D-Wave Quantum Inc. (QBTS) AI Stock Analysis

D-Wave Quantum Inc. specializes in developing and delivering quantum computing systems, software, and services globally. The company offers the Advantage, a fifth-generation quantum computer, alongside its Leap platform, which provides real-time access to a live quantum computer, hybrid solvers, and developer resources. Its Ocean open-source programming tools facilitate quantum application development across various fields. In addition, D-Wave provides Launch, a professional onboarding service assisting enterprises from problem discovery to production deployment. D-Wave's quantum solutions serve fields including artificial intelligence, materials sciences, drug discovery, cybersecurity, and financial modeling.

Revenue increased from $6.3M in FY2021 to $7.2M in FY2022, $8.8M in FY2023, and $8.8M in FY2024 before climbing 178.5% to $24.6M in FY2025. Gross margin expanded to 82.6% in FY2025 from 63.0% in FY2024 and 72.1% in FY2021. However, operating losses persisted, with an operating margin of -408.2% in FY2025 and a net loss of -$355.1M, down from -$143.9M in FY2024. For the trailing twelve months ended June 30, 2026, revenue stood at $12.4M with an operating margin of -1732.1% and diluted EPS of -$0.69, while quarterly revenue fell 0.6% year-over-year.

As of June 30, 2026, D-Wave held $546.2M in cash and short-term investments and $13.1M in total debt, resulting in net cash of $533.1M. The company maintains strong liquidity with a current ratio of 20.55 and a debt-to-equity ratio of 0.01 against shareholders' equity of $1.08B. In FY2025, operating cash flow was -$72.0M and free cash flow was -$75.8M. Cash uses included capital expenditures of $3.9M, while share issuance brought in $37.8M as five-year share count grew 195.8%.

At a share price of $11.78, D-Wave has a market cap of $4.47B and an enterprise value of $5.88B. The stock trades at a price-to-sales multiple of 359.9x and an EV-to-revenue multiple of 473.5x, well above the median of its US-listed Technology peers of 2.8x sales. Its price-to-book ratio is 5.9x. Over the past year, the stock fell 70.9% compared to a 16.8% gain for the S&P 500, and trades 41.6% below its 200-day average.

Wall Street coverage consists of 14 Strong Buy, 1 Buy, and 2 Hold ratings, with no Sell or Strong Sell ratings. The mean price target is $34.65, representing 194.1% upside compared to the last close of $11.78. For the fiscal year ending December 31, 2026, consensus calls for an EPS of -$0.29 on revenue of $42.5M. For the next fiscal year, 17 analysts project revenue of $80.6M and EPS of -$0.38. D-Wave beat EPS estimates in 2 of the last 4 quarters, with next earnings scheduled for November 5, 2026.

This page is an AI-written research summary of D-Wave Quantum Inc. (QBTS). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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