receipts, and the records behind this page. Known dates and sources are recorded on their own rows; an em dash or UNRECORDED tier preserves a stored observation without inventing either. The quarterly income statement is provider-standardized (FMP) under one row, and scale definitions — a 0-100 rating, the band ladder, the Piotroski 0–9 range — are fixed rather than measured. No number in those sections was generated by a model. The register does not cover quoted third-party headlines, the dated council readings, or the Frequently Asked Questions; each of those says where it came from where it stands.

"As of" is the date the value is true for where the source carries one — a quarter end, a filing date, a price close, the day the score was computed. A cached observation with no source date remains undated; the page publication date is not used as a substitute.

OFFICIAL — 3 facts from SEC filings and earnings calls

OFFICIAL facts used on this page
Fact IDFactValue as shownAs ofTierSource
list.rule_noticeListing-status notice (8-K Item 3.01)8-K Item 3.01, filed Jul 14, 2026OFFICIALSEC EDGAR — Form 8-K, Item 3.01 — Item 3.01 covers both continued-listing notices and voluntary transfers between exchanges; the filing states which applies and any cure terms.
prod.outlookManagement outlook — call excerptsAlan Baratz (Aug 6, 2026): Specifically, later this year, we expect to deliver a 17 physical qubit system designed to support logical error rates approximately 2x lower than the underlying physical error rates. Alan Baratz (Aug 6, 2026): Next year, we expect to complete a 49 physical qubit system designed to deliver an approximately 20-fold error reduction factor. Alan Baratz (Aug 6, 2026): In 2028, we expect to complete a 181 physical qubit system designed to deliver an approximately 2,000-fold error reduction factor. Alan Baratz (Aug 6, 2026): And by 2032, we expect to scale to 100 logical qubits and more than 1 million reliable operations, creating a system capable of supporting initial commercial applications in areas such as quantum chemistry and quantum AI.OFFICIALCompany earnings call, transcript via Financial Modeling Prep (FMP) — Selected verbatim statements from the latest available call, dated by the transcript provider. Management expectations, not completed milestones or guarantees. Relative dates retain the speaker's wording.
id.hqSEC filing business addressPalo Alto, CAOFFICIALSEC EDGAR filer business address — The SEC filer business address. Our market-data provider separately lists "2650 East Bayshore Road, Palo Alto, CA, 94303, US". The FMP company description names Burnaby, Canada as the headquarters; this page uses the address in this row.

