D-Wave Quantum Inc. (QBTS)

Price$16.41Cached quoteAs of 2026-09-16 12:32 UTC

AI: Overvalued

Price checkThe shares look overvalued because the market value dwarfs current revenue and cash generation.

Roughly 372 million shares imply an equity value near $6.1 billion. After subtracting about $498 million of net liquidity, the operating business is valued near $5.6 billion. Trailing revenue is only about $12.4 million, putting that value near 450 times sales. Even the $40.7 million of remaining performance obligations, contracted revenue not yet fully recognized, is tiny beside the valuation. The price therefore assumes extraordinary growth and eventual profitability far beyond what current financial results demonstrate.

Big pictureCommercial traction is improving, but revenue remains tiny and operating losses are widening.

Revenue reached $24.6 million in 2025, but that included a large system sale, showing how irregular results can be. First-half 2026 revenue fell to $5.9 million from $18.1 million a year earlier, while second-quarter revenue was essentially flat at $3.1 million. Adjusted operating cash earnings remained deeply negative, with a $37.1 million second-quarter loss. First-half operating cash use plus capital spending totaled about $79 million. This is less conventional economic cyclicality than project-driven volatility, where individual system contracts can dominate reported growth.

Business strengthCustomer proof and ample liquidity are positives, but shareholders have paid heavily through dilution.

Commercial evidence is improving: AT&T said one network optimization workload fell from about an hour to under 15 seconds, while NTT DOCOMO deployed a second production application that cut peak location-registration signals 65.3%. D-Wave held $546.2 million of cash and marketable securities against roughly $48 million of debt at June 30. The price of that runway has been dilution: shares increased from about 161 million at end-2023 to 372 million, and the $550 million Quantum Circuits acquisition included $300 million of stock plus $250 million cash.

What could change the storyRapid contract conversion could justify more value, while another year of tiny revenue would not.

The bull case rests on $35.5 million of first-half bookings and $40.7 million of remaining performance obligations converting into substantially larger recurring revenue, while Quantum Circuits opens a second gate-model market. About 57% of those obligations are expected to become revenue within twelve months. The bear case is that bookings were heavily front-loaded by a $20 million system sale and second-quarter bookings were only $2.1 million. Even at a generous twenty times sales valuation, today's business value would require roughly $280 million of annual revenue, more than twenty times the recent run rate.

AI: News

Quarterly results disappointRevenue missed expectations and losses widened, showing that strong bookings are not yet becoming sales.

On August 6, D-Wave reported second-quarter revenue of $3.1 million, essentially flat year over year and below roughly $4.0 million expected by analysts. Operating expenses rose 93%, and adjusted operating cash earnings showed a $37.1 million loss. First-half bookings still jumped to $35.5 million and remaining performance obligations reached $40.7 million. Shares fell about 9% that session, consistent with investors focusing on the revenue miss and rising spending despite stronger future contract commitments.

Finance chief retiresThe finance chief's unexpected retirement added uncertainty around a company still dependent on capital and future growth.

D-Wave announced August 25 that Chief Financial Officer John Markovich would retire effective September 2, with senior finance executive Greg Golkov becoming acting finance chief. The company explicitly said the departure did not result from disagreement over operations, accounting, financial statements or controls. Shares closed about 9.5% lower the next day. Contemporary reporting noted that broader market and quantum benchmarks moved much less, making the leadership change a plausible driver, although price timing alone cannot establish causation.

AT&T expands deploymentA broader AT&T agreement provided unusually concrete evidence that D-Wave's technology can solve commercial problems.

On July 27, AT&T agreed to expand D-Wave technology across network operations after early work reduced one optimization process from roughly one hour to less than 15 seconds. Planned areas include outage response, technician routing, network planning and traffic management, although financial terms were not disclosed. D-Wave shares closed about 20% higher that day. The move cannot be attributed solely to the agreement because D-Wave also began trading on Nasdaq that morning, but the customer expansion materially strengthened commercial validation.

