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D-Wave Quantum QBTS Reclassification of warrant liability to equity upon exercise

Discontinued — last reported Q4 '25

Reclassification of warrant liability to equity upon exercise at other companies

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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:ReclassificationOfWarrantLiabilityToEquityUponExercise.

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 reclassification of warrant liability to equity upon exercise?
D-Wave Quantum (QBTS) reported reclassification of warrant liability to equity upon exercise of $151.54M in Q4 2025.
What does reclassification of warrant liability to equity upon exercise mean?
The accounting adjustment made when warrant liabilities are converted into equity upon exercise. This reflects the removal of the liability from the balance sheet and the corresponding increase in shareholders' equity.