# D-Wave Quantum Inc. (QBTS)

> Source: Nexqual · https://nexqual.com/QBTS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, D-Wave Quantum Inc. (QBTS), nexqual.com/QBTS" · informational, not investment advice.

**Price:** USD 11.63 (-3.88% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 12.1 · day 11.4–12.03 · 52w 11.35–37.62 · market cap $4.42B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $12.4M, net income -$249M (-2001.6% margin), free cash flow -$119M (SEC filings).
- Insider open-market sales, last ~7 months: 12 Form 4 filings, $36.9M; 5 not under a Rule 10b5-1 plan ($34.8M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.06 on a 1–5 scale) (17 analysts), mean target USD 34.65 (range 18.36–43).
- Total return with dividends: 1Y -62.6% vs S&P 500 +14.9%; 5Y +18.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD -0.09, revenue estimate $4.3M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $6.3M | $7.2M | $8.8M | $8.8M | $24.6M | $12.4M |
| Gross profit | $4.5M | $4.3M | $4.6M | $5.6M | $20.3M | — |
| Operating income | -$38.9M | -$59.5M | -$80.5M | -$77.2M | -$100M | -$171M |
| Net income | -$41.0M | -$53.7M | -$82.7M | -$144M | -$355M | -$249M |
| EPS (diluted) | -$0.33 | -$0.45 | -$0.60 | -$0.75 | -$1.11 | — |
| Free cash flow | -$36.6M | -$45.6M | -$61.2M | -$44.7M | -$75.8M | -$119M |
| Gross margin | 72.1% | 59.2% | 52.8% | 63.0% | 82.6% | — |
| Operating margin | -620.3% | -828.9% | -919.7% | -874.8% | -408.2% | -1372.9% |
| Net margin | -652.5% | -748.7% | -944.5% | -1630.0% | -1444.1% | -2001.6% |
| Revenue growth | +21.7% | +14.2% | +22.1% | +0.8% | +178.5% | — |
| Cash + short-term investments | $9.5M | $7.1M | $41.3M | $178M | $884M | — |
| Total debt | $30.5M | $33.0M | $63.9M | $30.1M | $35.8M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 355.3x · EV/Sales 314.2x · P/B 4.1x · FCF yield -2.70% · Earnings yield -5.63% · Net cash $511M · EV $3.90B

## Insider sales (SEC Form 4, open-market, last ~7 months)
7 of 12 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-08 | Dilullo John D | Director | 1,100 | $20K | 5.2% | Yes (adopted June 15, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-20 | Ames Sophie C | Exec. Vice President & CHRO | 3,070 | $52K | 0.5% | Yes (adopted June 13, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-15 | Ghai Rohit | Director | 13,518 | $357K | 36.4% | Yes (adopted June 13, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-12…2026-06-15 | Markovich John M. | Chief Financial Officer | 246,043 | $6.2M | 17.9% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-08…2026-06-09 | Markovich John M. | Chief Financial Officer | 51,049 | $1.3M | 3.5% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-08 | Baratz Alan E | President & CEO | 687,627 | $18.0M | 17.2% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-05 | Dilullo John D | Director | 7,850 | $192K | 26.9% | Yes (adopted June 15, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-02 | Markovich John M. | Chief Financial Officer | 2,908 | $90K | 0.2% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-22 | Markovich John M. | Chief Financial Officer | 328,752 | $9.1M | 18.6% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-21 | Nguyen Diane | EVP, Chief Legal Officer & GC | 40,000 | $1.0M | 7.2% | Yes (adopted August 14, 2025) | Too little history (no open-market trades in 2024) |
| 2026-05-20 | Ames Sophie C | Exec. Vice President & CHRO | 23,025 | $437K | 3.7% | Yes (adopted June 13, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-04-20 | Ames Sophie C | Exec. Vice President & CHRO | 3,070 | $66K | 0.5% | Yes (adopted June 13, 2025) | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.06 on a 1–5 scale), 17 analysts; mean target USD 34.65 (low 18.36, high 43).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-07 | Rosenblatt | Maintained | Buy | $43 |
| 2026-07-28 | Rosenblatt | Maintained | Buy | $43 |
| 2026-07-27 | Benchmark | Initiated | Buy | $30 |
| 2026-07-27 | Benchmark | Initiated | Buy | $30 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -62.6% | +18.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -62.7% | +3.5% |
| Volatility (annualized) | 101.1% | 131.2% |
| Max drawdown | -68.6% (Oct 2025→Oct 2026) | -96.2% (Aug 2022→May 2023) |

## Peers (Computer Hardware)
RGTI (Rigetti Computing, Inc.) USD 11.48 -4.73% · IQMX (IQM Quantum Computers Oyj) USD 8.9 -5.12% · IONQ (IonQ, Inc.) USD 31.16 -3.47% · QUBT (Quantum Computing Inc.) USD 6.59 -3.37% · CRSR (Corsair Gaming, Inc.) USD 13.64 -1.23% · LOGI (Logitech International S.A. - R) USD 112.52 +1.98%

