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D-Wave Quantum QBTS System Upgrade — Revenue

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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 us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

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 system upgrade — revenue?
D-Wave Quantum (QBTS) reported system upgrade — revenue of $875K in Q4 2025.
What does system upgrade — revenue mean?
Revenue earned from upgrading or enhancing existing quantum computing systems for customers.
How do you interpret system upgrade — revenue?
An increase indicates strong customer satisfaction and successful upselling of new capabilities, while a decrease may suggest slower adoption of new technology or a shrinking installed base.
How does system upgrade — revenue compare across companies?
Similar to 'Professional Services' or 'Maintenance and Support' revenue in high-tech hardware companies, where recurring or project-based upgrades drive long-term customer value.