D-Wave: how the business works

• Leap quantum cloud service

  Real-time access to D-Wave's quantum computers over the internet, launched in 2018 and available in 42 countries. It is also sold through AWS Marketplace. Cloud revenue was $5.5 million in FY2025.

• Advantage2 quantum computers

  D-Wave's sixth-generation annealing computer, with more than 4,400 qubits, released in full in May 2025. Customers can buy one to run at their own site. System sales were $16.2 million in FY2025.

• Hybrid solvers and Ocean tools

  Software that splits a problem between a quantum computer and ordinary computers. Its Stride solver handles problems with up to two million variables. Ocean is a free, open-source programming kit.

• Professional services

  Under its D-Wave Launch program, staff help a customer find a problem, build a trial and move it into daily use. This brought in $2.7 million in FY2025.

• Gate-model computers (in development)

  Built on the dual-rail qubits of Quantum Circuits, bought on Jan 20, 2026. The FY2025 10-K says D-Wave expects to offer gate-model systems for purchase in 2026.

1. 1Customers paid $24.6 million in FY2025, up from $8.8 million in FY2024; $16.2 million of it was system sales.
2. 2Delivering that work cost $4.3 million.
3. 3Research took $50.7 million, general and administrative costs $41.2 million and sales and marketing $28.8 million. The operating loss was $100.4 million.
4. 4Interest on its cash and securities brought in $24.1 million.
5. 5A $270.5 million non-cash charge for the higher value of its warrants, plus $8.3 million of interest and other costs, made the net loss $355.1 million.

• Scientists and engineers

  About 388 employees at Feb 5, 2026, about 58% of them near its research and manufacturing sites in Burnaby, British Columbia, and New Haven, Connecticut. Stock-based pay (what this means)Stock-based payPay given as shares instead of cash, which spreads ownership more thinly. Learn more was $22.7 million in FY2025.

• Chip wafers from SkyWater

  SkyWater Technology Foundry makes D-Wave's wafers. The agreement renews each year, and either side can end it with one year's notice.

• Deep cooling

  Its annealing computers draw 12.5 kilowatts, mostly for refrigerators that cool the chip to 4 Kelvin, about 452 degrees below zero Fahrenheit.

• Patents and licenses

  More than 550 granted and pending patents at Dec 31, 2025, including over 260 issued U.S. patents. Quantum Circuits added more than 250, including an exclusive license from Yale University.

• Outside capital

  Operations and equipment used $75.8 million more cash than they produced in FY2025. At-the-market share sales, which sell new shares gradually at market prices, brought in $536.7 million net.

• IBM

  NYSE: IBM

  Named in D-Wave's FY2025 10-K among companies pursuing gate-model quantum computing.

• Google

  NASDAQ: GOOGL

  Named in D-Wave's FY2025 10-K among companies pursuing gate-model quantum computing.

• IonQ

  Named in D-Wave's FY2025 10-K among companies pursuing gate-model quantum computing, each with its own qubit technology.

• Rigetti Computing

  NASDAQ: RGTI

  Named first in the 10-K's list of companies pursuing gate-model quantum computing.

• Quantinuum

  Named in the same list of gate-model rivals in D-Wave's FY2025 10-K.

• Compare: D-Wave vs Rigetti  →

• New orders

  Mixed

  $35.5M bookings, first half of 2026

  Bookings, the company's count of new orders, rose from $2.9 million a year earlier. Revenue in the same half was $5.9 million, down from $18.1 million, the company said.

  Status: Mixed, partly on track.

• Whole-machine sales

  Working

  $16.2M system sales, FY2025

  Florida Atlantic University agreed to buy a $20 million Advantage2 system. The company said on May 12, 2026 that installation was expected to start before the end of 2026.

  Status: Working, on track against what the company said.

• Cloud access

  Mixed

  $1.9M, Q2 FY2026

  Up from $1.2 million a year earlier, but FY2025 cloud revenue of $5.5 million was below $6.7 million in FY2024. In February 2026 it announced a $10 million two-year cloud deal with an unnamed Fortune 100 company.

  Status: Mixed, partly on track.

