Latest revenue
$2.9M
as of 2026-03-31
Latest net income
$-18.4M
as of 2026-03-31
Net margin
-642.3%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $10.78B
- Enterprise value
- $10.78B
- P/E (trailing)
- —
- Forward P/E
- —
- P/B
- —
- Dividend yield
- 0.0%
- 52-wk high
- $46.75
- 52-wk low
- $12.75
- Beta
- —
- Shares out
- 366.7M
5-year trend
What this company does
Item 1. Business Unless the context requires otherwise, references in this section to “D-Wave,” “we,” “our” or “us” refer to D-Wave Quantum Inc., a Delaware corporation, and its consolidated subsidiaries following the consummation of the Transaction, and prior to the consummation of the Transaction, to D-Wave Systems Inc., a British Columbia corporation ("D-Wave Systems"). Overview At D-Wave, our mission is to help customers realize the value of quantum computing to address complex computational problems that cannot be solved with classical computing alone. As a pioneer in the quantum industry for more than 25 years, D-Wave is the world’s first company to deliver commercial-grade annealing…
AI summary unavailable — showing raw filing excerpt
Generated from QBTS's filing dated 2026-02-26
Key risks
Item 1A. Risk Factors In this section, unless otherwise specified, the terms the "Company," “we,” “our,” “us,” “D-Wave,” and “D-Wave Quantum” refer to D-Wave Quantum Inc. and its consolidated subsidiaries. You should carefully review and consider the following risk factors in addition to the other information included in this Form 10-K, including matters addressed in the section entitled “Cautionary Note Regarding Forward-Looking Statements”, the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and the consolidated financial statements and notes to the consolidated financial statements included herein. The occurrence of one or more of…
AI summary unavailable — showing raw filing excerpt
Generated from QBTS's filing dated 2026-02-26
Profitability
Gross margin
82.6%
31.0%Operating margin
-408.2%
53.3%Net margin
-1444.1%
11.4%Return on equity
-41.7%
81.9%Return on assets
-38.8%
46.1%Leverage
Debt / equity
0.07×
96.6%Long-term debt / equity
0.04×
91.3%Debt / assets
6.9%
89.9%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $2.9M | -80.9% | $-18.4M | -238.6% | -642.3% |
Q4 2025 2025-12-31 | $2.8M | +19.2% | $-42.3M | +50.8% | -1538.0% |
Q3 2025 2025-09-30 | $3.7M | +99.9% | $-140.0M | -516.4% | -3743.9% |
Q2 2025 2025-06-30 | $3.1M | +41.8% | $-167.3M | -841.2% | -5406.4% |
Q1 2025 2025-03-31 | $15.0M | +508.6% | $-5.4M | +68.7% | -36.1% |
Q4 2024 2024-12-31 | $2.3M | — | $-86.1M | — | -3727.9% |
Q3 2024 2024-09-30 | $1.9M | -27.0% | $-22.7M | -43.5% | -1214.5% |
Q2 2024 2024-06-30 | $2.2M | +27.9% | $-17.8M | +31.4% | -814.4% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Services-Computer Processing & Data Preparation · SIC 7374
Your notes
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Insider activity
Insider buying
$1.8K
Insider selling
$89.1M
Net activity
−$89.1M
Distinct insiders
9
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns QBTS
Institutional value
$1.59B
Total shares held
113.6M
Distinct holders
345
-30 vs prior
As of
2026-03-31
Prior: 2025-12-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 30.2M | $435.1M | +2.0M (+6.9%) | Added |
| 2 | VANGUARD PORTFOLIO MANAGEMENT LLC | 20.8M | $300.0M | — | New |
| 3 | VANGUARD CAPITAL MANAGEMENT LLC | 15.9M | $228.7M | — | New |
| 4 | UBS Group AG | 9.9M | $142.4M | — | New |
| 5 | UNICOM Systems, Inc. | 3.1M | $45.0M | — | New |
| 6 | VANGUARD FIDUCIARY TRUST CO | 2.5M | $36.6M | — | New |
| 7 | JANE STREET GROUP, LLC | 2.4M | $34.4M | +2.4M (+18135.6%) | Added |
| 8 | Nuveen, LLC | 1.5M | $21.0M | -216.2K (-13.0%) | Trimmed |
| 9 | Bank of New York Mellon Corp | 1.4M | $20.6M | +188.0K (+15.1%) | Added |
| 10 | JPMORGAN CHASE & CO | 1.4M | $17.8M | -141.3K (-9.4%) | Trimmed |
| 11 | Walleye Capital LLC | 1.1M | $15.2M | +1.1M (+20644.8%) | Added |
| 12 | LPL Financial LLC | 1.0M | $15.0M | +98.2K (+10.4%) | Added |
| 13 | Marex Group plc | 993.2K | $14.3M | -3.6M (-78.4%) | Trimmed |
| 14 | Kranot Hishtalmut Le Morim Ve Gananot Havera Menahelet LTD | 781.2K | $11.3M | +400.8K (+105.4%) | Added |
| 15 | UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 773.9K | $11.2M | +94.9K (+14.0%) | Added |
| 16 | Swiss National Bank | 686.3K | $9.9M | +18.6K (+2.8%) | Added |
| 17 | Invesco Ltd. | 630.5K | $9.1M | -213.5K (-25.3%) | Trimmed |
| 18 | Eurizon Capital SGR S.p.A. | 577.7K | $8.3M | +78.7K (+15.8%) | Added |
| 19 | Foundations Investment Advisors, LLC | 556.1K | $8.0M | +85.1K (+18.1%) | Added |
| 20 | EMERALD ADVISERS, LLC | 540.3K | $7.8M | -2.9K (-0.5%) | Trimmed |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
Coming once QBTS's latest filing finishes processing.