Recent News
On February 26, 2026 the company released fourth-quarter and year-end 2025 results and reiterated go-to-market momentum; in the prior weeks D-Wave announced completion of the acquisition of Quantum Circuits, Inc., secured multiple enterprise agreements and system purchases across Europe, Asia and North America, and displayed technology at CES 2026. These items highlight expanded commercial engagements and strategic inorganic growth since mid‑December 2025.
Technical Analysis
ADX at 24.62 indicates an emerging trend strength; trend strength supports the introduction that commercial news could convert into directional price movement if sustained.
DI+ registers 18.19 with an increasing trend, which represents growing bullish pressure and supports the developing momentum signaled by the ADX reading.
DI- measures 27.85 and shows a dip-and-reversal, a bearish directional signal that currently exceeds DI+; this divergence creates short-term torque between buyers and sellers and raises the importance of momentum confirmation.
MACD sits at -1.18 with the MACD line above its signal (-1.42) and an increasing MACD trend; the cross above the signal line constitutes a bullish momentum shift despite MACD remaining below zero.
MRO at 3.24 with a peak-and-reversal indicates price sits modestly above the WMDST target and carries low-magnitude downward potential; that aligns with the stated over-valued assessment and tempers the MACD’s bullish signal.
RSI at 44.19 shows a dip-and-reversal pattern, consistent with an initial recovery from short-term weakness and supporting the possibility of further upside if buyers sustain volume.
Price relationships: the closing price of $19.04 trades below the 200-day average ($22.50) and near the 20-day average ($18.88), while the 12-day EMA shows a dip-and-reversal; the price alignment versus long-term averages favors a consolidation-to-recovery path rather than an extended breakout unless accompanied by higher volume.
Volatility and breadth: 42-day beta at 3.62 and 52-week beta at 2.43 indicate elevated sensitivity to market moves, and average volume metrics remain well below historic averages, implying any durable directional move will require heavier participation than currently observed.
Fundamental Analysis
Profitability: EBIT equals -$38,946,000, producing an EBIT margin of -14.15%. That margin sits above the industry peer low of -44.04% but well below the industry peer mean (46.59%) and median (60.27%), indicating that operational losses remain material relative to peers despite being less extreme than the worst peer outcomes.
Earnings: reported EPS equals -$0.09 versus an estimate of -$0.06, a shortfall of $0.03 and an EPS surprise of -50%. Negative EPS and the miss reinforce operating loss pressure reported in margins and cash flow metrics.
Liquidity and balance sheet: cash and short-term investments total $884,481,000 with a current ratio of 42.38 and a cash ratio of 41.82; such liquidity levels materially reduce near-term financing risk and support continued investment and M&A activity reflected in recent corporate actions.
Revenue and growth: total revenue registers $2,752,000 with a revenue growth figure of -26.40%; operating cash flow stands negative at -$18,372,000 and free cash flow negative at -$20,153,000, indicating operating outflows despite a strong cash balance that derives from financing activity rather than operating profitability.
Valuation multiples: price-to-book at 9.93 sits below the industry peer mean (11.31) and slightly above the industry peer median (9.18). Price-to-sales at 3,073.86 vastly exceeds the industry peer mean and median, reflecting an outsized market valuation relative to reported revenue. Enterprise value relative metrics show elevated levels consistent with the WMDST valuation.
Margins and R&D: gross margin at 64.83% and R&D spend of $13,677,000 show a product-rich cost structure and continued technology investment; however, operating margin at -12.66% and negative returns on assets and equity indicate those investments have yet to translate into scalable operating profitability.
