D-Wave Quantum Inc. (QBTS) Income Statement
QBTS 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsQBTS revenue and net income
Where QBTS's revenue goes
2025Each bar shows an amount and its share of revenue. QBTS kept −1,444.1% of revenue as net income.
QBTS profit margins
QBTS growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +178.5% | +50.8% | +36.7% | — |
| Gross profit | +265.0% | +68.4% | +36.8% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
QBTS quarterly EPS vs estimates
D-Wave Quantum beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: November 5, 2026 (estimate $-0.10).
QBTS income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Revenue | $24.6M | $8.8M | $8.8M | $7.2M | $6.3M | $5.2M |
| Cost of revenue | $4.3M | $3.3M | $4.1M | $2.9M | $1.8M | $915,000 |
| Gross profit | $20.3M | $5.6M | $4.6M | $4.2M | $4.5M | $4.2M |
| Research & development | $50.7M | $35.3M | $37.9M | $32.1M | $25.4M | $20.4M |
| Sales, general & admin | $69.9M | $47.5M | $47.3M | $31.6M | $18.1M | $15.3M |
| Total operating expenses | $120.7M | $82.8M | $85.2M | $63.7M | $43.5M | $35.7M |
| Operating income | −$100.4M | −$77.2M | −$80.5M | −$59.5M | −$38.9M | −$31.5M |
| Interest income | $24.1M | $1.7M | — | $5.7M | $0 | $0 |
| Interest expense | $4.0M | $3.9M | $2.2M | $2.3M | $4.0M | $5.2M |
| Income before taxes | −$355.1M | −$143.9M | −$82.7M | −$53.7M | −$41.0M | −$22.0M |
| Income taxes | — | −$143.9M | −$12.6M | −$12.6M | $2.5M | $8.2M |
| Net income | −$355.1M | −$143.9M | −$82.7M | −$53.7M | −$41.0M | −$22.0M |
| EBITDA | −$348.7M | −$138.1M | −$80.8M | −$49.0M | −$34.4M | −$14.1M |
| EPS (diluted) | −$0.75 | −$0.41 | −$0.54 | −$0.46 | $1.09 | −$0.02 |
| Gross margin | 82.6% | 63.0% | 52.8% | 59.2% | 72.1% | 82.3% |
| Operating margin | −408.2% | −874.8% | −919.7% | −828.9% | −620.3% | −609.8% |
| Net margin | −1,444.1% | −1,630.0% | −944.5% | −748.7% | −652.5% | −425.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.1M | $2.9M | $2.8M | $3.7M | $3.1M | $15.0M | $2.3M | $1.9M | $2.2M | $2.5M | $2.9M | $2.6M |
| Cost of revenue | $1.4M | $1.0M | $968,000 | $1.1M | $1.1M | $1.1M | $836,000 | $827,000 | $795,000 | $806,000 | $939,000 | $1.0M |
| Gross profit | $1.7M | $1.8M | $1.8M | $2.7M | $2.0M | $13.9M | $1.5M | $1.0M | $1.4M | $1.7M | $2.0M | $1.5M |
| Research & development | $28.2M | $25.8M | $13.7M | $14.1M | $12.7M | $10.3M | $9.8M | $8.7M | $8.4M | $8.5M | $8.0M | $9.5M |
| Sales, general & admin | $26.7M | $30.8M | $22.9M | $16.3M | $15.8M | $14.9M | $12.0M | $13.0M | $11.9M | $10.7M | $10.6M | $10.5M |
| Total operating expenses | $55.0M | $56.5M | $36.6M | $30.4M | $28.5M | $25.2M | $21.7M | $21.7M | $20.2M | $19.2M | $18.5M | $19.9M |
| Operating income | −$53.3M | −$54.7M | −$34.8M | −$27.7M | −$26.5M | −$11.3M | −$20.2M | −$20.6M | −$18.8M | −$17.5M | −$16.5M | −$18.4M |
| Interest income | $5.0M | $5.8M | — | — | $4.3M | $3.1M | — | — | — | — | — | — |
| Interest expense | $255,000 | $5.8M | $3.4M | $201,000 | $206,000 | $226,000 | $417,000 | $1.2M | $1.2M | $1.1M | $2.0M | $1.8M |
| Income before taxes | −$48.0M | −$46.8M | −$42.3M | −$140.0M | −$167.3M | −$5.4M | −$86.1M | −$22.7M | −$17.8M | −$17.3M | −$16.4M | −$16.1M |
| Income taxes | $8,000 | −$28.5M | — | — | — | — | −$86.1M | — | — | $384,724 | −$1.6M | $2.2M |
| Net income | −$48.0M | −$18.4M | −$42.3M | −$140.0M | −$167.3M | −$5.4M | −$86.1M | −$22.7M | −$17.8M | −$17.3M | −$16.4M | −$16.1M |
| EBITDA | −$42.7M | −$42.4M | −$38.3M | −$139.2M | −$166.6M | −$4.6M | −$85.1M | −$21.1M | −$16.1M | −$15.7M | −$18.4M | −$14.7M |
| EPS (diluted) | −$0.13 | −$0.04 | −$0.12 | −$0.05 | −$0.55 | −$0.03 | −$0.10 | −$0.10 | −$0.11 | −$0.10 | −$0.10 | −$0.14 |
| Gross margin | 55.4% | 63.6% | 64.8% | 71.4% | 63.8% | 92.5% | 63.8% | 55.8% | 63.6% | 67.3% | 67.7% | 59.7% |
| Operating margin | −1,732.1% | −1,914.9% | −1,266.0% | −741.8% | −856.3% | −75.3% | −876.2% | −1,103.5% | −863.0% | −710.6% | −569.2% | −718.5% |
| Net margin | −1,561.4% | −642.3% | −1,538.0% | −3,743.9% | −5,406.4% | −36.1% | −3,727.9% | −1,214.5% | −814.4% | −702.3% | −563.7% | −628.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in QBTS's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
QBTS financial results
In fiscal year 2025 (ended December 31, 2025), D-Wave Quantum reported revenue of $24.6 million, up 178.5% from the year before. It had a net loss of $355.1 million, a net profit margin of −1,444.1%. Diluted earnings per share came to −$0.75. Over five years revenue grew at an average rate of 36.7% a year.
See the QBTS stock overview for the latest quote and news, or the QBTS chart for price history and technical indicators.
QBTS income statement FAQ
What is D-Wave Quantum's annual revenue?
D-Wave Quantum reported total revenue of $24.6 million for fiscal year 2025, which ended on December 31, 2025. That was up 178.5% from $8.8 million the previous year.
Is D-Wave Quantum profitable?
No. D-Wave Quantum reported a net loss of $355.1 million in fiscal 2025, a net profit margin of −1,444.1%; its operating margin was −408.2%.
What is D-Wave Quantum's gross margin?
D-Wave Quantum's gross margin was 82.6% in fiscal 2025: for every $100 of revenue, D-Wave Quantum kept $83 after the direct cost of its products and services.
How much does D-Wave Quantum spend on research and development?
D-Wave Quantum spent $50.7 million on research and development in fiscal 2025, 206.3% of revenue.
How fast is D-Wave Quantum growing?
Revenue grew 36.7% a year on average over the last five fiscal years, from $5.2 million to $24.6 million.
What are D-Wave Quantum's earnings per share?
D-Wave Quantum earned $-0.75 per diluted share in fiscal 2025, compared with $-0.41 a year earlier.
When will D-Wave Quantum report its next earnings?
D-Wave Quantum is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 before the market opens.
When does D-Wave Quantum's fiscal year end?
D-Wave Quantum's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.