FMP — 73 facts from Financial Modeling Prep endpoint families

FMP facts used on this page
Fact IDFactValue as shownAs ofTierSource
earn.nextNext earnings dateNov 5, 2026FMPFinancial Modeling Prep (FMP) earnings calendar — The date is our provider's estimate until the company confirms it.
px.lastLatest provided price$15.77FMPFinancial Modeling Prep (FMP) · quote — Dated to the US trading session the price belongs to, derived from the quote record's timestamp (weekend and pre-open reads roll back to the previous weekday; exchange holidays are not modelled). The record does not establish an exchange execution time. Retrieved 2026-10-04T21:04:46.148Z.
px.changeChange on the day-4.77%FMPFinancial Modeling Prep (FMP) · quote
px.mcapMarket capitalisation$5.79BFMPFinancial Modeling Prep (FMP) · quote — Date unknown Market cap record date: 2026-10-02. FMP quote timestamp: 2026-10-02T20:00:00.000Z. Captured from FMP at 2026-10-04T21:04:44.619Z. No share-count basis is inferred; this page preserves the reported amount instead of recalculating it from shares.
px.change_absChange on the day, in dollars−$0.79FMPFinancial Modeling Prep (FMP) · quote
fin.q_revenueRevenue, Q2 FY2026$3MFMPFinancial Modeling Prep (FMP) · income statement (quarterly)
px.volumeShares traded on the day20.22MFMPFinancial Modeling Prep (FMP) · quote
px.betaBeta2.14FMPFinancial Modeling Prep (FMP) company profile
id.ceoChief executiveAlan E. BaratzFMPFinancial Modeling Prep (FMP) key executives (proxy-derived) — Titles and pay come from the company's proxy statement as our provider parsed it.
id.founderFounder named in the filingEric Ladizinsky — Co-Founder & Chief ScientistFMPFinancial Modeling Prep (FMP) key executives (proxy-derived) — Titles and pay come from the company's proxy statement as our provider parsed it.
id.employeesEmployees385FMPFinancial Modeling Prep (FMP) employee count, from the company's filing
fin.annualRevenue and net result by fiscal year5 fiscal years, FY2021 through FY2025: FY2021 revenue $6.28M, net result −$40.97M; FY2022 revenue $7.17M, net result −$53.70M; FY2023 revenue $8.76M, net result −$82.71M; FY2024 revenue $8.83M, net result −$143.88M; FY2025 revenue $24.59M, net result −$355.06MFMPFinancial Modeling Prep (FMP), from the company's 10-K income statements
fin.rev_mixReported revenue segmentsSystem Sales $16.18M · Professional Services $2.72M · Product and Service, Other $168,000FMPFinancial Modeling Prep (FMP) revenue segmentation, from the company's 10-K
fin.gross_marginGross margin (trailing twelve months)64.2%FMPFinancial Modeling Prep (FMP) key-metrics-ttm + ratios-ttm — A ratio our provider could not compute is absent rather than shown as zero.
fin.q_table.depth.2026-06-30.revenue_kRevenue — period end 2026-06-30$3.08MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note
fin.q_table.depth.2026-06-30.rd_kR&D — period end 2026-06-30$28.24MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note
fin.q_table.depth.2026-06-30.sga_kSG&A — period end 2026-06-30$26.74MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note
fin.q_table.depth.2026-06-30.operating_result_kFMP standardized operating result — period end 2026-06-30−$53.28MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note
fin.q_table.depth.2026-03-31.revenue_kRevenue — period end 2026-03-31$2.86MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note
fin.q_table.depth.2026-03-31.rd_kR&D — period end 2026-03-31$25.79MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note
fin.q_table.depth.2026-03-31.sga_kSG&A — period end 2026-03-31$30.75MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note
fin.q_table.depth.2026-03-31.operating_result_kFMP standardized operating result — period end 2026-03-31−$54.73MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note
fin.q_table.depth.2025-12-31.revenue_kRevenue — period end 2025-12-31$2.75MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note
fin.q_table.depth.2025-12-31.rd_kR&D — period end 2025-12-31$13.68MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note
fin.q_table.depth.2025-12-31.sga_kSG&A — period end 2025-12-31$22.95MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note
fin.q_table.depth.2025-12-31.operating_result_kFMP standardized operating result — period end 2025-12-31−$34.84MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note
fin.q_table.depth.2025-09-30.revenue_kRevenue — period end 2025-09-30$3.74MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note
fin.q_table.depth.2025-09-30.rd_kR&D — period end 2025-09-30$14.07MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note
fin.q_table.depth.2025-09-30.sga_kSG&A — period end 2025-09-30$16.33MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note
fin.q_table.depth.2025-09-30.operating_result_kFMP standardized operating result — period end 2025-09-30−$27.74MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note
earn.history.depth.2026-08-06.revenue_actualRevenue · reported — report date 2026-08-06$3.08MReport date · FMPFinancial Modeling Prep (FMP) earnings — Earnings-history note
earn.history.depth.2026-08-06.revenue_estimatedRevenue · estimate — report date 2026-08-06$4.03MReport date · FMPFinancial Modeling Prep (FMP) earnings — Earnings-history note
earn.history.depth.2026-08-06.eps_actualEPS · reported — report date 2026-08-06−$0.1000Report date · FMPFinancial Modeling Prep (FMP) earnings — Earnings-history note
earn.history.depth.2026-08-06.eps_estimatedEPS · estimate — report date 2026-08-06−$0.0847Report date · FMPFinancial Modeling Prep (FMP) earnings — Earnings-history note
earn.history.depth.2026-05-12.revenue_actualRevenue · reported — report date 2026-05-12$2.86MReport date · FMPFinancial Modeling Prep (FMP) earnings — Earnings-history note
earn.history.depth.2026-05-12.revenue_estimatedRevenue · estimate — report date 2026-05-12$4.19MReport date · FMPFinancial Modeling Prep (FMP) earnings — Earnings-history note
earn.history.depth.2026-05-12.eps_actualEPS · reported — report date 2026-05-12−$0.0500Report date · FMPFinancial Modeling Prep (FMP) earnings — Earnings-history note
earn.history.depth.2026-05-12.eps_estimatedEPS · estimate — report date 2026-05-12−$0.0766Report date · FMPFinancial Modeling Prep (FMP) earnings — Earnings-history note
earn.history.depth.2026-02-26.revenue_actualRevenue · reported — report date 2026-02-26$2.75MReport date · FMPFinancial Modeling Prep (FMP) earnings — Earnings-history note
earn.history.depth.2026-02-26.revenue_estimatedRevenue · estimate — report date 2026-02-26$3.74MReport date · FMPFinancial Modeling Prep (FMP) earnings — Earnings-history note
