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D-Wave Quantum Inc.

D-Wave Quantum Inc. (QBTS)

Average score 5.3 F

Preference —

D-Wave Quantum Inc.; official corporate brand image; all trademark and copyright rights reserved

Six company scores

Company growthProfitabilityFinancial stabilityEconomic moatFuture outlookValuation
Average score
Company growth8 / 10

Cloud adoption and bookings grow; sales remain lumpy

Profitability1 / 10

Heavy research spending sustains deep operating losses

Financial stability7 / 10

Large cash reserves, but persistent cash burn remains

Economic moat7 / 10

Annealing lead and an established commercial customer base

Future outlook8 / 10

Gate-model expansion offers upside, with technical risk

Valuation1 / 10

Very high sales multiple despite continuing losses

Editorial scores are for education, not audited financial metrics or investment advice.

Revenue by business

  • Quantum Computing as a Service (QCaaS) 60.47%

    Cloud access to quantum computers via Leap

  • Professional Services 30.2%

    Quantum application design and technical consulting

  • Quantum System Sales 8.29%

    Sales and delivery of on-site quantum computers

  • Other Revenue 1.04%

    Support, maintenance and circuit board sales

Revenue by region

  • United States 70.71%
  • Japan 4.45%
  • Germany 4.13%
  • Canada 4.23%
  • Other Countries 16.48%

Key metrics

Revenue CAGR (5 years)37%
Operating income CAGR (5 years)-
Net income CAGR (5 years)-
Operating margin (5-year avg.)-730%
ROE (5-year avg.)-
ROA (5-year avg.)-110%
Beta (5 years)2.34
MDD (5 years)-97%
Payout ratio (5-year avg.)0%
P/E-
Forward P/E-
PEG-