D-Wawe Quantum Inc. (QBTS) financial statements: income statement, balance sheet and cash flow
D-Wawe Quantum Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), D-Wawe Quantum Inc. reported revenue of $28.8M (+90.9% year on year) and net income of ($355.1M) (-146.8% year on year).
Income statement
D-Wawe Quantum Inc. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Revenue
$24.6M
$8.8M
$8.8M
$7.2M
Cost of revenue
$4.3M
$3.3M
$4.1M
$2.9M
Total gross profit
$20.3M
$5.6M
$4.6M
$4.3M
Research and development
$50.7M
$35.3M
$37.9M
$32.1M
General and administrative
$41.2M
$32.4M
$37.0M
$21.5M
Sales and marketing
$28.8M
$15.1M
$10.3M
$10.1M
Total operating expenses
$120.7M
$82.8M
$85.2M
$63.7M
Loss from operations
($100.4M)
($77.2M)
($80.5M)
($59.5M)
Interest income
$24.1M
—
—
—
Interest expense
($4.0M)
($3.9M)
($37.0K)
($4.6M)
Change in fair value of Term Loan
$0
($645.0K)
$640.0K
—
Gain (loss) on investment in marketable securities, net
($159.0K)
$1.5M
—
$0
Change in fair value of warrant liabilities
($270.5M)
($68.2M)
$262.0K
$6.2M
Other income (expense), net
($4.1M)
$4.6M
($916.0K)
—
Total other income (expense), net
($254.7M)
($66.7M)
($2.2M)
$7.9M
Net loss per share, basic (in usd per share)
-$1.11
-$0.75
-$0.60
-$0.43
Net loss per share, diluted (in usd per share)
-$1.11
-$0.75
-$0.60
-$0.43
Weighted-average shares used in computing net loss per share, basic (in shares)
$321202025.00
$192129049.00
$137993736.00
$119647777.00
Weighted-average shares used in computing net loss per share, diluted (in shares)
$321202025.00
$192129049.00
$137993736.00
$119647777.00
Net loss
($355.1M)
($143.9M)
($82.7M)
($51.5M)
Foreign currency translation adjustment
$1.3M
$7.0K
($115.0K)
$41.0K
Unrealized gains on available-for-sale securities
$154.0K
—
—
—
Total other comprehensive income (loss), net of tax
$1.5M
—
—
—
Net comprehensive loss
($353.6M)
($143.9M)
($82.8M)
($51.5M)
D-Wawe Quantum Inc. income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Revenue
$3.1M
$2.9M
$3.7M
$3.1M
Cost of revenue
$1.4M
$1.0M
$1.1M
$1.1M
Total gross profit
$1.7M
$1.8M
$2.7M
$2.0M
Research and development
$28.2M
$25.8M
$14.1M
$12.7M
General and administrative
$15.4M
$20.3M
$9.4M
$9.2M
Sales and marketing
$11.4M
$10.5M
$6.9M
$6.6M
Total operating expenses
$55.0M
$56.5M
$30.4M
$28.5M
Loss from operations
($53.3M)
($54.7M)
($27.7M)
($26.5M)
Interest income
$5.0M
$5.8M
—
—
Interest expense
($255.0K)
($259.0K)
($201.0K)
($206.0K)
Gain on investment in marketable securities, net
$0
$1.9M
$850.0K
$0
Change in fair value of warrant liabilities
$0
$0
($121.9M)
($142.0M)
Other income (expense), net
$485.0K
$512.0K
$9.0M
$1.4M
Total other income (expense), net
$5.3M
$7.9M
($112.3M)
($140.8M)
Loss before income taxes
($48.0M)
($46.8M)
—
—
Income tax benefit (provision), net
($8.0K)
$28.5M
—
—
Net loss per share, basic (in usd per share)
-$0.13
-$0.05
-$0.41
-$0.55
Net loss per share, diluted (in usd per share)
-$0.13
-$0.05
-$0.41
-$0.55
Weighted-average shares used in computing net loss per share, basic (in shares)
$370840115.00
$367473219.00
$342204831.00
$302288793.00
Weighted-average shares used in computing net loss per share, diluted (in shares)
$370840115.00
$367473219.00
$342204831.00
$302288793.00
Net loss
($48.0M)
($18.4M)
($140.0M)
($167.3M)
Foreign currency translation adjustment
$140.0K
$18.0K
$99.0K
$787.0K
Unrealized losses on available-for-sale securities
($7.0K)
($153.0K)
—
—
