D-Wave Quantum Inc. (QBTS) Balance Sheet
QBTS balance sheet, 2025
December 31, 2025 · U.S. dollars$915.8M assets = $63.6M liabilities + $852.2M equity
Both columns are drawn to the same scale: what QBTS owns equals what it owes plus shareholders’ equity. Hover a block for its value.
QBTS financial health
Descriptive bands, not a rating. Fiscal 2025.
QBTS balance sheet trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $47.5M2020 | $915.8M2025 | +80.8%/yr | |
| Total liabilities | $14.7M2020 | $63.6M2025 | +34.0%/yr | |
| Shareholders’ equity | $32.7M2020 | $852.2M2025 | +91.9%/yr | |
| Cash & short-term investments | $21.3M2020 | $884.5M2025 | +110.6%/yr | |
| Total debt | $4.7M2020 | $43.5M2025 | +56.3%/yr | |
| Net cash (debt) | $16.7M2020 | $841.0M2025 | +$824.3M | |
| Working capital | $29.3M2020 | $875.1M2025 | +$845.8M | |
| Book value per share | $0.302020 | $2.652025 | +54.8%/yr | |
| Debt / equity | 0.142020 | 0.052025 | −0.09 | |
| Shares outstanding | 109.7M2020 | 321.2M2025 | +24.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
QBTS assets
QBTS liabilities and equity
QBTS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
QBTS balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & short-term investments | $884.5M | $178.0M | $41.3M | $7.1M | $9.5M | $21.3M |
| Cash & equivalents | $635.3M | $178.0M | $41.3M | $7.1M | $9.5M | $21.3M |
| Short-term investments | $249.1M | $0 | — | — | — | — |
| Receivables | $4.7M | $1.8M | $1.7M | $1.1M | $2.1M | $16.2M |
| Inventory | $2.8M | $1.7M | $2.1M | $2.2M | $2.1M | $2.5M |
| Other current assets | $4.3M | $3.6M | $2.0M | $3.6M | $2.3M | $1.2M |
| Total current assets | $896.2M | $185.0M | $47.0M | $13.9M | $16.0M | $41.3M |
| Property, plant & equipment (net) | $14.4M | $11.4M | $10.8M | $11.4M | $11.8M | $5.8M |
| Goodwill & intangible assets | $915,000 | $490,000 | $179,000 | $244,000 | $272,000 | $148,000 |
| Long-term investments | $2.4M | $2.6M | $1.2M | $1.2M | $1.2M | $5,000 |
| Other non-current assets | $1.9M | $355,000 | $189,000 | $183,000 | $184,000 | $182,000 |
| Total assets | $915.8M | $199.9M | $59.4M | $26.9M | $29.5M | $47.5M |
| Liabilities | ||||||
| Accounts payable | $950,000 | $815,000 | $1.5M | $3.8M | $2.1M | $2.2M |
| Short-term debt | $1.6M | $1.9M | $1.8M | $3.8M | $2.1M | $1.9M |
| Deferred revenue | $2.8M | $18.7M | $2.7M | $1.8M | $2.7M | $4.7M |
| Total current liabilities | $21.1M | $30.1M | $11.2M | $16.0M | $10.4M | $12.0M |
| Long-term debt | $35.8M | $30.1M | $63.9M | $8.1M | $12.2M | $1.3M |
| Lease obligations | $7.5M | $7.9M | $8.4M | $8.8M | $8.7M | $3.0M |
| Other long-term liabilities | $6.6M | $76.9M | $8.7M | $32.3M | $25.1M | $1.4M |
| Total liabilities | $63.6M | $137.2M | $83.8M | $56.4M | $47.8M | $14.7M |
| Shareholders' equity | ||||||
| Common stock & paid-in capital | $35,000 | $27,000 | $16,000 | $11,000 | $2.6M | $2.5M |
| Retained earnings (deficit) | −$982.0M | −$626.9M | −$483.1M | −$400.3M | −$346.6M | −$293.7M |
| Accumulated other comprehensive income | −$9.0M | −$10.5M | −$10.5M | −$10.4M | −$10.4M | −$10.5M |
| Total shareholders' equity | $852.2M | $62.6M | −$24.5M | −$29.5M | −$18.4M | $32.7M |
| Key figures | ||||||
| Total debt | $43.5M | $38.4M | $72.7M | $42.3M | $39.4M | $4.7M |
| Net cash (debt) | $841.0M | $139.6M | −$31.3M | −$35.2M | −$29.9M | $16.7M |
