D-Wave Quantum (QBTS) 10-K Summary — Year Ended Dec 31, 2024
D-Wave Quantum Inc. is a quantum computing company that continues to incur net losses and negative operating cash flows. The filing discloses substantial doubt about the company's ability to continue as a going concern, citing recurring losses and reliance on external financing.
Key takeaway
Year ended Dec 31, 2024 · FY2025 10-K
D-Wave Quantum Inc. is a quantum computing company that continues to incur net losses and negative operating cash flows. The filing discloses substantial doubt about the company's ability to continue as a going concern, citing recurring losses and reliance on external financing.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$8.8M
Revenue reported for the fiscal year.
Operating income
-$77.2M
Income from operations reported for the year.
Net income
-$143.9M
Net income reported for the year.
Operating cash flow
-$42.6M
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2021 | $6.3M | n/a |
| Dec 31, 2022 | $7.2M | +14.2% |
| Dec 31, 2023 | $8.8M | +22.1% |
| Dec 31, 2024 | $8.8M | +0.8% |
Business overview
The company operates in the quantum computing industry, as described in the Business overview section of the filing. It focuses on developing and commercializing quantum computing systems and services.
Financial performance
Revenue remained flat year over year, while operating income and net income both showed significant losses. Operating cash flow was negative, indicating continued cash consumption from operations.
Material risks
The filing states there is substantial doubt about the company's ability to continue as a going concern due to recurring losses, liquidity concerns, and debt covenant uncertainties. The company expects to incur additional operating losses and negative cash flows as it expands commercial operations and research programs.
Liquidity and capital
The company raised significant net proceeds from equity offerings in the fourth fiscal quarter of 2024 and after the balance sheet date, which management considered in evaluating the going concern assumption. However, accumulated deficits and negative operating cash flows persist.
What to watch
Monitor whether the company can achieve positive operating cash flow or secure additional financing to address the going concern uncertainty.