## More
Full page: https://nexqual.com/QBTS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in QBTS's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1907982/000190798226000026/qbts-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Amazon (AMZN) | "AWS Marketplace customers can purchase access to our Leap service as well as our professional services offerings." |
| Customer | Ford (F) | "Our customers have included Mastercard, Deloitte, BASF, Pfizer, Unisys, Siemens Healthineers, NTT DOCOMO, Ford Otosan, Interpublic Group, Davidson Technologies, Inc. ("Davidson Technologies"), ArcelorMittal, Pattison Foo…" |
| Customer | Davidson Technologies | "Our customers have included Mastercard, Deloitte, BASF, Pfizer, Unisys, Siemens Healthineers, NTT DOCOMO, Ford Otosan, Interpublic Group, Davidson Technologies, Inc. ("Davidson Technologies"), ArcelorMittal, Pattison Foo…" |
| Customer | Mastercard (MA) | "Our customers have included Mastercard, Deloitte, BASF, Pfizer, Unisys, Siemens Healthineers, NTT DOCOMO, Ford Otosan, Interpublic Group, Davidson Technologies, Inc. ("Davidson Technologies"), ArcelorMittal, Pattison Foo…" |
| Customer | Pfizer (PFE) | "Our customers have included Mastercard, Deloitte, BASF, Pfizer, Unisys, Siemens Healthineers, NTT DOCOMO, Ford Otosan, Interpublic Group, Davidson Technologies, Inc. ("Davidson Technologies"), ArcelorMittal, Pattison Foo…" |
| Customer | Siemens | "Our customers have included Mastercard, Deloitte, BASF, Pfizer, Unisys, Siemens Healthineers, NTT DOCOMO, Ford Otosan, Interpublic Group, Davidson Technologies, Inc. ("Davidson Technologies"), ArcelorMittal, Pattison Foo…" |
| Customer | NTT DOCOMO | "Our customers have included Mastercard, Deloitte, BASF, Pfizer, Unisys, Siemens Healthineers, NTT DOCOMO, Ford Otosan, Interpublic Group, Davidson Technologies, Inc. ("Davidson Technologies"), ArcelorMittal, Pattison Foo…" |
| Partner | NEC | "•Our partner strategy involves: (1) expanding our reach and ability to deliver integrated solutions to customers via Systems Integrator ("SI") professional services firms such as Deloitte and PWC - bringing deep industry…" |
| Partner | Carahsoft Technology | "•Our partner strategy involves: (1) expanding our reach and ability to deliver integrated solutions to customers via Systems Integrator ("SI") professional services firms such as Deloitte and PWC - bringing deep industry…" |
| Partner | Lockheed Martin (LMT) | "By 2011, we officially moved our research and development into a new phase when we announced our collaboration with Lockheed Martin, allowing for outside scientists and engineers to work with our quantum systems and to p…" |
| Competitor | Alphabet (Google) (GOOGL) | "•large, well-established tech companies that generally compete in all of our markets, including Google, Quantinuum, IBM, Microsoft, Intel and AWS;" |
| Competitor | IBM (IBM) | "•large, well-established tech companies that generally compete in all of our markets, including Google, Quantinuum, IBM, Microsoft, Intel and AWS;" |
| Competitor | Microsoft (MSFT) | "•large, well-established tech companies that generally compete in all of our markets, including Google, Quantinuum, IBM, Microsoft, Intel and AWS;" |
| Competitor | Intel (INTC) | "•large, well-established tech companies that generally compete in all of our markets, including Google, Quantinuum, IBM, Microsoft, Intel and AWS;" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| QCaaS | $1.9M | 60.5% | +49.9% |
| Professional services | $929,000 | 30.2% | +18.3% |
| System sales | $255,000 | 8.3% | -75.1% |
| Other revenue | $32,000 | 1.0% | -27.3% |
| Total revenue | $3.1M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $2.2M | 70.7% | +206.3% |
| Other | $507,000 | 16.5% | -34.6% |
| Japan | $137,000 | 4.5% | -12.2% |
| Canada | $130,000 | 4.2% | -51.5% |
| Germany | $127,000 | 4.1% | -89.3% |
| Total revenue | $3.1M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 41%, 0%, 0% of revenue from unnamed direct customers (10-Q, filed 2026-08-06).

## Company outlook (8-K filed 2026-08-06)

- "We expect this multi-chip approach will allow the next generation Advantage3 TM system to ultimately reach 100,000 qubits by 2031, with an intermediate step of a 20,000 qubit system available in 2029."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.09 | $-0.08 | +11.4% | $4.3M | 16 |
| Next quarter (ends 2026-12-31) | $-0.05 | $-0.08 | -31.3% | $32.2M | 16 |
| Current fiscal year (ends 2026-12-31) | $-0.29 | $-0.31 | -4.8% | $42.5M | 17 |
| Next fiscal year (ends 2027-12-31) | $-0.38 | $-0.40 | -4.6% | $80.6M | 17 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-05): ±14.8%; earnings reaction alone ±8.2%; last 8 reports averaged ±24.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 78.7% | ±9.3% |
| 2026-11-06 | 14 | 91.7% | ±14.8% |
| 2026-11-13 | 21 | 84.9% | ±16.6% |
| 2026-11-20 | 28 | 86.0% | ±19.4% |
| 2026-11-27 | 35 | 85.7% | ±21.3% |
| 2026-12-04 | 42 | 95.9% | ±26.6% |
| 2026-12-18 | 56 | 84.4% | ±27.0% |
| 2027-01-15 | 84 | 77.1% | ±30.2% |