earn.history.depth.2026-02-26.eps_actualEPS · reported — report date 2026-02-26−$0.1200Report date · FMPFinancial Modeling Prep (FMP) earnings — Earnings-history note
earn.history.depth.2026-02-26.eps_estimatedEPS · estimate — report date 2026-02-26−$0.0500Report date · FMPFinancial Modeling Prep (FMP) earnings — Earnings-history note
earn.history.depth.2025-11-06.revenue_actualRevenue · reported — report date 2025-11-06$3.74MReport date · FMPFinancial Modeling Prep (FMP) earnings — Earnings-history note
earn.history.depth.2025-11-06.revenue_estimatedRevenue · estimate — report date 2025-11-06$3.03MReport date · FMPFinancial Modeling Prep (FMP) earnings — Earnings-history note
earn.history.depth.2025-11-06.eps_actualEPS · reported — report date 2025-11-06−$0.4100Report date · FMPFinancial Modeling Prep (FMP) earnings — Earnings-history note
earn.history.depth.2025-11-06.eps_estimatedEPS · estimate — report date 2025-11-06−$0.0656Report date · FMPFinancial Modeling Prep (FMP) earnings — Earnings-history note
fin.q_tableQuarterly income statement4 quarters through Q2 FY2026FMPFinancial Modeling Prep (FMP) · income statement (quarterly), as filed
fin.cash_investmentsCash and short-term investments$546.22MFMPFinancial Modeling Prep (FMP), from the company's balance sheet — Long-term investments are shown separately; their marketability is not established by the provider field. The cash and short-term investment balance does not establish unrestricted availability. Long-term investments are excluded and remain unclassified. Restrictions on cash and short-term investments require separate review.
fin.opcf_latestLatest-quarter operating cash flow−$28.50MFMPFinancial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Period end: 2026-06-30. Negative operating cash flow means cash used. This figure is not a cash-runway estimate.
fin.long_term_investmentsLong-term investments (classification unverified)$0.00FMPFinancial Modeling Prep (FMP), from the company's balance sheet — Long-term investments are shown separately; their marketability is not established by the provider field. The cash and short-term investment balance does not establish unrestricted availability.
fin.total_debtTotal debt$13.08MFMPFinancial Modeling Prep (FMP), from the company's balance sheet — Long-term investments are shown separately; their marketability is not established by the provider field. The cash and short-term investment balance does not establish unrestricted availability.
fin.price_to_bookPrice to book value5.40×FMPFinancial Modeling Prep (FMP) key-metrics-ttm + ratios-ttm — A ratio our provider could not compute is absent rather than shown as zero.
fin.opcf.depth.2026-06-30.operating_cash_flow_mOperating cash flow — period end 2026-06-30−$28.50MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note
fin.opcf.depth.2026-03-31.operating_cash_flow_mOperating cash flow — period end 2026-03-31−$44.96MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note
fin.opcf.depth.2026-06-30.capex_mCapital expenditure (reported) — period end 2026-06-30−$4.44MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note
fin.opcf.depth.2026-03-31.capex_mCapital expenditure (reported) — period end 2026-03-31−$1.08MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note
fin.opcf.depth.2025-12-31.operating_cash_flow_mOperating cash flow — period end 2025-12-31−$18.37MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note
fin.opcf.depth.2025-12-31.capex_mCapital expenditure (reported) — period end 2025-12-31−$1.66MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note
fin.opcf.depth.2025-09-30.operating_cash_flow_mOperating cash flow — period end 2025-09-30−$19.05MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note
fin.opcf.depth.2025-09-30.capex_mCapital expenditure (reported) — period end 2025-09-30−$1.02MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note
earn.pt_rangeAnalyst price target, low to high$22.00 – $43.00FMPFinancial Modeling Prep (FMP) · price-target consensus — Captured Oct 5, 2026 · Coverage not supplied
earn.pt_consensusConsensus analyst price target$34.38FMPFinancial Modeling Prep (FMP) · price-target consensus — Captured Oct 5, 2026 · Coverage not supplied
earn.pt_medianMedian analyst price target$35.00FMPFinancial Modeling Prep (FMP) · price-target consensus — Captured Oct 5, 2026 · Coverage not supplied
own.insidersInsider transactions via FMP52 transactions · 0 purchases, 15 sales, 37 other transactions · 12 identified insiders · of the newest 60 records, those within the last 180 days, newest dated Sep 17, 2026FMPFinancial Modeling Prep (FMP), carrying Form 4 transaction records — Purchases and sales use the reported transaction category. Other transactions include awards, exercises, gifts, withholding and unclassified activity; an acquisition or disposition alone is not a purchase or sale. These records do not establish intent.
own.institutions.depth.ownership_pctInstitutional ownership54.6%FMPFinancial Modeling Prep (FMP) institutional ownership summary, from 13F filings — 13F filings are quarterly and lag the quarter end by up to 45 days. Period end Jun 30, 2026
own.institutions.depth.ownership_pct_previous_quarterPrevious quarter · ownership49.7%FMPFinancial Modeling Prep (FMP) institutional ownership summary, from 13F filings — 13F filings are quarterly and lag the quarter end by up to 45 days. Prior to period end Jun 30, 2026
own.institutions.depth.holdersReporting holders609FMPFinancial Modeling Prep (FMP) institutional ownership summary, from 13F filings — 13F filings are quarterly and lag the quarter end by up to 45 days. Period end Jun 30, 2026
own.institutions.depth.holders_previous_quarterPrevious quarter · holders536FMPFinancial Modeling Prep (FMP) institutional ownership summary, from 13F filings — 13F filings are quarterly and lag the quarter end by up to 45 days. Prior to period end Jun 30, 2026
own.top_holders.depth.holder_0.sharesBlackrock, INC. — shares in provider snapshot33,147,399FMPFinancial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied.
own.top_holders.depth.holder_1.sharesVanguard Portfolio Management LLC — shares in provider snapshot22,021,534FMPFinancial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied.
own.top_holders.depth.holder_2.sharesVanguard Capital Management LLC — shares in provider snapshot15,940,671FMPFinancial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied.
own.top_holders.depth.holder_3.sharesUbs Group AG — shares in provider snapshot11,645,700FMPFinancial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied.
own.top_holders.depth.holder_4.sharesGeode Capital Management, LLC — shares in provider snapshot9,270,389FMPFinancial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied.