Reclassification adjustment for realized gains (losses) included in net income
($16.0K)
—
—
—
Total other comprehensive income (loss), net of tax
$117.0K
($135.0K)
—
—
Net comprehensive loss
($47.9M)
($18.5M)
($139.9M)
($166.5M)
Balance sheet
D-Wawe Quantum Inc. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$635.3M
$178.0M
—
—
Marketable investment securities
$249.1M
—
—
—
Trade accounts receivable, net of allowance for credit losses of $1 and $176
$1.6M
$1.4M
$1.7M
$757.0K
Inventories
$2.8M
$1.7M
$2.1M
$2.2M
Prepaid expenses and other current assets
$7.4M
$4.0M
$2.0M
$3.6M
Total current assets
$896.2M
$185.0M
$47.0M
$13.9M
Property and equipment, net
$7.8M
$4.1M
$2.6M
$2.3M
Operating lease right-of-use assets
$6.5M
$7.3M
$8.2M
$9.1M
Intangible assets, net
$915.0K
$490.0K
$179.0K
$244.0K
Other non-current assets, net
$4.3M
$2.9M
$1.4M
$1.4M
Total assets
$915.8M
$199.9M
$59.4M
$26.9M
Trade accounts payable
$950.0K
$815.0K
$1.5M
$3.8M
Accrued expenses and other current liabilities
$15.8M
$8.8M
$5.3M
$6.7M
Current portion of operating lease liabilities
$1.4M
$1.5M
$1.4M
$1.5M
Loans payable, net, current
$134.0K
$348.0K
$399.0K
$1.7M
Deferred revenue, current
$2.8M
$18.7M
$2.7M
$1.8M
Total current liabilities
$21.1M
$30.1M
$11.3M
$15.8M
Warrant liabilities
$0
$69.9M
$1.6M
$1.9M
Operating lease liabilities, net of current portion
$6.0M
$6.4M
$7.0M
$7.3M
Loans payable, net, non-current
$35.8M
$30.1M
$63.9M
$7.8M
Deferred revenue, non-current
$560.0K
$670.0K
$79.0K
$9.0K
Total liabilities
$63.6M
$137.2M
$83.8M
$32.9M
Common stock, par value $0.0001 per share; 675,000,000 shares authorized at both December 31, 2025 and December 31, 2024; 358,741,605 shares and 266,595,867 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively.
$35000.00
$27000.00
$16000.00
$11000.00
Additional paid-in capital
$1.8B
$700.1M
$469.1M
$381.3M
Accumulated deficit
($982.0M)
($626.9M)
($483.1M)
($376.8M)
Accumulated other comprehensive loss
($9.0M)
($10.5M)
($10.5M)
($10.4M)
Total stockholders' equity
$852.2M
$62.6M
($24.5M)
($5.9M)
Total liabilities and stockholders’ equity
$915.8M
$199.9M
$59.4M
$26.9M
D-Wawe Quantum Inc. balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$296.6M
$338.2M
$836.2M
$819.3M
Marketable investment securities
$249.6M
$250.2M
—
—
Trade accounts receivable, net of allowance for credit losses of $1 and $176
$2.0M
$8.9M
$1.9M
$1.4M
Inventories
$3.5M
$2.9M
$2.8M
$2.4M
Prepaid expenses and other current assets
$8.9M
$6.9M
$7.2M
$5.3M
Total current assets
$560.6M
$607.1M
$848.1M
$828.5M
Property and equipment, net
$22.1M
$15.1M
$5.6M
$4.5M
Operating lease right-of-use assets
$12.0M
$10.3M
$6.7M
$6.9M
Intangible assets, net
$211.8M
$215.3M
$803.0K
$586.0K
Goodwill
$342.6M
$342.6M
—
—
Other non-current assets, net
$9.3M
$9.4M
$4.6M
$3.1M
Total assets
$1.2B
$1.2B
$865.8M
$843.6M
Trade accounts payable
$4.5M
$1.7M
$992.0K
$1.2M
Accrued expenses and other current liabilities
$12.1M
$15.5M
$9.5M
$11.6M
Current portion of operating lease liabilities
$1.3M
$1.6M
$1.5M
$1.6M
Loans payable, net, current
$146.0K
$140.0K
$144.0K
$0
Deferred revenue, current
$9.2M
$9.5M
$3.4M
$4.9M
Total current liabilities
$27.3M
$28.4M
$15.5M
$19.3M
Operating lease liabilities, net of current portion
$11.8M
$9.7M
$6.1M
$6.3M
Loans payable, net, non-current
$34.9M
$35.4M
$32.1M
$32.1M
Deferred revenue, non-current
$1.3M
$2.1M
$629.0K
$654.0K
Total liabilities
$75.3M
$75.6M
$195.3M
$149.3M
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.
