D-Wave Quantum (QBTS) 10-K Summary — Year Ended Dec 31, 2025
The filing covers D-Wave Quantum Inc.'s fiscal year. Revenue increased substantially, while the company continued to report large operating and net losses, along with negative operating cash flow.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
The filing covers D-Wave Quantum Inc.'s fiscal year. Revenue increased substantially, while the company continued to report large operating and net losses, along with negative operating cash flow.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$24.6M
Revenue reported for the fiscal year.
Operating income
-$100.4M
Income from operations reported for the year.
Net income
-$355.1M
Net income reported for the year.
Operating cash flow
-$72M
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, 2022 | $7.2M | +14.2% |
| Dec 31, 2023 | $8.8M | +22.1% |
| Dec 31, 2024 | $8.8M | +0.8% |
| Dec 31, 2025 | $24.6M | +178.5% |
Business overview
The filing's business overview section only references item numbers and page numbers without providing a description of the company's operations. The company name is D-Wave Quantum Inc., but no operational details are given in the supplied filing sections.
Financial performance
Revenue grew considerably compared to the prior year. However, operating loss, net loss, and negative operating cash flow remained significant.
Material risks
The risk factors section of the filing only lists item numbers and page numbers; no specific risk descriptions are included in the supplied data.
Liquidity and capital
The company had a purchase agreement with Lincoln Park Capital that was fully utilized as of the end of the period. It also entered into an at-the-market sales agreement in the prior year. These provided liquidity, but no future sources are described in the supplied data.
What to watch
Monitor the company's ability to secure new financing given that the Lincoln Park purchase agreement was fully exhausted.