background
What it builds
D-Wave's February 2026 report describes annealing systems and the January 2026 acquisition of gate-model company Quantum Circuits. Annealing and gate-model computing are different approaches; evaluate the relevant system and workload separately.
Sources: D-Wave
background
Business and quantum exposure
The issuer is NYSE: QBTS. Its 2025 report distinguishes revenue from bookings. The profile's annual revenue includes the reported business activity; it does not isolate recurring cloud revenue or establish profitable operations.
interpretation
Research questions and risks
System sales can make periods uneven. Ask about recurring customers, solution quality against strong classical solvers, acquisition costs and cash use. A vendor's advantage claim needs the actual study and comparison.
Sources: D-Wave
Historical financial snapshot
Historical 2025 teaching snapshot, not a current financial assessment. Values below are company-wide; the scope of individual metrics differs. Review subsequent filings before drawing an investment conclusion. Stock compensation expense and weighted-average shares are not counts of newly issued shares.
Scroll across the table to see every column, including sources.
| Metric | Value | Period | Source |
|---|---|---|---|
| Revenue | USD 24.6 million | Year ended 2025-12-31 | Issuer report |
| Cash and cash equivalents | USD 635.347 million | At 2025-12-31 | Issuer report |
| Operating cash flow | USD −71.982 million | Year ended 2025-12-31 | Issuer report |
| Loans payable, net: current + non-current | USD 35.959 million (0.134 + 35.825) | At 2025-12-31 | Issuer report |
| Common shares outstanding | 358,741,605 (2024: 266,595,867) | At 2025-12-31 | Issuer report |
Follow the evidence
Sources and review scope
Source-linked. Editorial review: .