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Revenue

2020

2021

2022

2023

2024

2025

Net income

2020

2021

2022

2023

2024

2025

Free cash flow

2020

2021

2022

2023

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2025

Total cash / debt

CashTotal debt

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2025

Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$24.6M	$8.8M	$8.8M	$7.2M	$6.3M	$5.2M
Gross profit	$20.3M	$5.6M	$4.6M	$4.3M	$4.5M	$4.2M
Gross margin	82.59%	63.02%	52.77%	59.25%	72.13%	82.27%
Research & development	$50.7M	$35.3M	$37.9M	$32.1M	$25.4M	$20.4M
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
Operating margin	−408.22%	−874.85%	−919.68%	−828.91%	−620.29%	−609.83%
EBITDA	−$98.8M	−$76.1M	−$79.5M	−$58.0M	−$37.4M	−$29.6M
EBITDA margin	−401.86%	−862.29%	−907.65%	−809.08%	−595.86%	−573.28%
Net income	−$355.1M	−$143.9M	−$82.7M	−$53.7M	−$41.0M	−$22.0M
Net profit margin	−1,444.10%	−1,629.99%	−944.45%	−748.67%	−652.54%	−425.72%
Basic EPSper basic share	-$1.11	-$0.75	-$0.60	-$0.45	-$0.33	-$0.17
Diluted EPSper diluted share	-$1.11	-$0.75	-$0.60	-$0.45	-$0.33	-$0.17

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

8.91%of listed shares

BlackRock, Inc.33.15M shares · Jun 30, 2026

View holders

Top 20 reported holders of QBTS
Holder	% owned
BlackRock, Inc.	8.91%33.15M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	5.92%22.02M shares
PUBLIC SECTOR PENSION INVESTMENT BOARD	≈5.48%20.38M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.28%15.94M shares
UBS Group AG	3.13%11.65M shares
GEODE CAPITAL MANAGEMENT, LLC	2.49%9.27M shares
STATE STREET CORP	2.43%9.03M shares
Clear Street Group Inc.	1.67%6.21M shares
NORGES BANK	1.20%4.48M shares
BANK OF AMERICA CORP /DE/	1.17%4.34M shares
NORTHERN TRUST CORP	0.91%3.37M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	0.88%3.28M shares
UNICOM Systems, Inc.	0.84%3.12M shares
MORGAN STANLEY	0.78%2.92M shares
Defiance ETFs, LLC	0.78%2.91M shares
Penserra Capital Management LLC	0.77%2.86M shares
JPMORGAN CHASE & CO	0.74%2.74M shares
GOLDMAN SACHS GROUP INC	0.72%2.68M shares
VANGUARD FIDUCIARY TRUST CO	0.70%2.6M shares
VAN ECK ASSOCIATES CORP	0.63%2.34M shares

Percentages use 372.01M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys1$1.8K disclosed value

Sells (SEC code S)81$331.09M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 15, 2026Form 4 · 10b5-1	Ghai RohitDirector	SellCommon Stock, par value $0.0001 per share ("Common Stock")	13.5K	$26.41	$357.0K	23.6K
Jun 15, 2026Form 4	Markovich John M.Chief Financial Officer	SellCommon Stock, par value $0.0001 per share ("Common Stock")	100.0K	$25.68	$2.57M	1.14M
Jun 15, 2026Form 4	Markovich John M.Chief Financial Officer	SellCommon Stock, par value $0.0001 per share ("Common Stock")	100.0K	$25.75	$2.58M	1.24M
Jun 12, 2026Form 4	Markovich John M.Chief Financial Officer	SellCommon Stock, par value $0.0001 per share ("Common Stock")	46.0K	$24.01	$1.11M	1.34M
Jun 9, 2026Form 4	Markovich John M.Chief Financial Officer	SellCommon Stock, par value $0.0001 per share ("Common Stock")	70	$26.54	$1.9K	1.39M