$QBTS

D-Wave Quantum Inc.

CIK:0001907982|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 3,076	$ 3,095	$ 5,934	$ 18,096
Cost of revenue	1,372	1,119	2,412	2,243
Total gross profit	1,704	1,976	3,522	15,853
Operating expenses:
Research and development	28,239	12,694	54,032	22,982
General and administrative	15,388	9,151	35,663	17,108
Sales and marketing	11,355	6,633	21,832	13,556
Total operating expenses	54,982	28,478	111,527	53,646
Loss from operations	(53,278)	(26,502)	(108,005)	(37,793)
Other income (expense), net:
Interest income	5,028	4,311	10,813	7,410
Interest expense	(255)	(206)	(514)	(432)
Gain on investment in marketable securities, net	0	0	1,880	0
Change in fair value of warrant liabilities	0	(142,048)	0	(138,105)
Other income (expense), net	485	(2,884)	997	(3,830)
Total other income (expense), net	5,258	(140,827)	13,176	(134,957)
Loss before income taxes	(48,020)	(167,329)	(94,829)	(172,750)
Income tax benefit (provision), net	(8)	0	28,444	0
Net loss	$ (48,028)	$ (167,329)	$ (66,385)	$ (172,750)
Net loss per share, basic (in usd per share)	$ (0.13)	$ (0.55)	$ (0.18)	$ (0.59)
Net loss per share, diluted (in usd per share)	$ (0.13)	$ (0.55)	$ (0.18)	$ (0.59)
Weighted-average shares used in computing net loss per share, basic (in shares)	370,840,115	302,288,793	369,165,968	294,398,419
Weighted-average shares used in computing net loss per share, diluted (in shares)	370,840,115	302,288,793	369,165,968	294,398,419
Comprehensive loss:
Net loss	$ (48,028)	$ (167,329)	$ (66,385)	$ (172,750)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment	140	787	158	1,285
Unrealized losses on available-for-sale securities	(7)	0	(160)	0
Reclassification adjustment for realized gains (losses) included in net income	(16)	0	(16)	0
Total other comprehensive income (loss), net of tax	117	787	(18)	1,285
Net comprehensive loss	$ (47,911)	$ (166,542)	$ (66,403)	$ (171,465)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities:
Net loss	$ (48,028)	$ (167,329)	$ (66,385)	$ (172,750)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization			8,536	714
Deferred income taxes			(28,365)	0
Stock-based compensation			19,132	10,664
Amortization of operating right-of-use assets			699	346
Provision for excess and obsolete inventory			(103)	0
Non-cash interest income			1,262	0
Non-cash interest expense			467	387
Change in fair value of warrant liabilities	0	142,048	0	138,105
Gain on marketable equity securities			(1,880)	0
Unrealized foreign exchange loss (gain)			(1,740)	1,998
Other noncash items			0	267
Change in operating assets and liabilities:
Trade accounts receivable			(432)	(57)
Inventories			(2,605)	(762)
Prepaid expenses and other current assets			(455)	(1,368)
Trade accounts payable			(975)	416
Accrued expenses and other current liabilities			(4,371)	2,695
Deferred revenue			7,218	(13,796)
Operating lease liability			(332)	(344)
Other non-current assets, net			(3,134)	(1,080)
Net cash used in operating activities			(73,463)	(34,565)
Cash flows from investing activities:
Acquisition of business, net of cash acquired			(252,821)	0
Purchase of property and equipment			(5,521)	(1,187)
Purchases of marketable debt securities			(149,117)	0
Maturities of marketable debt securities			147,241	0
Proceeds from recovery of previously written-off convertible note			0	959
Expenditures for internal-use software			(363)	(129)
Net cash used in investing activities			(260,581)	(357)
Cash flows from financing activities:
Proceeds from the issuance of common stock pursuant to the Lincoln Park Purchase Agreement			0	37,787
Proceeds from the issuance of common stock in at-the-market offerings, net of issuance costs			0	536,741
Proceeds from issuance of common stock upon exercise of warrants			0	99,319	$ 202,900
Proceeds from the issuance of common stock upon exercise of stock options			1,614	6,860
Proceeds from common stock issued under the Employee Stock Purchase Plan			724	291
Payment of tax withheld pursuant to stock-based compensation settlements			(6,885)	(5,664)
Repayments on TPC loan			0	(365)
Repayment of the Equipment Financing Term Loan			(69)	0
Payments of equity issuance costs			(203)	0
Net cash provided by (used in) financing activities			(4,819)	674,969
Effect of exchange rate changes on cash and cash equivalents			158	1,285
Net increase (decrease) in cash and cash equivalents			(338,705)	641,332
Cash and cash equivalents at beginning of period			635,347	177,980	177,980
Cash and cash equivalents at end of period	296,642	819,312	296,642	819,312	635,347
Supplemental disclosures of cash flow information:
Cash Paid for Interest			33	0
Common stock issued for acquisition of business			282,479	0
Capitalized stock-based compensation	$ 300	$ 100	422	132
Inventory applied to capital projects			1,996	0
Reclassification of warrant liability to equity upon exercise			0	116,943	$ 340,400
Operating lease right-of-use assets exchanged for new operating lease obligations			6,131	0
Purchases of property and equipment included in accounts payable			3,133	0
Unrealized gains (losses) on available-for-sale securities included in other comprehensive loss			$ 160	$ 0

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 296,642	$ 635,347
Marketable investment securities	249,573	249,134
Trade accounts receivable, net of allowance for credit losses of $1 and $176	2,019	1,587
Inventories	3,488	2,776
Prepaid expenses and other current assets	8,872	7,388
Total current assets	560,594	896,232
Property and equipment, net	22,076	7,841
Operating lease right-of-use assets	12,042	6,518
Intangible assets, net	211,816	915
Goodwill	342,588	0
Other non-current assets, net	9,314	4,307
Total assets	1,158,430	915,813
Current liabilities:
Trade accounts payable	4,521	950
Accrued expenses and other current liabilities	12,135	15,838
Current portion of operating lease liabilities	1,250	1,448
Loans payable, net, current	146	134
Deferred revenue, current	9,234	2,778
Total current liabilities	27,286	21,148
Operating lease liabilities, net of current portion	11,826	6,050
Loans payable, net, non-current	34,886	35,825
Deferred revenue, non-current	1,322	560
Total liabilities	75,320	63,583
Commitments and contingencies (Note 12)
Stockholders' equity:
Common stock, par value $0.0001 per share; 675,000,000 shares authorized at both June 30, 2026 and December 31, 2025; 372,011,420 shares and 358,741,605 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively.	37	35
Additional paid-in capital	2,140,499	1,843,218
Accumulated deficit	(1,048,387)	(982,002)
Accumulated other comprehensive loss	(9,039)	(9,021)
Total stockholders' equity	1,083,110	852,230
Total liabilities and stockholders’ equity	$ 1,158,430	$ 915,813