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D-Wave Quantum QBTS System Upgrade — Revenue

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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-K, filed February 26, 2026.

Filed
Feb 26, 2026, 4:13 PM EST
Fiscal year
FY2025
Accession
0001907982-26-000026

During the year ended December 31, 2025, the Company recognized revenue of $3.5 million from a system upgrade project, which was classified under system sales.

Item 1. Financial Statements

FAQ

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?
This metric represents the total revenue generated from providing hardware, software, or performance enhancements to existing quantum computing installations. It reflects the company's ability to monetize the lifecycle of its installed base by offering incremental improvements and technological refreshes. This revenue stream is a key indicator of customer retention and the ongoing value proposition of the company's quantum computing platform.

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