D-Wave Quantum Inc. (QBTS)

Nasdaq: QBTS · Services-Computer Processing & Data Preparation · Palo Alto, CA · filing with the SEC since 2022

Full chart Alerts Compare

Grade4.3

◀ Past 3.3● Present 3.3▶ Future 6.8

1 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of D-Wave Quantum Inc.

Nine metrics read from its own filings, by tense

Headline grade

4.3/10

◀ Past3.330% of the headline

● Present3.340% of the headline

▶ Future6.830% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

3.3/1030% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

0.3/10

Has it survived what it has been through?

13 warning events since 2022; the latest 2026-07-14.

weight 33% of this tense · 3rd percentile among 77 sector filers · read for itself

From the record

D-Wave Quantum Inc.'s filings since 2022 show 13 warning events of 4 kinds: a notice about its exchange listing (8-K item 3.01, 4 times, the latest 2026-07-14); a warning not to rely on past financial statements (8-K item 4.02, 3 times, the latest 2024-02-02); an auditor change (8-K item 4.01, 4 times, the latest 2023-08-25); a late-report notice (Form NT 10-K or NT 10-Q, 2 times, the latest 2023-05-10) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

6.2/10

What has it actually done, year after year?

+36.7% a year over 6 filed years; profitable in 0 of 6.

weight 45% of this tense · 62nd percentile among 64 sector filers · read for its customers

From the record

D-Wave Quantum Inc.'s 6 filed years say what it did: revenue went from $5 million in fiscal 2020 to $25 million in fiscal 2025, up 36.7% a year; it rose in 5 of 5 years; it never fell from a peak; net income was positive in 0 of 6 of those years (its annual reports).

What it rests on

revenue growth over the filed span36.7%top 20% of its family
the share of years revenue rosetop 21% of its family
the share of filed years with a profitbottom 12% of its family
the deepest fall from a revenue peak0.0%top 21% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate

1.8/10

How has it treated the people who own it?

SI estimate 1.8/10, confidence 35 of 100 (one part).

weight 22% of this tense · 18th percentile among 69 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, the share count over the years, which ranks in the bottom 18% of 69 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: one part: the share count over the years, the one part on file, ranked among 69 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: D-Wave Quantum Inc.'s shareholder treatment is put at 1.8 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 18% of 69 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

3.3/1040% of the headline grade · 3 of 3 filed

Financial health

as filed

3.6/10

Is it financially healthy right now?

ROE -42%: lost 42¢ per shareholder dollar. Leverage 7%: owes 7¢ per asset dollar.

weight 33% of this tense · 36th percentile among 69 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, D-Wave Quantum Inc. lost about 42 cents for every dollar of shareholders' money, and gross profitability: its products earned about 2 cents per dollar of everything the company owns. Leverage: it owed about 7 cents per dollar of assets, and net share issuance: its share count grew 67.2% over the year (the filed statements).

What it rests on

what it owes per dollar of assetstop 5% of its family
return on equitybottom 17% of its family
gross profit against assetsbottom 14% of its family
the share count against the year beforebottom 16% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

4.1/10

How strong is its position in its industry?

bottom 41% of 68 in its family; net margin -1444.1%.

weight 45% of this tense · 41st percentile among 68 sector filers · read for its customers

From the record

D-Wave Quantum Inc.'s standing among 68 graded names in its industry family: revenue of $25 million in fiscal 2025 ranks in the bottom 26% by size; a net margin of -1444.1% ranks in the bottom 7%; revenue growth of 50.8% a year over the last 3 filed years ranks in the top 10% (its annual reports).

What it rests on

revenue against the family$24.6Mbottom 26% of its family
net margin-1444.1%bottom 7% of its family
three-year revenue growth50.8%top 10% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

as filed

1.3/10

What are the people in charge doing?

bottom 13% of 38 in its family for leadership; chief executive since 2022.

weight 22% of this tense · 13th percentile among 38 sector filers · read for its shareholders

From the record

D-Wave Quantum Inc.'s leadership, from its insiders' filings and its current reports: the chief executive on the record is Baratz, Alan E (President & CEO, as filed), filing under that title since the record of its people begins (2022-08-05), so the years before are not on the record and this part is not read; the 14 officers and directors filing in the last fifteen months have been on the record a median of 2 years (bottom 10%); 14 officer or director changes were reported on Form 8-K since 2023-11-13, against the 14 people in charge now (bottom 16%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

What it rests on

officer and director changes on Form 8-K, against the people in charge14 in three years among 14 peoplebottom 16% of its family
the median years the people in charge have filed2.0 yearsbottom 10% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

▶ Future

What are they set up to do next?

6.8/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed

7.1/10

How much room does it have to grow?

top 29% of 68 in its family for room to expand.

weight 22% of this tense · 71st percentile among 68 sector filers · read for itself

From the record

D-Wave Quantum Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $635 million against debt of $36 million leaves 65.5% of its assets as net cash, top 9% of its family; cash from operations less capital spending is -308.5% of revenue (bottom 13%); a gross margin of 82.6% (top 16%); research spending of 206.3% of revenue (top 3%) (its annual report).

What it rests on

cash less debt against assets65.5%top 9% of its family
cash from operations less capital spending against revenue-308.5%bottom 13% of its family
gross margin82.6%top 16% of its family
research spending against revenue206.3%top 3% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

9.2/10

What could actually drive growth from here?

top 8% of 64 in its family for growth drivers.

weight 45% of this tense · 92nd percentile among 64 sector filers · read for its customers

From the record

D-Wave Quantum Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 50.8% a year over the last three filed years against 36.7% over all 6, speeding up (top 2% of its family); the newest year grew 178.7% (top 9%); research spending grew 16.5% a year (top 14%); capital spending grew 109% a year (top 8%) (its annual reports). D-Wave Quantum Inc. reported 4 product lines in fiscal 2025: System Sales at $16 million (66%), Q Caa S at $6 million (22%), Professional Services at $3 million (11%), and 1 more; 2 of 3 grew against the year before (its annual report).

What it rests on

three-year growth against the whole span+14.1 points a yeartop 2% of its family
the newest year's revenue growth178.7%top 9% of its family
three-year growth of research spending16.5%top 14% of its family
three-year growth of capital spending109.0%top 8% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

3.3/10

Did its newest year beat what its own record pointed to?

bottom 33% of 54 in its family for expectations against reality.

weight 33% of this tense · 33rd percentile among 54 sector filers · read for its shareholders

From the record

D-Wave Quantum Inc.'s newest year against its own record: revenue of $25 million in fiscal 2025 came in 151.1% above the $10 million its prior three years' pace pointed to (top 8% of its family); net income of $355 million against a prior three-year average of $93 million (bottom 6%); a net margin of a loss larger than its revenue against losses larger than its revenue before (bottom 1%) (its annual reports).

What it rests on

revenue against the prior three years' pace151.1%top 8% of its family
net income against the prior three years' average-280%bottom 6% of its family
net margin against its prior averagedown more than 100 pointsbottom 1% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton QBTS · research, not advice