UNRECORDED — 4 facts from stored observations whose source was not recorded

UNRECORDED facts used on this page
Fact IDFactValue as shownAs ofTierSource
earn.historyReported versus estimated, recent quartersEPS beat 2 of 8UNRECORDEDStored earnings-history observation — Captured 2026-09-24 · Expired observation
fin.scoresDistress and quality screensAltman Z 44.66 · Piotroski F 2UNRECORDEDStored financial-scores observation — Captured 2026-10-04 · Expired observation
px.range5252-week range$12.75 – $46.75UNRECORDEDStored company-profile observation — Captured 2026-10-04
fin.ratiosReturn and yield ratios (trailing twelve months)ROE -26.7% · ROA -21.5% · current ratio 20.55 · earnings yield -4.0% · free-cash-flow yield -2.0%—UNRECORDEDStored key metrics — Date unknown

COMPUTED — 3 facts from our arithmetic, formula restated

COMPUTED facts used on this page
Fact IDFactValue as shownAs ofTierSource
fin.mcap_to_cashMarket value per dollar of cash and short-term investments10.60×—COMPUTEDComputed on this page from the figures above — The market capitalisation printed on this page divided by cash and short-term investments of $546.22M at Jun 30, 2026. Long-term investments are excluded and remain unclassified. Restrictions on cash and short-term investments require separate review. Market cap record date: 2026-10-02. Balance-sheet reference date: 2026-06-30. The inputs do not establish a single common source date for this ratio.
earn.history.depth.2026-08-06.revenue_actual.comparisonLatest report · revenue vs estimateBelow estimateReport date · COMPUTEDComputed from Financial Modeling Prep (FMP) earnings — Earnings-history note — Method: compare reported revenue ($3.08M) with the recorded estimate ($4.03M) at displayed precision. Equal displayed values are in line. This compares reported results with recorded estimates, not investment returns.
earn.history.depth.2026-08-06.eps_actual.comparisonLatest report · EPS vs estimateBelow estimateReport date · COMPUTEDComputed from Financial Modeling Prep (FMP) earnings — Earnings-history note — Method: compare reported EPS (−$0.1000) with the recorded estimate (−$0.0847) at displayed precision. Equal displayed values are in line. This compares reported results with recorded estimates, not investment returns.

OURS — 2 facts from Stock Expert AI's own score and rank

OURS facts used on this page
Fact IDFactValue as shownAs ofTierSource
ours.moonshotMoonshotScore v221 of 100 · Weak · pillars 15 / 79 / 24 / 42 / 27OURSStock Expert AI MoonshotScore v2 engine
ours.moonshot_changeMoonshotScore movement21 (stored snapshot Oct 4, 2026) → 21 (current publication computed Oct 5, 2026) (0)OURSStock Expert AI current score publication and immutable score snapshots — The current score publication is not yet represented in the immutable snapshot archive.

