QBTS
D-Wave Quantum Inc.
QBTS lost money over the past year, so it has no meaningful PE right now. Analysts expect losses to grow, though they disagree widely on how much.
QBTS Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Weak | |
| Weak | |
| Unavailable |
QBTS's revenue, profitability and cash flow are currently weak. There isn't enough data to rate its balance sheet.
QBTS PE Valuation
QBTS has no meaningful PE right now: it lost money over the past year.
QBTS Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses growing | |
| Strong growth | |
| -- | |
| Moderate | |
| Low |
Analysts expect QBTS's losses to grow, with revenue growing. However, they disagree widely on these estimates.
QBTS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | -$0.72 | +$0.39 |
| Q1 2026 | -$1.14 | -$0.48 |
| Q4 2025 | -$1.11 | -$0.36 |
| Q3 2025 | -$1.41 | -$1.02 |
| Q2 2025 | -$1.11 | -$0.71 |
| Q1 2025 | -$0.66 | -$0.15 |
| Q4 2024 | -$0.75 | -$0.15 |
| Q3 2024 | -$0.39 | +$0.30 |
QBTS lost $0.72 per share over the past year, a smaller loss than the year before.
QBTS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $3.1M | -0.6% |
| Q1 2026 | $2.9M | -81% |
| Q4 2025 | $2.8M | +19% |
| Q3 2025 | $3.7M | +100% |
| Q2 2025 | $3.1M | +42% |
| Q1 2025 | $15M | +509% |
| Q4 2024 | $2.3M | -21% |
| Q3 2024 | $1.9M | -27% |
QBTS's revenue has slid since its 2025 peak: $3M last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | -1732% | -876 points |
| Q1 2026 | -1915% | -1840 points |
| Q4 2025 | -1266% | -390 points |
| Q3 2025 | -742% | +362 points |
| Q2 2025 | -856% | +6.7 points |
| Q1 2025 | -75% | +635 points |
| Q4 2024 | -876% | -307 points |
| Q3 2024 | -1104% | -385 points |
QBTS's operating margin was −1732% last quarter, down 876 points from the same quarter a year ago, near the bottom of its range since 2021.
QBTS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$32.9M | -$16.9M |
| Q1 2026 | -$46M | -$26.3M |
| Q4 2025 | -$20M | -1977% |
| Q3 2025 | -$20.1M | -$1.7M |
| Q2 2025 | -$16M | -$1M |
| Q1 2025 | -$19.7M | -$7.3M |
| Q4 2024 | $1.1M | +$16.2M |
| Q3 2024 | -$18.4M | -$1.4M |
QBTS has burned cash in almost every quarter: −$119M over the past year, against −$53M the year before.
QBTS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.9% | +3.4M shares |
| 1 year | +23% | +68.6M shares |
| 3 years | +201% | +248M shares |
QBTS has 371M diluted shares, up 23% from a year ago.
| Quarter | Spent |
|---|---|
| Q1 2022 | — |
| Q4 2021 | — |
| Q3 2021 | $1,000 |
| Q2 2021 | — |
| Q1 2021 | — |
QBTS Net Leverage
QBTS's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
QBTS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 31.7 | Neutral |
| Stochastic | 10.0 | Oversold |
QBTS's weekly RSI is 32 (neutral) and its Stochastic is 10 (oversold).
QBTS PE vs Technology Sector
QBTS has no meaningful PE right now: it lost money over the past year.
QBTS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $12.8 | 23% below |
| 20 week MA | $16.3 | 40% below |
| 50 week MA | $19.9 | 50% below |
| 100 week MA | $17.6 | 44% below |
| 200 week MA | $9.46 | 4% above |
QBTS has fallen below most of its moving averages, though it's still 4% above its 200-week average.
QBTS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $10.2 | $10.5 | +3.4% |
| 2021 | $10.5 | $9.79 | -6.8% |
| 2022 | $9.79 | $1.70 | -83% |
| 2023 | $1.70 | $0.88 | -48% |
| 2024 | $0.88 | $9.91 | +1026% |
| 2025 | $9.91 | $25.3 | +155% |
| 2026 YTD | $25.3 | $9.84 | -61% |
QBTS's yearly returns have swung widely, from +1026% in 2024 to −83% in 2022. It's down 61% so far in 2026.