Valuation conclusion: the current valuation as determined by WMDST rates the stock as over-valued, driven by market capitalization and forward multiples that far outpace revenue and near-term earnings capability, even as the balance sheet provides runway for commercialization and integration of strategic acquisitions.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-26 |
| NEXT REPORT DATE: | 2026-05-28 |
| CASH FLOW | Begin Period Cash Flow | $ 836.2 M |
| Operating Cash Flow | $ -18.37 M | |
| Capital Expenditures | $ -1.78 M | |
| Change In Working Capital | $ 6.2 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -200.88 M | |
| End Period Cash Flow | $ 635.3 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 2.8 M | |
| Forward Revenue | $ 529.3 K | |
| COSTS | ||
| Cost Of Revenue | $ 968.0 K | |
| Depreciation | $ 678.0 K | |
| Depreciation and Amortization | $ 678.0 K | |
| Research and Development | $ 13.7 M | |
| Total Operating Expenses | $ 37.6 M | |
| PROFITABILITY | ||
| Gross Profit | $ 1.8 M | |
| EBITDA | $ -38.27 M | |
| EBIT | $ -38.95 M | |
| Operating Income | $ -34.84 M | |
| Interest Income | $ 24.1 M | |
| Interest Expense | $ 3.4 M | |
| Net Interest Income | $ 20.7 M | |
| Income Before Tax | $ -42.33 M | |
| Tax Provision | — | |
| Tax Rate | — | |
| Net Income | $ -42.33 M | |
| Net Income From Continuing Operations | $ -42.33 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.06 | |
| EPS Actual | $ -0.09 | |
| EPS Difference | $ -0.03 | |
| EPS Surprise | -50.0 % | |
| Forward EPS | $ -0.09 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 915.8 M | |
| Intangible Assets | $ 915.0 K | |
| Net Tangible Assets | $ 851.3 M | |
| Total Current Assets | $ 896.2 M | |
| Cash and Short-Term Investments | $ 884.5 M | |
| Cash | $ 635.3 M | |
| Net Receivables | $ 1.6 M | |
| Inventory | $ 2.8 M | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 950.0 K | |
| Short-Term Debt | $ 134.0 K | |
| Total Current Liabilities | $ 21.1 M | |
| Net Debt | — | |
| Total Debt | $ 43.5 M | |
| Total Liabilities | $ 63.6 M | |
| EQUITY | ||
| Total Equity | $ 852.2 M | |
| Retained Earnings | $ -982.00 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 2.38 | |
| Shares Outstanding | 358.742 M | |
| Revenue Per-Share | $ 0.01 | |
| VALUATION | Market Capitalization | $ 8.5 B |
| Enterprise Value | $ 7.6 B | |
| Enterprise Multiple | -199.076 | |
| Enterprise Multiple QoQ | 218.88 % | |
| Enterprise Multiple YoY | 1218.257 % | |
| Enterprise Multiple IPRWA | high: 416.607 mean: 78.565 median: 61.115 low: -152.015 QBTS: -199.076 |
|
| EV/R | 2768.253 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.075 | |
| Asset To Liability | 14.403 | |
| Debt To Capital | 0.049 | |
| Debt To Assets | 0.047 | |
| Debt To Assets QoQ | 3.242 % | |
| Debt To Assets YoY | 2627.011 % | |
| Debt To Assets IPRWA | high: 0.87 mean: 0.169 median: 0.087 QBTS: 0.047 low: 0.004 |
|
| Debt To Equity | 0.051 | |
| Debt To Equity QoQ | -14.071 % | |
| Debt To Equity YoY | 817.086 % | |
| Debt To Equity IPRWA | high: 2.989 mean: 0.25 median: 0.147 QBTS: 0.051 low: -1.778 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 9.926 | |
| Price To Book QoQ | -29.847 % | |
| Price To Book YoY | -57.484 % | |
| Price To Book IPRWA | high: 31.335 mean: 11.306 QBTS: 9.926 median: 9.178 low: -16.001 |
|
| Price To Earnings (P/E) | -262.004 | |
| Price To Earnings QoQ | -52.23 % | |
| Price To Earnings YoY | 186.55 % | |
| Price To Earnings IPRWA | high: 522.411 mean: 128.067 median: 102.121 low: -185.3 QBTS: -262.004 |
|
| PE/G Ratio | -3.275 | |
| Price To Sales (P/S) | 3073.858 | |
| Price To Sales QoQ | 21.137 % | |
| Price To Sales YoY | 385.284 % | |
| Price To Sales IPRWA | QBTS: 3073.858 high: 116.554 mean: 45.141 median: 44.141 low: 3.714 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -305.701 | |
| Forward PE/G | -3.821 | |
| Forward P/S | 16875.648 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 2.733 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.003 | |
| Asset Turnover Ratio QoQ | -29.291 % | |
| Asset Turnover Ratio YoY | -83.315 % | |
| Asset Turnover Ratio IPRWA | high: 0.373 mean: 0.13 median: 0.125 QBTS: 0.003 low: 0.0 |
|
| Receivables Turnover | 1.566 | |