$37000.00
$37000.00
$34000.00
$33000.00
Additional paid-in capital
$2.1B
$2.1B
$1.6B
$1.5B
Accumulated deficit
($1.0B)
($1.0B)
($939.7M)
($799.7M)
Accumulated other comprehensive loss
($9.0M)
($9.2M)
($9.1M)
($9.2M)
Total stockholders' equity
$1.1B
$1.1B
$670.6M
$694.3M
Total liabilities and stockholders’ equity
$1.2B
$1.2B
$865.8M
$843.6M
Cash flow statement
D-Wawe Quantum Inc. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net loss
($355.1M)
($143.9M)
($82.7M)
($51.5M)
Depreciation and amortization
$1.6M
$1.1M
$1.1M
$1.4M
Stock-based compensation
$22.7M
$15.7M
$21.9M
$9.2M
Amortization of operating right-of-use assets
$743.0K
$823.0K
$791.0K
$910.0K
Provision for excess and obsolete inventory
$9.0K
$134.0K
$32.0K
$66.0K
Non-cash interest income
($3.9M)
—
—
—
Non-cash interest expense
$3.9M
($1.4M)
—
—
Change in fair value of warrant liabilities
$270.5M
$68.2M
($262.0K)
($6.2M)
Change in fair value of Term Loan
$0
$645.0K
($640.0K)
—
Loss (gain) on marketable equity securities
$159.0K
($1.5M)
—
—
Unrealized foreign exchange loss (gain)
$1.8M
($3.3M)
$955.0K
—
Other noncash items
$267.0K
—
—
—
Trade accounts receivable
($204.0K)
$137.0K
($818.0K)
($337.0K)
Inventories
($2.4M)
($215.0K)
($237.0K)
($148.0K)
Prepaid expenses and other current assets
($585.0K)
($1.6M)
$1.6M
($387.0K)
Trade accounts payable
$268.0K
($570.0K)
($2.6M)
$3.6M
Accrued expenses and other current liabilities
$6.9M
$5.5M
($1.4M)
$715.0K
Deferred revenue
($16.0M)
$16.6M
$958.0K
($929.0K)
Operating lease liability
($745.0K)
$293.0K
($510.0K)
($821.0K)
Other non-current assets, net
($1.9M)
$669.0K
($3.0K)
—
Net cash used in operating activities
($72.0M)
($42.6M)
($60.6M)
($45.2M)
Purchase of property and equipment
($3.9M)
($2.1M)
($583.0K)
($423.0K)
Purchases of marketable debt securities
($247.8M)
—
—
—
Purchase of convertible note
$0
($1.0M)
—
—
Proceeds from recovery of previously written-off convertible note
$959.0K
—
—
—
Sales of marketable securities
$0
$254.0K
—
—
Expenditures for internal-use software
($445.0K)
($289.0K)
—
—
Net cash used in investing activities
($251.1M)
($3.1M)
($630.0K)
($498.0K)
Proceeds from the issuance of common stock pursuant to the Lincoln Park Purchase Agreement
$37.8M
$44.3M
$63.7M
$40.0M
Proceeds from the issuance of common stock in at-the-market offerings, net of issuance costs
$536.7M
$169.9M
—
—
Proceeds from issuance of common stock upon exercise of warrants
$202.9M
—
—
—
Proceeds from the issuance of common stock upon exercise of stock options
$11.4M
$1.3M
$1.9M
$1.1M
Proceeds from common stock issued under the Employee Stock Purchase Plan
$769.0K
$424.0K
$491.0K
—
Payment of tax withheld pursuant to stock-based compensation settlements
($10.3M)
($3.1M)
($416.0K)
—
Debt payment for Term Loan
$0
($30.0M)
—
—
Repayments on TPC loan
($365.0K)
($370.0K)
—
—
Proceeds from equipment financing
$412.0K
—
—
—
Payments for debt issuance costs
($248.0K)
—
—
—
Repayment of the equipment financing
($43.0K)
$0
—
—
Net cash provided by financing activities
$779.1M
$182.4M
$95.6M
$43.3M
Effect of exchange rate changes on cash and cash equivalents
$1.3M
$7.0K
