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D-Wave Quantum QBTS Debt issuance costs settled by issuing freestanding warrants

Discontinued — last reported Q4 '25

Debt issuance costs settled by issuing freestanding warrants at other companies

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IonQIONQ
$22.87M
TG Therapeutics logo
TG TherapeuticsTGTX
$0
Axsome Therapeutics logo
Axsome TherapeuticsAXSM
$408.75K
Cipher Digital, Inc.
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Cipher Digital, Inc. CIFR
$136.11M
Willis Towers Watson logo
Willis Towers WatsonWTW
$4M+14.3%
EFC
Ellington Financial Inc.EFC
-$2.32M

Other financials

Income statement

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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

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Cash & equivalents$338.2M+11.1%
Total debt$46.7M+22.5%
Total equity$1.1B+442%
Total assets$1.2B+268%

Cash flow

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Operating cash flow-$45.0M-133%
CapEx$1.1M+147%
Free cash flow-$46.0M-134%

Valuation

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Market cap$9.15B+141%
Enterprise value$8.85B+159%
P/S735×+557×

Profitability

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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

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Return on equity-55.3%
Debt / equity-0.1×
Current ratio21.4×+0.7×

Where this comes from

Reported directly by D-Wave Quantum in its filing.

Tagged under the XBRL concept qbts:DebtIssuanceCostsRelatedToFreestandingWarrants.

The official record: D-Wave Quantum’s 10-K, filed February 26, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is D-Wave Quantum's debt issuance costs settled by issuing freestanding warrants?
D-Wave Quantum (QBTS) reported debt issuance costs settled by issuing freestanding warrants of $84.5K in Q4 2025.
What does debt issuance costs settled by issuing freestanding warrants mean?
The value of warrants given to lenders as a cost for securing debt financing.
How do you interpret debt issuance costs settled by issuing freestanding warrants?
An increase indicates the company is using equity-linked incentives to secure debt, which may signal higher financing costs or limited access to traditional cash-based debt markets.
How does debt issuance costs settled by issuing freestanding warrants compare across companies?
Common in high-growth or pre-profit companies that utilize equity sweeteners to lower immediate cash interest burdens.