Recent News
December 8, 2025 — D-Wave announced Qubits 2026, a user conference scheduled for January 27–28, 2026, to showcase product roadmaps across annealing, gate-model, hybrid solvers and quantum-AI applications. November 10, 2025 — D-Wave confirmed plans to highlight hybrid quantum–HPC integration and customer use cases at SC25. Recent coverage noted strategic deployments in Europe and partnerships to expand access to Advantage2 systems.
Technical Analysis
ADX and Directional Indicators: ADX at 17.82 signals no established trend strength, but directional indicators diverge toward bearish pressure — DI+ shows a peak-and-reversal while DI- shows a dip-and-reversal, a combination that points to increased downside bias despite weak trend conviction. This alignment tempers any short-term bullish case given the valuation backdrop.
MACD: MACD equals 0.07 and trends lower while the MACD signal sits at 0.39; MACD below its signal line and decreasing indicates bearish momentum that supports the near-term price downside implied by the directional indicators.
MRO (Momentum/Regression Oscillator): MRO at 25.43 sits positive, indicating price stands above the model target and therefore carries downside potential; the MRO’s peak-and-reversal trend reinforces the likelihood of corrective pressure relative to the current valuation.
RSI and Momentum: RSI at 50.05 with a decreasing trajectory shows faded bullish momentum and leaves scope for a move toward the lower momentum band before a decisive recovery manifests.
Price vs Averages and Bands: The last close of $25.63 sits below the 20-day average ($28.64) and below the 1x Bollinger lower band ($26.77), signaling short-term weakness and a downside test versus the $25.29 super-trend support. The 200-day average ($20.77) remains well below the price, keeping the longer-term average positive, but near-term indicators favor mean reversion lower toward short-term support levels.
Volatility, Beta, Volume: 42-day beta at 3.45 and 52-week beta at 2.34 indicate elevated sensitivity to market moves; 10-day average volume (≈40.8M) slightly exceeds the most recent session volume (≈38.0M), implying lower intraday conviction relative to the short-term average and a higher chance of price whipsaws around news events such as the upcoming user conference.
Fundamental Analysis
Revenue and Scale: Total revenue equals $3,739,000 and revenue growth reads 20.81% while the reported YoY revenue growth figure shows -245.13%; the absolute revenue base remains small relative to the company’s market valuation, a core factor driving the valuation disconnect.
Profitability and Margins: EBIT stands at -$139,785,000, producing an EBIT margin of -37.39%, materially below the industry peer mean of 36.20% and the industry peer median of 45.06%. Gross margin at 71.38% indicates strong unit economics on sold systems and services, but operating and warrant-related non-cash charges drive headline unprofitability and a wide gap versus peer profitability metrics.
Earnings Per Share: Reported EPS equals -$0.05 versus an estimate of -$0.07, delivering an EPS surprise of 28.57% ($0.02 better than estimate). Forward EPS sits at approximately -$0.055, leaving near-term per-share profitability negative on current publicly guided measures.
Liquidity and Capital Structure: Cash and short-term investments total $836,231,000 and the company reports current assets of $848,139,000 against current liabilities of $15,512,000, yielding a current ratio of 54.68 and a quick ratio of 54.49 — exceptionally strong liquidity that reduces near-term financing risk. Total debt remains modest at $39,790,000, and debt-to-assets sits at 0.046, indicating low leverage relative to balance-sheet size.
Valuation Metrics: Market capitalization registers at $9,487,713,388 while PS ratio equals 2,537.50x and price-to-book sits near 14.15x; the PS ratio far exceeds the industry peer mean of 45.86x and median of 48.87x. Forward PE and PE metrics appear deeply negative, reflecting current GAAP losses and the large market valuation against a small revenue base. The current WMDST valuation assessment classifies the stock as over-valued, driven by elevated market multiples versus realized revenue and persistent GAAP losses despite robust cash reserves.
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 | $ 128.8 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 | $ -0.06 | |
| 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 mean: 90.727 median: 78.121 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: 0.172 median: 0.095 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: 0.29 median: 0.167 QBTS: 0.059 low: -1.761 |
|
| 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 QBTS: 14.149 mean: 12.354 median: 10.455 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: 145.689 median: 137.28 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: 48.871 mean: 45.863 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 mean: 0.128 median: 0.124 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: 1.478 median: 1.265 low: -0.167 |
|
| Inventory Turnover | 0.405 | |
| Inventory Turnover Ratio QoQ | -24.829 % | |
| Inventory Turnover Ratio YoY | -1.252 % | |
| Inventory Turnover Ratio IPRWA | high: 23.252 median: 23.252 mean: 21.636 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 mean: -22.878 median: -38.513 low: -211.399 |
|
| 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: 1.704 median: 1.401 low: 0.159 |
|
| Quick Ratio | 54.494 | |
| Quick Ratio QoQ | 27.142 % | |
| Quick Ratio YoY | 4142.447 % | |
| Quick Ratio IPRWA | QBTS: 54.494 high: 7.943 mean: 1.423 median: 1.392 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 median: 50.142 mean: 35.957 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: 3.084 % median: 1.612 % low: -13.442 % |
|
| Earnings Growth | -90.909 % | |
| Earnings Growth QoQ | -103.431 % | |
| Earnings Growth YoY | 718.189 % | |
| Earnings Growth IPRWA | high: 200.0 % mean: 5.15 % median: 1.918 % 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 % mean: 72.524 % QBTS: 71.383 % median: 69.046 % low: 26.432 % |
|
| EBIT Margin | -3738.566 % | |
| EBIT Margin QoQ | -30.764 % | |
| EBIT Margin YoY | 224.685 % | |
| EBIT Margin IPRWA | high: 76.323 % median: 45.059 % mean: 36.197 % 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: 48.873 % mean: 37.531 % 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 % median: 0.676 % mean: 0.48 % 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 % median: 0.372 % mean: -7.443 % 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 % median: 4.421 % mean: 3.75 % QBTS: -16.378 % low: -17.051 % |
|
| 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 median: 0.076 mean: 0.065 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 | — | |