| Working capital | $875.1M | $154.9M | $35.8M | −$2.1M | $5.6M | $29.3M |
| Tangible book value | $851.3M | $62.2M | −$24.7M | −$29.7M | −$18.6M | $32.6M |
| Book value per share | $2.65 | $0.33 | −$0.18 | −$0.25 | −$0.15 | $0.30 |
| Shares outstanding | 321.2M | 192.1M | 138.0M | 119.6M | 125.3M | 109.7M |
| Current ratio | 42.38 | 6.14 | 4.18 | 0.87 | 1.53 | 3.45 |
| Quick ratio | 42.04 | 5.96 | 3.82 | 0.51 | 1.11 | 3.13 |
| Debt / equity | 0.05 | 0.61 | — | — | — | 0.14 |
| Equity / assets | 93.1% | 31.3% | −41.2% | −109.3% | −62.3% | 69.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $546.2M | $588.4M | $884.5M | $836.2M | $819.3M | $304.3M | $178.0M | $29.3M | $40.9M | $27.3M | $41.3M | $53.3M |
| Cash & equivalents | $296.6M | $338.2M | $635.3M | $836.2M | $819.3M | $304.3M | $178.0M | $29.3M | $40.9M | $27.3M | $41.3M | $53.3M |
| Short-term investments | $249.6M | $250.2M | $249.1M | — | — | — | $0 | — | — | — | — | — |
| Receivables | $2.0M | $10.6M | $4.7M | $4.4M | $2.4M | $1.0M | $1.8M | $1.5M | $1.6M | $1.7M | $1.7M | $891,000 |
| Inventory | $3.5M | $2.9M | $2.8M | $2.8M | $2.4M | $1.7M | $1.7M | $1.9M | $2.1M | $2.1M | $2.1M | $2.2M |
| Other current assets | $8.9M | $5.2M | $4.3M | $4.7M | $4.3M | $3.8M | $3.6M | $2.4M | $2.3M | $2.6M | $2.0M | $1.7M |
| Total current assets | $560.6M | $607.1M | $896.2M | $848.1M | $828.5M | $310.9M | $185.0M | $35.1M | $46.9M | $33.7M | $47.0M | $58.2M |
| Property, plant & equipment (net) | $34.1M | $25.4M | $14.4M | $12.3M | $11.4M | $11.1M | $11.4M | $11.1M | $10.8M | $10.8M | $10.8M | $10.4M |
| Goodwill & intangible assets | $554.4M | $557.9M | $915,000 | $803,000 | $586,000 | $531,000 | $490,000 | $436,000 | $408,000 | $302,000 | $179,000 | $195,000 |
| Long-term investments | $4.2M | $4.2M | $2.4M | $3.4M | $2.6M | $2.6M | $2.6M | $2.6M | $2.4M | $2.6M | $1.2M | $0 |
| Other non-current assets | $5.1M | $5.2M | $1.9M | $1.2M | $483,000 | $547,000 | $355,000 | $415,000 | $1.3M | $1.3M | $189,000 | $1.4M |
| Total assets | $1.16B | $1.20B | $915.8M | $865.8M | $843.6M | $325.6M | $199.9M | $49.6M | $61.8M | $48.6M | $59.4M | $70.2M |
| Liabilities | ||||||||||||
| Accounts payable | $4.5M | $1.7M | $950,000 | $992,000 | $1.2M | $1.0M | $815,000 | $696,000 | $1.2M | $1.0M | $1.5M | $1.5M |
| Short-term debt | $1.2M | $1.7M | $1.6M | $1.6M | $1.6M | $1.9M | $1.9M | $15.7M | $34.1M | $1.8M | $1.8M | $31.5M |
| Deferred revenue | $9.2M | $9.5M | $2.8M | $3.4M | $4.9M | $5.5M | $18.7M | $2.9M | $2.6M | $2.0M | $2.7M | $2.2M |
| Total current liabilities | $27.3M | $28.4M | $21.1M | $15.5M | $19.3M | $15.0M | $30.1M | $25.8M | $42.9M | $10.9M | $11.2M | $43.3M |
| Long-term debt | $34.9M | $35.4M | $35.8M | $32.1M | $32.1M | $30.4M | $30.1M | $32.0M | $31.5M | $63.0M | $63.9M | $9.1M |
| Lease obligations | $13.1M | $11.3M | $7.5M | $7.6M | $7.9M | $7.7M | $7.9M | $8.5M | $8.3M | $8.4M | $8.4M | $6.9M |
| Other long-term liabilities | $13.1M | $11.8M | $6.6M | $147.7M | $98.0M | $72.8M | $76.9M | $8.6M | $8.9M | $11.7M | $8.7M | $8.9M |
| Total liabilities | $75.3M | $75.6M | $63.6M | $195.3M | $149.3M | $118.2M | $137.2M | $66.5M | $83.3M | $85.6M | $83.8M | $61.4M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $37,000 | $37,000 | $35,000 | $34,000 | $33,000 | $29,000 | $27,000 | $20,000 | $18,000 | $16,000 | $16,000 | $15,000 |
