Recent News
On January 8, 2026 D‑Wave announced a proposed $550 million acquisition of Quantum Circuits (part cash, part stock), signaling a push into superconducting gate‑model systems. Separately, the company disclosed a cryogenic control integration breakthrough that reduces hardware footprint for large qubit arrays (early January 2026). In mid‑November 2025 D‑Wave completed redemption of public warrants and exercised a material portion for cash proceeds. The company plans public demonstrations at major HPC events.
Technical Analysis
Directional indicators: DI+ sits at 27.42 with a dip & reversal, DI‑ at 17.14 and decreasing — both readings favor upward directional pressure, while ADX at 19.89 signals that trend strength remains weak; directional bullishness lacks confirmed trend momentum.
MACD and momentum: MACD registers 0.67 while the MACD trend shows a peak & reversal; the MACD currently sits above its signal line (0.39), but the peak‑and‑reversal momentum profile creates downward pressure on continuation. That combination suggests short‑term momentum softening despite a recent bullish crossover.
MRO and RSI: MRO at 23.23 (peak & reversal) indicates price sits above WMDST’s target and carries downward potential; RSI at 51.53 with a peak & reversal reinforces immediate momentum weakening rather than sustained overbought conditions.
Price structure and volatility: Current close $28.11 sits well above the 200‑day average $19.84 yet near the 20‑day average $28.37; the 12‑day EMA peaked and reversed at $28.42, indicating recent short‑term exhaustion. Bollinger bands show a 1x lower band near $25.96 and an upper band near $30.77, framing a narrow near‑term trading range. High short‑term beta (42‑day 4.57) implies outsized reaction to news events; recent volume (46,684,400) exceeds the 10‑day average, indicating elevated participation on headlines.
Fundamental Analysis
Liquidity and capitalization: Cash and short‑term investments total $836,231,000 and the current ratio stands at 54.68, indicating very large near‑term liquidity relative to liabilities. Total market capitalization approximates $9.49 billion with enterprise value near $8.69 billion.
Profitability and margins: Gross margin equals 71.38%, slightly below the industry peer mean gross margin of 76.43% (industry peer mean). Operating margin registers -7.42% and EBIT margin reads -37.39%, both materially below the industry peer mean operating and EBIT margins (operating peer mean ~24.44%, EBIT peer mean ~25.95%), reflecting continued operating losses despite improving top‑line dynamics.
Revenue and cash flows: Reported total revenue $3,739,000 contrasts with research and development expense $14,075,000 (R&D equals roughly 376.7% of revenue), signaling heavy investment ahead of broader commercial scale. Revenue growth (general) shows 20.81%; quarter‑over‑quarter revenue change reports -126.22% while the year‑over‑year revenue change reports -245.13%; operating cash flow equals -$19,045,000 and free cash flow equals -$20,255,000, with free cash flow yield at -0.21%.
Capital structure and valuation multiples: Debt remains low (debt to assets ~4.60%, debt to equity ~5.93%). Price/book sits near 14.15x, slightly below the industry peer mean book multiple of 15.06x (industry peer mean). Price/sales stands at 2,537.50x, well above the industry peer mean price/sales of 41.62x (industry peer mean). Reported GAAP EPS came in at -$0.05 versus an estimate of -$0.07, producing an EPS surprise of +28.57%.
Corporate developments and cash impact: The company’s recent warrant redemption generated approximately $54.6 million in cash proceeds from exercised warrants, and management reported the highest cash balance in company history in the third quarter filings. Those items improve liquidity while corporate moves reposition technology offerings.