• Gate-model computers

  Early

  $538.5M for Quantum Circuits

  D-Wave bought Quantum Circuits on Jan 20, 2026. Through Jun 30, 2026 it added $0.3 million of revenue and a $16.0 million net loss.

  Status: Early, too early to judge.

• U.S. government funding

  New

  Award of up to $100M, Sep 2026

  A CHIPS Act agreement with the Department of Commerce pays in tranches tied to milestones, starting with $53.6 million. D-Wave issued 7,095,721 shares to the Department in connection with it.

  Status: New, recently announced.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

• Official (GAAP): Net loss, FY2025

  −$355M

  Company's own measure: Adjusted EBITDA loss, FY2025

  −$71.8M

  Leaves out interest, depreciation and amortization, stock-based pay, warrant value changes and other non-operating items. The operating loss was $100.4 million.

• Official (GAAP): Net loss, Q2 FY2026

  −$48M

  Company's own measure: Adjusted EBITDA loss, Q2 FY2026

  −$37.1M

  Leaves out $11.1 million of stock-based pay, $4.7 million of depreciation and amortization and $5.0 million of interest income, among other items. The operating loss was $53.3 million.

• Official (GAAP): Net loss, FY2025

  −$355M

  Company's own measure: Adjusted net loss, FY2025

  −$84.5M

  Net loss without the non-cash warrant charges, the company says.

• Official (GAAP): Remaining performance obligations, Jun 30, 2026

  $40.7M

  Company's own measure: Bookings, first half of 2026

  $35.5M

  The company defines bookings as customer orders received that are expected to generate revenue in the future. It includes $2.3 million of Quantum Circuits orders closed just before the deal. FY2025 bookings were $18.7 million.

• Official (GAAP): Revenue, first half of 2026 (US$ million)

  5.9%

  Company's own measure: Commercial share of revenue, first half of 2026

  67.7%

  The company's own split, in its earnings release only; it was 16.0% in the first half of 2025. No note in the filings ties to it.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares

• Net cash of $511.2 million = cash $296.6 million + marketable securities $249.6 million − loans $35.0 million (Cityfort calculation from Q2 FY2026 10-Q). It leaves out $13.1 million of leases.
• The Canadian Strategic Innovation Fund loan, $35.5 million at Dec 31, 2025, is repaid from revenue only after a year with revenue of at least $70.0 million. Repayment is capped at 150% of the principal, and the loan is forgiven if that level is not reached in 14 years.
• Cash and marketable securities fell from $884.5 million at Dec 31, 2025. The company said over 90% of the year-on-year cash decrease was the cash paid for Quantum Circuits.
• Goodwill of $342.6 million and intangible assets of $211.8 million, both mostly from Quantum Circuits, were part of $1,158.4 million of total assets.
• Deferred revenue, money received before the work is done, was $10.6 million at Jun 30, 2026.

Officers and directors (as a group), shares

1.3%

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Learn: Dual-class shares: when votes and ownership don't match · How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades

Auditor

Grant Thornton LLP, since 2023

Auditor changes

Aug 24, 2023: PricewaterhouseCoopers LLP (Canada) → Grant Thornton LLP (PwC told the company on Jun 7, 2023 that it would not stand for re-election. The FY2023 10-K reports no disagreements. PwC's reports on FY2021 and FY2022 included a going-concern paragraph, a note of substantial doubt about the company's ability to keep operating.)

Audit qualifications

None reported

Related-party dealings

The 2026 proxy reports one related-person transaction since Jan 1, 2024 beyond pay: a term loan from PSPIB, a related person to the former largest holder. D-Wave repaid it by Oct 22, 2024, with $30.0 million of principal, $4.5 million of interest and $0.7 million of prepayment fees.

Credit rating

No public credit rating found in a search of rating agency sites on Nov 7, 2026

Share price

$9.05

Market value (market cap)

$3.4B

Source: QBTS historical prices, closing price Nov 5, 2026; Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026); Form 8-K/A filed Sep 9, 2026: Securities Issuance Agreement, shares issued to the U.S. Department of Commerce