| Retained earnings (deficit) | −$1.05B | −$1.00B | −$982.0M | −$939.7M | −$799.7M | −$632.4M | −$626.9M | −$540.9M | −$518.2M | −$500.4M | −$483.1M | −$443.1M |
| Accumulated other comprehensive income | −$9.0M | −$9.2M | −$9.0M | −$9.1M | −$9.2M | −$10.0M | −$10.5M | −$10.6M | −$10.4M | −$10.5M | −$10.5M | −$10.5M |
| Total shareholders' equity | $1.08B | $1.12B | $852.2M | $670.6M | $694.3M | $207.4M | $62.6M | −$16.9M | −$21.5M | −$37.0M | −$24.5M | $8.8M |
| Key figures | ||||||||||||
| Total debt | $13.1M | $46.8M | $43.5M | $39.8M | $40.0M | $38.5M | $38.4M | $54.6M | $72.4M | $71.8M | $72.7M | $47.5M |
| Net cash (debt) | $533.1M | $541.6M | $841.0M | $796.4M | $779.3M | $265.9M | $139.6M | −$25.4M | −$31.5M | −$44.5M | −$31.3M | $5.8M |
| Working capital | $533.3M | $578.8M | $875.1M | $832.6M | $809.3M | $295.9M | $154.9M | $9.3M | $4.0M | $22.8M | $35.8M | $14.9M |
| Tangible book value | $528.7M | $566.4M | $851.3M | $669.8M | $693.7M | $206.9M | $62.2M | −$17.4M | −$21.9M | −$37.3M | −$24.7M | $8.6M |
| Book value per share | $2.92 | $3.06 | $2.41 | $1.96 | $2.36 | $0.72 | $0.27 | −$0.08 | −$0.12 | −$0.23 | −$0.15 | $0.07 |
| Shares outstanding | 370.8M | 367.5M | 352.9M | 342.2M | 294.4M | 286.4M | 233.0M | 201.6M | 172.1M | 161.3M | 158.9M | 133.2M |
| Current ratio | 20.55 | 21.41 | 42.38 | 54.68 | 42.99 | 20.73 | 6.14 | 1.36 | 1.09 | 3.10 | 4.18 | 1.34 |
| Quick ratio | 20.09 | 21.13 | 42.04 | 54.19 | 42.64 | 20.36 | 5.96 | 1.19 | 0.99 | 2.67 | 3.82 | 1.25 |
| Debt / equity | 0.01 | 0.04 | 0.05 | 0.06 | 0.06 | 0.19 | 0.61 | — | — | — | — | 5.40 |
| Equity / assets | 93.5% | 93.7% | 93.1% | 77.4% | 82.3% | 63.7% | 31.3% | −34.1% | −34.8% | −76.0% | −41.2% | 12.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
QBTS financial position
At the end of fiscal 2025 (December 31, 2025), D-Wave Quantum had total assets of $915.8 million (up 358.2% from a year earlier), total liabilities of $63.6 million and shareholders' equity of $852.2 million. It held $884.5 million in cash and short-term investments against $43.5 million of debt, a net cash position of $841.0 million. Its current ratio was 42.38. In the latest quarter (ended June 30, 2026) total assets were $1.2 billion and equity $1.1 billion.
Related: QBTS income statement, QBTS cash flow statement, QBTS key metrics. See the QBTS stock overview for the latest quote and news.
QBTS balance sheet FAQ
What are D-Wave Quantum's total assets?
D-Wave Quantum reported total assets of $915.8 million at the end of fiscal 2025 (December 31, 2025), compared with $199.9 million a year earlier.
How much debt does D-Wave Quantum have?
D-Wave Quantum had $43.5 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.05.
How much cash does D-Wave Quantum have?
D-Wave Quantum held $884.5 million in cash and short-term investments at the end of fiscal 2025; with $43.5 million of debt that is net cash of $841.0 million.
What is D-Wave Quantum's book value?
D-Wave Quantum's shareholders' equity (book value) was $852.2 million at the end of fiscal 2025, or $2.65 per share.
What is D-Wave Quantum's current ratio?
D-Wave Quantum had current assets of $896.2 million and current liabilities of $21.1 million, a current ratio of 42.38 (it can cover its short-term obligations).
How much goodwill does D-Wave Quantum have?
D-Wave Quantum carried $0.9 million of goodwill and intangible assets, 0.1% of total assets, at the end of fiscal 2025.