Valuation view: WMDST values the stock as over‑valued, driven by extreme sales multiples, persistent operating losses, and high R&D intensity relative to current revenue. Strong cash reserves mitigate near‑term solvency risk but do not reconcile very high price/sales and negative earnings multiples.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-06 |
| NEXT REPORT DATE: | 2026-02-05 |
| CASH FLOW | Begin Period Cash Flow | $ 819.3 M |
| Operating Cash Flow | $ -19.05 M | |
| Capital Expenditures | $ -1.21 M | |
| Change In Working Capital | $ -6.59 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 16.9 M | |
| End Period Cash Flow | $ 836.2 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 3.7 M | |
| Forward Revenue | $ 127.3 K | |
| COSTS | ||
| Cost Of Revenue | $ 1.1 M | |
| Depreciation | $ 568.0 K | |
| Depreciation and Amortization | $ 568.0 K | |
| Research and Development | $ 14.1 M | |
| Total Operating Expenses | $ 31.5 M | |
| PROFITABILITY | ||
| Gross Profit | $ 2.7 M | |
| EBITDA | $ -139.22 M | |
| EBIT | $ -139.78 M | |
| Operating Income | $ -27.74 M | |
| Interest Income | — | |
| Interest Expense | $ 201.0 K | |
| Net Interest Income | $ -201.00 K | |
| Income Before Tax | $ -139.99 M | |
| Tax Provision | — | |
| Tax Rate | — | |
| Net Income | $ -139.99 M | |
| Net Income From Continuing Operations | $ -139.99 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.07 | |
| EPS Actual | $ -0.05 | |
| EPS Difference | $ 0.02 | |
| EPS Surprise | 28.571 % | |
| Forward EPS | $ -0.05 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 865.8 M | |
| Intangible Assets | $ 803.0 K | |
| Net Tangible Assets | $ 669.8 M | |
| Total Current Assets | $ 848.1 M | |
| Cash and Short-Term Investments | $ 836.2 M | |
| Cash | $ 836.2 M | |
| Net Receivables | $ 1.9 M | |
| Inventory | $ 2.8 M | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 992.0 K | |
| Short-Term Debt | $ 144.0 K | |
| Total Current Liabilities | $ 15.5 M | |
| Net Debt | — | |
| Total Debt | $ 39.8 M | |
| Total Liabilities | $ 195.3 M | |
| EQUITY | ||
| Total Equity | $ 670.6 M | |
| Retained Earnings | $ -939.68 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 1.94 | |
| Shares Outstanding | 349.384 M | |
| Revenue Per-Share | $ 0.01 | |
| VALUATION | Market Capitalization | $ 9.5 B |
| Enterprise Value | $ 8.7 B | |
| Enterprise Multiple | -62.43 | |
| Enterprise Multiple QoQ | 125.273 % | |
| Enterprise Multiple YoY | 500.509 % | |
| Enterprise Multiple IPRWA | high: 725.943 median: 119.829 mean: 108.862 QBTS: -62.43 low: -500.562 |
|
| EV/R | 2324.491 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.291 | |
| Asset To Liability | 4.434 | |
| Debt To Capital | 0.056 | |
| Debt To Assets | 0.046 | |
| Debt To Assets QoQ | -3.018 % | |
| Debt To Assets YoY | -83.811 % | |
| Debt To Assets IPRWA | high: 1.164 mean: 0.258 median: 0.211 QBTS: 0.046 low: 0.001 |
|
| Debt To Equity | 0.059 | |
| Debt To Equity QoQ | 3.039 % | |
| Debt To Equity YoY | -107.134 % | |
| Debt To Equity IPRWA | high: 2.803 mean: 0.498 median: 0.213 QBTS: 0.059 low: -0.893 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 14.149 | |
| Price To Book QoQ | 82.017 % | |
| Price To Book YoY | -202.119 % | |
| Price To Book IPRWA | high: 32.156 mean: 15.061 QBTS: 14.149 median: 13.004 low: -17.466 |
|
| Price To Earnings (P/E) | -548.468 | |
| Price To Earnings QoQ | 1865.065 % | |
| Price To Earnings YoY | 3793.298 % | |
| Price To Earnings IPRWA | high: 535.496 mean: 156.688 median: 153.023 low: -356.558 QBTS: -548.468 |
|
| PE/G Ratio | 6.033 | |
| Price To Sales (P/S) | 2537.5 | |
| Price To Sales QoQ | 45.524 % | |
| Price To Sales YoY | 1924.587 % | |
| Price To Sales IPRWA | QBTS: 2537.5 high: 95.267 median: 42.542 mean: 41.615 low: 1.307 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -283.727 | |
| Forward PE/G | 3.121 | |
| Forward P/S | 63182.764 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -0.786 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.004 | |
| Asset Turnover Ratio QoQ | -17.391 % | |
| Asset Turnover Ratio YoY | -86.986 % | |
| Asset Turnover Ratio IPRWA | high: 0.414 median: 0.133 mean: 0.132 QBTS: 0.004 low: -0.008 |
|
| Receivables Turnover | 2.22 | |
