QBTSNasdaqServices-Computer Processing & Data PreparationUS GAAP · USD

D-Wave Quantum Inc.

D-Wave Quantum Inc. develops and commercializes quantum computing systems, software, and cloud-based access services. It sells access to its Leap quantum cloud platform, professional services for quantum application development, and superconducting annealing quantum computers, including its Advantage2 system.

Kysy yhtiöstä
Liikevaihto24,6milj. USD
+178,5 %v/v
Liikevoitto (EBIT)−100milj. USD
−30,0 %v/v
EBIT-marginaali−408,2%
+466,6 %-yks.v/v
Nettotulos−355milj. USD
−146,8 %v/v
Vapaa kassavirta−75,8milj. USD
−69,5 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−125−100−75−50−25025milj. USD2020: 5,2 milj. USD2020: EBIT −31 milj. USD20202021: 6,3 milj. USD2021: EBIT −39 milj. USD20212022: 7,2 milj. USD2022: EBIT −59 milj. USD20222023: 8,8 milj. USD2023: EBIT −81 milj. USD20232024: 8,8 milj. USD2024: EBIT −77 milj. USD20242025: 25 milj. USD2025: EBIT −100 milj. USD202525−100
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Quantum Computing as a Service (QCaaS)55 %

Cloud subscriptions that give customers access to D-Wave's quantum computing systems through Leap.

Professional Services20 %

Consulting, implementation support, and training for quantum application development.

Quantum System Sales25 %

Sale of superconducting quantum computer systems for on-premises or dedicated use.

Tuotteet

Raportoitu · osuus liikevaihdosta
65,8%22,4%11,1%FY2025100 %
  • System Sales65,8 %
  • Q Caa S22,4 %
  • Professional Services11,1 %
  • Other0,7 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

Customers are organizations that want to test or deploy quantum computing for optimization, AI, research, and related workloads. The business serves enterprises, research institutions, and government or public-sector users that need either cloud access to quantum systems or direct system deployment. Buyers typically start with cloud subscriptions or services before expanding into larger system purchases or longer-term engagements.

Enterprise and commercial users

Buy QCaaS subscriptions and services to evaluate and deploy optimization and AI workloads.

Research and academic institutions

Use cloud access and system time for experimentation, benchmarking, and research programs.

Government and public-sector customers

Purchase access and services for strategic research, national capability, and pilot programs.

System buyers

Acquire on-premises quantum computers for dedicated workloads and internal control.

Strategia

D-Wave's strategy is to expand commercial adoption of quantum computing by combining cloud access, services, and system sales in one platform. It is also investing in R&D and go-to-market efforts to grow usage of its annealing systems while broadening customer engagement through training and implementation support. The planned headquarters move and new Florida R&D facility suggest a continued push to strengthen U.S. operations and product development capacity.

Scale QCaaS adoptionLyhyt aikaväli

Recurring cloud access can broaden the customer base and improve engagement before larger system sales.

Convert use cases into deploymentsKeskipitkä aikaväli

Professional services help customers identify practical applications and increase the chance of repeat business.

Advance hardware and software capabilityPitkä aikaväli

Better system performance and reliability are needed to sustain differentiation in a nascent market.

Maantiede

Q1/2026

D-Wave operates primarily from North America, with leased facilities in Burnaby and Richmond, British Columbia, and Palo Alto, California, plus a New Haven, Connecticut site. The company also plans to move its headquarters to Boca Raton, Florida and add a U.S. R&D facility there, which would deepen its U.S. operating footprint. Its business is exposed to U.S.-Canada trade relations because hardware components and suppliers are cross-border and globally sourced.

USA59 %
Other countries (US filing)16 %
Japan13 %
Saksa6,1 %
Kanada4,9 %

Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.

Riskit

D-Wave remains an early-stage quantum computing company with a business model that depends on market adoption, customer willingness to pay, and continued access to capital. Its risks are amplified by supply-chain dependence, trade and national-security scrutiny around quantum technology, and intense competition in a market that is still developing. Because revenue is tied to a small and evolving customer base, delays in commercialization or pricing pressure could materially affect results.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Slow development of the quantum computing market1Funding and operating loss risk2Supply-chain and component availability3Competitive pricing pressure4Trade policy and geopolitical friction5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Slow development of the quantum computing marketVaikutus: KorkeaTodennäköisyys: Korkea

    The company's revenue depends on customers adopting quantum workflows and paying for access or systems.

    KohdistuuQCaaSServicesSystem sales
  2. Funding and operating loss riskVaikutus: KorkeaTodennäköisyys: Korkea

    The company has a history of significant losses and needs capital to fund R&D and commercialization.

    Kohdistuu: Corporate liquidity and growth investment

  3. Supply-chain and component availabilityVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Quantum hardware relies on critical suppliers and in-house manufacturing, so shortages or delays can disrupt delivery.

    Kohdistuu: Quantum computer systems

  4. Competitive pricing pressureVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Rivals may offer more attractive pricing or faster product improvements, reducing D-Wave's margins and win rates.

    Kohdistuu: Cloud access and system sales

  5. Trade policy and geopolitical frictionVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Tariffs, customs duties, and cross-border restrictions can increase costs and complicate sourcing.

    Kohdistuu: U.S.-Canada and global supplier base

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition by contract type

Different timing for subscriptions, services, and system sales affects quarterly comparability and backlog conversion.

Vaikutus: Revenue mix can shift reported growth and margins

Fair value measurement of warrant liabilities

Large non-cash gains or losses can materially distort net loss from period to period.

Vaikutus: Earnings volatility unrelated to operating performance

Stock-based compensation

Equity awards are a meaningful operating cost for a growth-stage technology company.

Vaikutus: Raises reported R&D, G&A, and sales expense

Lease accounting and capitalized project costs

Operating facilities and capital projects create balance sheet and cash flow effects that need close tracking.

Vaikutus: Affects assets, liabilities, and investing cash flow

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Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

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Rigetti Computing, Inc.

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VisionWave Holdings, Inc.

VWAVW · Services-Prepackaged Software

Päivitetty: 24.9.2026

D-Wave Quantum Inc. (QBTS) liikevaihto, tulos ja tunnusluvut 2025 – Clarifo