What is D-Wave Quantum's market cap?

D-Wave Quantum (QBTS) has a market capitalization of $7.2B and trades on NYSE.

What is D-Wave Quantum's revenue and profitability?

D-Wave Quantum generated $12.4M in trailing twelve-month revenue with a net loss of $368.0M, representing a net margin of -2957.2%. Gross margin stands at 66.3%, with free cash flow of -$102.2M. These figures are based on the Q1 2026 filing.

Who are D-Wave Quantum's competitors?

D-Wave Quantum's key competitors include IonQ, Rigetti Computing, IBM, and others. These companies compete in similar markets and product categories.

Who does D-Wave Quantum partner with?

D-Wave Quantum's notable partners include Mastercard, Deloitte, NEC Corporation, and others.

What subsidiaries does D-Wave Quantum have?

D-Wave Quantum's subsidiaries include Quantum Circuits, Inc., D-Wave Systems Inc..

Where is D-Wave Quantum headquartered?

D-Wave Quantum is headquartered in Canada and employs approximately 200 people. It has been publicly traded since 2022.

D-Wave Quantum

QBTS

D-Wave Quantum Inc. is a pioneer in the quantum computing industry, specializing in the development and delivery of commercial-grade quantum systems and software.

Market cap

$7.23B+35.6%

Revenue$12.4M-41.8%

Net income-$368.0M-179%

Free cash flow-$102.2M-92.4%

EPS (diluted)-$1.11-68.2%

Trailing twelve months · change vs. prior year

Table of contents

Earnings

Q1 2026 report

May 12, 2026

Revenue$2.9MMiss by $1.3M EPS-$0.05Beat by $0.03

Read the full report

Next report

Aug 6, 2026 (In 1 week)

Revenue estimate$4.0M

EPS estimate-$0.08

Financials

Q1 2026

Income statement

See full

Revenue$2.9M-80.9%

Gross profit$1.8M-86.9%

Operating income-$54.7M-385%

Net income-$18.4M-239%

EPS (diluted)-$0.05-150%

Balance sheet

See full

Cash & equivalents$338.2M+11.1%

Total debt$46.7M+22.5%

Total equity$1.1B+442%

Total assets$1.2B+268%

Cash flow

See full

Operating cash flow-$45.0M-133%

CapEx$1.1M+147%

Free cash flow-$46.0M-134%

Valuation & ratios

Valuation

See full

Market cap$7.23B+35.6%

Enterprise value$6.94B+40.0%

P/S580.8×+323×

Profitability

See full

Gross margin66.3%-17.0pp

Operating margin-1,155.6%-1,938pp

Net margin-2,957.2%-4,019pp

FCF margin-821%-1,451pp

Returns & leverage

See full

Return on equity-55.3%—

Debt / equity0×-0.1×

Current ratio21.4×+0.7×

Segments

By product

See full

QCaaS$1.8M+14.7%

Professional services$983.0K+26.5%

System sales$86.0K-99.3%

Competitors

By market cap

Alphabet Inc.$3.99T+70.7%

International Business Machines$203.76B-16.9%

IonQ$13.4B+8.7%

D-Wave Quantum$7.2B+26.0%

Rigetti Computing, Inc.$5.2B+3.5%

Infleqtion $2.1B—

Quantum Computing Inc.$1.8B-29.6%

Quantum Corporation$431.9M+651%

By revenue growth

Quantum Computing Inc.+1,026%

IonQ+335%

Alphabet Inc.+20.1%

Rigetti Computing, Inc.+8.8%

D-Wave Quantum-41.8%

By net margin

Alphabet Inc.54.77%+23.7pp

International Business Machines15.61%—

Quantum Computing Inc.-916.15%+10,804pp

IonQ-1,836.32%+525pp

Rigetti Computing, Inc.-2,253.59%-760pp

D-Wave Quantum-2,957.23%-2,339pp

Profile

D-Wave Quantum Inc. is a pioneer in the quantum computing industry, specializing in the development and delivery of commercial-grade quantum systems and software. The company provides a dual-platform approach that includes both annealing and gate-model quantum computing technologies to solve complex optimization and computational problems. Their core value proposition centers on enabling enterprise-scale adoption of quantum solutions to address real-world challenges that exceed the capabilities of classical computing.

Competitive position

D-Wave is a first-mover in the commercial quantum space and the only company currently offering a dual-platform approach of both annealing and gate-model superconducting technologies.

GeographiesGlobal, North America

Customer segmentsFortune 500, Pharmaceuticals, Logistics, Financial Services, Manufacturing

Business modelSaaS, Hardware-as-a-Service, Professional Services, Direct Sales

SuppliersSuperconducting qubit fabrication, Cryogenic cooling systems, Specialized semiconductor components, Advanced packaging materials

CustomersLogistics and supply chain managers, Drug discovery researchers, Financial portfolio managers, AI model trainers

CountryCanada

Listed2022

Employees200.0

CEOAlan E. Baratz

SectorTechnology

IndustryComputer Hardware

Websitedwavesys.com

FilingsSEC EDGAR

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Questions, answered.

What is D-Wave Quantum's market cap?: D-Wave Quantum (QBTS) has a market capitalization of $7.2B and trades on NYSE.
What is D-Wave Quantum's revenue and profitability?: D-Wave Quantum generated $12.4M in trailing twelve-month revenue with a net loss of $368.0M, representing a net margin of -2957.2%. Gross margin stands at 66.3%, with free cash flow of -$102.2M. These figures are based on the Q1 2026 filing.
Who are D-Wave Quantum's competitors?: D-Wave Quantum's key competitors include IonQ, Rigetti Computing, IBM, and others. These companies compete in similar markets and product categories.
Who does D-Wave Quantum partner with?: D-Wave Quantum's notable partners include Mastercard, Deloitte, NEC Corporation, and others.
What subsidiaries does D-Wave Quantum have?: D-Wave Quantum's subsidiaries include Quantum Circuits, Inc., D-Wave Systems Inc..
Where is D-Wave Quantum headquartered?: D-Wave Quantum is headquartered in Canada and employs approximately 200 people. It has been publicly traded since 2022.