Fact-family notes

  1. Quarterly statement note. Source series as of 2026-06-30. USD. The operating result is the FMP-standardized value supplied by FMP; it may differ from a filing’s GAAP loss from operations when the provider classifies separately presented items differently. It is not net income or cash flow. Applies to Fact IDs: fin.q_table.depth.2026-06-30.revenue_k, fin.q_table.depth.2026-06-30.rd_k, fin.q_table.depth.2026-06-30.sga_k, fin.q_table.depth.2026-06-30.operating_result_k, fin.q_table.depth.2026-03-31.revenue_k, fin.q_table.depth.2026-03-31.rd_k, fin.q_table.depth.2026-03-31.sga_k, fin.q_table.depth.2026-03-31.operating_result_k, fin.q_table.depth.2025-12-31.revenue_k, fin.q_table.depth.2025-12-31.rd_k, fin.q_table.depth.2025-12-31.sga_k, fin.q_table.depth.2025-12-31.operating_result_k, fin.q_table.depth.2025-09-30.revenue_k, fin.q_table.depth.2025-09-30.rd_k, fin.q_table.depth.2025-09-30.sga_k, fin.q_table.depth.2025-09-30.operating_result_k.
  2. Earnings-history note. Source series as of 2026-08-06. Dates are report dates, not fiscal period ends. Revenue is in USD; EPS is USD per share, rounded to four decimals. The earnings feed does not establish a basic, diluted or adjusted basis. Earnings-feed EPS may differ from statement EPS; the two series are not combined. Applies to Fact IDs: earn.history.depth.2026-08-06.revenue_actual, earn.history.depth.2026-08-06.revenue_estimated, earn.history.depth.2026-08-06.revenue_actual.comparison, earn.history.depth.2026-08-06.eps_actual.comparison, earn.history.depth.2026-08-06.eps_actual, earn.history.depth.2026-08-06.eps_estimated, earn.history.depth.2026-05-12.revenue_actual, earn.history.depth.2026-05-12.revenue_estimated, earn.history.depth.2026-05-12.eps_actual, earn.history.depth.2026-05-12.eps_estimated, earn.history.depth.2026-02-26.revenue_actual, earn.history.depth.2026-02-26.revenue_estimated, earn.history.depth.2026-02-26.eps_actual, earn.history.depth.2026-02-26.eps_estimated, earn.history.depth.2025-11-06.revenue_actual, earn.history.depth.2025-11-06.revenue_estimated, earn.history.depth.2025-11-06.eps_actual, earn.history.depth.2025-11-06.eps_estimated.
  3. Cash-flow note. Source series as of 2026-06-30. USD. Negative operating cash flow means cash used. Capital expenditure keeps the provider’s reported sign; it is not added here to estimate free cash flow or runway. Applies to Fact IDs: fin.opcf.depth.2026-06-30.operating_cash_flow_m, fin.opcf.depth.2026-03-31.operating_cash_flow_m, fin.opcf.depth.2026-06-30.capex_m, fin.opcf.depth.2026-03-31.capex_m, fin.opcf.depth.2025-12-31.operating_cash_flow_m, fin.opcf.depth.2025-12-31.capex_m, fin.opcf.depth.2025-09-30.operating_cash_flow_m, fin.opcf.depth.2025-09-30.capex_m.
Published
Research standards
Methodology · Editorial policy · Corrections

Sources used for research written 2026-09-13

Historical evidence preserved with this analysis. Current figures are listed separately above.

EvidenceCaptured valueSource dateSource typeSource
Business description
Operating globally, D-Wave Quantum Inc. specializes in developing and supplying quantum computing systems, software, and related services. Their offerings include Advantage, a pioneering fifth-generation quantum computer, and Launch, an onboarding service designed for quantum computing adoption. The company also provides Ocean, a comprehensive suite of open-source programming tools. Furthermore, Leap is a cloud-based service that enables real-time interaction with a live quantum computer. This service further provides access to Advantage, along with hybrid problem-solving tools, the Ocean Software Development Kit, live code samples, demonstrations, learning resources, and a vibrant developer community. Additionally, D-Wave provides a dedicated "D-Wave Launch" professional service, guiding enterprises from initial problem identification through to production deployment of quantum applications. Their quantum solutions are leveraged across various domains such as artificial intelligence, materials sciences, drug discovery, scheduling, cybersecurity, fault detection, and financial modeling. They serve industries including manufacturing, logistics, financial services, and life sciences, among others. D-Wave Quantum Inc. is headquartered in Burnaby, Canada.
2026-09-13FMPFinancial Modeling Prep (FMP) company profile
Revenue by segment
System Sales: $16.18M; Professional Services: $2.72M; Product and Service, Other: $168,000
2025-12-31FMPFinancial Modeling Prep (FMP) revenue segmentation, from the company's 10-K
Cash runway cross-check (ours)
Years: 6.3; Method: cash and short-term investments of $546.2M at 2026-06-30 divided by the annualized rate at which operations and capital spending used cash ($86.1M per year); Reaches: 2032-10; Cash basis: cash and short-term investments; Cash: $546.20M; Annualized cash use: $86.10M

Rate taken from operating cash flow less capital expenditure over the 8 most recent reported quarters, annualized.; Measured from operations, not from the change in the cash balance — a company that raised money during the window would otherwise appear to be burning less than it is.; Assumes that rate continues unchanged: it ignores announced cost reductions, financing already arranged and any change in spending.; Assumes the reported cash and short-term investments are realizable for funding operations; restrictions and timing of access are not established by these provider fields. Long-term investments are excluded.; It is a cross-check, not a forecast, and the company's own statement about its runway outranks it.

2026-06-30COMPUTEDComputed from reported cash flow; assumptions stated
Sector / industry (provider taxonomy)
Technology / Computer Hardware

The company's SEC filings classify it under SIC 7374 — Services-Computer Processing & Data Preparation.