| Receivables Turnover Ratio QoQ | -10.748 % | |
| Receivables Turnover Ratio YoY | 33.12 % | |
| Receivables Turnover Ratio IPRWA | high: 6.055 QBTS: 2.22 mean: 1.72 median: 1.571 low: -0.167 |
|
| Inventory Turnover | 0.405 | |
| Inventory Turnover Ratio QoQ | -24.829 % | |
| Inventory Turnover Ratio YoY | -1.252 % | |
| Inventory Turnover Ratio IPRWA | high: 10.439 mean: 0.96 median: 0.798 QBTS: 0.405 low: 0.054 |
|
| Days Sales Outstanding (DSO) | 41.11 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 167.384 | |
| Cash Conversion Cycle Days QoQ | 45.048 % | |
| Cash Conversion Cycle Days YoY | -6.476 % | |
| Cash Conversion Cycle Days IPRWA | high: 226.004 QBTS: 167.384 median: 44.35 mean: 23.541 low: -144.827 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.004 | |
| CapEx To Revenue | -0.324 | |
| CapEx To Depreciation | -2.13 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 702.6 M | |
| Net Invested Capital | $ 702.8 M | |
| Invested Capital | $ 702.8 M | |
| Net Tangible Assets | $ 669.8 M | |
| Net Working Capital | $ 832.6 M | |
| LIQUIDITY | ||
| Cash Ratio | 53.909 | |
| Current Ratio | 54.676 | |
| Current Ratio QoQ | 27.191 % | |
| Current Ratio YoY | 3925.764 % | |
| Current Ratio IPRWA | QBTS: 54.676 high: 8.127 mean: 2.044 median: 1.124 low: 0.159 |
|
| Quick Ratio | 54.494 | |
| Quick Ratio QoQ | 27.142 % | |
| Quick Ratio YoY | 4142.447 % | |
| Quick Ratio IPRWA | QBTS: 54.494 high: 9.764 mean: 1.812 median: 1.514 low: 0.553 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -0.286 | |
| Cost Of Debt | 0.504 % | |
| Interest Coverage Ratio | -695.448 | |
| Interest Coverage Ratio QoQ | -14.277 % | |
| Interest Coverage Ratio YoY | 3711.203 % | |
| Interest Coverage Ratio IPRWA | high: 205.936 mean: 16.458 median: 9.798 low: -243.016 QBTS: -695.448 |
|
| Operating Cash Flow Ratio | -9.056 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 88.967 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 2.634 % | |
| Revenue Growth | 20.808 % | |
| Revenue Growth QoQ | -126.217 % | |
| Revenue Growth YoY | -245.125 % | |
| Revenue Growth IPRWA | high: 25.896 % QBTS: 20.808 % mean: 4.75 % median: 4.141 % low: -13.442 % |
|
| Earnings Growth | -90.909 % | |
| Earnings Growth QoQ | -103.431 % | |
| Earnings Growth YoY | 718.189 % | |
| Earnings Growth IPRWA | high: 200.0 % median: 12.791 % mean: 8.833 % QBTS: -90.909 % low: -181.25 % |
|
| MARGINS | ||
| Gross Margin | 71.383 % | |
| Gross Margin QoQ | 11.807 % | |
| Gross Margin YoY | 27.984 % | |
| Gross Margin IPRWA | high: 90.981 % median: 77.558 % mean: 76.427 % QBTS: 71.383 % low: 26.432 % |
|
| EBIT Margin | -3738.566 % | |
| EBIT Margin QoQ | -30.764 % | |
| EBIT Margin YoY | 224.685 % | |
| EBIT Margin IPRWA | high: 76.323 % median: 29.144 % mean: 25.949 % low: -105.646 % QBTS: -3738.566 % |
|
| Return On Sales (ROS) | -741.803 % | |
| Return On Sales QoQ | -13.37 % | |
| Return On Sales YoY | -35.576 % | |
| Return On Sales IPRWA | high: 76.795 % median: 29.387 % mean: 24.441 % low: -118.067 % QBTS: -741.803 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -20.25 M | |
| Free Cash Flow Yield | -0.213 % | |
| Free Cash Flow Yield QoQ | -28.523 % | |
| Free Cash Flow Yield YoY | -97.293 % | |
| Free Cash Flow Yield IPRWA | high: 10.114 % mean: 0.26 % median: 0.259 % QBTS: -0.213 % low: -10.76 % |
|
| Free Cash Growth | 25.776 % | |
| Free Cash Growth QoQ | -238.79 % | |
| Free Cash Growth YoY | 15.282 % | |
| Free Cash Growth IPRWA | high: 368.524 % QBTS: 25.776 % mean: -16.359 % median: -16.953 % low: -324.945 % |
|
| Free Cash To Net Income | 0.145 | |
| Cash Flow Margin | -3757.261 % | |
| Cash Flow To Earnings | 1.004 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | -16.378 % | |
| Return On Assets QoQ | -42.78 % | |
| Return On Assets YoY | -59.844 % | |
| Return On Assets IPRWA | high: 13.583 % mean: 3.002 % median: 1.924 % QBTS: -16.378 % low: -19.117 % |
|
| Return On Capital Employed (ROCE) | -16.439 % | |
| Return On Equity (ROE) | -0.209 | |
| Return On Equity QoQ | -13.385 % | |
| Return On Equity YoY | -115.548 % | |
| Return On Equity IPRWA | high: 0.151 mean: 0.052 median: 0.048 QBTS: -0.209 low: -0.363 |
|
| DuPont ROE | -20.492 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |