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Earnings transcript
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QBTS
D-Wave Quantum Inc.
$14.31
0.61
(4.42%)
[ms_data_label text=’Delayed data’]
| Exchange: | NYSE |
| Market Cap: | 5.246B |
| Shares Outstanding: | 109.745M |
About The Company
| Sector: | Technology | |||||
| Industry: | Computer Hardware | |||||
| CEO: | Alan E. Baratz | |||||
| Full Time Employees: | 216 | |||||
| Address: |
| |||||
| Website: | https://www.dwavesys.com |
D-Wave Quantum Inc. develops and delivers quantum computing systems, software, and services worldwide. The company offers Advantage, a fifth-generation quantum computer; Launch, a quantum computing onboarding service; Ocean a full suite of open-source programming tools; and Leap, a cloud-based service that provides real-time access to a live quantum computer, as well as access to Advantage, hybrid solvers, the Ocean software development kit, live code, demos, learning resources, and a vibrant developer community. It also provides D-Wave Launch, a quantum professional service that guides enterprises from problem discovery through in-production application deployment. The company’s quantum solutions are used in artificial intelligence, materials sciences, drug discovery, scheduling, cybersecurity, fault detection, and financial modeling. It serves manufacturing and logistics, financial services, life sciences, and other industries. D-Wave Quantum Inc. is based in Burnaby, Canada.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 8,758 | 8,827 | 24,587 |
| Gross Profit | 4,622 | 5,563 | 20,306 |
| EBITDA | -80,833 | -138,050 | -348,743 |
| Operating Income | -80,546 | -77,223 | -100,368 |
| Net Income | -82,715 | -143,879 | -355,062 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 59,356 | 199,853 | 915,813 |
| Total Liabilities | 83,837 | 137,207 | 63,583 |
| Total Stockholders Equity | -24,481 | 62,646 | 852,230 |
| Total Debt | 72,651 | 38,377 | 7,632 |
| Cash and Cash Equivalents | 41,307 | 177,980 | 635,347 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | -60,649 | -42,643 | -71,982 |
| Capital Expenditure | -630 | -2,106 | -3,862 |
| Free Cash Flow | -61,279 | -44,749 | -75,844 |
| Net Income | -82,715 | -143,879 | -355,062 |
| Net Change in Cash | 34,242 | 136,673 | 457,367 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2030 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 333,531.092 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 599,793.389 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 442,079.250 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | -599,793.389 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | -333,531.092 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | -442,079.250 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | -27,034.758 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | -12,573.735 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | -18,469.116 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 1,394,763.347 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 2,508,221.438 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 1,848,691.020 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | -0.060 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | -0.040 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | -0.080 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 4 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 6 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeSWOT Analysis
Strengths (preview)
- Innovative Positioning in Industry: QBTS operates within a niche segment of the technology sector (as indicated by industryName and sectorName), potentially benefiting from specialized demand and reduced direct competition, as reflected in the company description and product_category revenue segments.
- Revenue Growth Trends: Historical income statements show consistent revenue increases over recent calendar years, supported by positive gross profit margins (grossProfitMarginTTM), indicating operational efficiency and scalability in core business activities.
- Strong Liquidity Metrics: The balance sheet data highlights a solid current ratio (currentRatioTTM) and quick ratio (quickRatioTTM), suggesting QBTS maintains adequate short-term liquidity to meet obligations, providing financial stability.
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Intrinsic Value Calculator
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Common questions about QBTS valuation
Is D-Wave Quantum Inc. (QBTS) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for D-Wave Quantum Inc. (QBTS) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is QBTS a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether QBTS trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is QBTS’s P/E ratio?
You can see QBTS’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for QBTS?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is QBTS a good long-term investment?
Whether QBTS fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
QBTS
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[ms_data_label text="Daily snapshot"]
4.42
Trading Metrics:
| Open: | [ms_cell_or_dash table='trading_quote' column='open'] | Previous Close: | [ms_cell_or_dash table='trading_quote' column='previousClose'] | |
| Day Low: | [ms_cell_or_dash table='trading_quote' column='dayLow'] | Day High: | [ms_cell_or_dash table='trading_quote' column='dayHigh'] | |
| Year Low: | 5.77 | Year High: | 46.75 | |
| Price Avg 50: | 19.09 | Price Avg 200: | 22.42 | |
| Volume: | 15.648M | Average Volume: | 26.979M |
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Login — it's freeQBTS full analysis
Welcome to MARKETSNAP’s SWOT analysis for D-Wave Quantum Inc., ticker QBTS! If you’re a long-term investor looking to build wealth through smart stock picks, you’re in the right place. Today, we’re diving deep into D-Wave Quantum, a company that’s carving out a niche in the cutting-edge world of quantum computing. Let’s break down what makes this company tick, analyze its recent performance, and run through a detailed SWOT to see if it’s a potential fit for your portfolio. Stick with…