2026-09-13FMPFinancial Modeling Prep (FMP) company profile
Quarterly income statement (USD thousands)
Captured record · 8 entries
  • Quarter ended 2026-06-30 — EPS: -$0.13 per share, R&D: $28.24M, SG&A: $26.74M, EPS basic: -$0.13 per share, EPS basis: diluted, Revenue: $3.08M, EPS diluted: -$0.13 per share, Net result: -$48.03M, Gross profit: $1.70M, Operating result: -$53.28M
  • Quarter ended 2026-03-31 — EPS: -$0.05 per share, R&D: $25.79M, SG&A: $30.75M, EPS basic: -$0.05 per share, EPS basis: diluted, Revenue: $2.86M, EPS diluted: -$0.05 per share, Net result: -$18.36M, Gross profit: $1.82M, Operating result: -$54.73M
  • Quarter ended 2025-12-31 — EPS: -$0.12 per share, R&D: $13.68M, SG&A: $22.95M, EPS basic: -$0.12 per share, EPS basis: diluted, Revenue: $2.75M, EPS diluted: -$0.12 per share, Net result: -$42.33M, Gross profit: $1.78M, Operating result: -$34.84M
  • Quarter ended 2025-09-30 — EPS: -$0.41 per share, R&D: $14.07M, SG&A: $16.33M, EPS basic: -$0.41 per share, EPS basis: diluted, Revenue: $3.74M, EPS diluted: -$0.41 per share, Net result: -$139.99M, Gross profit: $2.67M, Operating result: -$27.74M
  • Quarter ended 2025-06-30 — EPS: -$0.57 per share, R&D: $12.69M, SG&A: $15.78M, EPS basic: -$0.57 per share, EPS basis: diluted, Revenue: $3.10M, EPS diluted: -$0.57 per share, Net result: -$167.33M, Gross profit: $1.98M, Operating result: -$26.50M
  • Quarter ended 2025-03-31 — EPS: -$0.0189 per share, R&D: $10.29M, SG&A: $14.88M, EPS basic: -$0.0189 per share, EPS basis: diluted, Revenue: $15.00M, EPS diluted: -$0.0189 per share, Net result: -$5.42M, Gross profit: $13.88M, Operating result: -$11.29M
  • Quarter ended 2024-12-31 — EPS: -$0.37 per share, R&D: $9.75M, SG&A: $11.95M, EPS basic: -$0.37 per share, EPS basis: diluted, Revenue: $2.31M, EPS diluted: -$0.37 per share, Net result: -$86.08M, Gross profit: $1.47M, Operating result: -$20.23M
  • Quarter ended 2024-09-30 — EPS: -$0.11 per share, R&D: $8.67M, SG&A: $13.01M, EPS basic: -$0.11 per share, EPS basis: diluted, Revenue: $1.87M, EPS diluted: -$0.11 per share, Net result: -$22.71M, Gross profit: $1.04M, Operating result: -$20.64M
2026-06-30FMPFinancial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements
Reported versus estimated, last 8 quarters
Captured record · 8 entries
  • Reported 2026-08-06 — EPS actual: -$0.1 per share, EPS estimated: -$0.08467 per share, Revenue actual: $3.08M, Revenue estimated: $4.03M
  • Reported 2026-05-12 — EPS actual: -$0.05 per share, EPS estimated: -$0.07658 per share, Revenue actual: $2.86M, Revenue estimated: $4.19M
  • Reported 2026-02-26 — EPS actual: -$0.12 per share, EPS estimated: -$0.05 per share, Revenue actual: $2.75M, Revenue estimated: $3.74M
  • Reported 2025-11-06 — EPS actual: -$0.41 per share, EPS estimated: -$0.06559 per share, Revenue actual: $3.74M, Revenue estimated: $3.03M
  • Reported 2025-08-07 — EPS actual: -$0.55 per share, EPS estimated: -$0.06 per share, Revenue actual: $3.10M, Revenue estimated: $2.54M
  • Reported 2025-05-08 — EPS actual: -$0.02 per share, EPS estimated: -$0.05 per share, Revenue actual: $15.00M, Revenue estimated: $10.50M
  • Reported 2025-03-13 — EPS actual: -$0.37 per share, EPS estimated: -$0.09 per share, Revenue actual: $2.31M, Revenue estimated: $2.23M
  • Reported 2024-11-14 — EPS actual: -$0.08 per share, EPS estimated: -$0.08 per share, Revenue actual: $1.87M, Revenue estimated: $2.56M
2026-08-06FMPFinancial Modeling Prep (FMP) earnings
Management outlook — dated call excerpts
Captured record · 4 entries
  • Call of 2026-08-06 — Quote: Specifically, later this year, we expect to deliver a 17 physical qubit system designed to support logical error rates approximately 2x lower than the underlying physical error rates., Speaker: Alan Baratz
  • Call of 2026-08-06 — Quote: Next year, we expect to complete a 49 physical qubit system designed to deliver an approximately 20-fold error reduction factor., Speaker: Alan Baratz
  • Call of 2026-08-06 — Quote: In 2028, we expect to complete a 181 physical qubit system designed to deliver an approximately 2,000-fold error reduction factor., Speaker: Alan Baratz
  • Call of 2026-08-06 — Quote: And by 2032, we expect to scale to 100 logical qubits and more than 1 million reliable operations, creating a system capable of supporting initial commercial applications in areas such as quantum chemistry and quantum AI., Speaker: Alan Baratz

Selected verbatim statements from the latest available call, dated by the transcript provider. Management expectations, not completed milestones or guarantees. Relative dates retain the speaker's wording.