| Receivables Turnover Ratio QoQ | -29.434 % | |
| Receivables Turnover Ratio YoY | -14.799 % | |
| Receivables Turnover Ratio IPRWA | high: 4.512 QBTS: 1.566 mean: 1.565 median: 1.485 low: 0.601 |
|
| Inventory Turnover | 0.345 | |
| Inventory Turnover Ratio QoQ | -14.826 % | |
| Inventory Turnover Ratio YoY | -25.885 % | |
| Inventory Turnover Ratio IPRWA | high: 50.171 median: 23.735 mean: 22.297 low: 0.64 QBTS: 0.345 |
|
| Days Sales Outstanding (DSO) | 58.258 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 214.534 | |
| Cash Conversion Cycle Days QoQ | 28.169 % | |
| Cash Conversion Cycle Days YoY | 30.592 % | |
| Cash Conversion Cycle Days IPRWA | QBTS: 214.534 high: 130.17 mean: -46.736 median: -67.075 low: -67.09 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.003 | |
| CapEx To Revenue | -0.647 | |
| CapEx To Depreciation | -2.627 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 888.1 M | |
| Net Invested Capital | $ 888.2 M | |
| Invested Capital | $ 888.2 M | |
| Net Tangible Assets | $ 851.3 M | |
| Net Working Capital | $ 875.1 M | |
| LIQUIDITY | ||
| Cash Ratio | 41.823 | |
| Current Ratio | 42.379 | |
| Current Ratio QoQ | -22.491 % | |
| Current Ratio YoY | 590.4 % | |
| Current Ratio IPRWA | QBTS: 42.379 high: 7.11 mean: 1.814 median: 1.386 low: 0.466 |
|
| Quick Ratio | 42.248 | |
| Quick Ratio QoQ | -22.472 % | |
| Quick Ratio YoY | 594.591 % | |
| Quick Ratio IPRWA | QBTS: 42.248 high: 3.426 mean: 1.405 median: 1.378 low: 0.538 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -1.136 | |
| Cost Of Debt | 8.12 % | |
| Interest Coverage Ratio | -11.522 | |
| Interest Coverage Ratio QoQ | -98.343 % | |
| Interest Coverage Ratio YoY | -94.391 % | |
| Interest Coverage Ratio IPRWA | high: 148.909 median: 66.552 mean: 45.945 QBTS: -11.522 low: -110.193 |
|
| Operating Cash Flow Ratio | -1.953 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 82.807 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 5.774 % | |
| Revenue Growth | -26.397 % | |
| Revenue Growth QoQ | -226.86 % | |
| Revenue Growth YoY | -212.442 % | |
| Revenue Growth IPRWA | high: 19.11 % mean: 6.016 % median: 4.635 % low: -7.075 % QBTS: -26.397 % |
|
| Earnings Growth | 80.0 % | |
| Earnings Growth QoQ | -188.0 % | |
| Earnings Growth YoY | -420.0 % | |
| Earnings Growth IPRWA | high: 153.333 % QBTS: 80.0 % mean: 13.641 % median: 6.667 % low: -163.158 % |
|
| MARGINS | ||
| Gross Margin | 64.826 % | |
| Gross Margin QoQ | -9.186 % | |
| Gross Margin YoY | 1.618 % | |
| Gross Margin IPRWA | high: 91.096 % mean: 71.907 % median: 68.036 % QBTS: 64.826 % low: 40.427 % |
|
| EBIT Margin | -1415.189 % | |
| EBIT Margin QoQ | -62.146 % | |
| EBIT Margin YoY | -61.853 % | |
| EBIT Margin IPRWA | high: 78.69 % median: 60.268 % mean: 46.594 % low: -44.038 % QBTS: -1415.189 % |
|
| Return On Sales (ROS) | -1265.952 % | |
| Return On Sales QoQ | 70.659 % | |
| Return On Sales YoY | -65.876 % | |
| Return On Sales IPRWA | high: 76.917 % median: 47.094 % mean: 36.763 % low: -31.502 % QBTS: -1265.952 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -20.15 M | |
| Free Cash Flow Yield | -0.238 % | |
| Free Cash Flow Yield QoQ | 11.737 % | |
| Free Cash Flow Yield YoY | -430.556 % | |
| Free Cash Flow Yield IPRWA | high: 5.274 % mean: 0.212 % median: 0.164 % QBTS: -0.238 % low: -1.998 % |
|
| Free Cash Growth | -0.504 % | |
| Free Cash Growth QoQ | -101.955 % | |
| Free Cash Growth YoY | -99.523 % | |
| Free Cash Growth IPRWA | high: 265.627 % QBTS: -0.504 % mean: -23.629 % median: -77.08 % low: -132.549 % |
|
| Free Cash To Net Income | 0.476 | |
| Cash Flow Margin | -1500.545 % | |
| Cash Flow To Earnings | 0.976 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | -4.751 % | |
| Return On Assets QoQ | -70.992 % | |
| Return On Assets YoY | -93.117 % | |
| Return On Assets IPRWA | high: 16.838 % median: 5.909 % mean: 4.914 % QBTS: -4.751 % low: -10.846 % |
|
| Return On Capital Employed (ROCE) | -4.353 % | |
| Return On Equity (ROE) | -0.05 | |
| Return On Equity QoQ | -76.212 % | |
| Return On Equity YoY | -96.386 % | |
| Return On Equity IPRWA | high: 0.344 median: 0.098 mean: 0.086 QBTS: -0.05 low: -0.282 |
|
| DuPont ROE | -5.56 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |