Fundamental analysis · SEC EDGAR · TTM through 30/06/2026
QBTS · Nasdaq · Technology
Fundamental quality
66
out of 100
D-Wave Quantum Inc. is in full growth mode but not yet profitable: revenue is growing strongly (37.4% a year), but it doesn't translate into earnings yet. On fundamental quality it scores 66 out of 100, profiling it as a company of reasonable quality. Its weakest area is its profitability (ROE -23%). Whether it's cheap or expensive depends on the current price, which you can compute in the tool.
D-Wave is the veteran of commercial quantum computing, specialized in quantum annealing, a different approach aimed at optimization problems. It has real customers, but revenue is still small and losses continue.
Revenue growth: 37.4%
ROE: -23%
Net debt/EBITDA: 1.62x
Source: SEC EDGAR · TTM through 30/06/2026
The score combines growth, profitability and financial strength. Here its growth weighs in its favor, while its profitability drags it down the most.
Percentile against the other 100 Technology companies in our coverage: how far it beats them on each metric (100 = best in sector).
Computed from the daily dataset scores. A high percentile places the company among the best in its sector on that metric; it is not a buy recommendation.
Key concepts
What do these metrics mean? Fundamental analysis · What is the P/E · What is EPS · What is ROE · Net & gross margin · Free cash flow
| Year | Revenue | Net income | Free cash flow | Net debt |
|---|---|---|---|---|
| 2020 | 5 | -22 | -30 | -21 |
| 2021 | 6 | -41 | -37 | 3 |
| 2022 | 7 | -54 | -46 | 26 |
| 2023 | 9 | -83 | -61 | 23 |
| 2024 | 9 | -144 | -45 | -148 |
| 2025 | 25 | -355 | -76 | -600 |
Between 2020 and 2025, revenue went from $5M to $25M (+376%) and net income went from -$22M to -$355M (-1516%).
Annual figures in millions of U.S. dollars ($M) per SEC filings. Net debt is total debt minus cash.
Latest results
Figures for the half-year ended June 30, 2026, versus the half-year ended June 30, 2025 (SEC filings):
Compared with the previous close (March 31, 2026), this is what moved in its accounts:
Automatic comparison between the two most recent periods filed with the SEC. One quarter doesn't make a trend: read it alongside the historical evolution above.
This company doesn't pay a dividend: it reinvests all its earnings back into the business.
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Is D-Wave Quantum Inc. cheap or expensive?
That depends on the current price. Look it up, enter it in the tool and get the full valuation verdict (P/E against its sector).
Compute the valuation →Is D-Wave Quantum Inc. a good company to invest in?
In terms of business quality, D-Wave Quantum Inc. scores 66 out of 100 in our analysis, placing it as a company of reasonable quality. That said, this isn't a recommendation: whether it's a good investment also depends on its current price and your goals.
Does D-Wave Quantum Inc. have a lot of debt?
A moderate level: its net debt is 1.62 times its EBITDA.
Is D-Wave Quantum Inc. growing?
Its revenue has grown 37.4% annualized in recent years, and without interruption since 2020.
The thresholds are general and the system doesn't judge qualitative factors. See the full methodology and use this analysis as a first filter, never as a final decision.
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Who's behind the methodology and model · how the score is computed
Data: see D-Wave Quantum Inc.'s filings on EDGAR
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