2026-08-06OFFICIALCompany earnings call, transcript via Financial Modeling Prep (FMP)
Annual revenue and net result (USD millions)
Captured record · 5 entries
  • FY2025 — R&D: $50.73M, Revenue: $24.59M, Period end: 2025-12-31, Net result: -$355.06M
  • FY2024 — R&D: $35.30M, Revenue: $8.83M, Period end: 2024-12-31, Net result: -$143.88M
  • FY2023 — R&D: $37.88M, Revenue: $8.76M, Period end: 2023-12-31, Net result: -$82.71M
  • FY2022 — R&D: $32.10M, Revenue: $7.17M, Period end: 2022-12-31, Net result: -$53.70M
  • FY2021 — R&D: $25.40M, Revenue: $6.28M, Period end: 2021-12-31, Net result: -$40.97M
2025-12-31FMPFinancial Modeling Prep (FMP), from the company's 10-K income statements
Cash, investments and debt
Total debt: $13.08M; Liquidity basis: cash and short-term investments; Total liabilities: $75.32M; Cash and short-term investments: $546.22M; Cash and investments: $546.20M; Long-term investments: $0; Long-term investments classification: unclassified

Long-term investments are shown separately; their marketability is not established by the provider field. The cash and short-term investment balance does not establish unrestricted availability.

2026-06-30FMPFinancial Modeling Prep (FMP), from the company's balance sheet
Listing-status notice (8-K Item 3.01)
Form: 8-K; Item: 3.01; Filed: 2026-07-14; Event date: 2026-07-14; Item description: Notice of delisting or failure to satisfy a continued listing rule or standard; transfer of listing

Item 3.01 covers a delisting or continued-listing notice AND a voluntary transfer between exchanges; which one this is, and any cure period or deadline, are stated inside the filing. Read the linked document rather than inferring either from the filing date.

2026-07-14OFFICIALSEC EDGAR — Form 8-K, Item 3.01
Operating cash flow by quarter (USD millions)
Captured record · 8 entries
  • Quarter ended 2026-06-30 — Capital expenditure: -$4.44M, Operating cash flow: -$28.50M
  • Quarter ended 2026-03-31 — Capital expenditure: -$1.08M, Operating cash flow: -$44.96M
  • Quarter ended 2025-12-31 — Capital expenditure: -$1.66M, Operating cash flow: -$18.37M
  • Quarter ended 2025-09-30 — Capital expenditure: -$1.02M, Operating cash flow: -$19.05M
  • Quarter ended 2025-06-30 — Capital expenditure: -$750,000, Operating cash flow: -$15.29M
  • Quarter ended 2025-03-31 — Capital expenditure: -$440,000, Operating cash flow: -$19.28M
  • Quarter ended 2024-12-31 — Capital expenditure: -$960,000, Operating cash flow: $2.02M
  • Quarter ended 2024-09-30 — Capital expenditure: -$310,000, Operating cash flow: -$18.07M
2026-06-30FMPFinancial Modeling Prep (FMP), from the company's 10-Q cash-flow statements
Analyst revenue and earnings estimates (average)
Captured record · 4 entries
  • FY2027 — EPS average: -$0.38 per share, Revenue average: $80.83M, Revenue low: $56.03M, Revenue high: $92.57M, Analysts (revenue): 13
  • FY2028 — EPS average: -$0.36 per share, Revenue average: $148.01M, Revenue low: $109.31M, Revenue high: $180.97M, Analysts (revenue): 11
  • FY2029 — EPS average: -$0.29 per share, Revenue average: $314.10M, Revenue low: $229.36M, Revenue high: $384.71M, Analysts (revenue): 5
  • FY2030 — EPS average: -$0.08 per share, Revenue average: $431.87M, Revenue low: $315.36M, Revenue high: $528.95M, Analysts (revenue): 5
2026-09-13FMPFinancial Modeling Prep (FMP) analyst estimates
Next earnings report
Date: 2026-11-05; EPS estimate: -$0.09 per share; Revenue estimate: $4.36M

The date is our provider's estimate until the company confirms it.

2026-09-13FMPFinancial Modeling Prep (FMP) earnings calendar
Trailing twelve-month ratio set
Quick ratio: 20.42; Current ratio: 20.55; Debt to equity: 0.01; Net margin: -2,001.6%; Gross margin: 64.2%; Operating margin: -1,372.9%; Return on assets: -21.5%; Return on equity: -26.7%

Price-based multiples captured at research time are not repeated here; the page shows each once, from current figures with their own dates. A ratio our provider could not compute is absent rather than shown as zero.