($115.0K)
$41.0K
Net increase in cash and cash equivalents
$457.4M
$136.7M
$34.2M
($2.4M)
Cash and cash equivalents at beginning of period
$178.0M
$41.3M
$7.1M
$9.5M
Cash and cash equivalents at end of period
$635.3M
$178.0M
$41.3M
$7.1M
Cash Paid for Interest
$25.0K
$5.2M
—
—
D-Wawe Quantum Inc. cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net loss
($66.4M)
($18.4M)
($312.7M)
($172.8M)
Depreciation and amortization
$8.5M
$3.8M
$1.1M
$714.0K
Deferred income taxes
($28.4M)
($28.4M)
—
—
Stock-based compensation
$19.1M
$8.0M
$17.1M
$10.7M
Amortization of operating right-of-use assets
$699.0K
$347.0K
$545.0K
$346.0K
Provision for excess and obsolete inventory
($103.0K)
($30.0K)
$22.0K
—
Non-cash interest income
$1.3M
($1.2M)
—
—
Non-cash interest expense
$467.0K
$234.0K
$587.0K
$387.0K
Change in fair value of warrant liabilities
$0
$0
$260.0M
$138.1M
Gain on marketable equity securities
($1.9M)
($1.9M)
($850.0K)
$0
Unrealized foreign exchange loss (gain)
($1.7M)
($774.0K)
$1.3M
$2.0M
Other noncash items
$0
$0
$267.0K
$267.0K
Trade accounts receivable
($432.0K)
($7.3M)
($539.0K)
($57.0K)
Inventories
($2.6M)
($1.5M)
($1.4M)
($762.0K)
Prepaid expenses and other current assets
($455.0K)
$1.3M
($2.7M)
($1.4M)
Trade accounts payable
($975.0K)
($1.0M)
$203.0K
$416.0K
Accrued expenses and other current liabilities
($4.4M)
($3.0M)
$607.0K
$2.7M
Deferred revenue
$7.2M
$8.2M
($15.3M)
($13.8M)
Operating lease liability
($332.0K)
($272.0K)
($546.0K)
($344.0K)
Other non-current assets, net
($3.1M)
($3.3M)
($1.2M)
($1.1M)
Net cash used in operating activities
($73.5M)
($45.0M)
($53.6M)
($34.6M)
Acquisition of business, net of cash acquired
($252.8M)
($250.8M)
—
—
Purchase of property and equipment
($5.5M)
($1.1M)
($2.2M)
($1.2M)
Purchases of marketable debt securities
($149.1M)
—
—
—
Maturities of marketable debt securities
$147.2M
—
$0
$0
Proceeds from recovery of previously written-off convertible note
$0
—
$959.0K
$959.0K
Expenditures for internal-use software
($363.0K)
($163.0K)
($323.0K)
($129.0K)
Net cash used in investing activities
($260.6M)
($252.1M)
($1.6M)
($357.0K)
Proceeds from the issuance of common stock pursuant to the Lincoln Park Purchase Agreement
$0
—
$37.8M
$37.8M
Proceeds from the issuance of common stock in at-the-market offerings, net of issuance costs
$0
$0
$536.7M
$536.7M
Proceeds from issuance of common stock upon exercise of warrants
$0
$0
$139.2M
$99.3M
Proceeds from the issuance of common stock upon exercise of stock options
$1.6M
$94.0K
$8.2M
$6.9M
Proceeds from common stock issued under the Employee Stock Purchase Plan
$724.0K
—
$291.0K
$291.0K
Payment of tax withheld pursuant to stock-based compensation settlements
($6.9M)
$0
($10.0M)
($5.7M)
Repayments on TPC loan
$0
—
($365.0K)
($365.0K)
Repayment of the Equipment Financing Term Loan
($69.0K)
($34.0K)
—
—
Payments of equity issuance costs
($203.0K)
($203.0K)
—
—
Net cash provided by (used in) financing activities
($4.8M)
($143.0K)
$712.0M
$675.0M
Effect of exchange rate changes on cash and cash equivalents
$158.0K
$18.0K
$1.4M
$1.3M
Net increase (decrease) in cash and cash equivalents