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D-Wave Quantum QBTS QCaaS — Revenue

Other product segments

Professional services
$929K+18.3%
System sales
$255K-75.1%

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Other financials

Income statement

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Revenue$3.1M-0.6%
Gross profit$1.7M-13.8%
Operating income-$53.3M-101%
Net income-$48.0M+71.3%
EPS (diluted)-$0.13+76.4%

Balance sheet

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Cash & equivalents$296.6M-63.8%
Total debt$48.0M+20.0%
Total equity$1.1B+56.0%
Total assets$1.2B+37.3%

Cash flow

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Operating cash flow-$28.5M-86.5%
CapEx$4.4M+493%
Free cash flow-$32.9M-105%

Valuation

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Market cap$7.92B+44.2%
Enterprise value$7.68B+62.8%
P/S637.7×+391×

Profitability

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Gross margin64.2%-18.3pp
Operating margin-1,372.9%-2,100pp
Net margin-2,001.6%+2,806pp
FCF margin-958.4%-1,451pp

Returns & leverage

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Return on equity-28%
Debt / equity0.0×
Current ratio20.5×-22.4×

Where this comes from

Reported directly by D-Wave Quantum in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The source filing: D-Wave Quantum’s 10-Q, filed August 6, 2026.

Filed
Aug 6, 2026, 4:19 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001907982-26-000129
Line itemThree Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Type of products or services
System sales$255$1,025$341$13,672
QCaaS1,8601,2413,6192,774
Professional services9297851,9121,562
Other revenue*32446288
Total revenue$3,076$3,095$5,934$18,096
Timing of revenue recognition
Revenue recognized over time$2,797$3,082$5,614$5,419

Item 1. D-Wave Quantum Inc. Financial Statements (Unaudited)

FAQ

What is D-Wave Quantum's qcaas — revenue?
D-Wave Quantum (QBTS) reported qcaas — revenue of $1.86M in Q2 2026.
How has D-Wave Quantum's qcaas — revenue changed year-over-year?
D-Wave Quantum's qcaas — revenue increased by 49.9% year-over-year, from $1.24M to $1.86M.
What is the long-term trend for D-Wave Quantum's qcaas — revenue?
Over 4 years (2021 to 2025), D-Wave Quantum's qcaas — revenue has grown at a 5.7% compound annual growth rate (CAGR), from $4.42M to $5.52M.
What does qcaas — revenue mean?
This metric represents the total revenue generated from Quantum Computing as a Service (QCaaS) offerings, which include cloud-based access to quantum processing units and related software development tools. It reflects the company's ability to monetize its core quantum hardware and software platform through subscription or usage-based models. This revenue stream is a critical indicator of market adoption for commercial quantum computing solutions.

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