2026-09-13FMPFinancial Modeling Prep (FMP) key-metrics-ttm + ratios-ttm
Recent SEC filings2026-09-10OFFICIALSEC EDGAR filer submissions
Ticker / exchange
QBTS on Nasdaq
2026-09-13OFFICIALSEC EDGAR filer record
Insider transactions, last 180 days
Net shares: -805,330; Window days: 180; Price low: $0.85; Clustered days: 2026-04-13; 2026-05-13; 2026-06-04; 2026-06-15; 2026-07-14; Price high: $31; Buy transactions: 0; Distinct insiders: 11; Sell transactions: 15; Other transactions: 32; Total transactions: 47; Other transaction types: A-Award: 7, F-InKind: 17, M-Exempt: 8; Unknown direction transactions: 0

Purchase and sale counts require explicit provider transaction types, without a conflicting acquisition/disposition direction. Other transactions retain their provider type; awards, exercises, gifts and in-kind transactions are not counted as purchases or sales. Net shares sums acquired minus disposed shares across direction-known records, including other transaction types; unknown directions are excluded. It is not net purchases or a verified change in beneficial ownership. Named-insider counts, same-day clusters and positive reported prices cover all retained records. Filing dates are used only when transaction dates are absent. Neither timing nor price establishes motive or whether a transaction was on the open market.

2026-09-08FMPFinancial Modeling Prep (FMP) insider transactions, from Form 4 filings
Analyst actions, most recent per firm
Captured record · 10 entries
  • 2026-08-07 — Firm: Rosenblatt, Action: maintain, Rating: Buy, Previous rating: Buy
  • 2026-06-15 — Firm: Mizuho, Action: maintain, Rating: Outperform, Previous rating: Outperform
  • 2026-06-02 — Firm: Needham, Action: maintain, Rating: Buy, Previous rating: Buy
  • 2026-06-02 — Firm: Roth Capital, Action: maintain, Rating: Buy, Previous rating: Buy
  • 2026-06-02 — Firm: B. Riley Securities, Action: maintain, Rating: Buy, Previous rating: Buy
  • 2026-05-13 — Firm: Cantor Fitzgerald, Action: maintain, Rating: Overweight, Previous rating: Overweight
  • 2026-05-13 — Firm: Canaccord Genuity, Action: maintain, Rating: Buy, Previous rating: Buy
  • 2026-02-27 — Firm: Evercore ISI Group, Action: maintain, Rating: Outperform, Previous rating: Outperform
  • 2026-01-23 — Firm: Benchmark, Action: maintain, Rating: Buy, Previous rating: Buy
  • 2025-08-08 — Firm: Piper Sandler, Action: maintain, Rating: Overweight, Previous rating: Overweight

One row per firm — the firm's most recent action in our feed. Other data vendors may carry firms ours does not.

2026-08-07FMPFinancial Modeling Prep (FMP) analyst grades
Named officers
CEO: Alan E. Baratz; Officers: Greg Golkov — Title: Acting CFO and Principal Financial & Accounting Officer, Born: 1977; Robert Schoelkopf — Title: Chief Science Officer; Lorenzo Martinelli — Title: Chief Revenue Officer, Born: 1965; Diane Nguyen — Title: Executive Vice President, Chief Legal Officer & General Counsel, Pay: $571,602, Born: 1985; Alan E. Baratz — Title: President, Chief Executive Officer & Director, Pay: $1.12M, Born: 1955; Eric Ladizinsky — Title: Co-Founder & Chief Scientist; John Markovich — Title: Executive VP & CFO, Pay: $779,293, Born: 1957; Kevin Hunt — Title: Senior Director of Investor Relations

Titles and pay come from the company's proxy statement as our provider parsed it.

2026-09-13FMPFinancial Modeling Prep (FMP) key executives (proxy-derived)
Data Sources & Methodology
Figures come from Financial Modeling Prep (FMP). If FMP has no figure for a ticker, a price or fundamental may come from a Yahoo Finance fallback, or a price from an Alpaca fallback. SEC EDGAR is used only for filing links and company identity details (legal name, address), never for figures. AI analysis by Stock Expert AI proprietary algorithms. Technical indicators via industry-standard calculations. Last updated: .
Data Provenance
Sources: Financial Modeling Prep (FMP) — Primary · Yahoo Finance — Fallback · Alpaca — Tertiary
Last fetched:
Cache TTL: Quote 5min · Profile 7d · Financials 7d · Insider 48h
How we use AI: Numbers are pulled directly from FMP & Yahoo Finance — our AI writes the analysis, it never edits the figures.
Data provided as-is for educational purposes. Not financial advice. Methodology

Data provided for informational purposes only.